Presentation by Diane Schmidt, blue moon fund, at the Take Action! 2010 Impact Investing Conference in Boston.

1. blue moon fund
Our Mission Impact Investment
Journey

2. bmf’s Travels
• 2005
– approved a strategic goal 25% of the portfolio
into Mission Impact Investments over 5 years
• 2005- 2007
– Scoured the field for examples
– Tested the current asset allocation for potential
lower returns from MRI/PRI and/or higher risk
– National search for Investment Program Officer
– Hired Consultant who proposed the “Big Mama”
Fund
blue moon fund, inc.

3. bmf’s Travels
• 2008
– Executed our FIRST MRI debt instrument,
however never funded and allowed to expire
• 2009
– Narrowed focus to “Carbon” related projects
– Worked with investment advisor to create a
sustainably focused investment fund, bmf will be
seed funder for new fund.
– Provided funding to a new forestry/ag fund
blue moon fund, inc.

4. bmf’s Travels
• 2010
– Invested in preferred stock for a company which
will be warehoused into the new sustainably
focused fund
– First draw made on Forestry/Ag Fund
– Commitment made to Wetland Mitigation Fund
– Allocated $1M of portfolio for CD/deposit
accounts in “green banks”
– Continue to make PRI investments as they arise
blue moon fund, inc.

5. bmf’s Fundamental
Beliefs
• Do not waste your program talent! Involve
them in the investment decision
• Partner whenever possible
• Know your strengths
• Expand reach and expertise through use of
consultants
• Be flexible when evaluating opportunity as to
whether it is market rate, program related or
a grant. Grow your Grantees!
blue moon fund, inc.

6. Investment Continuum
blue moon fund, inc.

7. Take Aways
• Investment decisions can be made
collectively by Program and Investment Staff.
• Collaboration is good for all
• Push the envelope by speaking with current
investment managers about mission impact
of current portfolio
• Integration required in all directions
• Use your entire toolbox
• Just start!
blue moon fund, inc.

8. Our Dream
• That mission impact investing is not a special
class of investments, it is what makes a good
investment
• Boards would be acting imprudently if they
did not invest according to their mission.
• Businesses are considered unsustainable if
they do not operate in a sustainable way
within their environment.
blue moon fund, inc.