 Welcome everyone. Thank you so much for joining us for today's panel discussion. I'm Fran Siegel, Executive Director of the US Impact Investing Alliance, which is a nonprofit organization dedicated to building the impact investing ecosystem. We work in a number of core areas including contributing to a more enabling public policy environment for impact investing, working with select asset owners on shared opportunities and challenges, and partnering with others to build our movement. I'm really looking forward to today to discussing the work of a very unique collaboration called the Response Recovery and Resilience Investment Coalition, the R3 Coalition for short, which was named after a common crisis response framework and was formed in the early days of COVID-19 pandemic to help mobilize and streamline the impact investing response. Today it's clear that we're not in the midst of just one crisis but a number. COVID-19, the ensuing economic fallout of increasing awareness of systemic racism and of course climate change. And so I suspect that this framework of the three Rs will continue to evolve alongside our changing circumstances, perhaps reflecting the need to reimagine systems beyond achieving resilience and we'll talk about that today. A moment ago I called the R3 Coalition unique because of the level of collaboration and established trust was unprecedented in our field and indeed I think it was made possible by the unprecedented nature of the crisis set we were at that time and still are facing. Back in March as it became clear that the public health crisis would continue to snowball into a massive economic crisis, I think many impact investors were eager to step up but needed some forums, R3 being one of them, to do so in a more coordinated fashion. It's our hope that the impact investing field can build on this powerful model of cooperation going forward. I'm thrilled to be joined by three tremendous panelists, Amit Bori, CEO of the Global Impact Investing Network, also known as the gym. Audrey Obara, Senior Investment Manager in the Nairobi Kenya Regional Office of Swed Fund and Meredith Shields, Managing Director of Impact Investing at the Sorenson Impact Foundation. We will leave time for audience Q&A at the end of the session so please pose your questions to the panelists using the chat box function and feel free to do so during the time that we're speaking so that we can comb through them and lift up some of your questions. So again, thank you Audrey and Meredith for being here today. I'd like to start by delving into the story of how R3 coalition came into being. I remarked a moment ago about the encouraging though admittedly atypical nature of this level of collaboration among investors, foundations and network organizations. And I think that that speaks to the severity of the crisis set at hand that those involved would take a leap of faith quickly and mobilize together. The Alliance, for example, jumped in and was excited to join the R3 coalition effort as a partner network to help amplify the work. So Amit, I'd love to start with you. Could you share a bit about the early motivations for forming the R3 coalition and speak to the structure of the group as well as the strategies and activities that have emerged from the coalition? Absolutely. Thank you so much for that introduction Fran and I'm really thrilled to be here with my fellow panelists as well as everyone we have in the audience. If you can take yourselves back to early March, it feels almost like a decade ago given how much things have changed since then. The genesis of this was at this time at least in the United States and my organization is headquartered in New York and so that's where our staff sits and we at the time we had an event planned to gather our members here in New York City that we of course had to cancel due to the pandemic. But we were working very quickly to move our team to make sure that they were safe and working remotely and managing those transitions. But also we're working to mobilize our members as many other networks all around the world. We had actually had an email exchange with one of our members and the Open Society Foundations with John Hinton there about how we're trying to mobilize and act investors to play our role in responding to the crisis. And we ended up having a conversation about how it might be an opportunity to try to drive something across a coalition of networks effectively. For those of you who don't know the gen we are a network of impact investors as their name would suggest that includes over 300 organizations in 50 countries. Our full network includes over 30,000 people around the world. But we work with a variety of other networks and very quickly we work with a set of great foundations. So Meredith is representing one of the six foundations that came in to support the launch of the coalition as well as 12 networks, the gen being one of the 12. We ended up staffing the secretariat if you will. So just a wonderful colleague of mine, Katrina Know, who's in the audience, has led the coalition and the real orientation was around these three phases. The immediate response, the broader recovery, and how do we shape more resilience in the system as we emerge from the crisis? We knew that would be a multi-year effort and then one that would involve impact investing in different ways along that trajectory. So in the early phase, we knew that like the immediate response that government would be front and center, of course, as they should be with a public health crisis. But there would be targeted opportunities for impact investors to play roles and helping to fill gaps and finance opportunities that could help stem and contain the crisis. In the recovery, you know, I think there's a huge role for impact investment to play and for investment to play broadly, and ultimately to shape a more resilient system. The work of the coalition was organized around