Grunin Banner 2019

Creating and Documenting New Impact Investing Products

Passoni, Cristina and Purtill, Alex, Private Equity and Impact Investing: Rethinking Exit Opportunities, Weil, Gotshal & Manges Global Private Equity Watch (March 20, 2019). Available at: https://privateequity.

Emerging Markets Private Equity Association, Releases Year-End 2018 Private Capital Industry Statistics (March 5, 2019). Available at:

Gutterman, Alan S., Simple agreement for future equity (“SAFE”), Business Transactions Solutions § 158:7 (March 2019 Update).

International Finance Corporation, “Reinventing Business Through Disruptive Technologies: Sector Trends and Investment Opportunities for Firms in Emerging Markets” (January 2019). Available at: site/publications_listing_page/reinventing-business

International Finance Corporation, “Blockchain: Opportunities for Private Enterprises in Emerging Markets” (January 2019). Available at: publications_ext_content/ifc_external_publication_site/publications_listing_page/blockchain+report

Bartlett, Joseph W., Simple Agreement for Future Equity: The SAFE, Equity Finance: Venture Capital, Buyouts, Restructurings and Reorganizations § 6.13A (Aspen Publishers 2nd ed., 2019 Cumulative Supplement).

Bartlett, Joseph W., Developments in the First Year of Regulation Crowdfunding, Equity Finance: Venture Capital, Buyouts, Restructurings and Reorganizations § 6.22C (Aspen Publishers 2nd ed., 2019 Cumulative Supplement).

Impact Shares, NAACP Minority Empowerment ETF (December 31, 2018). Available at: https://impactetfs. org/wp-content/uploads/2018/11/IS_NACP_FS_102318_FINAL.pdf

Booth, Richard A., Simple agreement for future equity (SAFE), Financing the Corporation § 3:10 (November 2018 Update).

Chandra, Rahib and McGinnis, James, “Fund Names,” Mutual Funds and Exchange Traded Funds Regulation (Third Edition) PLI Item #32842 (November 2018). Available at:

Cardozo Blockchain Project, “Smart Contracts” and Legal Enforceability (October 16, 2018). Available at: Report%20%232_0.pdf

Y Combinator, SAFE Financing Documents (September 2018). Available at: https://www.ycombinator. com/documents/ 

Y Combinator, SAFE User Guide. Available at: https://www.ycombinator. com/docs/Post%20Money%20Safe%20 User%20Guide.pdf

Arnone, Kim, Kaplan, Sarah, and Rhudy, Cameron, Advising Clients on Community Capital Offerings (July 31, 2018). Available at:

U.S. Investment Company Act of 1940 (U.S.C. Title 15) [As Amended Through P.L. 115–174, Enacted May 24, 2018]. (See Section 3, esp. Section 3(a) and 3(b), and definitions referenced therein). Available at:

Denton, Sarah and Pauwels, Eleonore, AI and Privacy Policy Report, Wilson Center (March 2018).

Catrina Luchsinger Gähwiler and Ronald Kogens, “Practical Aspects of Initial Token Offerings” (Part 1, January 25, 2018). Available at: https://blog. (Part 2, February 9, 2018). Available at:

Coyle, John F. and Green, Joseph M., The Safe, the Kiss, and the Note:  A Survey of Startup Seed Financing Contracts, 103 Minn. L. Rev. Headnotes 42, 51 (2018).

Clouse, Carol J. “Impact Holding Companies: Breaking the chains of the 10-year fund is harder than it looks,” ImpactAlpha (2018). Available at:

Pauwels, Eleonore and Grevatt, N., The Social Benefits of Blockchain for Health Data: Securing Patient Privacy & Control, Policy Brief, Wilson Center (November 2017). Available at: 

Blass, Davie, Chanda, Rajib, Healey, Christopher, Healey, and Ridley, Nicolas, A New Investment Company Status Exemptive Rule Could Provide a Boost to US Capital Markets Activity, The Investment Lawyer, Vol. 24, No. 11 (November 2017). Available at: november2017.pdf

Pauwels, Eleonore, “Responsible Governance of Artificial Intelligence,” The AI Lab, Video (November 12, 2017). Available at: https://www. 

