Social welfare.  Millennials and women -- both growing forces in the pool of Money Holders -- are more likely than their past generations and men in general to value doing good in addition to doing well.  According to Patrice Viot Coster, COO of AXA Investment Managers Research: “People may want to express openly who they are through their investments: I am what I invest.” We do not mean the philanthropic activities of hedge fund billionaires, but the general desire of the average investor to positively impact the world through their investments.  Social impact or “green” bonds offer a creative way for investors to invest in companies offering returns linked to achieving certain defined social impacts.  Numerous “double-bottom-line” socially responsible investors promise Money Holders the option of earning high returns while they achieve certain socially desirable goals. Generation Investment Management (co-founded by former Vice President Al Gore) has over $7B under management,  and differentiates from competition in large part based on their focus on “sustainability research”.   According to Cambridge Associates, private impact investment funds – specifically private equity and venture capital funds – that pursue social impact objectives have recorded financial returns in line with a comparative universe of funds that only pursue financial returns.