全球影响力投资网络2025年影响力投资市场报告-STATE OF THE MARKET Trends Performance and Allocations

Authors

DeanHand,ChiefResearchOfficer

MaddieUlanow,AssociateResearchDirectorRenéeRemsberg,ResearchAssociate

KellyXiao,ResearchAssociate

Acknowledgments

ThefollowingmembersoftheGIINteamplayedanimportantroleinthiswork:ArianaAlvarado,PanagiotaBalfousia,Rudy

Dave,KellenDorio,AlonsoOrtizGalan,SeanGilbert,GolshanHelfman,MarinHerold,WinishaHines,NikhilJain,Amanda

Joseph,NaokoKimura,EmilyLamica,InaLee,GraceLong,OishiMasrura,HannahMunger,HongyuPan,JooheeRand,BlairRead,ElinaRolfe,ChristianRosenholm,MariaJulianaRuiz,PamelaRykowski,JacobTate,BarbaraTeixeiraDeBarrosandHenryVehslage.Wearealsogratefultothefollowingindividualswhoprovidedimportantfeedback:ChiaraAndreoliattheEsade

CenterforSocialImpact,RyanClancyatRallyAssets,ManuelaJimenezatLatimpacto,RanjnaKhannaattheIndianImpactInvestorsCouncil,HannahSchiffatDevelopingWorldMarketsandSonaliSinghattheIndianImpactInvestorsCouncil.

Disclosures

TheGlobalImpactInvestingNetwork(GIIN)isanonprofit501c(3)organizationdedicatedtoincreasingthescaleand

effectivenessofimpactinvestingthroughresearch,educationandotheractivities.ReadersshouldbeawarethattheGIINhasandwillcontinuetohaverelationshipswithmanyorganizationsidentifiedinthisbrief,throughsomeofwhichthe

GIINhasreceivedandwillcontinuetoreceivefinancialandothersupport.Thesematerialsdonotconstitutetax,legal,

financialorinvestmentadvice,nordotheyconstituteanoffer,solicitationorrecommendationforthepurchaseorsale

ofanyfinancialinstrumentorsecurity.Theinformationcontainedinthesematerialsismadeavailablesolelyforgeneral

informationpurposes.TheGIINhascollecteddatafromthirdpartiesforthisdocumentthatitbelievestobeaccurateandreliable,buttheGIINdoesnotwarranttheaccuracy,completenessorusefulnessofthisinformation.Anyrelianceyouplaceonsuchinformationisstrictlyatyourownrisk.Wedisclaimallliabilityandresponsibilityarisingfromanyrelianceplacedonsuchmaterialsbyanyreaderofthesematerialsorbyanyonewhomaybeinformedofanyofitscontents.Readersshould

consultwiththeirowninvestment,accounting,legalandtaxadviserstoevaluateindependentlytherisks,consequencesandsuitabilityofanyinvestmentmadebythem.

TheGlobalImpactInvestingNetwork,Inc.(GIIN)istheleadingindustrybodyforimpactinvesting.Since2009,theGIINhasworkedtoincreasethescaleandeffectivenessofimpactinvestingtosolvesystemicproblemsfacingpeopleandtheplanet.Withapproximately450membersacrosssixcontinents,theGIINservesasahubforinnovation,ideasandinformationtohelpinvestorsbuildamoresustainable,inclusiveandresilientworld.Learnmoreat

.

AbouttheGIIN

TheGlobalImpactInvestingNetwork,Inc.(GIIN)istheleadingindustrybodyforimpactinvesting.Since2009,theGIINhasworkedtoincreasethescaleandeffectivenessofimpactinvestingtosolvesystemicproblemsfacingpeopleandtheplanet.Withapproximately450membersacrosssixcontinents,theGIINservesasahubforinnovation,ideasandinformationtohelpinvestorsbuildamoresustainable,inclusiveandresilientworld.Learnmoreat

.

ContacttheGIIN

Pleasedirectanycommentsorquestionsaboutthisbriefto

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.TodownloadindustryresearchbytheGIINandothers,pleasevisit

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Howtocite

Hand,D.,Ulanow,M.,Remsberg,R.,&Xiao,K.(2025).StateoftheMarket2025:Trends,PerformanceandAllocations.GlobalImpactInvestingNetwork(GIIN).NewYork.

