Following an initial presentation in Madrid last December, a new session was held in Barcelona to share the conclusions of the study Foundations and Impact Investment: Aligning Impact Investment and Foundation Purposes.
The session took place at the Educo HUB and began with a welcome from Jaume Buch, Global Manager of Special Projects and Security at Educo, who highlighted the importance of creating spaces where the social sector and the financial world can meet to drive new impact financing solutions.
A study to generate knowledge and action
Aldara Fernández de Córdova, President of Fundación AltamarCAM, and María Luisa Lombardero, trustee of that Foundation and also of Educo ONG, presented the objective and main conclusions of the study. During their contribution they underlined the importance of generating knowledge so that foundations can develop strategies aligned with their mission, noting that this report aims precisely to facilitate that process.
One of the central messages was the need to move from reflection to practice: learning by doing. Impact investment remains a relatively new field for many foundations, and practical learning is key to understanding its potential and its challenges.
Cross-conversation: foundations ‘vs.’ impact investment
The first cross-conversation brought together Ana Maestre, Director of the Fondo de Fundaciones, and Mercedes Valcárcel, Director General of SpainNAB. The dialogue started from a clear idea: for years, foundations and impact investment have been perceived as belonging to different worlds, with a certain tension between prudence in asset management and the ambition to generate impact.
From there, both reflected on the origins of that perception — cultural, legal or linked to the governance of foundations themselves? It was also noted that, in recent years, something is changing in the sector. More and more examples and conversations are appearing in boards of trustees about how to align asset management with the foundation’s mission.
From the experience of the Fondo de Fundaciones, Ana Maestre shared that many organisations approach impact investment with a mixture of curiosity and growing conviction, although barriers still exist when analysing an operation, related to internal culture, governance or the balance between financial returns and mission.
The conversation concluded with a shared reflection: integrating impact investment means rethinking the role of assets in a foundation’s identity and moving towards models where investment and mission cease to be seen as separate domains. This is not about displacing traditional philanthropy, but about complementing it, incorporating impact investment tools that amplify foundations’ positive impact and better align all their resources with their mission.
Case studies: experiences from the field
The session continued with a panel moderated by Lisa Hehenberger, Chair at ECSI-ESADE, in which different experiences from organisations already working with impact-oriented financing models were presented.
Participants in this panel included:
- Guiomar Todó, Deputy Director of Educo
- Marta Solsona, Coordinator of the Work4Progress programme at Fundación ‘la Caixa’
- Guillermo Ricarte, CEO of Ship2B Foundation
The debate highlighted the role of intermediaries and facilitating organisations that connect social entities with funders, helping to structure projects and generate investment opportunities.
The value of the technical support offered by some funders was also emphasised — support that not only provides capital but also knowledge and strategic guidance. This accompaniment helps strengthen the sustainability of social organisations and enhance their capacity to generate impact.
Investing foundations and invested organisations
In the second cross-conversation, Deborah Gold, Impact Investment Adviser at Fundación Daniel y Nina Carasso, entered into dialogue with Martin Habiague, Director of Fundación Mescladís.
This exchange made it possible to analyse the relationship between investing foundations and the social organisations that receive their support, highlighting the importance of building relationships of trust, shared objectives and impact monitoring mechanisms.
It was also underlined that impact investment can become a transformative tool to drive more sustainable models in the social sector, provided there is mutual understanding between funders and organisations.
Ecosystem connection and next steps
The session began with a welcome coffee hosted by Filantrópico and concluded with a networking cocktail organised by Fundación Mescladís, two spaces that facilitated exchange among attendees and allowed the conversations initiated during the programme to continue.
The event demonstrated that interest in impact investment within the foundation sector is growing, but also underlined the importance of continuing to generate knowledge, share experiences and create spaces for collective learning. Initiatives such as this study and the associated events aim precisely to accompany that evolution and help more and more foundations explore how to align asset management with their mission in order to broaden their positive impact.
