Situating the Next Generation of Impact Measurement and Evaluation for Impact Investing

In taking stock of the landscape, this paper promotes a convergence of methods, building from both the impact investment and evaluation fields.The commitment of impact investors to strengthen the process of generating evidence for their social returns alongside the evidence for financial returns is a veritable game changer. But social change is a complex business and good intentions do not necessarily translate into verifiable impact.As the public sector, bilaterals, and multilaterals increasingly partner with impact investors in achieving collective impact goals, the need for strong evidence about impact becomes even more compelling. The time has come to develop new mindsets and approaches that can be widely shared and employed in ways that will advance the frontier for impact measurement and evaluation of impact investing. Each of the menu options presented in this paper can contribute to building evidence about impact. The next generation of measurement will be stronger if the full range of options comes into play and the more evaluative approaches become commonplace as means for developing evidence and testing assumptions about the processes of change from a stakeholder perspective– with a view toward context and systems.Creating and sharing evidence about impact is a key lever for contributing to greater impact, demonstrating additionality, and for building confidence among potential investors, partners and observers in this emergent industry on its path to maturation. Further, the range of measurement options offers opportunities to choose appropriate approaches that will allow data to contribute to impact management– to improve on the business model of ventures and to improve services and systems that improve conditions for people and households living in poverty.

A Handbook of Data Collection Tools: Companion to "A Guide to Measuring Advocacy and Policy"

This handbook of data collection tools is intended to serve as a companion to A Guide to Measuring Advocacy and Policy. Organizational Research Services (ORS) developed this guide on behalf of the Annie E. Casey Foundation to support efforts to develop and implement an evaluation of advocacy and policy work. The companion handbook is dedicated to providing examples of practical tools and processes for collecting useful information from policy and advocacy efforts. Included within this handbook are a legislative process tracking log, a meeting observation checklist, a policy brief stakeholder survey, a policy tracking analysis tool, and a policy tracking form.This best practice provides an approach to measure advocacy and policy change efforts, starting with a theory of change, identifying outcome categories, and selecting practical approaches to measurement

A Guide to Measuring Advocacy and Policy

The overall purpose of this guide is twofold. To help grantmakers think about and talk about measurement of advocacy and policy, this guide puts forth a framework for naming outcomes associated with advocacy and policy work as well as directions for evaluation design. The framework is intended to provide a common way to identify and talk about outcomes, providing philanthropic and non-profit audiences an opportunity to react to, refine and adopt the outcome categories presented. In addition, grantmakers can consider some key directions for evaluation design that include a broad range of methodologies, intensities, audiences, timeframes and purposes. Included in the guide are a tool to measure improved policies, a tool to measure a strengthened base of public support, and a survey to measure community members' perceptions about the prioritization of issues

Putting "Impact" at the Center of Impact Investing: A Case Study of Toniics T100 Project

This case study shares the significant efforts of a network of investors to document and analyze theimpact of a collection of impact investment portfolios. Toniic's T100 project gathers information aboutthese impact investments into a single data base, allowing its own network members and other investorsto increase their understanding and select investments based on risk, impact theme, and asset class.These data help investors to more effectively manage their portfolios to drive financial, as well as socialand environmental returns

Direct, enantioselective synthesis of pyrroloindolines and indolines from simple indole derivatives

The (R)-BINOL·SnCl_4-catalyzed formal (3+2) cycloaddition between 3-substituted indoles and benzyl 2-trifluoroacetamidoacrylate is a direct, enantioselective method to prepare pyrroloindolines from simple starting materials. However, under the originally disclosed conditions, the pyrroloindolines are formed as mixtures of diastereomers, typically in the range of 3:1 to 5:1 favoring the exo-product. The poor diastereoselectivity detracts from the synthetic utility of the reaction. We report here that use of methyl 2-trifluoroacetamidoacrylate in conjunction with (R)-3,3′-dichloro-BINOL·SnCl_4 provides the corresponding pyrroloindolines with improved diastereoselectivity (typically ≥10:1). Guided by mechanistic studies, a one-flask synthesis of enantioenriched indolines by in situ reduction of a persistent iminium ion is also described

Synthesis of Enantioenriched Indolines by a Conjugate Addition/Asymmetric Protonation/Aza-Prins Cascade Reaction

A conjugate addition/asymmetric protonation/aza-Prins cascade reaction has been developed for the enantioselective synthesis of fused polycyclic indolines. A catalyst system generated from ZrCl_4 and 3,3′-dibromo-BINOL enables the synthesis of a range of polycyclic indolines in good yields and with high enantioselectivity. A key finding is the use of TMSCl and 2,6-dibromophenol as a stoichiometric source of HCl to facilitate catalyst turnover. This transformation is the first in which a ZrCl_4⋅BINOL complex serves as a chiral Lewis-acid-assisted Brønsted acid