three pillars. And so one was around co-investment convening, so how we actually would get members of the 12 networks together around specific opportunities to put money to work in companies that are playing a role in responding to the crisis. The idea is if we could shorten the timeline between, you know, to when a company would get the financing you needed, that would help, like, maximize the role in responding to the crisis. We also, and I should mention that we had, I believe, over eight convenings. Many were in health but also in food and agriculture, water and sanitation and even education. We also worked on issue briefs from a research standpoint. So how can we, you know, capture findings quickly, kind of real time? And it helps disseminate those two impact investors who could use that research to inform their work. And last but not least, we have a communications component to this work, which is really helping the broader, you know, kind of market understand that investment plays a critical role in responding to the crisis. You know, as a complement to the efforts of government and nonprofits. And so those three pillars really organized our work. And it will, before I close out, just really want to thank all the partners who participated as Fran alluded to it, it was an incredible, you know, degree of like collaboration. It was incredibly challenging time. You know, so everyone was going through, like, you know, organizational stress, personal stress, you know, about the families, of course, and their safety. But it was, I find it quite energizing to see how many of our partners stepped up so quickly to figure this out with us and to make sure that we were doing our parts. With the crisis of this nature, we knew we would have to collaborate differently. And you know, our communities very much stepped up. Thank you. Great. Thank you. Thank you all. Meredith, I'd love to go to you next and then Audrey, asking specifically about your motivations for becoming involved with the R3 Coalition and what your experiences have been participating in the investment convenings in particular. Sure. Hi, everyone. Good morning. Good evening, depending on where you are. I'm Meredith Shields, managing director at the Sorenson Impact Foundation. And excuse me, I'm also in DC where we're having like a second wave of allergies. So apologies. The Sorenson Impact Foundation is a family foundation. We're located in Salt Lake City, Utah. And we were created to be an impact investor. So as of this moment, we invest out of our programs related portfolio in early stage ventures that are doing social good around the world. And we also invest out of a market rate portfolio that is now a fully diversified impact investing portfolio as well. So our motivations for joining the R3 Coalition, stem from the mission that we have, which is not only to invest, but also to accelerate the field. I think Jim Sorenson would say that his vision is that impact investing is investing. And people think about the way that their that their dollars impact society overall. So for a while now, we've recognized that we spend so much time sourcing deals. We send people all over the world looking for opportunities, talking to entrepreneurs, developing relationships. And then we have a team of people who died, rigorous amounts of due diligence. And we're the only ones that benefit from that. And that that's not something that sits well with our organization, and certainly not Jim, who wants to promote the field overall. So we have over the last couple years experimented with different ways of sharing information. But what we liked about the R3 Coalition is that we felt like in this moment, they were quickly assembling a group that could overcome the biggest barriers to teamwork and collaboration. So in the financial sector, we know there's this sense of a proprietary deal or a proprietary process. And in this moment in this year, we can't think that way, we need to work together, we need to move faster, put more money at the door. And the R3 Coalition, by bringing people together, to share deals more broadly to develop trust to develop transparency, was able to do just that. So we have presented three of our deals over the last couple of months. We have tried to bring other partner networks into the organization as well. And so for us, what the moment that the R3 Coalition seized to meet this crisis is a moment that we also hope will be a launch point for the broader impact investing field to continue to work more effectively and efficiently over time as well. Thanks, Margo. Audrey, are you are? Can we hear you? We can't. Okay, do we think that there's any way to troubleshoot like, what about that idea, if Audrey calls you and that you can put her on speaker? Or if anyone in the chat has any, someone said, you could use your headset, but I think you've already tried that, Audrey. I'll work on it offline to see if we can get audio via phones. So Audrey, I'll shoot you a quick email and we'll try to set this up. Okay, all right. Well, Meredith, if it's okay with you, we'll we'll stick with you for now as I'm at an Audrey troubleshoot a little bit. But but we'll want to go back to the the R3 Coalition went when we can hear Audrey. So we'd love to move to the response phase. So again, the R3 Coalition, the three hours refer to response, recovery, and resilience, resilience, and then we are kind of adding a fourth or potentially reimagining, which is perhaps resilience as part of that. Thank you, Meredith. So wondering, if you alluded to it a little bit, Meredith, in your opening remarks about, you know, the old world of flying around and doing due diligence, could you talk a little bit about how in this moment of COVID, how has it changed your the way you operate? Have you created new approaches to impact investing or use new tools? And how have you supported investees and potential investees in this in this new