CCH Incorporated, Federal Securities Law Reports 2776, Fed. Sec. L. Rep. P 2132038 (C.C.H.), 2017 WL 2132038 (May 18, 2017).

U.S. Securities and Exchange Commission, Investor Bulletin: Be Cautious of SAFEs in Crowdfunding, Investor Alerts and Bulletins (May 9, 2017). Available at:

Cutting Edge Capital, Private Placement Strategies (May 1, 2017). Available at: 

Cutting Edge Capital, Community Investment Funds: Four Models (December 1, 2016). Available at: 

Coyle, John F. and Green, Joseph M., Crowdfunding and the Not-So-Safe Safe, 102 Va. L. Rev. Online 168 (December 2016). Available at: Online.pdf

Bolton, Jennifer, Kurrik, Ilomai, and Pereira, Rebecca, Impact Investing Private Equity Fund Industry: Legal Considerations, GIIN/ISLP/Clifford Chance (April 30, 2015). Available at:

Wright, Aaron and De Filippi, Primavera, Decentralized Blockchain Technology and the Rise of Lex Cryptographia (March 10, 2015). Available at: 

Cutting Edge Capital, Regulation A (March 2015). Available at: 

Coyle, John F. and Green, Joseph M., “Contractual Innovation in Venture Capital,” 66 Hastings L.J. 133, 169 (2014). 

Cutting Edge Capital, Direct Public Offerings (November 2013). Available at: https://www.cuttingedgecapital. com/direct-public-offering/

Staff of the Investment Adviser Regulation Office, Division of Investment Management, U.S. Securities and Exchange Commission, “Regulation of Investment Advisers by the U.S. Securities and Exchange Commission” (March 2013). Available at:
Cohn, Paul and Aiello, John, Secondary Investing in Private Equity Funds: Primary Issues for General Partners, Weil, Gotshal & Manges Private Equity Alert (September 2013). Available at:

Shenov, Suchitra and Kanetkar, Shreedhar, “Lasting Impact: Investing via Open Holding Companies,” Stanford Social Impact Review (2013). Available at: open_holding_companies

Cotton, Ryan, CTC Consulting, “The Benefits of Secondary Funds in a Private Equity Portfolio” (December 19, 2012). Available at:

Institutional Limited Partners Association (ILPA), Private Equity Principles (January 2011). Available at: 

Division of Trading and Markets, U.S. Securities and Exchange Commission, Guide to Broker-Dealer Registration (April 2008). Available at:

Gonzalez, Edward and Charles Barrett, Internal Revenue Service, Exempt Organizations Continuing Professional Education, “UBIT: Royalty Income and Mailing Lists.” (1994). Available at: 

Emerging Markets Private Equity Association, Impact Investment Resources. Available at:

Embedding SDGS and ESG Into Deals and Enterprises

Alante Capital, Alante Musings: Why the Levi’s IPO Matters (March 22, 2019). Available at: 

Harvard Law School Forum on Corporate Governance and Financial Regulation, Top 10 Sustainability Developments in 2018 (March 7, 2019). Available at:

Geczy, Christopher, et al., Contracts with Benefits: The Implementation of Impact Investing (March 1, 2019). Available at:

Tideline, Catalytic Capital: Unlocking More Investment and Impact (March 2019). Available at:

BlackRock Investment Institute, Sustainability: The Future of Investing (February 2019). Available at: 

Smiles, Simon, et al., Awareness, Simplification, and Contribution: Core Requirements Needed to Actually Achieve the United Nations’ Sustainable Development Goals
UBS (January 2019). Available at: y9wYXRoPS9jb250ZW50L2Rh-bS9hc3 NldHMvd20vZ2xvYmFsL2Npby9kb2Mvd2VmLXdwLXVzLnBkZg==/wef-wp-us.pdf

