ABSTRACT
Introduction Over the last few years, sociological as well as economic developments have combined to raise the level of activities and policy interest in various forms of social entrepreneurial activities and investments (Kerlin 2010; Dorado and Ventresca 2013; Gawell 2012; Moore, Westley, andNicholls 2012).New institutions and actors have been exploring hybrid logics, mechanisms and rationales for investment that combine social, economic and environmental components of value, together with personal values and the disciplined pursuit of financial returns (Moore, Westley, and Nicholls 2012; Geobey, Westley, and Weber 2012). Such activities often take place despite the lack of suitable metrics and instruments for building portfolios of social investments (Manetti 2012; Nicholls 2009; Geobey,Westley, andWeber 2012).Moreover, public and private philanthropic finance has been explored in the literature andmore so in practice as ameans to encourage and empower innovative private social activities, aiming to deliver social value through market-based activities (Daly 2008, 2011; Wirgau, Farley, and Jensen 2010). However, at the present stage of development, there seems to be no rational, efficient global market; more a loose network of supply and demandwith diverse intermediary groups linking capital and projects (Moore, Westley, and Nicholls 2012; Mendell and Barbosa 2013).
