这几年一直在关注长期主义现象，最近发现国内经济管理领域开始提耐心资本概念，这与长期主义几乎有异曲同工之妙，正好也想对这个话题聊上几句，顺道找一点关于耐心资本的论述。
Patient capital represents a transformative approach within the realm of impact investing, where the focus shifts from short-term gains to long-term investments in social or environmental change. Unlike traditional investment strategies that prioritize quick returns, patient capital is characterized by its willingness to wait for a longer period for a return on investment, often accepting lower returns in exchange for higher social impact. This form of capital is crucial for ventures addressing complex issues like poverty, healthcare, and sustainable agriculture, where systemic change requires time and sustained effort.
From the perspective of social entrepreneurs, patient capital is a lifeline that allows them to scale their operations without the pressure of delivering immediate financial results. For investors, it's an opportunity to contribute to significant societal changes while still receiving some financial return. Beneficiaries of such investments, often in low-income or underserved communities, gain access to services and products that can dramatically improve their quality of life.
大意是说：
耐心资本代表了影响力投资领域的一种变革性方法，其重点从短期收益转向对社会或环境变化的长期投资。与优先考虑快速回报的传统投资策略不同，耐心资本的特点是愿意等待更长的时间以获得投资回报，通常接受较低的回报以换取更高的社会影响。这种形式的资本对于解决贫困、医疗保健和可持续农业等复杂问题的企业至关重要，因为系统性变革需要时间和持续的努力。
从社会企业家的角度来看，耐心资本是一条生命线，使他们能够扩大业务规模，而不会面临立即取得财务成果的压力。对于投资者来说，这是一个为重大社会变革做出贡献的机会，同时仍能获得一些经济回报。此类投资的受益者，通常在低收入或服务不足的社区，可以获得可以显著提高其生活质量的服务和产品。
关于耐心资本有以下一些特点：
1. Long-Term Horizon: Patient capital often involves investment horizons that span decades. For example, a fund might invest in a clean water project in a developing country, understanding that the true impact, both socially and financially, will unfold over many years.
2. Risk Tolerance: Investors in patient capital are typically more tolerant of risk. They understand that investing in emerging markets or innovative social enterprises carries inherent risks, but they're mitigated by the potential for substantial long-term impact.
3. Engaged Investment: Unlike passive investments, patient capital often comes with a hands-on approach. Investors may provide mentorship or strategic guidance to ensure the success of the venture.
4. Blended Finance: Patient capital can be part of blended finance structures, where public or philanthropic funds are used to attract private investment, reducing risk and enhancing potential impacts.
5. Success Metrics: The success of patient capital investments is measured not just in financial returns but also in social and environmental impact. Metrics might include the number of people lifted out of poverty, health outcomes, or carbon emissions reduced.
6. Examples of Impact: The Grameen Bank in Bangladesh is a prime example of patient capital at work. Investors provided funds to offer microloans to impoverished women, enabling them to start small businesses and improve their economic standing over time.
Patient capital is not just an investment strategy but a commitment to fostering enduring change. It requires a blend of optimism, pragmatism, and a deep understanding of the complex challenges that our world faces. By prioritizing impact over immediacy, patient capital has the potential to drive sustainable development and create a more equitable global economy.
大意是说：
1.长期视野：耐心资本通常涉及跨越数十年的投资视野。例如，一个基金可能会投资于发展中国家的一个清洁水项目，因为它知道，真正的社会和财务影响将在多年内显现出来。
2.风险承受能力：耐心资本的投资者通常更能承受风险。他们明白，投资新兴市场或创新型社会企业会带来固有风险，但这些风险会因潜在的长期影响而减轻。
3.参与式投资：与被动投资不同，耐心资本通常伴随着实践方法。投资者可以提供指导或战略指导，以确保企业的成功。
4.混合融资：耐心资本可以成为混合融资结构的一部分，其中公共或慈善基金用于吸引私人投资，降低风险并增强潜在影响。
5.成功指标：耐心资本投资的成功不仅以财务回报来衡量，还以社会和环境影响来衡量。指标可能包括摆脱贫困的人数、健康结果或减少的碳排放量。
6.影响的例子：孟加拉国的格莱珉银行是耐心资本发挥作用的一个典型例子。投资者提供资金，为贫困妇女提供小额贷款，使她们能够创办小企业，并随着时间的推移提高经济地位。
耐心资本不仅是一种投资策略，也是对促进持久变革的承诺。它需要乐观主义、实用主义和对我们世界面临的复杂挑战的深刻理解。通过将影响置于即时性之上，患者资本有可能推动可持续发展，创造一个更公平的全球经济。
——上述信息来自
https://fastercapital.com/content/Patient-Capital-s-Role-in-Sustained-Impact-Investing.html
我很认同文章结尾的一句话：
Patient capital is not just an investment strategy; it is a transformative force that redefines success in terms of lasting impact rather than immediate gain. It is a testament to the power of perseverance and a reminder that the most enduring legacies are built over time, not overnight.
大意是说：
耐心资本不仅仅是一种投资策略；它是一种变革性力量，从持久影响而非即时收益的角度重新定义了成功。这证明了毅力的力量，也提醒我们，最持久的遗产是随着时间的推移而建立的，而不是一夜之间。
说明：文中图片来自网络，没有任何商业目的，仅供欣赏，特此致谢！
2025-9-17于南方
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