The Impact Economy is seen as a cutting-edge concept. But even institutions as old and established as the Catholic Church are getting in on the action.
The Vatican is stepping up to back First, a Brazilian investment firm looking to raise that nation’s largest impact investing fund. Other investors include JPMorgan Chase and the World Bank.
The Catholic Church’s Oblate International Pastoral Investment Trust is investing approximately $7 million in the effort.The move comes at a time when Pope Francis has made addressing global inequality a top priority. Like others, the Vatican is turning to for-profit businesses that promote social good.