Abstract
The European Union has incorporated impact investment through two action plans: the Social Entrepreneurship Initiative and the Investment Plan for Europe. These financing tools seek to fund economic growth and promote job creation. Among the different measures carried out, the regulatory framework for impact investment funds stands out, under which the denomination, European Social Entrepreneurship Fund, is established to designate investment funds focused on social enterprises with the objective of generating a positive impact. It is possible to affirm that the creation of a solid impact intermediation infrastructure, by connecting both sides of supply and demand, is a critical aspect for the development and effective functioning of the impact market. Special importance is given to impact funds capable of attracting private capital. In order to categorise the different impact funds according to the most relevant aspects, a proposal form for the characterisation of impact funds has been drawn up and has been applied to a particular case. The presentation of Creas will allow for contextualising the practices that impact funds carry out and facilitate the general understanding of the article through a specific example that is considered successful in Spain.
Highlights
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations
The overall objective of this paper is to present a document that can serve as a reference guide on the most relevant aspects related to impact funds
The presentation of Creas will allow for contextualising the practices that impact funds carry out and will facilitate the general understanding of the article through a specific example that is considered successful in Spain
Summary
Investment funds which allocate their capital solely to impact investments, creating social and environmental value, are known mainly as impact funds, and as responsible funds, philanthropic investment funds or social impact investment funds [2]. They are constituted as venture capital funds, institutions of alternative collective investment (due to their high specificity) and of a closed type. Speaking, they are characterised by investing in unlisted companies which are in the creation or development phase, with temporary and minority involvement [3]
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