Initiatives
Tideline

Tideline is a consultancy firm that provides tailored advice to clients developing impact investing strategies, products and solutions

Burgess COMMENTARY

Peter Burgess

ABOUT TIDELINE

Tideline is a consulting firm that provides tailored advice to clients developing impact investment strategies, products, and solutions. Tideline’s mission is to help clients excel in realizing financial and societal value.

OUR MISSION To help clients excel in realizing financial and societal value. OUR VISION Shared, sustainable prosperity powered by market-based solutions. OUR VALUES
EXCELLENCE We deliver tailored services, grounded in deep experience and rigorous research and analysis. Our clients’ success is our highest priority.
COMMITMENT We internalize client needs and give our all to meeting their priorities. We are passionate about catalyzing real progress and performance for our clients, thereby generating measurable social and environmental impacts.
OPENNESS We believe in open communication, a collaborative approach, and creative thinking. We are a learning organization committed to working with each client to develop thoughtful solutions.

Tideline project team

• Ben Thornley

• Cathy Clark (Duke University)

• Christina Leijonhufvud

• Aaron Arnoldy

• Bryan Locascio

• Anisa Dougherty

ABOUT OMIDYAR NETWORK

Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. Omidyar Network has committed more than $969 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including Consumer Internet & Mobile, Education, Financial Inclusion, Governance & Citizen Engagement, and Property Rights.

Omidyar Network project team

Mike Kubzansky

Paula Goldman

Sonny Bardhan

Lauren Booker Allen

Robynn Steffen

Advisory group

• Ali El Idrissi, J.P. Morgan*

• Amit Bhatia, Impact Investors Council

• Amit Bouri, Global Impact Investing Network

• Brian Trelstad, Bridges Ventures*

• Caroline Mason, Esmee Fairbairn Foundation*

• Christine Looney, Ford Foundation*

• Clara Barby, Bridges Ventures*

• Daniel Izzo, Vox Capital*

• Deborah Winshel, BlackRock

• Debra Schwartz, MacArthur Foundation*

• Elizabeth Boggs Davidsen, Inter-American Development Bank*

• Fran Seegull, ImpactAssets*

• Gil Crawford, MicroVest*

• Gurmeet Kaur, CDC Group

• Henry Gonzalez, ResponsAbility*

• Hilary Irby, Morgan Stanley*

• Jackie VanderBrug, US Trust*

• Jacob Gray, Wharton Social Impact Initiative*

• Jessica Matthews, Cambridge Associates*

• John McKinley, BlackRock*

• Lisa Hagerman, DBL Partners*

• Lisa Hall, Anthos Asset Management*

• Lisa Hehenberger, European Venture Philanthropy Association*

• Lisa Woll, US SIF*

• Manuel Lewin, Zurich Insurance Company*

• Matthew Weatherley-White, CAPROCK Group*

• Mildred Callear, OPIC*

• Monica Brand Engel, Quona Capital*

• Nancy Pfund, DBL Partners*

• Nick O’Donohoe, Bill and Melinda Gates Foundation

• Patricia Dinneen, EMPEA*

• Rekha Unnithan, TIAA-CREF*

• Robert Kraybill, IIX*

• Sasha Dichter, Acumen*

• Terri Ludwig, Enterprise Community Partners

• Tim Macready, Christian Super*

• Tom Speechley, Abraaj Group

• Tracy Washington, International Finance Corporation*

• Vishal Mehta, Lok Capital*

Guest attendees at February 10th meeting

• Brian Milder, Root Capital

• Graham Macmillan, Ford Foundation

• Irina Ivan, Porticus

• Julia Shin, Enterprise Community Partners

• Julie Katzman, Inter-American Development Bank

• Lisa Jordan, Porticus

• Sapna Shah, Global Impact Investing Network

• Thomas Hyland, Aspada Investments

FORD FOUNDATION

OBJECTIVES The Ford Foundation (Ford) engaged Tideline over the course of two phases of work to assist in developing a sector-based framework and strategy in which Ford could use program-related investments (PRIs) to: advance impact investing as a practice, be a catalytic source of capital to leverage other investors, and achieve demonstrated progress on social justice. In the first phase, Tideline screened a broad range of industry sectors and created a bespoke framework to prioritize those sectors best aligned with Ford’s mission and objectives. Tideline was subsequently brought back for a second phase of work to conduct a deeper level of analysis and strategy development for a set of shortlisted sectors, providing further guidance on Ford’s role, activities, and key considerations for implementation.

SCOPE In the first phase of the effort, Tideline worked with the Ford team to identify the overarching goals of Ford’s impact investing efforts, and then designed a research methodology and framework tailored to address those priorities. Starting from over 40 industry sectors for analysis between developing and developed countries, Tideline conducted extensive interviews and desk research to examine the sectors for their potential to address social justice issues, sector investability, and a prospective role for Ford. The list of sectors was narrowed through successive phases of research and corresponding discussions with the Ford team, ultimately resulting in the identification of six priority sectors. After a period of internal strategic discussions within Ford, Tideline executed a second phase of work, focusing on the priority sectors to more precisely define the nature of the opportunity for Ford, the types of activities and investments required, and the key strategic and operational considerations for moving to action.

