Program Related Investments

ARTICLES-PUBLICATIONS

Articles  \  Books  \  Papers  \  Reports

ARTICLES

Nancy O. Andrews, The Role of PRIs in Creating Scale and Leverage, Stanford, CA: presentation to PRI conference, January 18, 2006.
article-andrews.pdf (108KB)

William Baue, "Helping People Help Themselves: A Conversation with F.B. Heron's Luther Ragin," SRI Advisor.com, December 27 and 30, 2002.
article-baue.pdf (119KB)

Christie I. Baxter, “A Basic Guide to Program-Related Investments,” The Grantsmanship Center Magazine, Fall 1997.
article-baxter.pdf (167KB)

Frances Brody, John Weaver, and Scott Miller, Matching Program Strategy and PRI Cost, (Phyllis Jaffe, editor), Branford, CT: Brody•Weiser•Burns, 2003.
article-brody-weaver.pdf (97KB)

Frances Brody, Kevin McQueen, Christa Velazquez, and John Weiser, Current Practices in Program-Related Investing, Branford, CT: Brody•Weiser•Burns, 2002.
article-brody-mcqueen.pdf (107KB)

Antony Bugg-Levine, “Impact Investing: Harnessing Capital Markets to Drive Development at Scale,” Beyond Profit, May/June 2009, pp. 17-21.
article-bugg-levine.pdf (450KB)

Antony Bugg-Levine and John Goldstein, “Impact Investing: Harnessing Capital Markets to Solve Problems at Scale,” San Francisco, CA: Federal Reserve Bank of San Francisco, Community Development Investment Review, vol. 5, no. 2, August 2009, pp. 30-41.
article-bugg_levine-goldstein.pdf (210KB)

Calvert Foundation, New PRI Opportunity Garners Flexible Capital for Award-Winning Community Development Corporations, Calvert Foundation: Bethesda, MD, June 12, 2002.
article-calvert.pdf (60KB)

Jed Emerson, “Where Money Meets Mission: Breaking Down the Firewall Between Foundation Investments and Programming,” Stanford Social Innovation Review, Summer 2003.
article-emerson.pdf (275KB)

Jonathan F. Fanton, “Building Institutions for Social Change: The Case for “Buy-and-Hold Philanthropy,” New Orleans, LA: PRI Makers Network Conference, January 31, 2008.
article-fanton.pdf (140KB)

Jeffrey Fraser, “Philanthropic Field,” H Magazine, vol. 4, no. 4 (Fall 2004), pp. 20-27.
article-fraser.pdf (997KB)

Jonathan D. Jaffrey, "Achieving Philanthropic Intent with Less," Investments & Wealth Monitor, 12-13, Sept-Oct 2009.
article-jeffrey.pdf (180KB)

John Kania and Mark Kramer, "Collective Impact," Stanford Social Innovation Review, winter 2011, pp. 36-41.
article-kania-kramer.pdf (880KB)

John Kania and Mark Kramer, Q&A Roundtable on Shared Value, Stanford, CA: Stanford Social Innovation Review, Summer 2011
article-kania-kramer_summer11.pdf (5MB)

Kim Klein, “Exploring Alternative Forms of Fundraising,” Shelterforce Online, Issue 139, January-February 2005.
article-klein.pdf (115KB)

Mark R. Kramer, “Catalytic Philanthropy,” Stanford Social Innovation Review, fall 2009, pp. 30-35.
article-kramer.pdf (340KB)

Douglas F. Kridler, Closing Plenary, PRI Makers Network Conference, New Orleans, LA: January 31, 2008.
article-kridler.pdf (100KB)

*NEW*
Steven Lawrence and Reina Mukai, "Key Facts on Mission Investing," New York, NY:
The Foundation Center, Oct 2011.
article-lawrence-mukai.pdf (330KB)

*NEW*
Johanna Mair and Katherine Milligan, "Q&A Roundtable on Impact Investing," Stanford, CA: Stanford Social Innovation Review, Winter 2012.
article-mair-milligan.pdf (2.8MB)

Clara Miller, “The Equity Capital Gap,” Stanford, CA: Stanford Social Innovation Review, Summer 2008, p. 41-45.
article-miller.pdf (300KB)

Ana Maria Moreno, et al., "Small Foundations: How to Invest in Microfinance," Philadelphia, PA: Social Enterprise Associates, Emerging Topics Paper Series Working Paper #10, Dec 2008.
article-moreno-et-al.pdf (290KB)

*NEW*
Holly Sidford, Fusing Arts, Culture and Social Change: High Impact Strategies for Philanthropy, Washington, DC: National Committee for Responsible Philanthropy. Oct 2011.
paper-sidford.pdf (3.8MB)

Edward Skloot, Is Distinguished Philanthropy Still Possible?, Minneapolis, MN: Keynote address to the Annual Conference of the Minnesota Council on Foundations, December 13, 2002.
article-skloot.pdf (160KB)

Michael Swack, "Expanding Philanthropy's Reach: Mission-Related Investing at the F.B. Heron Foundation," Communities & Banking, spring 2008, pp. 28-30.
article-swack08.pdf (480KB)

BOOKS

Baxter, Christine I, Program-Related Investments: A Technical Manual for Foundations, New York: John Wiley & Sons, 1999.

