Indiana Could be Social Investing Leader
A partner at a prominent Indiana-based law firm says the state is positioned to be a leader in social impact investing, which aims to generate financial return and social good. Marilee Springer with Ice Miller says a combination of socially-active private equity investors and a deep bench of philanthropic organizations make Indiana an ideal spot for social investing. She cites 16 Tech and the Indiana Philanthropic Venture Fund as examples of industry and social organizations coming together to improve communities.
Ice Miller has launched a social impact content campaign, saying its clients increasingly do not want to choose between financial and social return when investing. Springer says Indiana’s roster of prominent philanthropic organizations including Glick Philanthropies, the Lumina Foundation, the Fairbanks Foundation, Lilly Endowment Inc. and the Central Indiana Community Foundation.
Springer says similar efforts have worked in other communities. She points to public-private seed-stage investor CincyTech in Cincinnati as "where you would like Indianapolis to be 10 years from now." Springer says the firm has a "robust" social impact fund with about 40 portfolio companies which have helped generate millions of dollars in capital and thousands of new jobs.