Impact Management Project, Investor Contribution in Public and Private Markets (January 2019). Available at: http://impactmanagementproject. com/wp-content/uploads/Investor-Contribution-Discussion-Document.pdf

Mesa, Nilda, et al., A Pathway to Sustainable American Cities: A Guide to Implementing the SDGs, Sustainable Development Solutions Network (2019). Available at:

Morgan Stanley Institute for Sustainable Investing, Sustainable Signals: Growth and Opportunity in Asset Management (2019). Available at: Signals_Asset_Manager_2019_L.pdf 

BlackRock, Real Assets Sustainable Investing Report (2019). (pdf available) 

Tideline, The Alpha in Impact: How Operating with an Impact Objective can add Financial Value for Investors (December 2018). Available at:

Di Miceli, Alexandre and Donaggio, Angela, Women in Business Leadership Boost ESG Performance: Existing Body of Evidence Makes Compelling Case (December 2018). Available at: pdf?MOD=AJPERES

UNEPFI, Rethinking Impact to Finance the SDGs (November 2018). Available at:

Jones Day, What Should Boards Really Be Doing About ESG? (October 2018). Available at:

Schiff, Hannah and Dithrich, Hannah, The Global Impact Investing Network, Lasting Impact: The Need for Responsible Exits (January 11, 2018). Available at:

Pineiro, Aliana, et al., Financing the Sustainable Development Goals: Impact Investing in Action, Global Impact Investing Network (2018). Available at:

Toniic, Powered Ascent Report: Insights From the Frontier of Impact Investing (2018). Available at:

EcoVadis and Affectio Mutandi, Sustainability Clauses in Commercial Contracts: The Key to Corporate Responsibility, 2018 Study of CSR Contractual Practices Among Buyers and Suppliers (2018). Available at: 

EcoVadis, Responsible Sourcing Assessments for Unilever Suppliers, Frequently Asked Questions (2018). (pdf available)

Mudaliar, Abhilash, et al., The State of Impact Measurement and Management Practice (December 2017). Available at:

Mintz, Josh and Tyler, John, Legal and Exempt Organization Tax Aspects of Impact Investing (April 2017). Available at: and_EO_Tax_Aspects_of_Impact_Investing_fina....pdf 

Agarwal, Namit, et al., Raising the Bar: Rethinking the Role of Business in the Sustainable Development Goals, Oxfam (February 2017). Available at: 

Armeni, Andrea, Innovations in Financing Structures for Impact Enterprises: Spotlight on Latin America, Multilateral Investment Fund, The Rockefeller Foundation, and Transform Finance (2017). Available at: 

Burand, Deborah, Contracting for Impact: Embedding Social and Environmental Impact Goals into Loan Agreements, 13 N.Y.U. J.L. & Bus. 775 (2017). Available at: 426478c8bb8f238399707a6.pdf

EcoVadis, Unilever Supplier Sustainability Assessment Initiative (2017). (pdf available)

Unilever, Unilever Responsible Sourcing Policy, Working in Partnership with our Suppliers (2017). Available at: 

Orrick, Herrington & Sutcliffe, Balancing Purpose and Profit: Legal Mechanisms to Lock In Social Missions for “Profit with Purpose” Businesses Across the G8—Addendum: Review of Legal and Policy Developments Since 2014 (June 2016). Available at:
BlackRock, Exploring ESG: A Practitioner’s Perspective (June 2016). Available at:

UN Global Compact and Linklaters, Guide for General Counsel on Corporate Sustainability (June 2015). Available at: 

Orrick, Herrington & Sutcliffe, Balancing Profit and Purpose: Legal Mechanisms to Lock in Social Mission for “Profit with Purpose” Businesses Across the G8 (December 2014). Available at:
Basu, Ranajoy and Bourke, Aaron, Social Impact Investing: The Growing Trend of Financing for Good, 8 JIBFL 483A (2016). Available at:

