Page 141 - Social Enterprise A New Business Paradigm for Thailand

Investors in this category employ a wide range of instruments to support or invest in social
enterprises. Among the most recognized institutions in this field are the Calvert Fund and the

Better Capital Society (BCS). Details on each are provided below.

Calvert Fund
Calvert Investments was established in 1976 by Wayne Silby and John Guffey (Vesey, 2024). In
1982, the firm launched the Calvert Social Investment Fund (CSIF), one of the first investment
funds in the United States to apply Environmental, Social, and Governance (ESG) criteria in
selecting its investments (NMIMS University, 2020). Later, in 1988, Calvert established the

Calvert Foundation, a nonprofit organization dedicated to direct investments in underserved
communities. Today, the Calvert Foundation is known as Calvert Impact. Currently, the Calvert
Fund operates as an affiliate of Morgan Stanley, providing capital and support for projects
aimed at expanding opportunities in disadvantaged communities. These include investments
in affordable housing, small business development, and community revitalization efforts.
Under Morgan Stanley’s stewardship, Calvert emphasizes Sustainable and Responsible
Investing (SRI), applying ESG criteria transparently in its investment decision-making process.

Calvert is well-regarded for its creative and diversified investment strategies, focusing on

companies that demonstrate strong social and environmental responsibility, with the goal of
delivering long-term returns for investors. The fund allocates capital across multiple asset
types centered on responsible investing, including:

1. Equity investments in companies with sound ESG practices, while avoiding industries with
adverse environmental impacts such as tobacco, weapons, and fossil fuels.
2. Fixed income investments in bonds and debt instruments issued by socially responsible
corporations and governments.
3. Sustainable and impact investments that generate measurable social or environmental

outcomes.
4. Special Equities Programs that target high-impact projects, including businesses in
renewable energy and sustainable agriculture.
Calvert raises funds through bonds, mutual funds, and sustainability-focused instruments such
as Green Bonds and Social Bonds. It also mobilizes retail capital through low-threshold
investment tools like the Community Investment Note, allowing individuals to invest from as
little as USD 20 in initiatives such as affordable housing, renewable energy, and community
development.

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