Impact Investing to Create Shared Value

Dr. Ruth A. Shapiro is the Co-Founder and Chief Executive of the Centre for Asian Philanthropy and Society (CAPS). CAPS is a research and advisory non-profit organization based in Hong Kong and working throughout Asia. CAPS is committed to producing world-class, evidence-based research to help philanthropists, governments and social delivery organizations maximize the positive impact of private social investment.

Dr. Shapiro is the primary author of Pragmatic Philanthropy: Asian Charity Explained, published by Palgrave Macmillan in January 2018. She is the editor of The Real Problem Solvers, a book about social entrepreneurship in America. She also co-authored the book, Building Energy Efficiency: Why Green Buildings are Key to Asia’s Future. She has published articles in Nikkei Asia, the South China Morning Post, Alliance and Philanthropy Impact and is a regular speaker on issues related to private social investment in Asia.

Dr. Shapiro founded the Asia Business Council and served as its Executive Director since its inception in 1997 until May 2007. She spent the early part of her professional career in the field of international development. Within this field, she held management positions and built new program areas at the Academy for Educational Development, the Harvard Institute of International Development and Global Outlook. She holds a doctorate from Stanford University and master’s Degrees from Harvard University and George Washington University. She completed her undergraduate work at the University of Michigan.

Cintia Nunes is the General Manager and Head of Asia of The Mills Fabrica. As the innovation engine to sustainability and impact of Hong Kong conglomerate Nan Fung Group, Cintia leads the team to connect innovators in the techstyle and agrifood tech space with capital, connections, and expertise — to bring sustainability tech innovations from concept to market.
Drawing inspiration from social business principles that prioritize both profitability and purpose, she is committed to facilitating collaboration among stakeholders across the ecosystem to advance positive environmental and social impact at scale.
Before joining The Mills Fabrica, Cintia served as Chief of Strategy and Growth at Hong Kong’s largest network of social enterprises and impact ventures. She also held leadership roles at a multinational FMCG company where she formalized business strategies for over 10 brands.

2025 Sustainability Goals

• More industry level cross-sectors collaborations
• Open dialogues across stakeholder groups on what works/what doesn’t
• Accessibility/transparency to capital across asset classes for impact

Ariel Shtarkman is Co-Founder and Managing Partner of Undivided Ventures, VC platform investing in early-stage technology companies, identifying a pathway to a more sustainable future for the built environment – real estate, infrastructure and cities. She is also the Founder of Orca Capital, single family office focusing on real estate and technology.

Previously, Ariel was with Citibank Real Estate Structured Finance in Hong Kong, where she structured debt instruments for real estate developers, REITs and private equity funds. She also worked in real estate private equity funds sponsored by ING Clarion in New York and ING Real Estate Investment Management in Hong Kong.

Ariel holds an MBA from Columbia Business School with a concentration in Real Estate, and BSc from Tel Aviv University with double major in Computer Science and Business Administration. She serves as Urban Land Institute (ULI) Global Governing Trustee and as co-Head of Technology and Innovation Committe of ULI Hong Kong.

My Sustainability Goals for 2025:

I hope to see definite and scalable action from both the private sector embracing technology to solve sustainability challenges, and the government taking steps to ensure a clear path to Hong Kong’s sustainable future