In 2000, Jed Emerson founded the Center for Blended Value, a think tank based in Colorado that promoted the concept of “blended value” investments. Emerson applied the concept of blended value to criticize the traditionally impermeable wall between foundation investments and programming. Typically, foundations invested 5% of their assets in generating environmental and social value (through grantmaking) and 95% in generating financial returns (through the endowment or corpus). Emerson argued that foundations should actively align their financial and social investments.