Some of world's richest families have signed up to a pact: They will invest parts of their vast fortunes in ways that improve the lives of others.
The group, which calls itself The ImPact, has plenty of billionaire street cred: It's the brainchild of Justin Rockefeller (a great-great grandson of John D. Rockefeller) and Josh Cohen (CIO of Tyden Ventures).
Its founding members include Liesel Pritzker Simmons (an heiress to the Hyatt Hotels (H)fortune), Jason Ingle (great-great grandson of Henry Ford) and Jim Sorenson (son of businessman James LeVoy Sorenson).
The idea is similar to Bill Gates and Warren Buffett's The Giving Pledge, which requires signatories to give away at least half their wealth. But this is about investing for good.
"No amount of philanthropy or foreign aid will solve the problems the world faces," said CEO Abigail Noble. "We need to use businesses and capital markets."
Noble said she is focused on working with the "most influential families globally," and especially younger family members who want to add impact investing to the philanthropic work their parents and grandparents started.
The ImPact has built a global network of 125 members since it was founded in 2015, and recently added signatories from Brazil and South Korea.