Burand, Deborah, “Resolving Impact Investment Disputes: When Doing Good Goes Bad,” 48 Wash. U.J.L. & Pol’y 55 (2016). Available at:

Aspen Network of Development Entrepreneurs (ANDE), Metrics to Align Mission with Financial Performance: Tips from Practitioners (2014). (A Synthesis of Discussion at 2014 ANDE Metrics Conference). Available at:

Impact Terms Project, Sample Term Sheets, Toniic Institute. Available at:

Blending Capital for Scale

Steffen, Robynn, Omidyar Network, The Rise of DAFs: Three Reasons Why We Invested in CapShift and ImpactAssets (December 19, 2018). Available at:

Tideline, Catalytic Capital: Unlocking more investment and impact (March 2019). Available at: 

Pease, Katherine and Duffy, Clara, Mobilizing Donor Advised Funds for Impact Investing (November 13, 2018). Available at: 

Salter, Nicholas, Five Ways to Boost the Flow of Donor-Advised Fund Capital to Impact Investments (November 5, 2018). Available at:

International Finance Corporation, Blended Concessional Finance: Scaling Up Private Investment in Lower-Income Countries (November 5, 2018). Available at:

Zappia, Maria Teresa and Stodiek, Nadina, Blended Finance 2.0 Giving voice to the Private Sector, Insights from a BlueOrchard survey on Private Investors,
BlueOrchard (October 2018). Available at

International Finance Corporation, et al., DFI Working Group on Blended Concessional Finance for Private Sector Projects Joint Report (October 2018). Available at: DFI-Blended-Finance-Report.pdf?MOD=AJPERES 

Macpherson, Ryan, Kearney, Sarah, and Kulow, Emma, “How to Use Donor-Advised Funds to Make Impact Investments,” Stanford Social Innovation Review (October 2018). Available at: 

Woolworth, Nathalie, Donor-Advised Funds Are an Untapped Source of Impact Capital, Conservation Finance Network (August 22, 2018). Available at: 

MCE Social Capital, Private Global Economic Opportunity Notes Series A, Series B, Series C & Series X Offering Memorandum (June 30, 2018). (pdf available)

Salter, Nicholas, Is Impact Investing the Next Big Thing for Donor-Advised Funds? (March 1, 2018). Available at:

Levitt, David A, NCFP, Family Giving News (March 1, 2018). Available at: 

Savoy, Conor M. and Milner, Aaron N., Blended Finance and Aligning Private Investment with Global Development: Two Sides of the Same Coin, A Report of the Center for Strategic and International Studies Project on Prosperity and Development and the Royal Embassy of Denmark (March 2018). Available at: Savoy_BlendedFinance_Web.pdf?oSIJoKLxku_odK1cyFix_DHeRoKunpuc

Organisation for Economic Co-Operation and Development, OECD DAC Blended Finance Principles for Unlocking Commercial Finance for the Sustainable Development Goals (January 2018). Available at: 

Blended Finance Taskforce, Better Finance Better World, Consultation Paper of the Blended Finance Taskforce (January 2018). Available at: 

MCE Social Capital, Participation Agreement (2018). (pdf available)

Klavens, Jonathan and Caplan, Lauren, Klavens Law Group, Mission-Related Investing: A Legal Framework for Integrating Mission Into the Other 95% (2018). Available at: 

United Nations Capital Development Fund, Blended Finance in the Least Developed Countries (2018). Available at:

Convergence, The State of Blended Finance (2018). Available at: https://www.convergence. finance/7LEqTu0YeceaQugSWaSKSk/view/

Convergence, Blended Finance Primer. Available at:

Dryburgh, Erik, The Law of Endowments: The Uniform Prudent Management of Institutional Funds Act (UPMIFA), Adler and Colvin, (December 2017). Available at:

Schwartz, Deborah, Catalytic Capital: An Essential Tool for Impact, MacArthur Foundation (November 27, 2017). Available at:

Mintz, Josh and Tyler, John, Legal and Exempt Organization Tax Aspects of Impact Investing (April 2017). Available at: and_EO_Tax_Aspects_of_Impact_Investing_fina....pdf 

MCE Social Capital, Small and Growing Business Philanthropic Guarantee Agreement (March 2017). (pdf available)

Levitt, David A, Impact Investing Through a Donor Advised Fund, 25 Taxation of Exempts 03, 1 (2014).

