Impact Investing Innovation: Bringing Together Public, Private and Third Sectors to Create Greater Value: The Case of the Public Private Partnership Initiative for the New Public Hospital of Treviso

  • Filippo Addarii
  • Fiorenza Lipparini
  • Francesca Medda
Part of the Palgrave Studies in Impact Finance book series (SIF)


This chapter documents the first pilot project integrating the social impact investing dimension in a large infrastructure project: the project finance for the upgrande and extension of the public hospital in Treviso (Northern Italy). The case study is a compelling example of ‘Shared Value’ highlighting the potential and limits of the theoretical framework developed by Porter and Kramer (Harvard Business Review, 89(1–2), 62–77, 2011).


Impact investing Shared value Public-private partnership 


  1. Crane, A., Palazzo, G., Spence, L. J., & Matten, D. (2014). Contesting the value of “creating shared value”. California Management Review, 56(2), 130–153.CrossRefGoogle Scholar
  2. Directorate-General for Research and Innovation, Directorate-General for Employment, Social Affairs and Inclusion, Innovation, D. F., A., Directorate-General for Regional and Urban Policy, & Europa, I. (2017, October 23). Vision and trends of social innovation for Europe. Retrieved from
  3. European Commission. (2016, September 14). State of the union 2016: Strengthening European investments for jobs and growth. Towards a second phase of the European Fund for Strategic Investments and a new European External Investment Plan. COM(2016) 581. Retrieved from
  4. European Commission, & High-Level Expert Group on Sustainable Finance Secretariat Provided by the European Commission. (2017, July). Financing a sustainable European economy. Retrieved from
  5. Fukuyama, F. (2015). Political order and political decay: From the industrial revolution to the globalisation of democracy. London: Profile Books.Google Scholar
  6. Growth Capital Ventures. (2017). Investing in breakthrough corporate venture capital. Retrieved from
  7. HUB – Human Ecosystems Bologna. (2015). Human ecosystem bologna report. Retrieved from
  8. Independent Dormant Asset Commission, Department for Digital, Culture, Media & Sport, HMRC. (2017, March). Dormant assets commission: Final report to government tackling dormant assets recommendations to benefit investors and society. Retrieved from
  9. Lendlease. (2016, February). GRMRs global minimum requirements – Environment, health & safety. Lendlease. Retrieved from
  10. Lipparini, F., Phillips, S., Addarii, F., & Johar, I. (2015, March). From good to growth: Promoting social investment and public good to stimulate the European economy. Retrieved from
  11. Mazzucato, M. (2013). The entrepreneurial state: Debunking public vs. private sector myths. London: Anthem Press.Google Scholar
  12. Olson, M. (1965). The logic of collective action: Public goods and the theory of groups. Cambridge, MA: Harvard University Press.Google Scholar
  13. Pasi, G. (2017, June). Modelli di Risposta ai Nuovi Bisogni Sociali e Possibili Scenari di Riforma. Retrieved from
  14. Porter, M. E., & Kramer, M. R. (2011). The big idea: Creating shared value – How to reinvent capitalism and unleash a wave of innovation and growth. Harvard Business Review, 89(1–2), 62–77.Google Scholar
  15. Putnam, R. D., Leonardi, R., & Nanetti, R. Y. (1994). Making democracy work: Civic traditions in modern Italy. Princeton, NJ: Princeton University Press.Google Scholar
  16. Santarelli, M., & European Investment Bank (EIB). (2017, July 25). Italy: Juncker plan – EIB finances better healthcare in the Veneto Region. Retrieved from
  17. Social Impact Investment Taskforce. (2014, September 15). Impact investment: The invisible heart of markets. Harnessing the power of entrepreneurship, innovation and capital for public good. Retrieved from
  18. Social Value UK. (2012). A guide to social return on investment. Retrieved from
  19. Vecchi, V., & Leone, V. (2016). Partnership pubblico privato: Una guida manageriale, finanziaria e giuridica. Milano: Egea.Google Scholar
  20. Vecchi, V., Balbo, L., Brusoni, M., & Caselli, S. (2015). Principles and practice of impact investing (1st ed.pp. 275–293). Palgrave Macmillan US.Google Scholar
  21. Venturi, P., & Zandonai, F. (2014). Ibridi organizzativi: L’innovazione sociale generata dal Gruppo cooperativo Cgm. Bologna: Il Mulino.Google Scholar
  22. Wolanski, F. D. (2017, June 17). Nuovo ospedale di Treviso: Zaia posa la prima pietra – Cronaca. Retrieved from

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Filippo Addarii
    • 1
  • Fiorenza Lipparini
    • 1
  • Francesca Medda
    • 2
  1. 1.PlusValueLondonUK
  2. 2.QASER LaboratoryUniversity College LondonLondonUK

Personalised recommendations