phase? Sure, sure. Well, I mean, I think like a lot of organizations out there, everything we're doing right now is new. I'm sitting in my house, and my team and I, we see each other on little boxes on a screen, just like this. And I'll kind of take through the way that we've approached this. And so first of all, we, we have a portfolio of about 50 early stage companies who initially, we wanted to make sure that we could support in the best way possible. And for a foundation like ours, who's also a field builder, we felt like the biggest asset we had to bring to the table was our network. And being able to get our portfolio company stories out there and in front of others. And frankly, find co investors who we felt like would be supportive to the companies, but also people that we could work really well with to try and try and save the work and the impact that had been created prior to earlier in 2020. So part of the changes that we're making, so we've made changes all levels of our process. On the pipeline level, we can't fly around the world, I guess we could, but we're not right now. And so we are relying on our partners and the R three coalition has been a great source of deal flow for incredibly valuable to to dial into a call and hear and see principles from our partner organizations, explaining their investment thesis, their impact thesis and why they proceeded with an investment. We found that to be much more powerful and helpful in getting a deal from the lead to the actual pipeline. Then some some previous efforts we've seen. Aside from deal sourcing and looking at partners for that, we're also conducting due diligence virtually, which talk about a process and a norm of the industry that is a little taboo to disrupt. There's there's always been I think of a feeling that if you're not meeting a management team in person, if you're not going out and kicking the tires, if you will, and seeing a company, then how do you make a good decision? And we've answered that question through again, collaboration. So word you're going to hear a lot in this this session. But from a due diligence perspective, we have a number of partners who we trust and we have been able to accelerate learning about and developing trust in through this process. And bringing all of our collective information together, a meeting of the minds, if you will, has enabled us to overcome that hurdle that we can't we can't fly to Nairobi right now. We can't fly to India and meet companies, but we can work virtually and then rely on our partners to help us develop a meaningful level of information. So that aspect of our process has changed and then find very committed to sharing information in the biggest way possible. So some people compliance folks who might be listening to this right now are cringing a little bit. And that's something that we explored. But to the extent that it's allowable by our compliance and legal team, we share everything from our pipeline to our due diligence, all any and all research that we conduct. And we were doing that before informally. Now it's very formal and methodical. And our hope is that things like that will continue because it it feels like all boats rise by changes in our process like that. Does that answer your question? Thank you. Any word from Audrey? I could Katrina is working on it. So I'm available to you and training my joint. Okay, um, we can hear you. But there's a feedback loop of the audio. Okay. Um, yes. Yes, we've got it. Audrey, the younger companies, you know, being able to do that a bit faster than what we want to work with. Audrey, thank you. And can you continue on a bit and share a little bit about how you have approached new potential investees, how you have supported existing investees during this time, perhaps in a in a different way than you have in the past. Audrey, thank you. And we can hear you perfectly. So thank you. And thank you, Katrina. Except, um, maybe, Audrey, when you're not speaking, if you can both Katrina and Audrey mute yourselves, because we're getting a little feedback, I could maybe be able to mute you. Okay, I'm it. Thank you for for being patient. So one of the key components of the R three coalition that you alluded to in your opening remarks was the collection of market intelligence related to the financing needs of companies and best practices and strategies to meet those needs. And I have really admired how rapidly and thoughtfully the GIN research team has gathered information and delivered valuable research to the field at this time when we when we desperately need ideas around how to work with investees. So I'm wondering if you could highlight some of the key findings, especially in so far as they might align with some of the strategies that Meredith and Audrey lifted up. Yeah, absolutely. And actually, they mirror them quite well, I think just to highlight some of the experience that we saw. So early on, I mean, it was really wonderful to to work with a lot of the partner networks to try to surface data about what's happening. Normally, we we often end up at events like SoCAP and others to get a read on the pulse of what's happening in the market. And of course, that wasn't available to us in that way, particularly earlier in the year. And and so it was very important for us to get the information, the hands of investors during incredibly volatile and uncertain times that help them be as effective at responding to the crisis as possible. We actually partnered with them with Andy, the Aspen Network for Development Entrepreneurs on one of the pieces that really looked at kind of some highlighted some of the research that they had done and added some that we were doing around, you know, how investors were responding to the crisis in general and what were some of the sort of need surfacing. We also did a specific piece on some of the issues that both Meredith and Audrey highlighted around like portfolio protection, like, you