There has been growing interest in investments in for-profit enterprises where investors seek particular social outcomes (e.g., health, sanitation, or financial services for the poor) in addition to or even at the sacrifice of financial return. A small but growing subset of impact investments involves social impact bonds to help finance government pay-for-success contracts with organizations seeking to problems such as recidivism, homelessness, and asthma. Foundations, including Gates, Ford, and MacArthur make such impact investments through what the Internal Revenue Code terms "program-related investments," which count toward the foundations' required annual payout. And some family offices and high net worth individuals make them out of their checkbooks. We will take a sympathetic but skeptical look at a range of impact investments to understand their potential for solving social problems and also their limitations. Two pervasive questions will be the scope of investment opportunities that sacrifice financial return, and whether and when investments that seek risk-adjusted financial returns accomplish anything that ordinary commercial investments wouldn't do anyway. The discussion seminar requires no prior knowledge of philanthropy or finance. Winter Quarter. Class meeting dates: To be determined by instructor. DISCUSSIONS IN ETHICAL & PROFESSIONAL VALUES COURSES RANKING FORM: To apply for this course, 2L, 3L and Advanced Degree students must complete and submit a Ranking Form available on the SLS Registrar's Office website (see Registration). See Ranking Form for instructions and submission deadline. Elements used in grading: Class attendance at all sessions and class participation.