©October2025GlobalImpactInvestingNetwork

GLOBALIMPACTINVESTING

NETWORK

STATEOFTHEMARKET2025

2

TableofContents

AletterfromtheCEO 04

Surveysampleoverview 05

Motivationformakingimpactinvestments 10

Investmentsandfutureinvestments 12

Investmenttypeandassetclassused 14

Stageofbusiness 15

Geography 17

Sector 22

Climatesolutions 25

Investeedemographics 27

Capitalinvestedin2024 28

Blendedfinancein2024 30

Sourcesofcapitalin2024 3

2

Financialandimpactperformance:perceptionsandreturns 34

Returns 34

Satisfaction 37

Marketoutlook:macroandindustrychallenges 39

Industrychallenges 39

Data-relatedchallenges 41

Macroeconomicissues 42

Trendsandtakeaways 4

4

Appendix1:Methodology 4

6

Appendix2:Participants 4

8

Appendix3:Definitions 5

2

Appendix4:References 5

5

GLOBALIMPACTINVESTING

NETWORK

STATEOFTHEMARKET20253

AnotefromtheGIIN’sCo-FounderandCEOAmitBouri

Thishasbeenayearofrapidchangeandmanychallenges,butithasalsorevealednewopportunitiesforboldleadershipandmeaningfulaction.Acrosstheimpactinvestingcommunity,we’veseenleadersrisetomeetthismoment,directingcapitaltowardsolutionsthatimprovelivesandbuildamoresustainablefuture.

Still,thesemomentsofprogressexistalongsidesoberingrealities.In2025,foreignaidfelltoitslowestlevelsinyears,contributingtothousandsofdeathsfrompreventabledisease.[

1

]Globaleconomicgrowthhasslowed,[

2

]developmentgoalsareregressing[

3

]andclimateeventsarebecomingmorefrequentandintense.HereinNewYork,weexperiencedoneofthehottestyearsonrecord—andasIspeakwithimpactleadersaroundtheworld,Ihearechoesofthesame

challenges:risingfloods,ragingfiresandthedailyrealitiesofachangingclimate.

Thesearehardtruths.Buttheyalsohighlighttheurgentneedforactionandthecriticalroleimpactinvestorsplayin

demonstratingresilience,commitmentandleadership.Thisisexactlythekindofmomentourcommunitywasbuiltfor:

whencapitalmustshowupwithpurpose.

Thatcommitmentisreflectedinthedata.Thisyear’sGIINImpactInvestorSurveypaintsaclearpicture:Despiteseismic

shiftsintheglobaleconomy,theimpactinvestingmarketcontinuestogrow.ImpactAUMhasincreasedat

acompoundannualgrowthrateof21%overthepastsixyears—asignaloftheenduringconfidenceinourmarket.

Investorsareincreasinglyallocatingcapitalwiththeintentiontogeneratemeasurablesocialandenvironmentalbenefits—deliveringreal-worldoutcomesandcompellingfinancialreturns,oftenoutperforming

traditionalassets.

Investorsaretargetingsectorswherecapitalismostneeded:inclusivefinancialservices,healthcare,housingandcleanenergy.Theseinvestmentsgeneratemeaningfuloutcomes,especiallyforpeoplewithlowerincomesandlimitedaccess toessentialservices.

Beyondthissteadygrowth,therearesignsofmomentum.Themajorityofthisyear’ssurveyrespondentsplanto

increaseinvestmentsinclimatesolutions,waterandsanitation,andsustainableagricultureintheyearsahead.Thesedecisionsaren’tdrivenbymarketforcesalone.Manyinvestorsaremotivatedbymissionalignment,environmentalgoalsandsocialprogress.

AttheGIIN,weviewthismomentasaspringboardforcontinuedprogress.Yes,challengespersist:fragmentation,

measurementchallengesandperceptionsofimpact-washingcontinuetocloudthefield.Butthisisexactlywhere

leadershipisneeded—topushforgreaterclarity,accountabilityandcredibilityacrossthefield.Ourtools—includingIRIS+,theImpactTargetSetterandtheImpactQuantifier—aredesignedtosupportthiseffort,helpinginvestors

groundtheirstrategiesinevidenceandintegrity.

