Why did TBL Capital become a GIIRS Pioneer Fund?
TBL Capital was founded to invest in early and growth stage companies focused on social and environmental impact. Since that was our core investment philosophy, we saw GIIRS as a way to confirm our commitment to impact in the marketplace and also to participate and be part of an industry leading standard.
What tools have you used to demonstrate your social and environmental impact to investors?
We have participated in the GIIRS rating process as a Pioneer Fund, and we have also designed custom metrics for each of our companies. We’ve worked with each portfolio company to create an overarching strategy around how they measure impact and internally developed a fund framework for consistency and simplicity. We take the GIIRS core metrics and layer a custom dashboard of metrics on top of that for each company. Both of these components are important – to demonstrate how our companies are performing compared to industry standards and in the context of specific benchmarks that are unique to each company – and then to aggregate how our fund is performing overall. Our investors can view this information in our impact dashboards where social metrics sit side-by-side with financial metrics.
How have your investors responded to your GIIRS Fund Rating Report?
For us, the ability of B Analytics to put TBL Capital’s impact performance in context of our peers is the most salient feature of a standard measurement and reporting tool. For our investors who have investments in other GIIRS Pioneer Funds, B Analytics provides the opportunity to compare, contrast, and evaluate funds in the industry today. Over time, as the universe of GIIRS rated funds grows, the ability to compare, contrast and evaluate fund performance will be built into analytics platform. Our investors are eager to understand the broader context such as how our score compares with other funds that share a similar investment philosophy and portfolio composition.
You also shared the first Quarterly B Analytics Report with your investors. How did they react?
Our investors found the Quarterly B Analytics Report to be a useful informational tool. The number of companies that have been through the process was impressive. Seeing this growing number was encouraging from the perspective of finding companies in the future that are a strong fit from a mission perspective as they represent a subsection of potential target investments. We see the potential for conducting early-stage due diligence through the B Analytics platform. We’re eager to do deeper benchmarking of our portfolio company data through B Analytics, where we can compare performance within our portfolio and across our portfolio against the entire GIIRS rated universe.
We found the Fund Manager Assessment process to be very streamlined, efficient and useful. The rating system is now at a point where fund manager feedback has been integrated and it increasingly meets the needs of fund managers and their investors. Susie Lee, Principal, TBL Capital
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