Ford Foundation - an unlikely convert to social impact investing
It's placing US$1b in profitable investments giving good social returns.
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PETER A Nadosy is a pillar of the Wall Street establishment - he spent 27 years at Morgan Stanley, rising to vice-chairman. He served a stint managing the endowment at Harvard, his alma mater, and he's also a life trustee and member of the investment committee at Amherst College. He's on multiple boards of nonprofit institutions, including the Doris Duke Charitable Foundation and St Andrew's Dune Church in Southampton, New York.
He is, in short, about the last person you'd expect to throw his support behind an investment strategy that makes fossil-fuel divestment - something Mr Nadosy opposes - look tame by comparison. Yet, as chairman of the Ford Foundation's investment committee, which oversees the foundation's US$12 billion-plus endowment, he's now in the vanguard of an approach to endowment management that breaks with generations of investment orthodoxy.
Last week, the foundation announced that it would commit US$1 billion to investments that "earn not only attractive financial returns but concrete social returns as well", as it said in a news release.
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