Ifthereisonemessagewehopeyoutakeawayfromthisyear’sannualreport,itisthis:Impactinvestingisnotsimplysurviving—itisadvancing.Andthechoiceswemakenow,asaglobalcommunityofpractitioners,willdefinenotonlythefutureoftheindustry,butthewellbeingofgenerationstocome.

Thankyouforyourpartnership,yourleadershipandyourcontinuedcommitmenttoinvestinginabetterworld.

AmitBouri

ChiefExecutiveOfficerandCo-FounderGlobalImpactInvestingNetwork(GIIN)

STATEOFTHEMARKET20254

KEYTAKEAWAYS

Surveysampleoverview

Thevastmajority(85%)ofimpactinvestorswereheadquarteredinhigh-incomecountries,including69%headquarteredinNorthernAmericaorNorthernorWesternEurope.

Nearlythree-quarters(73%)ofimpactinvestorsfocusedonprivatemarkets,whilejust6%focusedonpublicmarkets.

Fororganizationsnotyetmakingimpactinvestments,manycitedlackofresources,lackofclientdemandandlackofshareholderdemandasbarrierstostarting.

Overall,429organizationsrespondedtotheGIIN’s2025ImpactInvestorsurvey.Alargemajorityofrespondents(87%)hadmadeatleastoneimpactinvestmentsinceinception.Theremaining55respondentshadnevermadeanimpactinvestmentattheirorganization.Ofthese55respondents,38wereconsideringmakinganimpact

investment,while17werenot.Amongthese55respondentswhohadnevermadeanimpactinvestment,lackofresourcesandlackofclientdemandwerethemainreasonstheycited(Figure1),challengeswhichareconsistentwithanecdotesraisedbyothersinthefield.

[1]

Figure1:Barrierstoimpactinvesting

n=55

Lackofclientdemand

Lackofexternalourorganizationhasa

demandfinancialreturnsmandate

(e.g.,shareholders)whichwedonotbelievewe

canmeetwith

impactinvestments

LackofResources

ourorganization

isagrantmaking

organization

Lackofinternalknowledgeonhowtodoso

Lackofinternal

demand(e.g,

employees)

Note:Thischartreflectsdatafromthe13%ofrespondentswhohadnotyetmadeanimpactinvestment.Duetoscalereasons,“Other,”whichwasselectedby42%ofrespondents,isnotincluded.“Other”reasonsincludefirstfundunderdevelopment,notbeinganinvestment-makingcompany,etc.Respondentscouldselectmultipleansweroptions.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Amongthe87%ofthesamplewhohadmadeatleastoneimpactinvestment,referredtoasthefullsample,investmentmanagersmadeupthemajority(67%)ofrespondents.Foundations(7%),familyoffices(5%)

anddevelopmentfinancialinstitutions(4%)representedthenexthighestproportionoforganizationtypesrepresented(Figure2).Overall,assetmanagersandassetownersrepresented67%and22%ofinvestors,respectively.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET20255

Figure2:Breakdownbyorganizationtype

n=374

Note:Familyofficesincludefamilyofficesandhigh-net-worthindividuals.Institutionalassetownersincludeinsurancecompanies,pensionorretirementfunds,andsovereignwealthfunds.“Other”organizationsincludediversifiedfinancialinstitutions,multilateraldevelopmentbanks,religiousinstitutions,retailinvestors,endowmentsandotherbespokeorganizationtypes.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Thevastmajorityofthesample(85%)washeadquarteredinhigh-incomecountries.Theseinvestorswere

primarilylocatedinNorthernAmerica(35%),WesternEurope(21%)andNorthernEurope(13%)(Figure3).The

UnitedStates(U.S.)hadthehighestpercentageofinvestorsfromanyonecountry(31%),followedbytheUnitedKingdom(9%)andtheNetherlands(7%).TwelvepercentofrespondentswereheadquarteredinAsia,5%in

