On the third point, if I understand the question correctly, one of the models that I spoke to is the idea of catalytic capital. Catalytic capital works to essentially incentivize second or third investors into a capital stock to invest in an intervention. Someone needs to initiate it.
If you remove social finance from the equation, if I were to develop an investment opportunity—forget about whether it's socially motivated or not—the first investor is the one who is going to be the catalyst for the rest of the investors. If someone says, “This is actually a legitimate investment. It can generate the returns I'm looking for. I'll be the first in”, the second and third investors will come in line. Some often wait until the first investor comes on board before they decide to invest.
The same thing occurs in social finance. In the case of social finance, you have the additional complication of, at this stage in the space of social finance, not understanding what opportunities exist, how social financing works, what it means, or how you guarantee that social outcome gets generated. How do you measure it? How do you count it?
Someone needs to kick-start that equation. In some cases it's government; in other cases it could be private foundations or philanthropists. There's always a spark that needs to happen to create the investment opportunity.