know, how are investors trying to shore up the companies that they're already invested in and help them weather the storm. And we found that, you know, in the early days in particular, a lot of investors were of course focused on that about how they can support their portfolio companies, whether it's with capital, with technical assistance, with, you know, it's, you know, Audrey mentioned PPE and just getting some basic equipment that to sustain operations, but also things like how do you kind of like adapt your supply chain and then how do you think about like opportunities, you know, to, you know, adapt your business model in light of not only the near-term impacts, but the, you know, expected longer time horizon of the effects of the pandemic. One of the things that we found, you know, early on in some of the research, you know, was also that there was, you know, a number of investors, I think it was around a third who are really trying to identify better, like more impact investment opportunities as their key challenge. But a greater number were actually focused on the issues that Meredith spoke to around how do you actually conduct due diligence and process deals in your pipeline with the shifts to physical travel and communication and access to data. And so a lot of investors were really working to adapt their processes, you know, very quickly and identify new ways of collaborating, you know, and as Meredith said, that is a theme you'll hear loud and clear in many different levels in this conversation about many investors restricting partnerships of partners trying to figure out how they can trust co-investors and rely on their due diligence and analysis and be follow-on investors in some cases so they could still source new deals with organizations that they hadn't worked with in the past. The last research brief about before that I do want to highlight something that's really important and I think gets to some of the Fran wanted to speak about later in the conversation was that given the inequities that were highlighted by the pandemic, huge issues around socioeconomic inequities, you know, and those were exacerbated by kind of like differences in race and ethnicity and in gender. We found that a lot of existing impact investors were revisiting their practices more broadly about how they can build more resilience into the way they invest writ large. So not just kind of COVID response deals, but how they could actually reflect on representation in their management teams, on their investment committees, how they source, you know, different investment opportunities from different communities, how they actually build businesses that are more responsive into racial and gender differences. And that last piece focused on resilience and social inequities, I think was a really powerful piece that highlighted a lot of adaptation that investors were doing in just a span of a couple months to really try to like back up this interest in working differently with real action. And we did highlight a number of investors activities, including so on some foundation work on this. And I do, you know, recommend that as something to take a look at. They're all pretty short briefs. They're brief by design and designed to be very digestible. But the idea is to surface some of the real time adaptations of lessons that investors are highlighting throughout the flow of the unfolding of the pandemic. Thanks, Amit. And that's a great bridge to what I wanted to explore with you folks next. And that is the second and third ours, recovery and resilience, which are as important as our response efforts. And we've already touched on a couple of times that there is likely a fourth hour of reimagining. And you touched on that we're a missed, a long overdue reckoning with systemic racism, white supremacy in our institutions. And so it's not just enough to rebuild existing systems that have racism in the in the in the roots of that system. But many of us feel like we should be thinking about and acting upon a full scale reset So I'm wondering how each of your organizations is thinking about recovery and broader systems change. Meredith, I'm wondering if I could start with you again if you could share some thoughts. Sure. So first of all, I'll say I'll give you a little context for how we thought about change and then I'll lay out what we're changing. In the midst of this crisis, as Ahmed and Fran said, we saw that the system isn't working for everybody and it's really not working for a lot of communities. So we thought that it was imperative on us as a member of the impact investing community as a member of the philanthropy community and as a member of the finance community, which is a critical aspect of the functioning of our society to examine what we've been doing that could potentially be contributing to the problem. And I mentioned this before, but I think a lot of industries are full of cultural norms and historical traditions and just the way things are done. And so within our organization, the first thing we did was examined the way things are done and determined whether or not there were aspects of our process that were inadvertently leaving people out, leaving communities out and potentially exacerbating a problem. And so as we as we listened and learned and went through that process, a couple of things stuck out to us. So first of all, I have to admit, usually this time of year in San Francisco, we have like 20 people all over SoCAP meeting entrepreneurs. And we and we have great portfolio companies that have come through meeting entrepreneurs at SoCAP and other conferences. But when you think about that, you can start to recognize that that method of deal sourcing that wasn't our primary method, but that method of deal sourcing leaves a lot of people out. This is a conference in one part of the world that requires you pay to go. And so things like that, we took a hard look at and decided that