MICROCAPITAL BRIEF: Rockefeller, Tony Elumelu Foundations Launch “Impact Economy Innovations Fund” for Africa

The Rockefeller Foundation, a US-based organization, and the Tony Elumelu Foundation, a Nigeria-based organization, recently announced the launch of the Impact Economy Innovations Fund (IEIF), an impact investment fund operating across Africa. The fund is said to have the capacity to support up to eight proposals at a maximum of USD 100,000 each. Qualifying proposals must seek to enable poverty alleviating financial services, foster “entrepreneurial ecosystems” or promote the impact investing industry to improve the welfare of poor people in Africa.

Impact investing refers to investments that aim to solve social and economic challenges while creating financial returns at or below market rates. It channels capital to market-based efforts in areas such as affordable housing, clean technology, financial services for poor people, sustainable agriculture and other related sectors.

IEIF will be managed by the Global Impact Investing Network, a US-based nonprofit organization dedicated to increasing the effectiveness of market-based solutions to social and environmental problems, in collaboration with the Rockefeller Foundation and the Tony Elumelu Foundation.

As of December 2011, the Rockefeller Foundation had USD 3.5 billion in total assets and annual grants of USD 142 million. Financial data for the Tony Elumelu Foundation is not available.

By Jennifer Young, Research Associate

About The Rockefeller Foundation:
The Rockefeller Foundation, founded in 1913, is a US-based nonprofit organization whose mission is to “promote the well-being” of humanity through “smart globalization.” The Foundation works to overcome social, economic, health and environmental challenges; it also seeks to promote growth that offers poor and vulnerable people more access to opportunities that can improve their lives. It operates worldwide with offices in Kenya, Thailand, Italy and the United States. As of December 2011, the Rockefeller Foundation had USD 3.5 billion in total assets and annual grants of USD 142 million.

About the Tony Elumelu Foundation:
The Tony Elumelu Foundation, a Lagos-based nonprofit organization that operates across Africa, was founded in 2010 by Tony Elumelu, Nigerian banker and philanthropist. The foundation aims to enhance the capacity of African businesses, support policies that promote competitiveness, deploy financial capital through impact investments, and educate public and private sector actors through rigorous research. Financial data for the Tony Elumelu Foundation is not available.

About the Global Impact Investing Network (GIIN):
The Global Impact Investing Network (GIIN) is a nonprofit organization based in New York City that is dedicated to increasing the effectiveness of impact investing, which it defines as for-profit investment intended to solve social and environmental problems. GIIN works to increase “the level and effectiveness of capital that is supporting market-based solutions to social and environmental problems.” Financial data for the Global Impact Investing Network (GIIN) is not available.

Sources and Additional Resources

Forbes Story: “Rockefeller And Tony Elumelu Foundation Launch African Impact Fund”
http://www.forbes.com/sites/mfonobongnsehe/2013/04/05/rockefeller-and-tony-elumelu-foundation-launch-african-impact-fund/

MicroCapital Story: “MICROCAPITAL BRIEF: Muhammad Yunus Promotes Holistic Social Business Movement (HSBM) of African Development Bank (AfDB), Yunus Social Business,” April 2, 2013.
https://www.microcapital.org/microcapital-brief-muhammad-yunus-promotes-holistic-social-business-movement-hsbm-of-african-development-bank-afdb-yunus-social-business/

MicroCapital Story: “MICROFINANCE PAPER WRAP-UP: “Perspectives on Progress: The Impact Investor Survey;” by Yasemin Saltuk; published by JP Morgan and the Global Impact Investing Network (GIIN),” March 19, 2013.
https://www.microcapital.org/microfinance-paper-wrap-up-perspectives-on-progress-the-impact-investor-survey-by-yasemin-saltuk-published-by-jp-morgan-and-the-global-impact-investing-network-giin/

MicroCapital Story: “MICROCAPITAL BRIEF: Bill & Melinda Gates, Gatsby Charitable, Rockefeller Foundations and JP Morgan Invest $25m to Establish African Agricultural Capital Fund”, October 10, 2011.
https://www.microcapital.org/microcapital-brief-bill-melinda-gates-gatsby-charitable-rockefeller-foundations-and-jp-morgan-invest-25m-to-establish-african-agricultural-capital-fund/

MicroCapital Story: “Microfinance Information Exchange (MIX) and Global Impact Investing Network (GIIN) to Share Data With $187,000 Grant From Rockefeller Foundation”, June 30, 2010.
https://www.microcapital.org/microcapital-brief-microfinance-information-exchange-mix-and-global-impact-investing-network-giin-to-share-data-with-187000-grant-from-rockefeller-foundation/

MicroCapital Universe Profile: The Rockefeller Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+Rockefeller+Foundation

MicroCapital Universe Profile: Global Impact Investing Network (GIIN) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Global+Impact+Investing+Network+%28GIIN%29

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