Jerry Lees
Founder & Principal Proptrust Financial and Proptrust Limited
How Capital Is Structured to Deliver Durable Impact
Most impact initiatives fail not because of intent, but
because capital is deployed without sufficient attention to governance,
incentives, and operational reality. My approach to SDG-aligned philanthropic
and blended finance is shaped by decades of capital markets experience and
early exposure to the failures and successes of development aid.
Core Principles
1. Capital Follows Governance, Not Vision
No amount of funding compensates for weak boards, unclear accountability, or
founder-dependency. Governance is established before capital is deployed, not
retrofitted.
2. Blended Finance Must Be Deliberate, Not Fashionable
Philanthropic, concessional, and commercial capital each serve distinct roles.
Mixing them without clarity creates misaligned incentives and hidden risk.
Every capital layer must have a defined purpose.
3. Execution Capacity Is the Primary Constraint
Projects are assessed on operator capability, local context, and delivery track
record — not narrative quality. Scaling follows proof, not aspiration.
4. Downside and Reputation Risk Are Real
UHNW individuals, foundations, and DAFs face reputational exposure. Structures
must protect donors from operational failure, regulatory breaches, and
governance lapses.
5. SDGs Are a Framework, Not a Badge
Alignment with multiple SDGs is meaningful only where outcomes are measurable,
sustained, and integrated into operations. Superficial alignment is rejected.
6. Sustainability Outranks Speed
Capital that deploys quickly but collapses after initial funding destroys trust
and impact. Long-term funding logic is designed at inception.
What This Approach Avoids
SDG-washing
and marketing-led impact claims
Capital
leakage through weak controls
Over-reliance
on charismatic founders
Donor
fatigue caused by repeated refinancing
Mission
drift under capital pressure
The Objective
To deploy philanthropic and blended capital in a way that:
Protects
donor capital and reputation
Delivers
measurable, durable outcomes
Builds
institutions rather than dependencies
Respects
local realities and execution constraints
This is not concessionary thinking. It is disciplined
capital applied to long-term impact.
How Capital Is Structured to Deliver Durable Impact
Most impact initiatives fail not because of intent, but because capital is deployed without sufficient attention to governance, incentives, and operational reality. My approach to SDG-aligned philanthropic and blended finance is shaped by decades of capital markets experience and early exposure to the failures and successes of development aid.
Core Principles
1. Capital Follows Governance, Not Vision
No amount of funding compensates for weak boards, unclear accountability, or
founder-dependency. Governance is established before capital is deployed, not
retrofitted.
2. Blended Finance Must Be Deliberate, Not Fashionable
Philanthropic, concessional, and commercial capital each serve distinct roles.
Mixing them without clarity creates misaligned incentives and hidden risk.
Every capital layer must have a defined purpose.
3. Execution Capacity Is the Primary Constraint
Projects are assessed on operator capability, local context, and delivery track
record — not narrative quality. Scaling follows proof, not aspiration.
4. Downside and Reputation Risk Are Real
UHNW individuals, foundations, and DAFs face reputational exposure. Structures
must protect donors from operational failure, regulatory breaches, and
governance lapses.
5. SDGs Are a Framework, Not a Badge
Alignment with multiple SDGs is meaningful only where outcomes are measurable,
sustained, and integrated into operations. Superficial alignment is rejected.
6. Sustainability Outranks Speed
Capital that deploys quickly but collapses after initial funding destroys trust
and impact. Long-term funding logic is designed at inception.
What This Approach Avoids
SDG-washing and marketing-led impact claims
Capital leakage through weak controlsOver-reliance on charismatic founders
Donor fatigue caused by repeated refinancing
Mission drift under capital pressure
The Objective
To deploy philanthropic and blended capital in a way that:Protects donor capital and reputation
Delivers measurable, durable outcomes
Builds institutions rather than dependencies
Respects local realities and execution constraints
This is not concessionary thinking. It is disciplined capital applied to long-term impact.
Interests
Travelling, the arts, sailing, skiing and building businesses.