MCE Social Capital, Philanthropic Guarantee Agreement (for Microfinance) (July 2012). (pdf available)

Department of the Treasury, Report to Congress on Supporting Organizations and Donor Advised Funds (December 2011). Available at:

Feuss, Bert, et al., Driving Impact Through Donor Advised Funds: Community Foundations as Catalysts for Impact Investing. Available at: 

Internal Revenue Service, Donor Advised Fund Guide Sheet Explanation (July 31, 2008). Available at: advised_explanation_073108.pdf

National Conference of Commissioners on Uniform State Laws, Uniform Prudent Management of Institutional Funds Act (November 8, 2007). Available at: ashx?DocumentFileKey=d7b95667-ae72-0a3f-c293-cd8621ad1e44&forceDialog=0

Internal Revenue Service, IRS Notice 2017-73–Request for Comments on Application of Excise Taxes With Respect to Donor Advised Funds in Certain Situations. Available at: 

Internal Revenue Service, IRS Notice 2007-21–Study on Donor Advised Funds and Supporting Organizations. Available at: 

Internal Revenue Service, IRS Notice 2006-109–Interim Guidance Regarding Supporting Organizations and Donor Advised Funds. Available at:

Internal Revenue Service, Donor Advised Funds. Available at:

US Overseas Private Investment Corporation, The Build Act. Available at:

26 U.S. Code § 4966, Taxes on Taxable Distributions. Available at:

26 U.S. Code § 4967, Taxes on Prohibited Benefits. Available at:

Engaging in Place-Based Impact Investing and Social Entrepreneurship

Cornett, Kimberlee, The Problem With Opportunity Zones (March 7, 2019). Available at: 

Schultz, Abby, Private Sector Looks to Measure Impact of Opportunity Zones, Barrons (February 27, 2019). Available at: 

Goldstein, Matthew and Tankersley, Jim, Wall Street, Seeking Big Tax Breaks, Sets Sights on Distressed Main Streets (February 20. 2019). Available at:

Brest, Paul, Gilson, Ronald J., and Wolfson, Mark A., How Investors Can (and Can’t) Create Social Value (Winter 2019). Available at:

Murray, Sarah, A New Local Movement (Fall 2018). Available at:

Theodos, Brett et al., Measuring Community Needs, Capital Flows, and Capital Gaps, Urban Institute (November 15, 2018). Available at:

Factor, Jason, Wollman, Diana, Reynolds, Daniel, and Lenas, Elizabeth, Tax Incentives for Investments in Opportunity Zones: New Regulations Provide Clarity and More Questions, Cleary Gottlieb Alert Memorandum (October 30, 2018). Available at:

Investing in Qualified Opportunity Funds, A Proposed Rule by the Internal Revenue Service (October 29, 2018). Available at: 

Arnone, Kim Kaplan, Sarah and Rhudy, Cameron, Advising Clients on Community Capital Offerings (July 31, 2018). Available at:

Ashley, Shena and Ovalle, Joycelyn, Investing Together: Emerging Approaches in Collaborative Place-Based Impact Investing, Urban Institute (May 2018). Available at:

Brewer, Cassady V., “Using a Taxable Nonprofit Corporation for Social Enterprise,” in The Cambridge Handbook of Social Enterprise Law (J. Yockey and B. Means, eds.) (2018).

