The growth of the “Impact Investing“ model in the financial sector. Case studies: UniCredit and Santagostino medical center.

Abstract

In a globalized and increasingly competitive world, the worsening of the social problems to which our society is exposed has highlighted the difficulty of traditional financial models to be sustainable, of welfare models and philanthropy to be effective and public finance to be efficient. In this context of urgency, new social trends are emerging in order to face social issues. In particular, one of the most innovative and influential ones, inside the social finance market, is represented by the “Impact Investing” model. This is characterized by the attempt to give a more entrepreneurial mind to the investments in the social field, trying to go beyond the old belief in which the social sector is exclusively linked to the non-profit concept and opening the social business to wider types of investors. Indeed, “Social Impact Investments” are delineated by the clear intention to generate a positive social impact as well as a financial return. The goal of my thesis is to provide a clear vision of the new “Impact Investing” market, emphasizing its innovative features and analyzing its ecosystem. In addition, it will be analyzed the factors that may influence the development of this market, with particular attention to the “Social Impact Measurement”, which represents one of the biggest issues that this sector is dealing with but, at the same time, one of the most important opportunities for its real success. Finally, the analysis will focus on the “impact investing / financing” market in Italy, presenting two successful case studies: UniCredit and Santagostino medical center.