Author: Sophia Caira
In this session, Tim Connors, Founder, PivotNorth Capital, leads a panel discussion on how to define impact investing with focus on additionality and intentionality, while offering guidance on identifying companies and management teams with strong mission & alignment, the use of impact measurement tools, and concessionary vs. market rate returns.
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In this session, Dave Taiclet, General Partner & Managing Director, Lewis & Clark Partners, leads a panel discussion on differentiating private market investing strategies, and provides practical ideas for portfolio construction and asset allocation, and dispels several common misconceptions regarding private market investing.
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This presentation is furnished or informational purposes only and is intended solely for the person to whom it is delivered by or on behalf of Catholic Investment Services (“CIS”). This presentation is confidential and may not be reproduced in its entirety or in part, or redistributed to any party in any form, without the prior written consent of CIS. This presentation does not constitute an offer to sell or the solicitation of an offer to purchase any securities offered by any funds or accounts managed by CIS. Certain statements contained herein that indicate future possibilities constitute forward-looking statements and should not be construed as predictions of performance. Actual results may differ materially. In calculating projections and case targets, CIS utilizes certain specific inputs that, in some cases, are estimated, and certain assumptions that ultimately may not hold true with respect to any investment. These estimates and assumptions may deviate materially from modelled expectations. No assurances can be made that the investment philosophy, investment objectives, projections or case targets will be achieved. The information and assumptions included in this presentation are made in good faith and based upon information reasonably available to CIS as of the date noted herein and will not be updated. The information contained herein does not purport to present a complete picture of the activities, results, actions and/or plans of CIS or any fund or account managed by CIS. Clients or prospective investors should consult advisory agreements, private placement memorandums and/or other documents describing any securities and explaining the services and risks associated with an investment in such securities prior to investing. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance is not necessarily indicative of future results.
“Mensuram Bonam” Faith-Based Investment Measures
Sustainable Grace
In November 2022, The Vatican gave Catholic fiduciaries a valuable new resource for aligning their institutions’ investments with their Catholic faith. “Mensuram Bonam” provides guidelines for those beginning their alignment process and those seeking to refine their approaches. This podcast, part of our Principles in Focus Series, explores Mensuram Bonam’s role and scope, and dispels underperformance myths about Catholic-aligned portfolios through a dialogue between true pioneers in this area: Paul Schott Stevens, Trustee of Catholic Investment Services; Scott Malpass, CIS Co-Founder and Board Chair; and Jean-Baptiste de Franssu, President of the Board of the Vatican Bank.
Keys to Envisioning, Creating and Sustaining a Successful Investment Strategy
Sustainable Grace
Catholic institutions work diligently to advance their good works while striving to ensure that their missions can be sustained financially over the long term. In navigating the investment complexities that all organizations face they also must take steps to align their portfolios with the tenets of the Catholic faith – which presents unique challenges.
Fortunately, this new Sustainable Grace podcast – part of our Principles in Focus series – brings you practical ideas for securing the future of your Catholic institution by improving board and committee governance structures and applying best-practice investment principles. This podcast, hosted by Zela Astarjian of Catholic Investment Services, brings together three leaders with extensive experience in these vital areas. Sharing their insights are:
- Suzanne Brennan, CSC, Councilor of the Sisters of the Holy Cross, with broad experience in leading Catholic entities across the country and has served on many Catholic investment committees.
- Mary Burke, Partner at Lakeshore Food Advisors, with deep investment banking experience and service of the committees of several Catholic entities.
- Eileen Alexanderson, Investment Consultant for BMT Management and Financial Services, who works with a broad range of religious institutions on financial, investment and other key matters.
This podcast will sharpen your knowledge of how to align your investment approach with your Catholic values and unique mission.
This recording was taken at the 2022 RCRI National Conference in Dallas Texas.
This content is for educational purposes only. Panelist opinions expressed are their own and thus do not necessarily reflect CIS’s opinion, investment advice, or strategies. This is not a solicitation to purchase securities, nor is it meant to be investment advice. CIS has not verified the content for accuracy, nor will it update it in the future.
