Pioneers Post
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  • user warning: UPDATE command denied to user '408302_semagad'@'10.40.200.82' for table 'cache_content' query: UPDATE cache_content SET data = 'a:10:{s:10:\"field_date\";a:1:{i:0;a:4:{s:5:\"value\";s:19:\"2010-09-30T00:00:00\";s:8:\"timezone\";s:13:\"Europe/London\";s:11:\"timezone_db\";s:13:\"Europe/London\";s:9:\"date_type\";s:4:\"date\";}}s:12:\"field_source\";a:1:{i:0;a:1:{s:3:\"nid\";N;}}s:17:\"field_story_img_1\";a:1:{i:0;a:10:{s:3:\"fid\";s:4:\"2218\";s:4:\"list\";s:1:\"1\";s:4:\"data\";a:2:{s:3:\"alt\";s:66:\"Triodos Bank managing director of investment banking James Vaccaro\";s:5:\"title\";s:66:\"Triodos Bank managing director of investment banking James Vaccaro\";}s:3:\"uid\";s:1:\"9\";s:8:\"filename\";s:11:\"Triodos.gif\";s:8:\"filepath\";s:55:\"sites/default/files/images/stories/images_1/Triodos.gif\";s:8:\"filemime\";s:9:\"image/gif\";s:8:\"filesize\";s:6:\"225795\";s:6:\"status\";s:1:\"1\";s:9:\"timestamp\";s:10:\"1285839013\";}}s:25:\"field_story_img_1_caption\";a:1:{i:0;a:2:{s:5:\"value\";s:90:\"<p><strong>Triodos Bank managing director of investment banking James Vaccaro</strong></p>\";s:6:\"format\";s:1:\"2\";}}s:27:\"field_story_img_1_in_teaser\";a:1:{i:0;a:1:{s:5:\"value\";s:1:\"1\";}}s:16:\"field_story_lead\";a:1:{i:0;a:2:{s:5:\"value\";s:336:\"<p><strong>In 2007, Triodos Bank was the first social financier to start an equity fund to support the growth of social enterprises, but earlier this year, that fund was closed. Here Triodos Bank managing director of investment banking James Vaccaro explains why and shares the lessons learned, which government should heed</strong></p>\";s:6:\"format\";s:1:\"2\";}}s:17:\"field_story_quote\";a:1:{i:0;a:2:{s:5:\"value\";s:321:\"<blockquote>\r\n<p><em><strong>Given we were able to make only one investment over an 18 month period, we felt investors&rsquo; capital was not being deployed at the pace originally anticipated and, unable to offer them the return originally expected, we decided instead to offer them an exit</strong></em></p></blockquote>\";s:6:\"format\";s:1:\"2\";}}s:18:\"field_story_teaser\";a:1:{i:0;a:2:{s:5:\"value\";s:320:\"<p>In 2007, Triodos Bank was the first social financier to start an equity fund to support the growth of social enterprises, but earlier this year, that fund was closed. Here Triodos Bank managing director of investment banking James Vaccaro explains why and shares the lessons learned, which government should heed.</p>\";s:6:\"format\";s:1:\"2\";}}s:25:\"field_story_related_nodes\";a:1:{i:0;a:1:{s:3:\"nid\";s:4:\"3946\";}}s:17:\"field_story_files\";a:1:{i:0;N;}}', created = 1516402687, expire = 0, headers = '', serialized = 1 WHERE cid = 'content:4726:11274' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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  • user warning: UPDATE command denied to user '408302_semagad'@'10.40.200.82' for table 'cache_filter' query: UPDATE cache_filter SET data = '<p>The decision to close the Triodos Social Enterprise Fund was the result of a strategic review of funds across the entire Triodos Group.</p>\n<p>This offered the chance to review our investments in the social enterprise market and, in the UK, we found a significant number of businesses were struggling to adopt the required commercial approach.</p>\n<p>We also found the large variety of business models adopted by social enterprises made it difficult to categorise as a homogenous sector and therefore rather difficult to tackle holistically from an investment point of view.</p>\n<p>As a result we decided &ndash; for the time being &ndash; to discontinue the Triodos Social Enterprise Fund in the UK.</p>\n<p>Over the fund&rsquo;s term we looked at hundreds of business plans and spent a significant amount of time trying to structure investments, but we did not see the numbers of investable business proposals that we required.</p>\n<p>Given we were able to make only one investment over an 18 month period, we felt investors&rsquo; capital was not being deployed at the pace originally anticipated and, unable to offer them the return originally expected, we decided instead to offer them an exit.</p>\n<p>We brought the fund to the market in 2007 when we noticed the fast growing trajectory of social enterprises.</p>\n<p>The fund&rsquo;s initial objective was to invest equity in established social enterprises with a proven business model and the ambition to grow. At the time, supply of debt was fairly extensive so we set out instead to meet the demand for equity risk capital.</p>\n<p>The organisations we targeted, as well as being social enterprises, also needed to be commercial in their approach. Social purpose came first but naturally we also placed an emphasis on the potential for financial return, meaning as an investor we expected a rate of return commensurate with the risk taken.