<h1 style="text-align:center;">RENEW Attends Interfaith Center on Corporate Responsibility Conference</h1>RENEW’s Laura Davis recently attended a national conference titled “Weathering the Storm”, hosted by the Interfaith Center on Corporate Responsibility (ICCR).<figure class="image"><img src="/uploads/logo_0_669900179c.png"></figure>ICCR is a coalition of over 300 faith-based and socially responsible institutional investors who collectively represent more than $100 billion in invested capital, and work in coalition to promote more just and sustainable corporate practices.This event aimed to engage ICCR members and multinational corporations to support and promote greater awareness of their impacts on global food and water supplies, climate change, human rights, public health and access to safe and affordable credit, among other issues. Several hundred people from around the U.S. attended the conference, which was sponsored by Rockefeller &amp; Co., Goldman Sachs, Walmart and a variety of other corporations who care about the environment, good sourcing practices and their organization's carbon footprint.Laura was encouraged to learn that there is indeed a large community of religious-based financiers who care about environmental and social impact, and who are looking to invest in companies and opportunities that align with these values. Founded in the 1970s, ICCR has been a forerunner in the impact investment movement. Today, this coalition and other organizations, such as RENEW, are using private investment as a powerful catalyst for social change. &nbsp;

RENEW's Laura Davis attends the ICCR conference in New York City.

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RENEW Attends Interfaith Center on Corporate Responsibility Conference

<h1 style="text-align:center;">Why Impact Investment and Why RENEW?</h1>I have always possessed a passion for helping others, which was further instilled in me by the Jesuit education that I received from Loyola University Chicago. Under the Jesuit ideals, I was taught to constantly seek and expand my knowledge in the service of humanity, and acquire the skills that would enable me to solve the issues facing the world. Justice, social responsibility and global community are all values that were a part of my collegiate education, and have inspired me to, in the words of St. Ignatius himself, “Go forth and set the world on fire.” I believe that this drive was strengthened during my year studying abroad in France and living with a French host family. Being exposed to a completely different culture, language and way of life led me to truly appreciate the diverse international community and become globally aware in my personal identity and outward perspectives.<figure class="image"><img src="/uploads/dsc03207_b3638f0d2e.jpg"></figure>View from my home in Nantes, FranceIt was upon my return to the United States that I knew I wanted to pursue a career in international development, but I was not yet sure how I could go about achieving this dream. During my senior year at Loyola University Chicago, I was very fortunate to intern with the U.S. Department of Commerce, U.S. Commercial Service, which gave me the opportunity to work one on one with small and medium sized business owners who were looking to expand overseas. It was at this internship that I first discovered the power of the private sector and how it can positively affect the global economy. Balancing trade deficits, spurring economic growth, job creation and raising the overall standard of living are just a few examples of what the private sector can accomplish. By witnessing the direct consequences of encouraging private sector growth, I was inspired to learn how to bring out the best attributes of capitalism and make it a force of good.<figure class="image"><img src="/uploads/useac_chicago_2012_2_0_d1d25ba2b8.jpg"></figure>U.S. Department, U.S. Commercial Service Chicago StaffAfter graduating from Loyola University Chicago, I realized that in order to become knowledgeable on how to help the international community through private enterprise, I needed practical and real world experience working in the actual sector. I was once again given a wonderful opportunity, this time working at a private-equity venture capital firm. It was at this firm that my understanding of the private sector’s potential expanded, specifically how the field of international investment can be harnessed. It was fascinating and exciting to watch investments being made in mid to late stage ventures, seeing the portfolio companies grow and become market leaders (second round of investments, IPOs, acquisitions/sales), while all providing a return on the original investment for the investors. That’s when the light bulb went off; if we could apply this growth cycle to businesses in developing countries, then we could positively change the local economy and help raise a community out of poverty. This was my introduction to impact investment, and I was driven to learn more.I started researching all things impact investment, and found out what an amazing tool private investment can be when used to help others. The most important aspect of impact investment is that it not only provides a social impact for a community, but it also provides a return on the original investment. Impact investment is sustainable because it follows this philosophy; it is a helping hand, not a hand out. It does not participate in creating an aid-dependent society, but rather gives community members the resources and tools they need to help themselves.The more I researched and learned about the field, the more I wanted to become a part of this amazing work. It was during this time that I learned about RENEW, and let’s just say it was love at first sight. RENEW is both unique and exciting by providing its angel investors a means to experience new cultures and exotic lands, all the while connecting them to socially impactful investments; a mash-up of Indiana Jones meets Warren Buffet. RENEW’s business model is hopeful and visionary; strategic and memorable. It strives to help its clients find, invest in and grow midsize companies into market leaders, make a great return, and create a positive impact on the country’s economy. All in all, RENEW strives to give its angels an unforgettable experience. It is now my hope, as the newest member of the RENEW family, that I in turn will gain the necessary skills and experience that will ultimately provide me the means to uphold RENEW’s mission and create a positive social impact in the world.