from a deal sourcing perspective, we want to be more intentional. We have intentionally reached out in our developing relationships with U.S. Black and Brown founder networks and entrepreneur support organizations. And instead of instead of only letting the entrepreneurs come and find Jim and pitch, we are reaching out and seeking to source a more diverse pipeline of potential investments. So we're taking our legacy process and adding to it. The next thing that we have done is we put some metrics around this like we would do for any portfolio company. And our board has mandated that at least 25 percent of the companies that go through our full scale due diligence, so the big long work up will be from Black and Brown founders in the United States. And so that is part of our commitment to make sure that we are intentionally sourcing from diverse communities. Another thing that we're doing is focusing on at a broader level, democratizing access to capital building, building wealth in communities we believe is really important to to creating a more equal playing field. And so through efforts like like we're supporting Village Capital's Abica platform, which seeks to match investors and entrepreneurs on the basis of the deal stage and company match versus a warm leader relationship and other other ideas like that we have we've been supportive of in terms of trying to think through how can we make access to capital more widespread. And again, that's part of why we're sharing our deal flow. And we're also looking for others to share with us as well. And then finally, another initiative that we're undertaking is we're developing a post investment support technical assistance facility, which I know Audrey and Swed Fund already do really well. But we we invest in very early stage companies often in low income communities over 80 percent of the beneficiaries of our investments are in low income communities. And we want to make sure that we're not just writing a check. We are providing a level of support that's helpful in getting those companies to the next next level so that they can create opportunities for their communities overall. And so that's something that you'll hear from us soon. I might be mentioning it prematurely, but offering technical assistance and trying to work to support entrepreneurs in their four communities is another change in our process that's coming as a result of 2020, if you will. Thanks, Mara. Audrey, can you talk a little bit about how Swed Fund is thinking about recovery and resilience as well as broader systems change? Thank you, Audrey. The gym and other organizations in our field are thinking about broader systems change when we think about capitalism itself and wondering how the current crisis set has shaped your thinking around the urgency of broader systems change. Yeah, thank you for the question. And for those of you who've followed some of our work over the years, a couple of years ago, we came out with you kind of a market strategy, if you will. So this is coming up on the 10-year anniversary of the gym, the 20 of the term impact investing. We wanted to take stock of what was happening in the market and really take it like a sharp look at where the opportunities were going forward. So we published this document called the roadmap for the future financial markets. And the reason it was orange around the future financial markets was this recognition that if you care about impact on issues like addressing poverty or climate change, what was really critical was to not just grow the impact investing market or your own deals or portfolios, but rather to look at how we can like shift the overall system. So how we can have an impact on investing itself. Now, the COVID crisis in many ways has accelerated the urgency of this, as Fran put it, but also I think increased the opportunity for driving real systems change. And because I think there's a much broader recognition of some of the words that Meredith shared around that. Like the system we have today is not working, right? It's not working for people. That's not working for planets and it's not working well for investors. And so one of the things that we well, a couple of things that we've been plugged into is we've been working with a number of other organizations around something called the new capitalism project, which is the goal of that is to share is to develop a shared vision of what the future of capitalism could look like. I realize it's a bit lofty, but really trying to stick together a shared vision and agenda from all these great efforts that exist out there around things like impact investing, benefit corporations, inclusive capitalism, regenerative capitalism, sustainable capitalism and so on. But trying to see if we can identify what is a shared kind of vision for what that future would look like. Another project that our core coalition, sorry, network that have just recently been joined is called imperative 21, which is really focused on setting a new business imperative for the 21st century. And there are nine different groups that are part of that, the gym being one of those. But the orientation is really on how do we drive the development of the capitalist system that is more responsive to the needs of all stakeholders, not just shareholders, but also customers, employees, communities and the planet. They actually just launched a campaign several weeks ago called reset capitalism that you may have seen it had. It was on the stock exchanges in New York and NASDAQ in Brazil and really had visibility all over the world. But the idea was to start to stimulate a conversation of how we can change capitalism to be more responsive in the needs of all stakeholders, how we can design for independence, how we can invest for justice and how we can account for the impact on the broader set of stakeholders. But I mentioned these efforts, like New Capitalism Project, the imperative 21 effort, all