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Sovereign Wealth Funds and Long-Term Investing$
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Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Print publication date: 2011

Print ISBN-13: 9780231158633

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158633.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 22 October 2019

Impact Investing

Impact Investing

A New Asset Class and Its Implications for Sovereign Wealth Funds

Impact Investing
Sovereign Wealth Funds and Long-Term Investing

Antony Bugg-Levine

Columbia University Press

This chapter explores, from a more practical perspective, sovereign wealth funds (SWFs) and their potential role in helping to form a new form of capitalism, and the benefits that will accrue. It discusses the emergence of a new asset class called impact investing. It is a subset of socially responsible investment (SRI) in which investors are actively placing capital with the intention of addressing social and environmental problems, not through philanthropy but rather using for-profit investments with the intent to solve social problems. SWFs are well positioned to take advantage of this new asset class. In particular, as long-term investors, they are better placed to benefit from these investments, which pay off only after future policy changes have been implemented. By focusing on this asset class, SWF can also play a catalytic role in accelerating reform.

Keywords:   capitalism, asset class, impact investing, sovereign wealth funds, SWF, long-term investment, socially responsible investment, SRI

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