A journey of discoveries and events that led me to where I am today...

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Why Impact Investment and Why RENEW?

<h1 style="text-align:center;">IAN to Hit Another Milestone</h1>In just a few weeks, a network of families and wealthy individuals living around the United States – members of RENEW’s Impact Angel Network (IAN) – will achieve another milestone: They will be closing several more investments into local medium-size companies (SMEs) in Africa.<figure class="image"><img src="/uploads/photo_ian_becomes_the_largest_98cb0046a8.jpg"></figure>This is exciting news for a number of reasons. First, it means that impact investing is starting to take hold as a new alternative for <a href="http://www.forbes.com/sites/russalanprince/2014/09/08/the-high-end-appeal-of-impact-investing/">doing well by doing good</a>. Next, it means that many in the U.S. are beginning to see Africa as an investment destination. This is exactly what the President hoped to achieve following the recent <a href="http://blogs.wsj.com/frontiers/2014/08/25/africa-summit-set-the-stage-for-us-business-now-what/">U.S.- Africa Leaders’ Summit</a> in Washington, D.C.. And finally, and maybe most importantly, it means that local, high-potential companies in Africa can finally begin to access growth capital to do what we all want; to grow and create jobs so these economies can stand on their own.The latter point may be the best news of all, especially for entrepreneurs, who desperately want the West to see them as investment-worthy. It is well known that SMEs on the continent lack access to growth capital. <a href="http://www.afdb.org/en/news-and-events/article/the-afdb-sme-program-approval-boosting-inclusive-growth-in-africa-12135/">The African Development Bank Group</a> (AfDB) estimates that the financing gap for SMEs is $140B. China, India and many other countries know this, and are investing. But they are not necessarily investing in local companies to satisfy this gap. Most are setting up their own shops and factories, and sometimes driving local companies out of business. But now the U.S., which has largely been a charity-giving nation, is rising to the challenge and investing in Africa via networks like the IAN.African business owners are excited about more than the financing that comes with Western investors. Many entrepreneurs tell RENEW that they are equally excited to have the U.S. brand associated with their company. They realize that their shareholders will require them to improve their quality, service and governance... and they are eager to deliver.But be cautioned: it is not easy to invest on the continent. Investing in countries like Ethiopia can leave you with some bumps and bruises, and it requires a very hands-on approach.“We don’t believe it’s possible to be a suitcase investor flying in and out, hoping all goes well. RENEW, with our office in Ethiopia, often has to rebuild the financial departments of our portfolio companies, train entrepreneurs about running board meetings, and design and help the companies execute new marketing and sales initiatives. Still, if you’re patient, the rewards will come”, says Matthew Davis, partner at RENEW.Thankfully, organizations like the IAN are building new segments of the capital markets in countries like Ethiopia, where local companies can now access mid- to long-term investment capital in the range of $300K to $3M. The IAN has already <a href="real-stories-real-investments/index.html">closed three investments</a> that have created jobs and increased exports. The next series of investments will help local firms buy new machines, launch new products, scale up production and expand into new markets.As the largest U.S. network of accredited angel investors for Africa, the IAN continues to grow as more investors and philanthropists become aware of impact investing and the potential returns and impact that can come from investing in Africa’s young economies.

RENEW's Impact Angel Network (IAN) prepares to close another set of investments in Ethiopia.

