Heard on the Street: Bono and TPG measure impact investing, the Business Equity Initiative, and the problem with ESG investing

Heard on the Street – here’s what we were reading last week:

Strengthening the black and Latino entrepreneurial class: An overview of the impact of the Business Equity Initiative, which focuses on supporting black and Latino enterprises as a means of narrowing the wealth gap in Boston.

U2’s Bono and TPG Launch Company to Measure ‘Impact Investments’: The U2 frontman and his business partners at the U.S. private-equity firm announced a new company called Y Analytics, which will use a method they developed to measure social and environmental change created by investments.

$4.5 million Wilson Foundation gift will support startup investments: Launch NY has rapidly become a formidable investment entity in Central and Western New York since starting its nonprofit seed fund in 2016. Now it’s set to turbocharge those efforts with a $4.5 million gift from the Ralph C. Wilson Jr. Foundation.

If ‘ESG investing’ is so great, why is the world going to hell?: The three-letter acronym for “environmental, social and governance” has broken out from the wonky world of finance and into subway ads and online pitches for a slew of new ESG mutual funds, ETFs and other financial services. But does it really make any difference in the real world?