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Mission-related investing – the practice of aligning a foundation’s endowment with its philanthropic goals – has the potential to substantially increase the amount of capital available to address social and environmental challenges.  That’s because only 5% of a foundation’s endowment must be paid out each year as grants or “program-related investments.”   /continue reading

With a growing focus on aligning investment portfolios with mission and increasing options for investors wishing to do so, putting a process in place for analyzing and negotiating such investments is more important than ever.  Below is a summary of key terms that investors in any type of private fund should review, with a special emphasis on how to think about these terms in the context of an impact fund:   /continue reading

In September 2017, the SEC’s Office of Compliance, Inspections and Examinations issued a Risk Alert making clear that the SEC is paying increased attention to the advertising practices of investment advisers.  The Alert summarizes the most frequent Advertising Rule violations that OCIE comes across in its examinations of investment advisers and evidences a growing concern by the SEC that investment advisers are regularly violating the rule.   /continue reading