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IAN to Hit Another Milestone

<h1>Matt Davis Speaks at U.S. - Ethiopia Business and Investment Summit</h1><figure class="image"><img src="/uploads/photo_la_investment_summit_2013_panel_0_730e2298a8.jpg"></figure>RENEW's Matt Davis spoke at a panel on investing at the U.S. - Ethiopia Business and Investment Summit in Los Angeles on Friday, August 1. A similar summit was also held in Houston, Texas, and the main goal of the summit was to promote investment in Ethiopia and to invite investors to explore opportunities there. Over 300 business leaders, investors and government officials were at the summit, including Ethiopia's President, Mulatu Teshome, who invited investors to visit and invest in his country and highlighted several sectors of interest for potential investors.Matt sat on a panel of investors and funds and shared insight on the investment environment in Ethiopia. The panel focused on building a strategy for investing in Ethiopia, whether the size of investment is $200K or $2B. Other topics that were discussed included the importance of working with a local partner; the ease of working with the Ethiopian government; affordable labor and energy costs; and exciting opportunities in local manufacturing and export including Ethiopia's commodities that have a clear competitive advantage such as coffee, sesame and teff.Some West Coast-based members of RENEW's Impact Angel Network were also in attendance at the summit.

The RENEW team joins the Business and Investment Summit in Los Angeles.

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Matt Davis Speaks at U.S. - Ethiopia Business and Investment Summit

<h1 style="text-align:center;">Matt Davis Speaks at U.S. - Ethiopia Business and Investment Summit</h1><figure class="image"><img src="/uploads/photo_la_investment_summit_2013_panel_0_62d172137e.jpg"></figure> RENEW's Matt Davis spoke at a panel on investing at the U.S. - Ethiopia Business and Investment Summit in Los Angeles on Friday, August 1. A similar summit was also held in Houston, Texas, and the main goal of the summit was to promote investment in Ethiopia and to invite investors to explore opportunities there. Over 300 business leaders, investors and government officials were at the summit, including Ethiopia's President, Mulatu Teshome, who invited investors to visit and invest in his country and highlighted several sectors of interest for potential investors.Matt sat on a panel of investors and funds and shared insight on the investment environment in Ethiopia. The panel focused on building a strategy for investing in Ethiopia, whether the size of investment is $200K or $2B. Other topics that were discussed included the importance of working with a local partner; the ease of working with the Ethiopian government; affordable labor and energy costs; and exciting opportunities in local manufacturing and export including Ethiopia's commodities that have a clear competitive advantage such as coffee, sesame and teff.Some West Coast-based members of RENEW's Impact Angel Network were also in attendance at the summit.

<h1 style="text-align:center;">Part 3: Impact investing: Transferring wealth, wisdom and values between generations</h1> <a href="part-1-impact-investing-transferring-wealth-wisdom-and-values-between-generations.html">Read Part 1</a> and <a href="part-2-impact-investing-transferring-wealth-wisdom-and-values-between-generations.html">Part 2</a> of the series. If you’ve read my first two blogs on the topic of impact investing, you hopefully agree with me that impact investing can provide a much-needed bridge between generations, and you may be asking, “How do I go about it?”<figure class="image"><img src="/uploads/2014_februrary_ean2_a8decfc876.jpg"></figure>We recommend families work with their wealth managers to create an impact investment plan that both generations are part of building. Here are a few steps to get the process started:1) Talk about it: Ask your parents or your children if they are interested in impact investing.2) Create an impact investment plan: This may sound like an investment plan, because it is, but with twist. In addition to defining things like geographic focus, industry focus, risk and return objectives and timeline, you can also define impact targets related to jobs, environment, health, etc. that will help you construct your impact investment portfolio. You can also talk with your wealth manager about whether they offer impact investment options.3) Take an impact investment trip: The Bahamas can wait another year. If you have a geographic focus, find an on-the-ground partner and plan a trip to the country you are looking to impact to begin gathering data and learning about the culture. We have hosted a number of families on investment trips in Africa and find them to be wonderful times of bonding, sharing war stories and cross-generational learning. Be sure to work with a vetted, trained professional team that knows the countries you are visiting. This is still the Wild West, so be cautious.4) Set up the infrastructure: Consider using a foundation, trust or LLC to make your impact investments. Again, work with a trained professional.5) Commit and get started: I hear of people dedicating a portion of their portfolio (e.g. 5%) to impact investments, or they pledge a certain amount each year. This can make the investment process become a tradition for your family (such as one impact investment trip and one investment per year). Then, begin exploring opportunities.As we enter this period in history - the greatest transfer of wealth of all time - I believe families can leverage impact investing as a bridge to connect two generations. Impact investing has the potential to offer a platform to transfer more than wealth between generations. It offers Baby Boomers a way to leave a legacy; it offers Gen X and Y heirs the meaning they are looking for; it offers companies access to capital to tackle challenging problems; and it creates a bridge for wealth, wisdom and values to pass between generations.