Church, Maggie Super and McGilvray, Kathy, Improving Health and Environment Through Place-Based Investing: The Healthy Neighborhoods Equity Fun (2018). Available at: housing/volume_27_number_2/AH_27-2_09Church-McGilvra.pdf

Kurotsu, Emiko, Terheggen, Sara and Arnsbarger, Linda, Social Impact Funds: Structuring Considerations, MOFO Impact (January 19, 2017). Available at:

McGrath, Chelsea, The Government’s Role In Unleashing Impact Investing’s Full Potential (April 15, 2017). Available at:

GPS Capital Partners and The Philanthropic Initiative, Northern New England Community Foundation Impact Investing: A Rural Community Foundation Case Study (September 2013). Available at: foundation_impact_investing_a_rural_ community_foundation_case_study.pdf 

Burkett, Ingrid, Place-Based Impact Investing in Australia, A Literature Review Exploring Opportunities for Place-Based Impact Investing in Australia (April 2012). Available at:

Zielenbach, Sean, Catalyzing Community Development: HOPE VI and Neighborhood Revitalization (Fall 2003). Available at: https://www.jstor. org/stable/25782671

Chief Executive Office, County of Los Angeles, Economic Development Scorecard (June 2018). Available at: http://economicdevelopment.lacounty. gov/wp-content/uploads/2018/08/June-2018-Economic-Scorecard-8_22_18-FINAL.pdf

Brakman Reiser, Dana and Dean, Steven, Social Enterprise Law: Trust, Public Benefit, and Capital Markets (Oxford University Press 2017).

Brakman Reiser, Dana and Dean, Steven, SE(c)(3):A Catalyst for Social Enterprise Crowdfunding, 90 INDIANA L.J. (Summer 2015). Available at: 

Investing in Qualified Opportunity Funds, A Proposed Rule by the Internal Revenue Service (October 29, 2018). Available at: 

Economic Innovation Group, Opportunity Zones. Available at:

Economic Innovation Group, Opportunity Zones Fact Sheet. Available at:

Mercy Corps Northwest, Community Investment Trust Program. Available at: 

Los Angeles County Code, Title 2, Chapter 2.205 (Social Enterprise Preference Program). Available at: DIV4MIRE_CH2.205SOENPRPR

New York State Executive Law, Article 15-A (Participation by Minority Group Members and Women with Respect to State Contracts). Available at:

Opportunity Zones Frequently Asked Questions, Internal Revenue Service. Available at: 

26 USC 1400Z-1 – Opportunity Zones, Designation. Available at: 

26 USC 1400Z-2 – Special rules for capital gains invested in opportunity zones. Available at: 

Governing for Good: Taking a Longer-Term View

NYU Law: Social Enterprise Law Tracker. Available at:

Boeger, Nina, Shaping Corporate Reform: “Social enterprise, cooperative, mission-led and employee-owned business,” in The Cambridge Handbook of Social Enterprise Law (J. Yockey and B. Means, eds.) (2018).

Purpose Network, Steward Ownership: Rethinking Ownership in the 21st Century (2019). Available at: 

Purpose Network, et al., Steward Ownership: Ownership and finance solutions for mission-driven businesses, Expo West (2019). Available at: 

International Finance Corporation, Navigating Essential Anti-Money Laundering and Combating the Financing of Terrorism Requirements in Trade Finance: A Guide for Respondent Banks (September 2018). Available at:

Al, Marc A. et al., Client Deal Spotlight: Organically Grown Company Pioneers Groundbreaking Steward Ownership Structure; Now Majority Owned by The Sustainable Food and Agriculture Perpetual Purpose Trust, Stoel Rives (July 9, 2018). Available at:

RSF Social Finance, Organically Grown Company Pioneers Groundbreaking Ownership Structure to Maintain Mission and Independence in Perpetuity (July 9, 2018). Available at:

Kapadia, Reshma, ESG Investing in the Emerging Markets Is Tough, but Lucrative (June 8, 2018). Barron’s. Available at:

Kilroy, Meaghan, “DOL Bulletin on ESG Factor use Puzzles Investors,” Pension & Investments (May 14, 2018). Available at:

Kilroy, Meaghan and Steyer, Robert, “PSCA Officials Say New DOL Guidance will Dampen Adoption of ESG Investment Options,” Pension & Investments (May 2, 2018). Available at:

