The ImPact is a very exclusive club made up of mostly families whose wealth exceeds $700 million. Membership to this group is by invitation only. Founded in 2015 by Justin Rockefeller (a great-great grandson of John D. Rockefeller, the American oil magnate and philanthropist) and Josh Cohen (CIO of Tyden Ventures), The ImPact’s mission is to inspire wealthy families to make investments that will have a more effective impact in the world. Members of this organisation pledge to invest a considerable amount of their vast fortunes in ways that will improve the life of others.
All members who sign this “pact” believe in the potential and transformative power of capitalism and hope their initiative will attract the best entrepreneurs and brightest minds to focus on the most difficult problems. This network and its objectives resonate especially with younger family members who increasingly want to be involved in projects that have a social impact and that add investing to the philanthropic work that their parents and grandparents started. They reject the old way of doing things -the exclusive focus on financial returns- and want their wealth to be used differently, for the public good, tackling the world’s most complicated challenges, like climate change, income equality or human rights. They see the “pact” that they sign as a moral commitment. They bring with them technology, talent, competition, new ideas and new perspectives.
Investment is investment, of course, so the idea of making money is still there, but now with a special emphasis social and environmental benefit. This network allows traditional family offices to work in a much more data-driven environment, where they can track the social impact and financial progress of their investments. They can also share and learn from each other. Through The ImPact, they can align their values with the values that their investments and create and address enormous challenges, knowing that they can measure the positive results for communities.
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