I guess I would say that depending on the investor, financial gain may or may not be the important thing.
One of the things we see in this space, speaking from the side of the investor, is that you have finance-first investors, who are looking for the win-win situation where there's financial gain and a social or environmental impact from their investment. But you also have investors who might be impact-first, who may just be happy to get the money back in one form or another because they want to make sure there's a social benefit. They might even be able to tolerate a bit of a loss, but it's still not quite philanthropy; they are not giving it all away. Everyone is different.
In answer to your question, though, for our fund, we are looking for modest financial gain, partly because we would like to think we're going to recycle the money. If our portfolio is successful, we want to grow that $10 million. As we get exits from our investments and we get the money back with interest, we want to pour it into new investments and try new structures and new things.
I would say that like any investment ecosystem, there's going to be a range of different kinds of investors and a range of investments. The risk return profiles will be different. I actually think there is something for everyone, but you can't have it all at the same time. I don't think you can have extremely deep social impact, extremely high returns, and low risk at the same time in the social markets, any more than you can get that in the traditional markets.