The Global Impact Investing Network (GIIN) convened the new Response, Recovery, and Resilience Investment Coalition (R3) with the purpose of maximising global impact investing response efforts to the pandemic, by identifying high-impact investment opportunities and co-ordinating impact investors to fill financing gaps.
“Impact investing is more important than ever. Impact investors have been at the forefront of driving innovative solutions and in galvanising collective action towards solving some of the world’s most pressing challenges. We must lean into this moment and into this leadership role to help address the needs arising from the current global crisis,” says GIIN’s co-founder and CEO, Amit Bouri.
The initiative is a collaboration across prominent impact investing networks – to be managed by the Global Impact Investing Network as the organising body – and is supported by a group of leading foundations.
“The GIIN and our R3 Coalition partners are committed to driving progress forward, and together, our efforts will not only help communities around the world weather this storm, but also emerge with a renewed commitment to building a more inclusive and resilient system over the long-term,” adds Bouri.
The GIIN says that the group will focus on surfacing high-impact investment opportunities, particularly those related to health interventions and access to capital, for investors seeking new Covid-19 related investments.
It will then work to identify and fill financing gaps, coordinate efforts among relevant impact investors to direct new capital to high-impact solutions, and share its learnings, insights, and resources with the wider investment community to inform and support longer-term economic recovery and resilience efforts.
Financial support and guidance comes from foundations including David and Lucile Packard Foundation, Ford Foundation, John D and Catherine T MacArthur Foundation, Open Society Foundations, The Rockefeller Foundation, and Sorenson Impact Foundation.
“The Covid-19 pandemic is a seminal test for the impact investment field,” says Sean Hinton, co-director of the Open Society Economic Justice Program and CEO of the Soros Economic Development Fund. “By supporting the R3 Coalition, the Open Society Foundations aspire to help unite the sector and swiftly deliver impactful investments to the places where they are most needed around the world.”