September 2006

Grants and beyond: growing social capital markets

Volume 11 , Number 3

PDF - £10.00 Hard copy (£15.00)


September 2006

Grants and beyond: growing social capital markets

Volume 11 , Number 3

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Following the 2006 Skoll World Forum, which focused on social capital markets, this Alliance special feature takes forward debates from the Forum and looks at the full spectrum of funds available for social change, from grant funding to fully commercial financial instruments. It is produced in conjunction with Postings, the new magazine of the Skoll Centre for Social Entrepreneurship.

While Steve Godeke looks at the US, the world’s most developed social capital market, Tony Wainaina suggests that in developing countries social enterprises need to compete in the mainstream capital markets and Sheela Patel argues that it’s time for community-level organizations in the South to start voicing their demands. This special feature also includes: Peter Wheeler wondering if we’re barking up the wrong tree when we talk about developing a social stock exchange; leading investment advisers talking about why more foundations don’t practise mission-related investing; and an interview with Rodrigo Baggio of CDI in Brazil.

The issue also includes Maria Chertok, Pavol Demes and Svitlana Kuts debating whether Western donors are partly responsible for the new Russian NGO Law; Douglas Rutzen and Catherine Shea on the increasing number of governments clamping down on civil society; and Rod Schwartz questioning the holier-than-thou attitude of the social enterprise world to for-profit initiatives like Justgiving

Special feature

Hybrid transactions in the US social capital market

1 September 2006
Steven Godeke

The US social capital market is the largest in the world, with the affordable and supportive housing sector representing a key asset class. Common Ground, the leading developer of supportive housing in the US, has recently completed an innovative debt transaction which will enable its continued expansion in the competitive New York real estate market. The deal provides some insights into the US market and how hybrid transactions, which blend philanthropic and commercial funds, can …


Joining the dots?

The cover photo for this issue shows a single bright-green shoot sprouting from the unpromising bark of a mature tree. It’s an evocative image, but perhaps not quite right for social capital markets, the focus of the September special feature. What the cover should show is hundreds of tiny shoots bursting up all over the place, thickly in some parts of the world, in ones and twos in other places. An act of faith is needed to imagine them all coming together to form coherent and effective systems for channelling much-needed funds to social purposes. The Skoll World Forum in …



Hubris or just plain common sense?

Andrew Puddephat

David Bonbright raises two interesting questions in his response to Jo Andrews’ article about the Strategic Fund for Turkey (SFT). …

Mighty measurables

Henk J Th van Stokkom

In the June issue of Alliance, Bruce Sievers wrote an opinion piece, ‘Miserable Measurables’. For a moment, I thought I …

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