hopefully in service of a broader systemic shift that I hope everyone in the room sees themselves as part of. How can we actually make investments, recover from this crisis in a way that leads towards a better system that is more resilient and more inclusive on the other side of the pandemic? Thank you, Ahmed. I want to live in that world. Me too. Most of us do, and many of us in the field are excited to partner on this. And encouraging folks to ask any questions in the chat because we'll turn to your questions in a moment. But it just occurs to me that as we're thinking about broader systems change, as we're thinking about access, as we're thinking about wealth, income, gender, racial, equality. So much of these big systemic shifts require real collaboration, radical collaboration. And I think that the crisis set that we have been experiencing and attuned to during the last six, seven months has engendered a lot of reflection from those in the field. And we have many of us have taken this radical collaborative posture. And I think our three coalition is a perfect example of that. I'm struck by how you all have mentioned the word trust and how trust is really required and trust is really important in collaboration. And wondering if any of you have thoughts on how we can build on the momentum of these models of radical collaboration going forward in our field. And happy to have, you know, anyone jump in who wants to wants to do so. I'm happy to speak if there's no tankers to lead. I think in many ways, they're just reflecting on kind of what we have going on in the world is that like it is in some ways it is like the worst time to try to attempt new collaboration in part because everyone's spread so thin, everyone's weighing kind of the weight of like what's happening to their safety. Their families, what's happening to their communities, their organizations, their portfolios and so on. But I do think that, you know, a global crisis does require global response and it did create an openness for everyone realizing like that we do need to figure out ways to collaborate differently. And I think we're wrapped with the R3 coalition. I hope is just the beginning of that. We have like people have engaged in different ways and it's still very early for kind of a global collaborative effort like this. We're just I think about five months in and yes, it's the launch of it. But I do think this overall notion of like, you know, how do you create more opportunities to figure out any shared agenda and share vision and work towards that while recognizing that there are different approaches, different priorities, etc. It's really important. When we think about an issue like systems change, obviously that is it's hard to get your head around what it would take to the entire system. But it is essential that we collaborate and whether it's you know, across networks and investing or it's necessary for business and NGOs and governments. Absolutely critical. But I think one thing that on this theme of trust is really important. I do think one of the multiple crises we're experiencing at this moment of the world is a crisis of like trust and confidence. And so part of that, what's really important for us to, you know, I think turn the tide, you know, on that current is really to invest in building the real trust and invest in the relationships, even if we have to do it through Zoom and other platforms. But ultimately, it is like our interdependence that we'll lean into and our kind of interconnectedness that will really pull us out of this crisis. Thank you, Almet. Audrey, Meredith, would you like to hop in? Yeah, I was just going to say I really appreciated how Almet phrased it. But I do think, you know, one way that we've been thinking about this question internally is that as investors, we go out and speak to entrepreneurs and industry leaders, and we ask them to disrupt for good. We want them to change the way things are done and create a better world. And we feel like it's really important as an impact investing community that we ask ourselves the same question. And collaboration in my mind is one of the ways that we can do better and work faster and do more. And so I think as we think about how do we accelerate and build on these frameworks in the future, it's going to take a little bit of a culture shift and maybe even we need to see a tipping point of enough organization saying yep, we're going to try something new. We're going to change our process and that's going to be OK. And as soon as we see enough organizations doing that and committing to that, I think we'll start to see the benefits. It collaboration tends to lead to more effective, efficient, faster results. And once we can see that my idealistic hope is that we change the cultural norm, we change the way that things are done for the better. Like like we ask our entrepreneurs and our innovators to do. Thanks, Meredith. Audrey, would you like to hop in? If I may add to that an advice we have been giving right now. Thank you, Audrey. I'm just scanning some of your questions. There seems to be a cluster of questions around access to capital issues, which is something that Mark that Meredith touched on a moment ago. And this feeling among impact entrepreneurs and even impact enterprise NGOs, a for profit and nonprofit, you know, what is the way in? And I think, you know, one of the promises of our three coalition is access. But the point of access, my understanding is that you need to have an investor be supporting your deal in order to bring it within that forum. And so as we think about access to capital issues for women, black and brown entrepreneurs, tribal entrepreneurs, other folks of color, how can we create more access to capital at this time, especially? I can start there. So like I said before, I think that if we as a community take a look at what we've been doing, there's been some inadvertent exclusion in and access