Publications
Explore our articles and core researchBridgespan Social Impact Publications about Impact Investing
Our work includes in-depth articles and reports on getting started with impact investing, the role it can play in the world, and how to measure its effectiveness. We publish in a number of leading business and social-impact publications, including the Harvard Business Review and ImpactAlpha.
From Principle to Practice: The Case for Gender-Lens Investing
Research shows that gender-lens investing offers a proven pathway to stronger financial performance and measurable social outcomes, with women-inclusive businesses delivering higher returns, lower risk, and expanded market opportunity. For those seeking scalable sustainable impact, integrating gender equity is becoming a strategic advantage, rather than a tradeoff.
Inside Impact Investing: Big Names and Big Numbers
As traditional credit strategies surge in a high-rate environment, impact is following suit, bringing both yield and purpose. What sets top performers apart? Strong sponsor alignment, disciplined diligence, and embedded incentives. For LPs seeking scalable, defensible returns with impact upside, now is the moment to lean in.
Investing in Human Rights: Six Areas for Impact and a Database of Change
By Capricorn Investment Group, Bridgespan Social Impact, Robert F. Kennedy Human Rights
When we think about human rights, we often picture activists with protest signs or diplomats at negotiation tables. But what about investors? The financial community has an increasingly powerful role to play in advancing human dignity around the world—and forward-thinking institutions are recognizing this opportunity.
Human Rights Investment Database
To help investors direct their capital and to explore how investors and funders are deploying capital toward human rights, we have curated a database of funds that are actively investing in human rights outcomes. This database documents each fund’s alignment with six key areas for human rights investment: health and quality of life, affordable housing, supply chain and fair labor practices, equal access to quality education, equal access to justice, and rights to opinion, information, and privacy.
Inside Impact Investing: Growth of Climate, Decline of Social, and More
In our inaugural video, Bridgespan partners Stephanie Kater and Michael Etzel discuss the rapid growth of climate-specific funds, the potential loss of momentum on social issues, and the future outlook of generalist funds.
For Outsized Impact, Investors Should Look to Africa
For institutional impact investors, Africa is the new frontier. Rich in economic potential, the continent also offers fertile soil for investors interested in seeing their capital put to use addressing social and environmental challenges such as climate change, economic disparities, and gender inequality. And, thanks to new approaches to impact, measurement, and management pioneered in Africa, such investors can now measure the difference they’re making in the world with a precision once reserved for financial returns.
Investing to Close the US’s $8 Trillion Racial Wealth Gap
In this piece written for ImpactAlpha, Bridgespan partners Stephanie Kater and Devin Murphy, and contributing authors Simon Stephanos and Andrew Key, discuss ways that patient capital can unlock lost potential in midst of the US racial wealth chasm.
How Individual Donors and Family Offices Can Use Impact-First Investing to Catalyze Climate Solutions
Contrary to what they might assume, individual and family-office impact investors can make a real difference in combating climate change. Their impact can also be catalytic—if they are willing to take some risks and forgo market-rate returns. Pioneering impact-first investors are showing the way.
Want to Advance Diversity, Racial Equity, and Inclusion Goals Through Your Investing? Here Are Three Questions to Ask.
This framework from Mission Investors Exchange offers an approach to “disrupting unjust flows of capital” and proposes three questions for examining investment strategy, allocation of capital, and results with regard to diversity, equity, and inclusion goals.
Closing the Capital Gap on Impact Investment in Africa
African fund managers face unique obstacles that impede their access to capital for social impact. Given their lived experience, networks, and access to opportunities, they are well placed to deploy impact capital on the continent. Bridgespan Africa’s new research surfaces ways that “first-mover” investors can back African fund managers with confidence while also achieving financial goals.
Capricorn Investment Group
Capricorn’s Sustainable Investors Fund makes early-stage investments in innovative asset-management firms to help propel their work on environmental and social issues.
