ABSTRACT

Long before the term ‘impact investment’ was coined, Historical Homes of South Africa Limited was established in 1966. This company bought memorable historical buildings that could otherwise have been demolished, restored them, and rented them out at commercial rates. By preserving cultural heritage, they encourage tourism and hence economic growth. As an impact-first impact investor Historical Homes of South Africa not only generates positive, measurable social impacts, but also financial returns. The most important factors that have helped the company obtain and maintain legitimacy over five decades are having clearly defined social impact objectives, and achieving these objectives in an effective and efficient manner. This case study contributes to the literature on cultural heritage preservation and the limited body of knowledge on legitimising the impact investment industry. Impact-first impact investors should focus on consequential, linkage, socio-political and pragmatic legitimacy considerations when interacting with social actors, notably investors and advocacy groups.

摘要

早在“影响力投资”一词被创造出来之前，南非历史家园有限公司就于 1966 年成立。该公司购买了令人难忘的历史建筑，否则这些建筑可能会被拆除、修复，然后以商业价格出租。通过保护文化遗产，它们鼓励旅游业，从而促进经济增长。作为影响力优先的投资者，南非历史家园不仅产生了积极的、可衡量的社会影响，而且还产生了财务回报。五年来帮助公司获得并保持合法性的最重要因素是明确定义的社会影响目标，并以有效和高效的方式实现这些目标。本案例研究有助于文化遗产保护的文献和关于影响力投资行业合法化的有限知识体系。影响力优先的影响力投资者在与社会参与者，尤其是投资者和倡导团体互动时，应关注后果、联系、社会政治和务实的合法性考虑。