06/18/2026
Our newly released 'True Cost of Impact-First Investing' Report found that impact-first funds complete more deals per year and at a lower cost per investment than comparable market-rate vehicles. What they do require is greater resources per dollar deployed, attributable to the smaller investment sizes and hands-on support founders need to succeed as this capital is carried to enterprises and communities that traditional finance typically overlooks.
The report highlights a key takeaway: if we want systems change, we must be willing to fund the full cost of this work, not just what the market can price.
Led by the Miller Center for Global Impact's Brigit Helms, alongside Acumen, Global Partnerships, Kiva, MCE Social Capital, Open Road Impact, and Village Capital, this six-month study analyzed data across eight impact-first investment organizations representing $197.2M in assets under management and 362 investments.
We're proud to have contributed to this research and to the growing evidence that philanthropic and catalytic capital can unlock outsized outcomes through impact-first investing.
📖 Read the full report: https://ow.ly/oNkS50Zekot
📰 Check out coverage from Pioneers Post: https://ow.ly/rmIw50Zekou
Thank you to the report's co-authors, partners, and contributors including Amy Bell, Caroline Bressan, Kathy Guis, Heather Matranga, Tara Murphy Forde, Camilla Nestor, Daniel Waldron, David Press, Imogen Rose-Smith, Diana McKeage, and Paul Belknap.