</p>\n<p>Unfortunately, at the point in time in which we decided to close the fund, we found few social enterprises that met all these criteria.</p>\n<h4>One success</h4>\n<p>The one investment we did make was to Charity Business &ndash; a groundbreaking initiative with a very strong social entrepreneur at the helm.</p>\n<p>Charity Business, formed in 1999 and an NCVO approved consultant, currently services more than 150 not-for-profit clients including well known charity brands such as Age Concern and The National Trust, as well as a number of Student Unions around the United Kingdom.</p>\n<p>Through its back-office outsourcing model it offers organisations savings of up to 40 per cent on their cost of their finance function alone.</p>\n<p>We believe Charity Business is a key agent for change in helping to professionalise the voluntary sector and is enabling social businesses to be more effective at addressing the social issues for which they were designed in the first place. It is an excellent example of a sound business model together with demonstrable social value &ndash; exactly the type of organisation in which we were looking to invest.</p>\n<p>We received almost 500 enquiries over the fund&rsquo;s term, in addition to using our own networks and proactively approaching organisations. Many enquiries, for grant funding or from start up or very early stage organisations, did not meet the fund&rsquo;s criteria.</p>\n<p>Some other investment opportunities we considered in more detail, but we did not progress these either because of concerns over the credibility of the business model or the management capacity or both. In many cases, management wasn&rsquo;t keen on the concept of a hands-on investor or on giving up part-ownership to a social investor in exchange for flexible growth capital.</p>\n<p>In other instances the business model wasn&rsquo;t yet proven and the organisation needed to do a lot of work to be in a position to attract investment.</p>\n<p>In summary, many businesses simply were not ready. Of course, we continue to offer corporate finance advice to businesses to help them with investment-readiness, but many social enterprises are understandably not yet at the stage where they can pay for advice.</p>\n<p>Despite having closed this particular fund, we firmly believe there is a place for this type of investment in social enterprises, but the social enterprises and their management teams need to get themselves ready for it.</p>\n<p>Pools of sustainable finance &ndash; where there is an expectation of capital repayment and a reasonable financial return &ndash; are larger and more sustainable than pools of philanthropic capital with nil return. If, in the UK, we want to scale up the social enterprise sector, being able to attract long-term investment is key.</p>\n<p>We&rsquo;ve learned that it takes time to turn investment opportunities into investments. You need the latitude to experiment and to use different financial instruments. And while reasonable financial returns can be expected, net returns will be lower than in mainstream equity investing due to the costs of meeting the social mission and higher transaction costs.</p>\n<p>As the funding environment changes, we hope more social entrepreneurs will embrace the concept of risk sharing with social investors and see the benefit of this flexible form of capital.</p>\n<p>We are bullish about the future of social investment and Triodos Bank remains an active player in the market. But the pace of development is slow and providing access to capital isn&rsquo;t a sufficient condition for the growth of social enterprises.</p>\n<p>For the sector to grow further, it is important to experiment and to be candid about what works and doesn&rsquo;t work. It is also essential to invest the necessary effort in working with social enterprises on the ground to help them become investment-ready.</p>\n<p>When developing these initiatives we also hope that the new government will take these lessons on board rather than simply tinkering around the edges.</p>\n<p>For the Big Society (and the Big Society Bank) to be truly effective it will need organisations such as Charity Business to work alongside the grassroots community groups in order to generate sustainable, long lasting initiatives that really deliver impact. We hope that similar innovation and further experimentation will continue.</p>\n<p><a href=\"http://www.triodos.co.uk\" title=\"www.triodos.co.uk\">www.triodos.co.uk</a></p>\n', created = 1516402687, expire = 1516489087, headers = '', serialized = 0 WHERE cid = '2:dd4fc0e9aaeddfdd5f9ba0964383d76b' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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Lessons learned from the Triodos Social Enterprise Fund

