For more than 20 years our principals have been involved with all forms of social impact investment structures, double-bottom line investments, and socially responsible financial solutions. This experience led us to develop our own Social Impact Fund of Funds that leverages our experience, along with global access to best-in-class social impact investment funds, to provide investors who seek to marry profit with purpose a diversified and closely managed solution the performance of which meets the financial and social impact return hurdles that we believe should be expected from all social impact investment opportunities.

SIFOF operates as a fund of funds managed by FPA and invests in social impact funds that are dedicated to making direct investments in businesses and projects that meet both the financial and social return requirements established by FPA for SIFOF. In the context of the SIFOF, a fund that is dedicated to businesses and projects that can achieve suitable financial and social returns is the investment mandate of which is clearly able to deliver quantifiable and qualifiable results on a transparent basis to all of its investors, inclusive of SIFOF and its capital.

To measure social impact, FPA has developed a new framework for quantifying and reporting on impact metrics at all levels of the SIFOF investment chain that we refer to as the SIMM. Our Social Impact Measurement and Monitoring (SIMM) engine was built by our principals based on their experience and expertise gathered over the past 20 years through work as principals and advisors on social impact funds and investments and with investors across the globe. Although we do not believe our SIMM is the paramount solution to define social impact within the diverse universe that is social impact and ESG-investment; we do feel strongly that our metrics and means to measure them are fully capable of assisting a wide range of investors and social impact goals and objectives. This is acutely the case when the SIFOF is viewed as a fund of funds. The FPA principals have also spent the past 20 years working with sponsors and fund managers in over 25 countries, in addition to investors in more than 50. Grading the work of others was in most cases what the principals were called upon to do by those same sponsors and investors.

SIFOF represents the latest expression of the values of our principals, applied against a cohort of fund managers and sponsors with which they are extraordinarily familiar both from an investment and a legal and operational standpoint. Through SIFOF, we do not seek to lay claim to the most brilliant social investment strategy; but we do trust our capacity to find them and hold the respective managers to account.

Social impact funds in which the SIFOF will invest are asked to screen themselves by identifying three to ten metrics and social impact values that they can apply to each of their investments as well as to their portfolio as a whole, and evidencing their capacity to report on such metrics as they do any expected or required financial metrics.

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It is a prerequisite that any Portfolio Fund in which the SIFOF invests must be able to satisfy the reporting requirements established by FPA, and to which FPA is subject. As a consequence, and depending on the progress and performance of a given Portfolio Fund, FPA is able to monitor its Portfolio Funds’ performance on both a consolidated and comprehensive basis, as well as a discrete and per-investment basis. Being able to assess investments at each such level is critical to delivering the value as managers that we believe should be required of any fund of funds manager. Particularly as it relates to a FOF that is focused on complex metrics such as those involved and that are applied to social impact and ESG-centric investments.

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