THE term "impact investing" was coined by the Rockefeller Foundation around 2008. Its presence on the Internet - as a proxy for public awareness - has grown from zero to over 72 million "hits" in eight years since (Google Trends, September 2014). Impact investing is a frequently featured topic of conversation at forums or conferences on philanthropy today. Indeed, at the G8 Social Impact Investing Conference in London on June 6, 2013, British Prime Minister David Cameron delivered a keynote address about the power of impact investing to "tackle the most difficult social problems . . . that have frustrated (even) governments . . ."
At the outset, it may be useful for investors to differentiate...
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