The U.S. Impact Investing Alliance, U.S. Impact Investing Alliance Statement on Department of Labor ESG Guidance (May 1, 2018). Available at:

Breyfogle, Jon, DOL and ESG Investing: Evolving Guidance (April 27, 2018). Available at:

U.S. Department of Labor, Field Assistance Bulletin No. 2018-01 (April 23, 2018). Available at: 

Boeger, Nina, “Shaping Corporate Reform: Social enterprise, cooperative, mission-led and employee-owned business,” in The Cambridge Handbook of Social Enterprise Law (J. Yockey and B. Means, eds.) (2018).

Sacchetti, Silvia and Tortia, Ermanno, “The Notion of Social Responsibility Across Different Types Of Nonprofit and for Profit Organizations,” in Sacconi, Lorenzo and Degli Antoni, Giacomo (eds.), Handbook on the Economics of Social responsibility: Individuals, Corporations and Institutions (2018). Available at:

Budde, Scott, Cleveland, Sarah, and Godeke, Steven, Untangling Stakeholders for Broader Impact: ERISA Plans and ESG Incorporation. Principles for Responsible Investment (2018). Available at:

Comstock, Michael, Huber, Betty, and Zilberberg, David A. ESG in Private Equity: What Every GP Needs to Know About Public Pension Fund Requirements (October 24, 2017). Available at: equity_pension_fund_policies.pdf

Lipton, Ann, “Reviving Reliance,” 86 Fordham L. Rev. 91; Tulane Public Law Research Paper No. 17-3 (September 30, 2017). Available at: 

Fletcher, Luke, The Future of the Corporation (September 27, 2017). Available at:

Serafeim, George, “Investors as Stewards of the Commons?” Journal of Applied Corporate Finance 30 (2) (Spring 2018). Available at:

Belinfanti, Tamara and Stout, Lynn A., “Contested Visions: The Value of Systems Theory for Corporate Law” (March 29, 2017), University of Pennsylvania Law Review, Forthcoming; Cornell Legal Studies Research Paper No. 17-17. Available at:

Michael, Christopher, “The Employee Ownership Trust, An ESOP Alternative,” Probate & Property, Vol. 31 No. 1 (January/February 2017). Available at:

Hess, David, Business, Corruption, and Human Rights: “Towards a New Responsibility for Corporations to Combat Corruption,” Wisconsin Law Review (Vol. 2017, No. 4). Available at:

EYGM Limited, Investing in a Sustainable Tomorrow: ESG Integration in European Pensions (2017). Available at:$FILE/ey-investing-in-a-sustainable-tomorrow.pdf

Geczy, Christopher and Jeffers, Jessica, et al., “In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment” (2017), Seattle University Law Review, Vol. 40, No. 2 (2017); Georgia State University College of Law, Legal Studies Research Paper No. 2017-10. Available at:

Geral, David, Social Impact Bonds: An Option to Address Africa’s Most Pressing Challenges (December 6, 2016). Bowmans. Available at:

Geral, David, King IV Extends Application to Retirement Funds and Introduces Sector Supplements for Easier Application, Bowmans (December 2, 2016). Available at:

Maretich, Marta, How Corruption Kills the Promise of Social Enterprise (March 23, 2015). Available at:

Stanford Law School, Law and Policy Lab, Impact Investing in Developing Countries: Legal Institutions and Work-Arounds (2015). Available at:

Geral, David, SA Institutional Investors to Adapt to New Playing Fields, Bowmans (November 23, 2010). Available at: 

Davis, Kevin, “Peer-to-Peer Financing for Development: Regulating the Intermediaries,” 42 N.Y.U. J. Int’l L. & Pol. 1079 (2010) (with Anna Gelpern). Available at:

Steuernagel, Armin, Theory of the Self-Owned Firm. Available at:

Purpose Network, The Golden Share Model. Available at: 

Purpose Network, The Perpetual Purpose Trust. Available at: