Funding Social Businesses on Mainstream Markets

4 Pages Posted: 19 Dec 2013

See all articles by Uli Grabenwarter

Uli Grabenwarter

European Investment Fund; IESE University of Navarra

Date Written: July 10, 2011


The paper develops arguments for the need of a new form of legal entity for social enterprises that allow the co-existence of for-profit and non-for-profit shareholders within the capital structure of a company. The paper is the basis of the legal form of the Société d'Impact Sociétal developed under Luxembourg law which serves as a role model for social enterprises seeking funding from both philanthropic and for-profit investors.

Keywords: social enterprise, impact investing, impact measurement, corporate structure

Suggested Citation

Grabenwarter, Uli, Funding Social Businesses on Mainstream Markets (July 10, 2011). Available at SSRN: or

Uli Grabenwarter (Contact Author)

European Investment Fund ( email )

15, avenue J.F. Kennedy
Luxembourg City, 2968
+352 426688 341 (Phone)
+352 426688 301 (Fax)


IESE University of Navarra ( email )

Avenida Pearson 21
Barcelona, 08034
+352 621 239 324 (Phone)

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