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Part 3: Impact investing: Transferring wealth, wisdom and values between generations

<h1 style="text-align:center;">Part 2: Impact investing: Transferring wealth, wisdom and values between generations</h1> After more than two years of managing impact investments in Ethiopia, one of the things I find most interesting is how impact investing is not only creating a bridge between economies; it is creating a bridge between the Baby Boomer generation and their Gen X and Y heirs. Here’s what I’ve learned.<figure class="image"><img src="/uploads/ethiopia_sesame_trip_march_april_2014_59157096ae.jpg"></figure>Impact investing combines desires and values that both generations share. Baby Boomers, now moving into retirement, have worked hard to provide for their families, plan for a comfortable retirement, leave some wealth to their heirs and leave the planet better than they found it. As they enter their second phase of life, they focus on answering the question “What will be my legacy?” Their parents, what Tom Brokaw refers to as “The Greatest Generation,” believed that philanthropy was how to use the spoils made during the hard-working years of your life. The Greatest Generation would say -- give it away. And many wonderful elements of society have resulted from this charity. But I have noticed that the Baby Boomers have a different view. They are more concerned about sustainability, asking questions like “What if I cannot write a check next year, will this charity be able to continue on?” And they believe in creating a culture of empowerment versus dependence saying things like “Does the world always expect the U.S. to provide a bailout?" Baby Boomers see impact investing as a way to create a legacy that aligns with their values.Twenty years younger, their Gen X and Y children are graduating with degrees in business from top-tier schools, but don’t want to spend their lives behind a computer, earning a paycheck and pushing paper around. They want it all - both money and meaning. They are even willing to take a pay cut in order to work on challenging problems in the world.* Many Fortune 500 companies are scrambling to create programs to attract these best and brightest. Members of Gen X and Y care more about doing something meaningful, something they are proud of, than just amassing wealth that they will give away once they retire. This generation sees impact investing as a career choice.There are already some great examples of impact investing creating a bridge between generations that enables the transfer of shared values and wealth. Take Ron Cordes, who sold his company AssetMark Investment Services to Genworth Financial (NYSE:GNW) and set up the <a href="http://www.cordesfoundation.org/">Cordes Foundation</a>. The foundation champions bold, innovative solutions to the world's toughest problems by “connecting, equipping and supporting social entrepreneurs, and by catalyzing new sources of capital for impact investments in social ventures.” Sounds like a man that wants more sustainable ways of creating impact. Ron’s daughter Stephanie, who I had an opportunity to meet with in New York, is a sharp young woman who gave up a promising career in the fast-paced fashion and advertising industry <a href="http://www.nytimes.com/2014/02/11/your-money/family-foundations-let-affluent-leave-a-legacy.html?_r=2">to work with her father at their foundation</a>. She is absolutely fired up about impact investing, and just recently returned from a tour around Africa to look at potential investments. This is a great example of impact investing aligning two generations.I have also seen it firsthand here in Ethiopia, where we manage a portfolio of investments for <a href="https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer">the Impact Angel Network</a>, a network of investors around the U.S. dedicated to making investments in high-potential companies in Africa. When the IAN comes to visit with their families on <a href="../../impact-angel-network/events.html">Econ-Tourism trips</a>, I see more than just another family trip: I see appreciation. I see fathers teaching sons and daughters how to review an income statement. I see wealth, wisdom and values passing between generations.I make the case then, that impact investing is not only a new industry that blends the better elements of philanthropy and investing, but is also a platform to connect two generations that could greatly benefit from some new connection points around wealth and values.