Africaand3%inOceania.Elevenpercentofrespondentswereheadquarteredinupper-middleincomecountriesand4%ofrespondentsinlower-middleincomecountries.Onlyonerespondentwasheadquarteredina

low-incomecountry.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET20256

Figure3:Breakdownbyorganizationheadquarterregion

n=374

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Thefullsamplerepresentedperspectivesacrossarangeofinvestorgroups,includingrepresentationfrombothmarket-rateandbelow-marketrateinvestors,investorswithbothsmallerandlargeramountsofimpactAUM,andbothimpact-onlyanddual-mandate(i.e.,thosemanagingbothimpactinvestingandtraditionalinvestingstrategies)investors.Forafullbreakdownandlistofdefinitions,seeTable1.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET20257

Table1:Breakdownbyinvestorgroups

n=374

Investorgroup

Description

n

%

Markettype

Private-market-focusedinvestors

Respondentsthatallocate≥75%oftheirimpactAUMtoprivateequityand/or

privatedebt

273

73%

Public-market-focusedinvestors

Respondentsthatallocate≥75%oftheirimpactAUMtopublicequityand/orpublicdebt

24

6%

Returnexpectations

Market-rateinvestors

Respondentsthatprincipallytargetrisk-adjusted,marketratereturns

217

58%

Below-marketinvestors

Respondentsthatprincipallytargetbelow-market-ratereturns,someclosertomarketrateand

someclosertocapitalpreservation

41

11%

Investorsize

Smallinvestors

RespondentswithtotalimpactinvestmentAUM≤USD100million

160

43%

Mediuminvestors

RespondentswithtotalimpactinvestmentAUM>USD100millionand≤USD500million

112

30%

Largeinvestors

RespondentswithtotalimpactinvestmentAUM>USD500million

96

26%

Impactorientation

Impact-onlyinvestors

Respondentsthatallocate100%oftheirAUMtoimpactinvesting

212

57%

Dual-mandate

RespondentsthatallocateatleastsomeoftheirAUMtoconventionalinvestments

156

42%

Geographicheadquarters

Investorsheadquarteredinhigh-incomemarkets

Respondentsheadquarteredincountrieswhereper-capitaincome>$14,005USD

316

85%

Investorsheadquarteredinmiddle-incomemarkets

Respondentsheadquarteredincountrieswhereper-capitaincome<$14,005USD&>$4,516USD

55

14.7%

Investorsheadquarteredinlow-incomemarkets

Respondentsheadquarteredincountrieswhereper-capitaincome<$4,515USD&>$1,146USD

1

0.3%

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET20258

Table1:Breakdownbyinvestorgroups

n=374

Investorgroup

Description

n

%

Incomelevelfocus

Investorsfocusedonhigh-incomemarkets

Respondentsallocating≥75%oftheirimpactAUMtohigh-incomeregions

323

86%

Investorsfocusedonhigh-middle-incomemarkets

Respondentsallocating≥75%oftheirimpactAUMtohigh-middle-incomeregions

32

9%

Investorsfocusedon

low-middle-incomemarkets

Respondentsallocating≥75%oftheirimpactAUMtolow-middle-incomeregions

19

5%

Regionfocus

Africa-focusedinvestors

Respondentsallocating≥75%oftheirimpactAUMtoAfrica

46

12%

Americas-focusedinvestors

Respondentsallocating≥75%oftheirimpactAUMtotheAmericas

94

25%

Europe-focusedinvestors

Respondentsallocating≥75%oftheirimpactAUMtoEurope

50

13%

Asia-focusednvestors

Respondentsallocating≥75%oftheirimpactAUMtoAsia

37

10%

Oceania-focusedinvestors

Respondentsallocating≥75%oftheirimpactAUMtoOceania

9

2%

Note:Breakdownsbyfocusmaynotsumto100%,asnotallinvestorsallocateenough(thresholdof>=75%)toacertaingroupforittobeconsideredafocus.Formoreinformationonmethodology,seeAppendix1.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET20259

Motivationformakingimpactinvestments

KEYTAKEAWAYS

Whenconsideringanimpactinvestment,most(58%)impactinvestorsrankedpotentialfinancialperformanceabovepotentialimpactperformanceontheirlistofpriorities.

Aplurality(43%)oforganizationsrankedmission-alignmentastheirtoppriority—abovepotentialfinancialorimpactperformance—whenconsideringanewimpactinvestment.

