 Hello, good morning. I have a great pleasure of Just giving you a minute or less on Lisa Hall who's gonna be our next speaker Lisa and I kind of go pretty far way back We spent a few lovely years at Calvert Foundation helping to build it first She was the CIO and then became the CEO but she's since moved on to an amazing new gig in Europe with the Brink and Meyer family and She's running the Anthos capital unit and also the Scopos impact fund Brink and Meyer family is a it's actually an impact investment arm of the family office that does The CNA retail chain is the privately held organization that the family works with and She has She's really been digging in deep with Wharton recently and I know she's gonna share some of some of the findings there On some research around impact measurement, which is super critical for the field But mostly I just want you to join me in welcoming Lisa She's a woman of great integrity and long commitment to the field and and just a wonderful organizational builder Lisa Thank you, Tim Thank you. Thank you, Tim for those incredibly kind words When Tim and Tim first conceived of SoCat back in 2007 I could not have imagined more than 2,500 social investors and social entrepreneurs under one tent in It from all over the globe. It's it's really incredible and when Tim and I back in 2007 were much younger not nearly so wise and If I recall correctly my hair was a little bit shorter and Tim's was not nearly as or was more full than it is now Thank you, Tim. Thank you, Rosalie Penelope in all the other principles for Mission Hub You all deserve our gratitude and one more round of applause. I think Look at this amazing crowd. I Am truly humbled to be here today and As Tim mentioned for the past two years, I've been living and working abroad and It is so good to be home and While it's always great to be back visiting in the United States It's not exactly what I mean when I say It feels good to be home Some call it their north star Others they're true north For me Being here at this extraordinary conference in this community of like-minded souls of fellow travelers on the social capital journey It feels like home So I want to ask you all a question while I'm here back home What and who are you waiting for? What is your true north? five years ago I Stood in the Cal theater when Socap was a much much smaller crowd and I stood before the crowd and said We are the ones we've been waiting for and Most of you know that's not an original line It's inspired by Barack Obama who himself was inspired by poem for South African women by June Jordan five years ago Impact investing was also in its infancy and there was not clarity about what to call it There were lots of terms for it and Frankly I Don't care what we call it What I care about is what we do as individuals as organizations as institutions If five years ago there was a lack of clarity Which there was about what we call what we do then today There's even greater lack of consensus About how do we define it, but let's not be distracted By these conversations of what to call it and how to define it Let's focus as a community on the doing on The impact investing most of us started with the idea of a big tent and I've always been an advocate of a big tent Lots of market participants welcome at the table of impact investing But I had no idea how big the tent would get and It keeps getting even bigger a big tent Can be a great thing more people and more organizations under the tent Brings increased sophistication and structuring as We begin to collaborate in areas like impact measurement and research in the 2015 Jin JP Morgan study Led by Yasmin Saltic nine out of ten investors said Co-investors were key to their decision-making. I Urge us all to collaborate as much as possible Part of demonstrating proof of concept for us as a sector in our ability to collaborate is Evidence by investment platforms like tonic led by Stephanie cone rub More people and more organizations under the tent Also brings with it more complexity more scrutiny Including more regulation So let's be careful as an impact investing community Not to over structure Not to over engineer. Let's not complicate it if it's not necessary and Let's be sure to match appropriate capital With the actual financing needs That the people that we're trying to serve No matter where you sit in the tent. I still ask you Who are you waiting for? If it was true five years ago It is even more true Today in 2015 We all of us are the ones that we've been waiting for and I love this picture of Leaders from the field Because it reflects the diversity of our sector In this picture, there are people of different races There are people of different religions There are people of different countries of origin And I think my favorite thing about this picture is that there are men and there are women and We as a community Are not serving the traditional power base The people that we are trying to give access to capital Don't look like the traditional Power base and we shouldn't either We have to include everyone under the tent People and professions that are different from ourselves We must do better. We must be better than the traditional power base about inclusion If we want to serve those without access Impact investing is on the path to mainstream Even the Pope is talking about it as we just heard And it's because of that diversity not in spite of it that we're on the path to mainstream The evidence includes the engagement of family offices like Anthos Where I am blessed to lead the impact investing initiative For one of the largest family offices in the world. And if that isn't mainstream, I don't know what is last year At Anthos we launched the Skopos impact fund In the past two years We have made capital commitments to six fund managers and one direct investment in a portfolio company These funds span the range of asset classes Some are originating debt some private equity and some are doing both and We are not alone in our view that there's a spectrum of impact investing a Spectrum that has been long heralded by investors like FB Herron Foundation led by Clara Miller At Anthos we have an incredible team And we are not just making investments We also want to help the field of impact investing to scale by sponsoring research And by doing field building work we started off by sponsoring work on liquidity and exits and We're thrilled today. We're so excited to be able to announce the release of a new paper entitled great expectations Published by the Wharton School at University of Pennsylvania. I Think a lot of people are actually going to talk about this study And it already has received coverage in the Wall Street Journal, which you can find on today's online edition the study says that in a certain segment of impact investing market rate returns Can be achieved We started off simply wanting to know Can you get exit to impact investing and When you exit is mission preserved over time And the answer turns out to be an Unqualified yes, you can These results do not mean that there's never a trade-off between mission and return and As practitioners in the field many of us know That the segment of the market that's trying to serve the poorest That's trying to reach the hardest to reach There will always be subsidy required and Sometimes that comes in the form of lower returns and frankly That's okay We should be okay with that as a community but sometimes There is not a trade-off and I'm not sure why it's such a controversial idea that we could generate market rate returns The idea of segmentation is one that's being researched right now in Partnership with case at Duke under the leadership of Kathy Clark There are many segments in other capital markets and asset classes Fixed income as an example Where there's a range of risk and return from guvies to corporates to high yield and nobody complains about that The research from Wharton tells us that in some segments of the market it is possible to have both financial and social returns and We think that's a great thing Because only when we can demonstrate market returns will Institutional investors bring large sums of capital to the table The Wharton social impact initiative conducted this research under the supervision of the chairman of the finance department Professor David Musta and Scopus was pleased to be one of the funding partners for the new report To borrow from the World Economic Forum and the work led by Abigail Noble in her prior role impact investing is finally moving from the margins to mainstream an objective tops here globally renowned Business school like Wharton which also happens to be one of my alma mater's It's they're weighing in affirmatively on impact investing and If that's not moving into mainstream, I don't know what is There are representatives at both exits of the room with hard copies of the report Which we urge you to read also come to tomorrow's panel Where dr. Gesi and my colleague dimplesani from scopus will be talking about the findings of the report in detail So I'm coming to the end of my remarks and I've saved the best for last Because our work at scopus impact fund is about generating social and environmental outcomes our impact areas are outlined here and We've invested a lot of time and energy and resources to developing a custom impact measurement framework Our framework is an impact measurement tool developed in partnership With bridges impact led by Clara Barbie This tool will allow us to be both specific and to be measurable about our impact intentions in Closing I want to remind us all That we are the ones that we've been waiting for I Look out on this incredible crowd I'm so glad to be back home and I'm confident That no matter how large the task ahead may be that together Like this determined woman on her bicycle We not only can we will and for myself Like these smiling girls so filled with gratitude That remind me of a time when both Tim and I were much younger and not merely so wise I Too am grateful for your time and attention today. Thank you