Combining Profits with Purpose: A New Era of Impact Investing

A Panel Discussion with Peter Borish, Linda Horner & Dr. Kal Mentak

In an era where traditional philanthropy and capitalism often seem at odds, a new wave of thinking is reshaping the landscape—one that integrates financial success with meaningful social impact. This was the central theme of a compelling panel discussion featuring Peter Borish, Linda Horner, and Dr. Kal Mentak, who are at the forefront of this transformation. Moderated by Eric Olsen, the discussion shed light on the evolving intersection of investment and impact, demonstrating that financial returns and social good are not mutually exclusive.

From Philanthropy to Sustainable Impact

Dr. Kal Mentak, a quantum physicist turned entrepreneur and investor, articulated the necessity of rethinking traditional philanthropy. “There are some wonderful, wonderful people giving a lot of money to these causes, but at the end of the day, we’re falling behind,” he said, reflecting on his work addressing global blindness. He emphasized the importance of innovation and sustainability, adding, “We need to think about novel ways to address challenges, and I think the best way to do that is to combine for-profit with nonprofits.”

Mentak introduced the concept of an “invisible heart” to complement Adam Smith’s “invisible hand”—a self-regulating economy driven by self-interest. “An economy driven by an invisible heart, where there’s an intentional pursuit of positive impact alongside profits, can change the way we think about the world,” he asserted.

Impact Investing: Myths and Realities

Linda Horner, a partner at Uplifting Capital, addressed a common misconception about impact investing: that it requires sacrificing financial returns. “Impact investing is a spectrum,” she explained. “You can go into it with varying financial and impact goals. Some investors may choose to concede some financial returns for a deeper impact, but impact investing as we do it targets market-rate returns.”

The field has evolved significantly, she noted, with impact investing now accounting for an estimated $1 trillion globally and projected to grow to $4.5 trillion. “The notion that you can make money while doing good is still met with skepticism,” Horner said. “But as the field matures, more investors are realizing that these two objectives are not at odds.”

The Power of Collaboration

Both Borish and Mentak emphasized the importance of collaboration in scaling impact projects. “Collaboration is everything,” Borish declared. “You have to stick to your strengths. In the carbon market, for example, we’re building an exchange and using technology to verify data. But it takes partnerships with young, innovative minds who understand these technologies to pull it off.”

Mentak echoed this sentiment, particularly in his work to bring cutting-edge vision technology to underserved communities. “We are using advanced technologies that we can monetize for returns, while also providing that technology to NGOs who already have infrastructure in place,” he said. “Vision is a human right, and giving people access to the best technology, regardless of their financial means, is a responsibility we all share.”

Instilling Values in the Next Generation

A thought-provoking discussion emerged on how to ensure that impact-driven thinking extends to future generations. “You have to get your children engaged in something they’re passionate about,” Borish said. “If you’re privileged, you have an obligation to recognize that and give back.”

Mentak took this idea further, advocating for a paradigm shift in business education. “We need to teach spiritual intelligence—not in a religious sense, but in a way that shows young entrepreneurs how being purpose-driven can make them wildly successful,” he argued. “Entrepreneurial talent is the most valuable commodity, more than money, even more than intelligence. If we can instill the idea that building companies with a purpose-driven mindset is not only viable but preferable, we can change the world.”

Challenges and the Path Forward

While the potential of impact investing is immense, the panelists acknowledged the challenges. “How do you measure and manage impact effectively?” Mentak asked. “Artificial intelligence is providing new ways to collect and analyze data, allowing us to track real-time insights and counterfactual outcomes—something we couldn’t even imagine a year ago.”

Horner pointed to another key obstacle: the cost of impact measurement. “If we impose unrealistic KPIs on organizations working on the ground, we hinder their ability to do their work,” she cautioned. Additionally, she highlighted the growing concern over “impact-washing,” where companies claim impact without meaningful results. “Regulations are beginning to hold companies accountable, which will ultimately build more trust in the sector.”

A Call to Action

As impact investing continues to gain momentum, its potential to reshape economies and societies becomes increasingly evident. “More money is better than less,” Borish stated plainly. “Impact investing isn’t just about doing good; it’s about being smart with capital.”

Horner summed up the panel’s shared vision: “Let’s not throw out the baby with the bathwater. The world’s biggest problems haven’t gone away. Whether it’s healthcare, education, or poverty alleviation, capital—when deployed strategically—can be a powerful force for good.”

As the conversation on impact investing evolves, one thing is clear: profit and purpose can, and should, go hand in hand.

 

Peter Borish

Director of CIBC

Since first starting his career at the Federal Reserve Bank of New York, Borish has been at the intersection of technology, financial markets and innovation.