Respondentstothe2025surveywereaskedaboutseveralprioritiesandmotivationsinimpactinvestingtoshedlightonpossibleincentivesanddrivers.Acrossthesample,investorsprioritizedthealignmentofaninvestmenttotheirorganization’sinvestmentphilosophy:43%ofrespondentsrankedmissionalignmentasthemost

importantfactorwhenconsideringapotentialimpactinvestment(Table2),andmissionalignmenthadthehighestaverageranking(Table3).

Table2:Mostandleastpopularpre-investmentmotivations

Deliveringon

expectations

fromyour

organization’sboard

Investmenttime

horizon

Adherencetoregulatory

requirements

Potential

financialperformance

Potential

impactperformance

Determiningasound

exit

strategy

Alignmenttoorganizational investmentphilosophy

Percentage

rankingfirst

15%

43%

1%

0%

0%

21%

20%

n=275

Note:Excludesinvestorswhodidnotprovideananswertothisquestion.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Asimilarproportionofinvestorsrankedpotentialfinancialperformanceandpotentialimpactperformanceas

theirtoppriority(Table2).Still,differingprioritiesemergedamonggroupsofinvestors.Twenty-fivepercentof

investmentmanagersrankedpotentialfinancialperformanceastheirtoppriority,thoughonly15%ofassetownersdidthesame.Incontrast,24%ofassetownersrankedpotentialimpactperformancefirst,comparedtoonly15%

ofinvestmentmanagers.Recentacademicresearchhassimilarlyfoundthatdifferenttypesoforganizationshavedifferentprioritiesforimpactinvesting.

[2]

Table3:Averagerankingbymotivation

n=275

Investmenttime

horizon

Adherencetoregulatory

requirements

Alignmenttoorganizational investmentphilosophy

Potential

financialperformance

Potential

impactperformance

Determiningasound

exit

strategy

Deliveringon

expectations

fromyour

organization’sboard

Average

ranking

4.4

2.16

5.14

5.38

5.49

2.70

2.72

Note:Respondentscouldrankprioritiesonascalefrom1(mattersthemost)to7(matterstheleast).Loweraveragevaluesindicatethatrespondentsvaluedthoseprioritiesmorehighly.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET202510

Amonginvestorsofdifferentsizes,32%oflargeinvestorsrankedfinancialreturnsastheirtoppriority,comparedto10%ofsmallinvestors.Whenlookingattherankingofpotentialimpactperformance,thetrendreversed.

Twenty-sevenpercentofsmallinvestorsrankedimpactperformancefirst,comparedto14%oflargeinvestors.

Thedivergencebetweenthesegroupsmaybeespeciallyimportantinthemarket,giventhatlargeinvestorswereresponsiblefor84%ofimpactassetsundermanagement(AUM)allocatedbythefullsample.

Table4:Mostandleastpopularpre-investmentmotivations,bymarketratetargeted

n=239

Percentagerankingfirst

Adherencetoregulatory

requirements

Alignmenttoorganizational investmentphilosophy

Deliveringon

expectationsfrom

yourorganization’s

board

Determining

asound

exitstrategy

Investmenttimehorizon

Potential

financialperformance

Potential

impactperformance

Market-rate

14%

47%

1%

1%

1%

27%

12%

Below-

market-rate

15%

28%

0%

0%

0%

10%

46%

Note:Market-rate-focusedinvestorsrepresented200respondentsinthesample,andbelow-market-rate-focusedinvestorsrepresented39respondentsinthesample.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Differencesalsoemergedbetweenmarket-rateandbelow-market-rate-focusedinvestors(Table4).Market-rateinvestorsprioritizedpotentialfinancialperformanceoverpotentialimpactperformancewhenmakingnewinvestmentdecisions;morespecifically,27%oftheseinvestorsrankedpotentialfinancialperformancefirst,

comparedto12%whorankedpotentialimpactperformancefirst.

Acrosstheentiresample,58%ofinvestorsrankedpotentialfinancialperformanceabovepotentialimpactperformance,while42%ofinvestorsrankedpotentialimpactperformanceabovefinancialperformance.Thisisconsistentwithanecdotalfindingsinthefield.