Why Venture Capital Investing…Why Now?
Sustainable Grace
Today’s session is part of our Managers in Focus webinar series, which explores the role that impact-focused investment solutions play in the strategies of Catholic institutions. It was enlightening to hear the views of true pioneers in this arena: Tim Connors, Founder of Pivot North; Michael Kim, Founder of Cendana Capital; and Miguel Luina, Managing Director at Hamilton Lane.
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Please join us for another exciting episode of our Sustainable Grace Podcast. This episode, the first of our State of the Markets Series, delves into the current state of the financial markets, the effects of inflation and other dynamic factors, and the risks and opportunities ahead for institutional investors. Sharing their views are industry leaders: Jack Brennan, CIS Founding Chair and Former CEO of Vanguard; Jay Willoughby, CIO of TIFF Investment Management and the CIS Catholic Endowment Fund; and Ted Disabato, Managing Principal/Consultant at Meketa Investment Group.
Please join us for another exciting episode of our Mission in Focus series, which explores the innovations of Catholic non-profits as they advance their missions around the world. This episode discusses the work of Daughters of Charity International Project Services. In this podcast, Sister Mary Louise Stubbs and Kathleen Bissa of Daughters of Charity International Project Services join Dan Coyne, DOC board member, for a dynamic conversation about their work and how IPS has advanced its’ mission to decrease human suffering while investing to increase human potential.
Making MegaMoves
Cultivating and Focusing Resources to Sustain Your Mission’s Impact
Introduction
Across the country one sees the need for affordable housing, quality schools, edifying worship spaces and the spiritual and mental grounding that comes from an active faith life. Yet, one also witnesses the declining Catholicity in society as evidenced by young adults declaring no religious preference and internal tensions in the Catholic Church. This is the same Church that created centers of learning (e.g., universities), promoted universal education for all (including disadvantaged immigrants) by building a vast parochial school system, and provides millions of dollars to the needy every year.
How does the Catholic Church begin to address these contrasts and existential issues? Though we are assured by the Lord’s words that the Church will always exist, how many souls will be lost if things continue on the current trajectory? And can your specific parish, diocese, school or religious order maintain its impact under the same configuration?
A first, needed step is to adjust to a missionary or apostolic mindset. Second, one must think through (i.e., plan) how to best deploy or repurpose temporal assets to achieve mission impact. We know most clerical and religious leaders (including paid and volunteer laity) have not been trained in strategic planning or project management, or are not experienced in real estate development or major financings. Yet cumulatively they are in charge of billions of dollars of real estate holdings. This skills gap is daunting and can be paralyzing. But we know that, with God, all things are possible, and these challenges can be methodically and faithfully confronted.
Major Projects for Timeless Missions
This guide – Making MegaMoves: Cultivating and Focusing to Sustain Your Mission’s Impact– offers ideas for securing the future of your Catholic institution by more effectively undertaking strategic initiatives and large projects, to bring corporal and spiritual works of mercy to life. Our friends at VeraCruz provided great insights into how Catholic institutions can best undertake complex initiatives or finance their largest projects while sizing and managing risks.
Such mega moves might include repositioning or repurposing existing properties, constructing new facilities, reconfiguring organizations, adjusting governance or pursuing other strategic initiatives. Such initiatives – even if well-planned and necessary – are at risk of becoming a liability and public flashpoint if they are poorly executed or unsustainably financed.
So then, what are the keys to successfully completing major initiatives? It starts with understanding their common feature: they are big, complex and require expertise, collaboration among various disciplines and the use of data and feedback to guide decision-making. These strategic initiatives – such as reconfiguring a Province (or Diocese), creating a new cathedral, or building a college dormitory – may only take place once in a generation. In other words, they constitute high-impact, low-frequency events.