Examples of multi-generational impact investing.

Part 2: Impact investing: Transferring wealth, wisdom and values between generations

<h1 style="text-align:center;">Part 1: Impact investing: Transferring wealth, wisdom and values between generations</h1>Parents, let’s begin with a quiz: Have you heard of impact investing (#impinv)? How about social entrepreneurship (#socent)? How about Ashoka, GIIN, ANDE, Kiva or Acumen? If you know what impact investing is, or of any of these organizations, your cool status with your kids may be higher than you think. If you're scratching your head right now, you’re not alone.<figure class="image"><img src="/uploads/2014_februrary_ean1_7e50a8b81a.jpg"></figure>The impact investment movement is happening...it’s a hot new field of finance that blends social and environmental impact alongside financial returns. J.P. Morgan predicts that the impact investing market will equate to more than a trillion-dollar by 2020. J.P. Morgan also says the industry size has jumped 20% from last year to $46B under management.* You can bet big firms like Goldman Sachs are working hard to design impact investment products for their wealthy clients. The popularity of impact investing is also growing on college campuses around the country. Thousands of students at top tier universities are enrolling in impact investment and social entrepreneurship courses, attending conferences and seeking careers in the impact investment space.* Impact investing is heating up in Washington, D.C., too, where earlier this month a group of heavy-hitting philanthropists and investors met at the White House to pledge $1.5B to impact investing, and USAID, OPIC and SBA all pledged to support impact investing.* The trend and related industry is clearly growing.So what is impact investing? There are many definitions related to the many types of impact investments and investors out there. But, here's my definition: impact investing is Warren Buffet meets Indiana Jones meets Mother Teresa. RENEW investments are made into high-potential, fast-growing companies in Africa where capital is scarce but opportunity is ripe. This is not like the billions being thrown into tech companies solving first-world problems. These investments are addressing real challenges around the world; think of a bread company in Ethiopia that employs 200 people and makes a good profit margin. Our investors use their capital to unlock growth in these companies, create jobs and generate financial returns. The social problems we are addressing lead to “healthy” economic development – growth in the middle market. It’s risky and deeply fulfilling. More formal definitions typically say something to the effect that impact investing is a field of finance that seeks to create measurable financial and social and/or environmental returns for investors.In the U.S. we are about to experience the greatest transfer of wealth in history; roughly $30 trillion is going to pass from retiring Baby Boomers to their children during the next 30 years.* Yet from discussions I have had with parents and wealth managers, it is often difficult for the generations to connect around shared values and a vision for how that wealth should be managed. And from what I’ve seen firsthand, impact investing has the potential to be a powerful bridge between generations.

Part 1: Impact investing: Transferring wealth, wisdom and values between generations

<h1 style="text-align:center;">Chapter Chairs Named in Wilmington, Washington, D.C., and Charlotte</h1> The Impact Angel Network named chapter chairs for the Wilmington, Delaware, Washington, D.C. and Charlotte, North Carolina chapters in July.This year’s chairs are Jeff and Donna Turi in Wilmington, Dr. Andrew Umhau in Washington, D.C. and Alan Gardner in Charlotte. Members of each chapter meet regularly to review investment opportunities and take trips to Africa to look at investments and advise on the growth of their portfolio companies. Members of the chapters have invested in three businesses in Ethiopia within the past year: Metad Agricultural Development PLC, an Ethiopian specialty coffee company, Mama Fresh Injera PLC, an Ethiopian commercial manufacturer and exporter of fresh-baked injera, and <a href="../2013/renew-facilitates-investment-dventus-technologies.html">dVentus Technologies PLC</a>, a clean energy company.In addition to the three current chapters, network members live in Texas, Georgia, Minnesota and California. Network members are accredited investors who believe in using market-based solutions for wealth creation in Africa. Members have exclusive access to RENEW’s investment pipeline, and take regular, guided trips to Africa to assess opportunities, attend board meetings, consult with companies, meet with diplomats and government leaders and experience new cultures.<figure class="image"><img src="/uploads/photo_d_c_chapter_june_2014_9368f86f7a.jpg"></figure>

The Impact Angel Network names chairs for 2014 - 2015 in three cities across the U.S.