Investing for Impact with Program-Related Investments | Stanford Social Innovation Review

A report on strategic investing at the Bill & Melinda Gates Foundation.

Source: Investing for Impact with Program-Related Investments | Stanford Social Innovation Review

The Bill & Melinda Gates Foundation, the world’s largest family foundation, is also one of the world’s largest impact investors. Since 2009, the foundation has complemented its grants budget with a substantial allocation for program-related investments (PRIs). In the words of Julie Sunderland, the founding director of Program Related Investments: “While the majority of the foundation’s activities will still be traditional grantmaking, we believe PRIs can be a critical tool to stimulate private-sector innovation, encourage market-driven efficiencies, and attract external capital to support our charitable priorities.”1

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