The 1987 market crash coupled with his appointment to the Presidential Task Force on Market Mechanisms (Brady Commission) fostered his commitment to public policy and nonprofits.

After being recruited by Paul Tudor Jones, Borish helped build Tudor Investments into a leading global macro hedge fund. There he led the firm’s investment in research, data and computing.

In addition to his hedge fund business, which he continues today at Computer Trading Corporation, Borish has been an angel investor in numerous startup technology companies. His central thesis is bringing transparency to opaque markets, which reflects his philosophy that more information leads to better decisions. Borish is an independent director of RMB Funds and CIBC Bank USA where he is audit committee certified. He mentors young entrepreneurs as an advisor to a few VC and hedge funds.

The intersection of poverty, policy and politics is the focus on Borish’s nonprofit interests. The Robin Hood Foundation, which he is a founding trustee, brings rigorous metrics and data analysis to its effort to raise families out of poverty in New York City.

Math for America, for which Borish heads the audit committee, founded by the late by Jim Simons, is building a community of accomplished mathematics and science teachers. Borish is a trustee of the Institute of Financial Markets (IFM), which seeks to increase public awareness and understanding of the importance of financial markets and the financial services industry to the global economy.

At the intersection of finance, early stage technology and nonprofits, Borish is uniquely positioned to track the spectrum of opportunities across the investment universe. As such, he regularly shares his expertise and appears on Bloomberg, Yahoo! and CNBC, to name a few.

​Of course, it all begins with the University of Michigan, where Borish received a BA in Economics and a Masters in Public Policy from The Gerald R. Ford School.

 

Linda Horner

Partner at Uplifting Capital

Linda Magara Horner is a Partner at Uplifting Capital, an impact investment firm serving high-net-worth individuals and institutions seeking to align their investments with their values. The firm specializes in fund-of-funds strategies designed to deliver strong financial returns alongside meaningful environmental and societal impact. Linda serves on the investment team and Investment Committee, chairs the firm’s Sustainability Committee, and leads corporate strategy initiatives.

Previously, she was Director of Corporate Strategy at SCAN Health Plan, a $4 billion Medicare Advantage organization focused on improving healthcare for older adults. Her career includes roles in product strategy and M&A at Medtronic, investment banking at Credit Suisse, and finance at Aetna. Linda began her professional career as a CPA in Deloitte & Touche’s audit practice (now inactive).

She earned her MBA from Dartmouth’s Tuck School of Business, where she received the Julia Stell Award for outstanding leadership. Linda graduated Summa Cum Laude with a BS in Business Administration from The Master’s University and holds certifications in impact measurement from the University of Oxford and impact investing from the CFA Institute. She was recently named one of the Toigo Foundation’s 2024 Top 35 Rising Leaders.

Beyond her work, Linda lectures on healthcare strategy at UCLA, coaches in Dartmouth’s MBA personal leadership program, serves as Vice Chair of the Board for Action in Africa, and is an Advisory Board member for the National Black MBA Association – Los Angeles Chapter. A proud Ugandan immigrant and first-generation college graduate, Linda lives in Los Angeles with her husband, Josiah, a high school teacher, and their two sons, Peter (10) and Michael (9). Her life’s passion is to “empower others to walk untrodden paths,” just as she has.

 

Dr. Kal Mentak

Co-founder of Vision Innovation Institute (VII)

Dr. Kal Mentak is an institutional investor, scientist, and entrepreneur. Kal has played a pivotal role in building successful companies across the US and Europe. He founded and led several biotechnology companies including Surgidev Corporation (Ciba Vision and Bausch & Lomb), Advanced Vision Science, Inc. (Santen Ltd), and Tenon Medical (NASDAQ). As an investor and board member, Kal has provided guidance and support to numerous startup founders. He is the author of Cross-Border Capital Quest: A Startup’s Journey to Global Funding, Global Nomads: The rise of the borderless startups, and Letting Go to Grow: The Power of Embracing the Unknown. He was the commencement speaker at the college of engineering at the University of Florida in 2019 and holds over 50 patents. Kal acted as an advisor for mergers and acquisitions with Warburg Pincus and has participated in over $3B in acquisitions and IPOs.

Kal is passionate about eliminating global blindness. He is a principal and board member of the Cure Blindness Project, an organization that has restored sights to 1.6M people and has provided basic eye treatments to over 16.5M people. His latest project, The Vision Innovation Institute (VII) and the Andrew Dougherty Vision Foundation (ADVF) initiative, aims at eliminating global blindness by providing cutting-edge technologies and treatments to all, regardless of economic status.