OUTCOMES A broad scope of research was conducted, with a total of approximately 80 expert interviews and 700 sources reviewed from the literature. In both phases of work, the research and analysis was presented to the impact investing team periodically throughout the project, then culminated in a presentation with Ford leadership to share and discuss the final recommendations. Tideline’s work has provided the basis for Ford to move towards implementation of the new impact investment strategy for PRIs.

IMPACT COMMUNITY CAPITAL

OBJECTIVES ICC was at an inflection point after 15 years pioneering the development of an institutional-quality platform of affordable housing secondary market investments primarily for its eight insurance company owners. Impact was ready to offer its investment advisory and asset management expertise to other institutional investors and engaged Tideline to design a product-driven growth strategy. ICC’s owners include: 21st Century, Allstate, Farmers, Liberty Mutual, Nationwide, Pacific Life, State Farm, and TIAA-CREF.

SCOPE The multifaceted project was conducted over two phases in Fall 2014 and Spring 2015. Tideline’s engagement included assessment of the strengths and capabilities of ICC’s business platform, extensive market research including outreach to ICC’s peers and prospective new investors, financial modeling, strategic planning, governance enhancements, capacity building, and change management. Tideline worked in close collaboration with management on creating an ambitious but executable business expansion strategy. The governance work, conducted in partnership with the owners, was designed to support ICC’s growth and the targeting of new institutional investors.

OUTCOMES ICC’s management and owners unanimously embraced the ambitious but focused, closely vetted vision for growth presented by Tideline. The company is implementing an enhanced governance structure and building the internal capacity to support execution of its asset management growth strategy.

ROCKEFELLER FOUNDATION

OBJECTIVES Through a series of high-level discussions, the leadership team at The Rockefeller Foundation (Rockefeller) perceived an opportunity for strategic alignment with a development finance institution (DFI) in order to address gaps in investees’ access to specific types of capital, thereby facilitating greater benefits for poor and vulnerable people. Rockefeller engaged Christina Leijonhufvud to assess the feasibility, benefits, and risks of moving these discussions from concept to implementation and to recommend a path forward.

SCOPE The assignment involved a combination of due diligence, operational and strategic analysis, and investment partnership design. The project began with significant due diligence of both organizations’ impact investment capabilities. As a result, key areas of potential synergy were identified between the DFI’s sourcing, due diligence, and financing capabilities on the one hand, and Rockefeller’s social impact credentials and flexible program-related investments (PRI) on the other. We concluded that when applied in concert, these capabilities could meet investee capital needs that each funder, on its own, would be unable to provide. Christina worked in close collaboration with Rockefeller’s leadership and PRI team to frame the operational implications and strategic decisions involved.

OUTCOMES With Christina’s support, Rockefeller and the DFI management teams ultimately embraced a memorandum of understanding in order to pilot a program of joint impact investments. The program is currently being implemented and, based on its results, will help inform the broader impact investment market regarding the benefits and challenges of multi-stakeholder alliances among different types of capital providers as a means to drive capital towards sectors and transactions that benefit poor and vulnerable people.

GIVING PLEDGE SIGNATORY

OBJECTIVES A low-profile but highly successful leader in Silicon Valley wanted to invest in the Global South, where he and his wife believed their money would have more impact. Based on their research they chose to fund girls’ education due to a ripple effect of improvements in economic opportunity for families, health outcomes for women and children, engagement in citizenship, and even potentially economic productivity for entire countries. They did not want to leave behind a lasting institution, just lasting change, and are committed to giving their wealth away in their lifetimes.

SCOPE The assignment includes all elements of strategic and resource planning, governance, and day-to day outsourced management on an ongoing basis. Tideline’s work also included the establishment of an expert Advisory Board and the hiring and supervising of dedicated staff with expertise on education in the developing world.

OUTCOMES Tideline helped flesh out a portfolio approach to their investing in the field of girls’ education, which includes elements of core long-term support, quick response funding, and investments in experimental, high-impact innovations. Tideline also assisted in the development of investing principles and methods for minimizing costs. Today the client is the largest private, US-based funder of girls’ education to the Global South.

BUILD HEALTHY PLACES NETWORK

OBJECTIVES Following a seed grant from the Robert Wood Johnson Foundation in 2014, the Build Healthy Places Network (“the Network”) had positioned itself as a critical knowledge resource and leader in the emergent field connecting health and community development. However, the Network recognized that maintaining a leadership role within an evolving market would require a strategic growth plan. In August of 2015, the Network engaged Tideline to identify and prioritize opportunities that could expand and enhance its work in the field.

SCOPE Tideline worked with the Network to develop a multi-year business plan. Employing a phased research approach, Tideline worked with both leadership and the broader team to analyze the organization’s core competencies, funding needs, resourcing allocations, and long-term goals. Tideline then conducted extensive market outreach to experts and practitioners from the fields of healthcare, community development, public health, philanthropy, and public policy, in order to identify key market needs around connecting community builders and health systems. Tideline matched these market needs to the Network’s core strengths to develop the recommended strategic directions, which were further developed in collaboration with the Network’s team. Market testing through further outreach confirmed the potential of the proposed directions.

OUTCOMES Based on this phased approach, Tideline created a strategy blueprint that narrowed in on three priority areas for the Network. The final multi-year action plan included a vision for the Network’s role within the field, a detailed business expansion strategy, financial analysis, and recommendations on a number of implications for operations, funding, and marketing. With the support of Tideline’s analysis, the Network is moving towards implementation.