Leveraging Foundation Balance Sheets for Greater Impact: Piloting a Pooled Guarantee Program

A guarantee instrument is a credit enhancement tool that can enable philanthropies to unlock millions or billions of dollars for societal impact. The Community Investment Guarantee Pool, created in 2019 by a collaboration of philanthropies and allied impact investors, or guarantors, is a novel initiative that uses guarantees to leverage the balance sheets of foundations and other institutional investors for enhancing the credit of intermediaries in the affordable housing, small-business, and climate markets. As the guarantees are unfunded, foundations continue to keep their endowment invested in the conventional market. This article describes the Community Investment Guarantee Pool, details its theory of change, and shares early challenges and insights related to the underlying theory of change. It discusses investor “but for” contributions; treatment of risk (perceived versus actual), both for the guarantors and intermediary recipients; and adaptations for specific markets. The pool is using developmental evaluation and emergent learning to surface insights for philanthropic and other impact investors. These insights can inform practices that hone the use of guarantees and a pooled impact investing approach. Foundations will benefit collectively and individually from the pool’s experience as they learn how to best integrate the use of guarantees in their own foundations and initiate other collaborative guarantee pools focused on sectors or geographic regions. Additionally, financial intermediaries can become more familiar with this financial tool and will be able to experiment with innovative and equitable lending and investment decisions with greater confidence due to the guarantee backing and lessons surfaced through a learning community

The Legacy of a Philanthropic Exit: Lessons From the Evaluation of the Hewlett Foundation’s Nuclear Security Initiative

As its seven-year Nuclear Security Initiative wound down in late 2014, the William and Flora Hewlett Foundation engaged ORS Impact to conduct a summative evaluation. That evaluation yielded insights pertinent to future work on nuclear security and other fields where policy-related investments, strategies, and goals are prioritized, as well as insights regarding Hewlett’s approach to the initiative exit. During the life of the initiative, significant changes in the geopolitical landscape influenced both the relevance and the expected pace of advancement of its established goals and targets. Rather than focusing on whether identified targets had been achieved in a narrow “success/failure” framework, the evaluation explored where and how Hewlett’s investments and actions made a difference and where meaningful progress occurred over the seven years of investment. Evaluation findings highlighted contributions and areas of progress that had not been explicitly anticipated or specifically identified in the initiative’s theory of change. This article describes the initiative and its theory of change, evaluation methods and approaches, findings, and how these informed the foundation’s planning for initiative exits and approach to measurement of time-bound investments. Although time-bound philanthropic initiatives are a well-established practice, the approach merits closer examination in order to discern effective ways to implement, evaluate, and wind down these types of investments

Enantioselective Synthesis of Pyrroloindolines by a Formal [3 + 2] Cycloaddition Reaction

(R)-BINOL•SnCl_4 was found to catalyze a formal [3 + 2] cycloaddition reaction between C(3)-substituted indoles and 2-amidoacrylates to provide pyrroloindolines. A variety of pyrroloindolines were prepared with high enantioselectivity in one step from simple precursors. This methodology is expected to facilitate the total synthesis of pyrroloindoline alkaloids, an important class of biologically active natural products

A bovine lymphosarcoma cell line infected with theileria annulata exhibits an irreversible reconfiguration of host cell gene expression

Theileria annulata, an intracellular parasite of bovine lymphoid cells, induces substantial phenotypic alterations to its host cell including continuous proliferation, cytoskeletal changes and resistance to apoptosis. While parasite induced modulation of host cell signal transduction pathways and NFκB activation are established, there remains considerable speculation on the complexities of the parasite directed control mechanisms that govern these radical changes to the host cell. Our objectives in this study were to provide a comprehensive analysis of the global changes to host cell gene expression with emphasis on those that result from direct intervention by the parasite. By using comparative microarray analysis of an uninfected bovine cell line and its Theileria infected counterpart, in conjunction with use of the specific parasitacidal agent, buparvaquone, we have identified a large number of host cell gene expression changes that result from parasite infection. Our results indicate that the viable parasite can irreversibly modify the transformed phenotype of a bovine cell line. Fifty percent of genes with altered expression failed to show a reversible response to parasite death, a possible contributing factor to initiation of host cell apoptosis. The genes that did show an early predicted response to loss of parasite viability highlighted a sub-group of genes that are likely to be under direct control by parasite infection. Network and pathway analysis demonstrated that this sub-group is significantly enriched for genes involved in regulation of chromatin modification and gene expression. The results provide evidence that the Theileria parasite has the regulatory capacity to generate widespread change to host cell gene expression in a complex and largely irreversible manner