Opportunities for Impact Investing to Champion Reproductive Care After Dobbs
Since the Dobbs ruling, private investors and philanthropic organizations have stepped up their pursuit of mission-driven impact investments in reproductive care enterprises, especially those serving systemically underserved individuals and communities. This research identifies opportunities for timely impact investments in the reproductive field as a complement to existing philanthropic funding.
How Impact Investing Could Help Improve Health and Well-Being
Highlights three areas where the potential exists for impact-oriented investors to make a difference in healthcare.
Getting Smart on Impact Investing in the Education Sector
Three areas—edtech, early childhood, and income-share agreements—provide promising investment opportunities for impact investors interested in the education sector.
The Future of Impact Investing in the Financial Services Sector
In the financial services sector, investments made in initiatives that operate in areas with limited access to financial services and bring new people into banking systems hold promise for high potential impact.
How Private Credit Investors Can Get a Grip on Impact
Private credit investors have a huge opportunity to point their portfolios towards impact, writes Michael Etzel, partner and co-head of impact investing at consulting firm Bridgespan.
How Value-Creation Plans Can Put More “Impact” in “Impact Investing”
Significant opportunities exist for institutional impact investors looking to place impact at the heart of their portfolio company engagement. We share three lessons from our experiences and conversations with leading impact investors on how to do this most effectively.
Getting Money off the Sidelines: A Starting List to Invest for Racial Equity
As more investors seek to direct capital toward racial equity, here’s a starter list to help.
Impact Investing: Sector Themes
This series of short articles, drawn from our due diligence work for over 1,200 potential impact investments, explores best practices, themes, and trends we’ve observed across several sectors.
Impact Investors and the Coming Energy Sector Transformation
Impact investors are putting more money into the energy sector than any other. Here’s what our work analyzing over 70 potential investments found.
What Drives Impact Investing in the Food and Agriculture Sector?
Investing in smallholder farmers and solutions to store carbon are just two ways impact investors are advancing social and environmental progress through the food and ag sector.
Why the World Needs Both ESG and Impact Investing
While both impact investing and ESG investing can deliver compelling financial returns, there are some key differences between the two. Understanding these can help impact investors make better investment decisions and avoid “impact washing.”
Why Mainstream Private Equity Firms Should Consider Launching an Impact Investing Vehicle
Three reasons why private equity firms should consider launching an impact investing vehicle.
Back to the Frontier: Investing that Puts Impact First
Impact investing has boomed over the past decade, driven by the ethos that financial performance goes hand-in-hand with social and environmental impact. But more wealth holders now see the value of putting impact before investment, and prioritizing people and planet.
Venture Capital’s Next Unicorn? Impact
As more venture capitalists fund entrepreneurs who strive to make a difference for people and the planet, they’re finding impact measurement to be a thorny problem. A simple framework can help them become better impact investors.
Giving Credit Where Due: A Case for Debt Financing in Indian Impact Enterprises
Debt financing has grown in India, but at only 25 percent of total investing, Indian impact enterprises struggle to find the working capital they need to grow and fulfill their potential. To better understand the challenges impact enterprises face in borrowing money, the India Impact Investors Council and The Bridgespan Group joined in this research project to chart the debt landscape, identify barriers to debt financing, and propose ways to make debt more accessible.
A Case for Debt Financing in Indian Impact Enterprises
At only 25 percent of total investing, Indian impact enterprises struggle to find the working capital they need to grow and fulfill their potential.
Beyond the Grant: Foundations as Impact Investors
Philanthropy can bring its whole self to work with an impact investing mindset that expands horizons beyond grantmaking alone. Imagine what more foundations could achieve—from community development, to racial equity, to climate change mitigation—by supplying loans, loan guarantees, and equity investments for social good.
The Role of Evidence in Impact Investing
How to put evidence center stage when deploying capital in pursuit of impact.
Three Ways for Impact Investors to Respond to the Coronavirus (COVID-19) Pandemic
Impact investors have a critical opportunity to help their portfolio companies navigate the coronavirus pandemic. Here are three concrete steps you can take to support and safeguard the impact of your portfolio companies now and in the future.