Michael Edwards, Just Another Emperor?: The Myths and Realities of Philanthrocapitalism, New York, NY and London, UK: Demos: A Network for Ideas & Action and The Young Foundation, 2007.
book-edwards.pdf (937KB)

Foundation Center, The PRI Directory: Charitable Loans and Other Program-Related Investments by Foundations, 2nd ed., New York: The Foundation Center, 2003.
book-fdn-center-excerpt.pdf (311KB)

Steven Godeke with Doug Bauer, Mission-Related Investing: A Policy and Implementation Guide for Foundation Trustees, New York, NY: Rockefeller Philanthropy Advisors, 2008.
book-godeke-pomares.pdf (890KB)

Steven Godeke and Raúl Pomares et al, Solutions for Impact Investors: From Strategy to Implementation, New York, NY: Rockefeller Philanthropy Advisors, November 2009.
book-godeke-pomares-et-al.pdf (630KB)

Anne Stetson and Mark Kramer, Investing by U.S. Foundations, Boston, MA: FSG Social Impact Advisors, October 2008.
book-stetson-kramer.pdf (670KB)

PAPERS

Community Capital Management, Green Fixed Income Investing, Weston, FL: Community Capital Management, Jul 2009.
paper-ccm.pdf (3.5MB)

Julia Coffman, Foundations and Public Policy Grantmaking, San Francisco, CA: James Irvine Foundation, March 2008.
paper-coffman.pdf (600KB)

Rick Cohen, A Call for Mission-Based Investing by America’s Private Foundations, Washington, DC: National Center for Responsive Philanthropy, September 2005.
paper-cohen.pdf (1.2MB)

Sarah Cooch & Mark Kramer, with Fi Cheng, Adeeb Mahmud, Ben Marx and Matthew Rehrig, Compounding Impact: Mission Investing by US Foundations, Boston, MA: FSG Social Impact Advisors, March 2007.
paper-cooch-kramer.pdf (1.4MB)

Jed Emerson, A Capital Idea: Total Foundation Asset Management and the Unified Investment Strategy, Palo Alto, CA: Stanford Graduate School of Business, Research Paper no. 1786, January 2002.
paper-emerson.pdf (252KB)

Jed Emerson, Investing for Maximum Impact: Exploring Aspects of the Investment Spectrum, Oxford, England: The 2006 Skoll World Forum on Social Entrepreneurship, March 29-31, 2006.
paper-emerson06.pdf (124KB)

Jed Emerson, A Value Vision for the 21st Century: The Role of Foundations in Creating Sustainable Capitalism, Washington, DC: The Case Foundation, 2006.
paper-emerson06.ppt (PowerPoint presentation 122KB)

Funders Network for Smart Growth and Livable Communities, “Providing Safe, Decent, and Affordable Places to Live—Innovative Philanthropic Approaches to Housing Affordability and Smart Growth, Spotlight, no. 11, Coral Gables, FL: January 2005.
paper-fundersnetwork.pdf (193KB)

Joshua Humphreys, The Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions, Washington, D.C.: Social Investment Forum Foundation, April 2007.
paper-humphreys.pdf (236KB)

Janet Kalwat, Community Investing: Opportunities Across Asset Classes, Norwalk, CT: Evaluation Associates, Oct 2009.
paper-kalwat.pdf (200KB)

Dominic Careri Kulik, The Double Bottom Line Media Industry: An Analysis of Investment Opportunity, Ed. Olivier Sylvain, San Francisco, CA: Investors Circle, 2005.
paper-kulik.pdf (68KB)

Jeffrey B. Liebman, Social Impact Bonds, A promising new financial model to accelerate social innovation and improve government performance, Washington, DC: Center for American Progress, February 2011.
paper-liebman.pdf (600KB)

Sargon Nissan and Margaret Bolton, Mission Possible: Emerging opportunities for mission-connected investment, London: New Economics Foundation, 2008.
paper-nissan-bolton.pdf (500KB)

