There is a capital P in The ImPact. The P is what happened when some of the youngest members of some of the richest families in America got together and decided that the philanthropy of their parents and grandparents fell far short of the good they could be doing in the world. What about the rest of their family fortunes, they thought. Charity is all very well, but shouldn’t the money they invest in stocks, bonds and private companies also be put to work to fix social and environmental problems?
The P is what brought together Rockefellers and Fords and Pritzkers and the scions of other historic dynasties from the US and abroad last month at Kykuit, John D Rockefeller’s country pile 34 miles from New York, which is now used to convene non-governmental organisations. There they debated how to bring “impact investing” to life and sealed a pact: “I commit to explore the impact of all of my investments and invest to create measurable social benefit.”