Accelerating Impact
Achievements, Challenges and 
What’s Next in Building 
the Impact Investing Industry

Impact investing involves “investors seeking to generate both financial 
return and social and/or environmental value—while at a minimum returning 
capital, and, in many cases, offering market rate returns or better.”

The concept and the practice of Impact Investing—or the placement of capital with 
intent to generate positive social impact beyond fi nancial return—have grown and 
matured signifi cantly over the past fi ve years. In 2008, the Monitor Institute took stock 
of the emerging industry and characterized it as being on the precipice of passing from 
a stage of “uncoordinated innovation” into one of “marketplace building.” Since 2008, 
the Rockefeller Foundation has sought to help build that marketplace as well as hold 
it accountable for its social and environmental impact goals. We have helped to build 
networks, develop social impact ratings and reporting standards, cultivate new and 
larger intermediaries and contribute to research and enabling policy environments. 
“Industry building” is not often the remit of foundations, but our rationale for doing 
so was clear: a functioning impact investing industry has the potential to complement 
government and philanthropy by unlocking signifi cant resources to address the world’s 
most pressing problems and to improve the lives of poor and vulnerable people. 
Four years later, and as part of our commitment to learning and accountability within 
the Foundation and to our partners and stakeholders, we undertook an independent 
evaluation of our work in this arena. In March 2012, we presented to our Board the 
results of this evaluation, undertaken by E.T. Jackson and Associates. It highlighted 
a number of early successes and remaining challenges, many of which will shape our 
activities in the months and years to come. As part of its evaluation, E.T. Jackson also 
undertook a global scan of impact investing activity over the past four years so that 
we could assess our progress in relation to the evolution of the broader fi eld. We 
believe the results of the scan will also be informative for a number of other current 
and future industry participants, and we are proud to contribute it to the growing 
body of evaluative knowledge and research in this fi eld.
It is clear from our evaluation and scan, and from the growing body of research on 
impact investing, that there exists great momentum and inspiring leadership in this 
dynamic fi eld. More signifi cantly, there are promising signs here that together we can 
play an important role in bringing about a more sustainable, resilient and equitable 
future for humankind. We are honored to work with all of you on this journey. 
Margot Brandenburg Nancy MacPherson
Acting Managing Director Managing Director
Impact Investing Initiative Evaluation Offi ce
The Rockefeller Foundation The Rockefeller Foundation