Carin Rosenberg and Ricardo Joseph, Program on Social Enterprise Case Studies: The Baltimore Fund, New Haven, CT: Yale School of Management, February 2004.
paper-rosenberg-joseph.pdf (230KB)

William P. Ryan, Nonprofit Capital: A Review of Problems and Strategies. Washington, D.C. and New York, NY: Fannie Mae Foundation and Rockefeller Foundation, April 2001.
paper-ryan.pdf (664KB)

Michael Swack, Jack Northrup, and Janet Prince, A Case Study— Expanding Philanthropy: Mission-Related Investing at the F.B. Heron Foundation, Manchester, NH: School of Community Economic Development, Southern New Hampshire University, 2007.
paper-swack-et-al.pdf (232KB)

REPORTS

Margaret Bolton, Foundations and social investment: making money work harder in order to achieve more, London, England: Esmée Fairbairn Foundation, October 2005.
report-bolton.pdf (220KB)

Boston Consulting Group. Assessing Provenex Performance and Identifying Directions for the Future. Boston, MA: August 8, 2002.
report-bostonconsulting.pdf (379KB)

Lucy Bernholz and Lisa Richter, Equity Advancing Equity: How Community Philanthropy
Can Build Racial and Social Equity through Mission Investing, San Francisco, CA: Blueprint Research & Design and GPS Capital Partners, September 2009.
report-bernholz-richter.pdf (1.3MB)

Laura Choi, et al., "Place-Based Initiatives," Community Investment, San Francisco, CA: Federal Reserve Bank of San Francisco, Spring 2010, Vol. 22, No. 1.
report-choi-et-al.pdf (2.3MB)

Sam Collin, The value of environmental, social and governance factors for foundation investments, London, England: EIRIS Foundation Charity Project, May 2009.
report-collin.pdf (435KB)

Sarah Cooch and Mark Kramer, Aggregating Impact: A Funder’s Guide to Mission Investment Intermediaries, Boston, MA: FSG Social Impact Advisors, November 2007.
report-cooch-kramer.pdf (1.3MB)

Claudia Coulton, Brett Theodos, and Margery A. Turner, Family Mobility and Neighborhood Change: New Evidence and Implications for Community Initiatives, Washington, DC: The Urban Institute, November 2009.
report-coulton-et-al.pdf (620KB)

Amy Dickie, Local Foods: A Guide for Investors & Philanthropists, San Francisco, CA: California Environmental Associates, Jan 2010.
report-dickie.pdf (890KB)

Ford Foundation, Investing for Social Gain: Reflections on Two Decades of Program-Related Investments. New York: December 1991.
report-ford91.pdf (2.89MB)

Ford Foundation, Program-Related Investments: A Different Approach to Philanthropy. New York: October 1974.
report-ford74.pdf (1.17MB)

FSG, Gaining Perspective: Lessons Learned From One Foundation’s Exploratory Decade, St. Paul, MN: Northwest Area Foundation, January 2011.
report-fsg.pdf (530KB)

Katherine Fulton and Andrew Blau. Looking Out for the Future: An Orientation for Twenty-First Century Philanthropists. Cambridge, MA: Monitor Group, 2005.
report-fulton-blau.pdf (5.29MB)

F. B. Heron Foundation. New Frontiers in Mission-Related Investing. New York, NY: 2004.
report-heron.pdf (298KB)

Joshua Humphreys, Investing for Impact: A Snapshot of EGA Members' Leveraged Investment Strategies, New York, NY: Environmental Grantmakers Association, 2008.
report-humphreys08.pdf (200KB)

Joshua Humphreys, The Mission in the Marketplace: How Responsible Investing Can
Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions, Washington, DC: Social Investment Forum Foundation, May 2009.
report-humphreys09.pdf (1MB)

Sara Olsen and Woody Tasch, Mission-Related Investing: A Workshop for Foundations with detailed examples from the field of Community Investing, San Francisco, CA: Investors Circle Foundation, Oct 2004.
report-olsen-tasch.pdf (240KB)

Julia Parzen. Foundations and Real Estate: A Guide for Funders Interested in Building Better Communities, Coral Gables, FL: Funders Network for Smart Growth and Livable Communities, fall 2004.
report-parzen.pdf (1.69MB)

Ben Thornley, David Wood, Katie Grace, Sarah Sullivant, Impact Investing, A Framework For Policy Design and Analysis, New York, NY: Rockefeller Foundation, January 2011.
report-wood-thornley.pdf (8MB)

Heidi Waleson, Beyond Five Percent: The New Foundation Payout Menu, San Francisco, CA and New York NY: French American Charitable Trust, Northern California Grantmakers and New York Regional Association of Grantmakers, September 2007.
report-waleson.pdf (1MB)