From philanthropy to impact investment: Private sector initiatives for development in Brazil and the UK

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My PhD research project explored the work of philanthropic foundations and trusts in Britain and Brazil, and the ambitions and objectives of their wealthy founders. It focused on the growth of 'philanthrocapitalism', a recent trend pioneered by globally renowned philanthropists such as Bill Gates, Bill Clinton and George Soros, which attempts to make philanthropy more 'businesslike' and strategic. I explored the intersections between this global philanthropic trend and localised relationships between wealth elites and third sector organisations, which have shifted in accordance with the changing political landscapes of both countries over recent decades. In parallel, my project explored the role played by philanthropy in the creation of 'socially responsible' identities of wealth, and the building of historical narratives of corporate social responsibility within family businesses. Finally, my research examined the work of philanthropy advisors in Brazil and the UK, in promoting philanthropy as a strategic tool for social change.During the fellowship, this doctoral project will be developed through further research on the emerging practice of impact investing among philanthropic investors and development agencies in Brazil and the UK. Impact investing sees capital investment into social businesses and Bottom of the Pyramid schemes (creating products and services for the poor), in pursuit of both financial return and social impact. I will examine how impact investors use metrics and indicators to measure social impact, and thus demonstrate their achievement of social alongside financial goals. In parallel, I will investigate how impact investing fosters collaboration between private sector and state actors and how this collaboration shapes development policymaking and practice in Brazil and the UK. This further research will expand my prior focus on philanthropic foundations operating largely autonomously in the social sphere, by examining how the global development agenda is increasingly shaped by new forms of public private partnership.My PhD and this further research on impact investing both seek to contribute to topical debate on the social role of the corporate and financial sectors. The global financial crisis of 2007-2008 saw much public loss of trust in these sectors, and the emergence of a renewed debate on corporate social responsibility in a context of widening global inequalities. Within these debates, discussion is taking place on the possibilities offered by social enterprise and Bottom of the Pyramid business initiatives; corporate models designed specifically to incorporate both financial and social objectives in their purpose. Impact investing thus emerges as the ideal operational model for an investment market designed to both finance these initiatives and seek the achievement of social and development objectives through them. My enquiry into philanthropy and impact investing in Brazil and the UK aims to contribute to these debates on the social role of the private sector in diverse localities around the globe.This ESRC postdoctoral fellowship will enable me to disseminate the findings of my doctoral project and this further research through academic publications and the presentation of my research at conferences and seminars in the UK, Brazil and elsewhere. It will provide opportunities for research dissemination among practitioners in the fields of philanthropy and social investing, through sector publications aimed directly at these audiences, and through further presentation of my research in the sector. During the fellowship, I will also pursue opportunities for both knowledge exchange and impact, on practice and policymaking in philanthropy and impact investing, through collaborative work with philanthropists, impact investors and social enterprises participant in my research in Brazil and the UK.