30 September 2010
Triodos Bank managing director of investment banking James Vaccaro

Triodos Bank managing director of investment banking James Vaccaro

Given we were able to make only one investment over an 18 month period, we felt investors’ capital was not being deployed at the pace originally anticipated and, unable to offer them the return originally expected, we decided instead to offer them an exit

In 2007, Triodos Bank was the first social financier to start an equity fund to support the growth of social enterprises, but earlier this year, that fund was closed. Here Triodos Bank managing director of investment banking James Vaccaro explains why and shares the lessons learned, which government should heed

The decision to close the Triodos Social Enterprise Fund was the result of a strategic review of funds across the entire Triodos Group.

This offered the chance to review our investments in the social enterprise market and, in the UK, we found a significant number of businesses were struggling to adopt the required commercial approach.

We also found the large variety of business models adopted by social enterprises made it difficult to categorise as a homogenous sector and therefore rather difficult to tackle holistically from an investment point of view.

As a result we decided – for the time being – to discontinue the Triodos Social Enterprise Fund in the UK.

Over the fund’s term we looked at hundreds of business plans and spent a significant amount of time trying to structure investments, but we did not see the numbers of investable business proposals that we required.

Given we were able to make only one investment over an 18 month period, we felt investors’ capital was not being deployed at the pace originally anticipated and, unable to offer them the return originally expected, we decided instead to offer them an exit.

We brought the fund to the market in 2007 when we noticed the fast growing trajectory of social enterprises.

The fund’s initial objective was to invest equity in established social enterprises with a proven business model and the ambition to grow. At the time, supply of debt was fairly extensive so we set out instead to meet the demand for equity risk capital.

The organisations we targeted, as well as being social enterprises, also needed to be commercial in their approach. Social purpose came first but naturally we also placed an emphasis on the potential for financial return, meaning as an investor we expected a rate of return commensurate with the risk taken.

Unfortunately, at the point in time in which we decided to close the fund, we found few social enterprises that met all these criteria.

One success

The one investment we did make was to Charity Business – a groundbreaking initiative with a very strong social entrepreneur at the helm.

Charity Business, formed in 1999 and an NCVO approved consultant, currently services more than 150 not-for-profit clients including well known charity brands such as Age Concern and The National Trust, as well as a number of Student Unions around the United Kingdom.

Through its back-office outsourcing model it offers organisations savings of up to 40 per cent on their cost of their finance function alone.

We believe Charity Business is a key agent for change in helping to professionalise the voluntary sector and is enabling social businesses to be more effective at addressing the social issues for which they were designed in the first place. It is an excellent example of a sound business model together with demonstrable social value – exactly the type of organisation in which we were looking to invest.

We received almost 500 enquiries over the fund’s term, in addition to using our own networks and proactively approaching organisations. Many enquiries, for grant funding or from start up or very early stage organisations, did not meet the fund’s criteria.

Some other investment opportunities we considered in more detail, but we did not progress these either because of concerns over the credibility of the business model or the management capacity or both. In many cases, management wasn’t keen on the concept of a hands-on investor or on giving up part-ownership to a social investor in exchange for flexible growth capital.

In other instances the business model wasn’t yet proven and the organisation needed to do a lot of work to be in a position to attract investment.

In summary, many businesses simply were not ready. Of course, we continue to offer corporate finance advice to businesses to help them with investment-readiness, but many social enterprises are understandably not yet at the stage where they can pay for advice.

Despite having closed this particular fund, we firmly believe there is a place for this type of investment in social enterprises, but the social enterprises and their management teams need to get themselves ready for it.

Pools of sustainable finance – where there is an expectation of capital repayment and a reasonable financial return – are larger and more sustainable than pools of philanthropic capital with nil return. If, in the UK, we want to scale up the social enterprise sector, being able to attract long-term investment is key.

We’ve learned that it takes time to turn investment opportunities into investments. You need the latitude to experiment and to use different financial instruments. And while reasonable financial returns can be expected, net returns will be lower than in mainstream equity investing due to the costs of meeting the social mission and higher transaction costs.

As the funding environment changes, we hope more social entrepreneurs will embrace the concept of risk sharing with social investors and see the benefit of this flexible form of capital.

We are bullish about the future of social investment and Triodos Bank remains an active player in the market. But the pace of development is slow and providing access to capital isn’t a sufficient condition for the growth of social enterprises.

For the sector to grow further, it is important to experiment and to be candid about what works and doesn’t work. It is also essential to invest the necessary effort in working with social enterprises on the ground to help them become investment-ready.

When developing these initiatives we also hope that the new government will take these lessons on board rather than simply tinkering around the edges.

For the Big Society (and the Big Society Bank) to be truly effective it will need organisations such as Charity Business to work alongside the grassroots community groups in order to generate sustainable, long lasting initiatives that really deliver impact. We hope that similar innovation and further experimentation will continue.

www.triodos.co.uk

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