This report was produced by Cambridge Associates, a global investment fi rm and one of the world's leading developers of financial performance benchmarks, in partnership with the Global Impact Investing Network, an organisation dedicated to increasing the scale and effectiveness of impact investing worldwide. It presents findings from the first comprehensive analysis of financial performance in impact investing. To maintain a manageable scope, this report specifi cally evaluates the performance of market rate private investment funds in the impact investing space. This report also marks the launch of the first ever financial performance benchmark of private impact investing funds, which Cambridge Associates will maintain and update on a quarterly basis going forward.
While the impact investing industry is in an early stage of development, it is poised for growth. One of the chief barriers to industry advancement remains a paucity of robust research on financial performance. Credible data on risk and return can help both existing and future impact investors better identify strategies that best suit their desired social, environmental, and financial criteria.