to capital is not available for everybody and hasn't been. And so the first thing is removing some of those barriers and, you know, not to pick on conferences, but just to think through how much of your deal flow comes through mediums that are only accessible to some people. And then also using platforms that remove some of the warm lead aspects that could cause you to prejudge an investment, maybe even without knowing it. So Abacus platform, which I think Katrina sent out over the chat is one way or three, of course, is another where you get to see the benefit of everybody's deal sourcing in one place and learn more about a company maybe that you wouldn't have ordinarily learned about. And I think just the word intentionality sticks out to me. So if you want to improve access to capital, you have to be willing to take a step back and look at where your blind spots are and track yourself and make sure like is our pipeline reflective of the opportunities and the needs in society? So that's how we think about it. Mm-hmm. Audrey, you lead the sweat fund work in Kenya. And how do you think about implicit bias in your work, given that you're serving a broad geography? How do you think about access to capital issues in your context? And so one of the things that we are doing in the world, you know, Libya, you know, places in Africa. Thank you. We're nearing the end of our time together. And I was wondering if we could end on a high note, although I think that this conversation has been very hopeful and very much about collaboration in the future and systems change. But, you know, Amit talked about us thinly. We're all spread and that this has been a very tough year. We're facing an interesting election in the United States in just a matter of weeks. And I'm wondering if you could each share something that has emerged as a silver lining for you during this time of unconfluence of crises and Amit wondering, maybe I can start with you. Sure, yeah, absolutely. And I do, you know, it is just so important to acknowledge that this has been such a challenging year and there's no way to sugarcoat that, of course, but I do think one thing that is emerging that we've seen is that in the second quarter of the year, like things were pretty quiet, at least in our networks. And, but more recently, we've seen a lot of inbound interest in impact investing. And I think as we pivot to the recovery from this crisis, many investors who would not attend a SOCAP or would not attend a JIN investor forum or participate in these networks that we all work with, you know, are now actually starting to recognize that if they want a world that is inclusive, just and sustainable, that they have to invest differently. So I think this is a big moment for when everyone on this call is working on around like putting impact front and center for investing more broadly. I don't feel like in Pollyanna about it or you know, that this is just, I'm just going to be easy, but I think the discipline that impact investors have honed of putting capital to work have a positive, measurable impact is something that is going to have a lot more interest and attention from major institutional investors, family offices, foundations and others. So it's an important time for us to really try to center their recovery around impact that it builds in these issues that we've been talking about like around inclusion, sustainability and creating access and opportunity for more than our systems have passed is absolutely critical. So that's what I'd posit for the silver lining of this, if you will. Great, thank you all. Audrey, what has been the silver lining for you during this tough time? Thank you, Audrey. Meredith? Sure, the silver lining in my view is two part. First, without echoing too much of what's said before, I think a rational person always says collaboration is great, but in this time where resources are constrained and people are stretched too thin, it's almost worse. It's required. And so something that's exciting to me if we need a silver lining is that I do think we're going to see more instances of where winning or secret sauce comes from caring about impact and doing it effectively by collaborating with others. So what I mean by that is taking a multi-stakeholder approach. I think the companies that win coming out of this will be the companies that think about how they treat their employees, how resilient their employees are, how they can reduce turnover, reduce health issues, focus on upscaling. And another issue is that we're seeing exacerbated right now. And so if we need something positive to look at, I am hopeful that a good outcome from this crisis will be that the companies who succeed will be the ones who actually dedicate some time to thinking about the impact that they have on the people that they serve as well as their employees, investors, et cetera. Merida, thank you so much for those closing thoughts. Audrey and Amit, thank you for sharing so much about the spirit with which you bring to the work at this time and before this time. But it's great to hear about the collaboration and trust. Great to explore the R3 coalition as an example, a very vibrant example of how collaboration is in action. And I'm trying to, in the spirit of passing along from shareholder capitalism to stakeholder capitalism, I think that what you're all talking about is rather than, I'm stammering, but what I wanna say is impact primacy. And I think that that's what you're talking about. So moving from the encumbered paradigm of shareholder primacy to one of impact primacy, kind of multi-stakeholder. And so that is something that animates me and has been a silver lining. And just wanna thank you so much for your work and the spirit of collaboration that you bring to it. So thank you, and thank you to the folks who have joined us today. Thank you for your comments and wishing you a great SoCAP. Okay, thank you, everyone. Bye. Bye-bye. Bye.