Mega moves are important to your organization’s future, entail significant risk, and require collaboration with a broad range of stakeholders. Typically, these projects require planning, knowledge and execution skills that few organizations have in-house. In addition, most Catholic institutions and leaders are not accustomed to overseeing these types of infrequent and large projects. Initiative leaders are required to assess and select from a range of viable scenarios, that is, making key decisions. A solution is to complement resident knowledge and skills with external expertise, resources and methods to accomplish these major undertakings.
Maintaining Momentum and Enthusiasm
By preparing thoroughly and engaging the right expertise at the right times, initial enthusiasm for a new project can be sustained, donors and other supporters will feel valued, and any delays, execution errors, cost escalation or financing missteps can be avoided.
In the following pages, we’ll touch on these and other topics:
- Exploring opportunities to drive major positive change for the institution
- Looking at existing assets in new ways, and envisioning exciting large-scale projects
- Building momentum through dialogue and rigorous planning
- Getting the right team together, drawing on internal and external expertise
- Understanding the dynamics of financing and future obligations
- Appointing a “conductor” to orchestrate efforts and keep the tempo of progress
CIS created this resource to help you pursue mega moves with knowledge and confidence, in keeping with the mission of the CIS Institute, with its range of eBook, articles, videos, webcasts and podcasts. In creating this eBook we’re delighted to have collaborated with VeraCruz Advisory, a firm that has helped Catholic and other nonprofit institutions to fulfill their missions by providing strategic, financial and enterprise consulting.
Please enjoy this resource and feel free to share your comments and questions with us at info@catholicinvest.org.
Many investors – institutional and retail alike – deal with the complexities of investing the same way: by sticking to the most familiar or comfortable path. On the surface, that seems like a wise decision, one that avoids taking unnecessary risks with scarce financial resources. But, when we look deeper, we realize that every investment option – regardless of how “safe” or “risky” it may first appear – possesses certain qualities that could make it attractive under the right set of circumstances.
Among the investment options available to institutions, private equity might be the least understood. Thanks to the media, private equity firms have an aura of mystery and glamour that makes many investors keep their distance. This reaction is particularly true for Catholic institutional investors. Over the years we have visited with hundreds of Catholic organizations regarding their investment strategies and, with the exception of large dioceses and higher education, very few have significant portfolio dollars allocated to private equity. Some have investigated the asset class but have not had the investment committee expertise or market access to take the next steps.
At Catholic Investment Services, we strive to fill that gap in expertise and access by seeking out partnerships and networks that can bring private equity opportunities to our clients. We are proud of this “frontier work,” which we pursue with the intent of building our clients’ financial resiliency while ensuring that their investments stay aligned with their Catholic beliefs.
Leaders of Catholic organizations frequently ask us for the basic facts about private equity, and how it might potentially benefit them and their missions. Here are some of those basics, which we’ve tried to explain as clearly as possible. We hope you find this guide useful.
For a copy of the full version of Exploring the Potential of Private Equity, please email: info@catholicinvest.org
We are very pleased to present you with this guide – “Securing the future of your Catholic institution” which provides ideas and best practices for envisioning, creating and sustaining a successful investment strategy for your Catholic organization. Within these pages you will find easy-to-understand information about:
- Forming a diverse and dynamic investment committee,
- Establishing sound committee practices and procedures,
- Creating an effective investment policy statement, and
- Forging strong partnerships with investment advisors and fund managers
Although there are thousands of articles that offer general advice on these topics, we believe that this is the first guide to address the needs and challenges specific to Catholic institutions. Our Catholic institutional clients have contributed their own invaluable insights, examples, innovations – and important questions – as they’ve worked with us to create or refine their investment processes.
Many Catholic institutions begin their investment journey by creating an endowment, a fund designed to support long-term objectives while creating a financial bulwark against tomorrow’s economic uncertainties. In doing so, they face several challenges. First, they must incorporate Catholic principles into their investment approach, while also striving for strong portfolio performance in line with their fiduciary responsibility. Second, they must create an effective oversight model, one that can be sustained over many decades. Finally, they must engage investment professionals who not only understand market values but also the higher values that all Catholics embrace.
For a copy of the full version of the eBook: Securing the future of your Catholic institution, please email:info@catholicinvest.org