[3]

Investmentsandfutureinvestments

KEYTAKEAWAYS

Investorsinthesampleinvested$448.2billionUSDinimpactAUM,withanaverageof$1.2billionUSDandamedianof$150millionUSD.MostofthisimpactAUMremainedinhigh-incomeregions.

ImpactAUMgrewatacompoundannualgrowthrate(CAGR)of21%oversixyears,despiteanincreasedtotalAUMCAGRofjust5%overthesameperiod.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET202511

Amongasub-sampleof368respondentswhoprovideddataontheir2024impactAUM,thetotalvalueinvestedtoimpactinvestmentswas$448.2billionUSD,includingoutliers(Figure4).TotalAUMinvestedbythisgroup

amountedto$13.1trillionUSD,meaningimpactAUMmadeupjust3%ofallAUMinvested.Theaverageinvestorinvested$1.2billionUSD,andinvestorsatthemedianinvested$150millionUSD.Nineinvestors,representing

nearly$230billionUSDinimpactAUM,wereremovedasoutliers(formoreinformationaboutoutliers,see

Appendix2).Withoutoutliers,359investorswereresponsibleformanaging$218.3billionUSDinimpactAUM,thedistributionofwhichisreflectedinFigure4.

Figure4:DistributionofimpactAUMinUSD

n=359

SD

Note:ExcludesoutlierorganizationsandinvestorswhodidnotprovideimpactAUMdata.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Aftertheremovalofoutliers,largeorganizationswerestillresponsiblefor84%ofAUMallocatedbythesample,despiteonlymakingup24%ofinvestorsinthesample(Figure5).Similardiscrepanciesemergedamong

impact-onlyanddual-mandateinvestors.Impact-onlyinvestors(57%ofthesample)werealsoresponsibleforrelativelylessimpactAUMinvested(45%ofallimpactAUMinvested).Dual-mandateinvestors,ontheotherhand,madeup43%ofthesamplebutinvestedoverhalfofimpactAUM(55%).

Figure5:Breakdowninallocationsbyinvestorsize

n=359;AUM=$218.3billionUSD

PercentAUM

2%13%84%

Percentofsample

45%31%24%

SmallMediumLarge

Note:ExcludesoutlierorganizationsandinvestorswhodidnotprovideimpactAUMdata.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET202512

Thisreportincludesanalysisoftwosamplesub-groupscomprisingorganizationsthatcompletedthesurveyinmultipleyears.Theseyear-over-yeartrendshelpuscapturehowinvestorsarerespondingtochangesinthemarketandintheworld.

Thefirstgroup,asampleof79investors,containssurveyrespondentswhoparticipatedinboththe2019and2025ImpactInvestorSurveys.Amongthissample,impactAUMgrewatacompoundannualgrowthrate(CAGR)of

21%overthesix-yearperiod.Forthissamegroup,totalAUMgrewbyjust5%(Table5).

Thesecondrepeatrespondentgroupcontains164surveyrespondentswhoparticipatedinboththe2024and2025ImpactInvestorSurveys.Despitemarketvolatilityoverthelastyear,impactAUMgrewbyarateof11%.TotalAUMalsofell6%duringthisperiod.

Methodologicalnote:Thisreportincludesanalysisoftwosamplesub-groupscomprisingorganizationsthatcompletedthesurveyinmultipleyears.Theseyear-over-yeartrendshelpuscapturehowinvestorsarerespondingtochangesinthemarketandintheworld.

Thefirstgroup,asampleof79investors,containssurveyrespondentswhoparticipatedinboththe2019and2025ImpactInvestorsurveys.

Thesecondrepeatrespondentgroupcontains164surveyrespondentswhoparticipatedinboththe2024and2025ImpactInvestorSurveys.

Formoremethodologicalinformation,seeAppendix1.

Table5:ChangeintotalandimpactAUMamong2019-2025repeatrespondentsand2024-2025repeatrespondents

CAGR

2019

2025

CAGR

2024

2025

TotalAUM

(inmillionsUSD)

$3,454,224.1

$4,538,184.8

5%

$9,873,407.9

$9,258,618.7

-6%

ImpactAUM

(inmillionsUSD)

$64,086.7

$197,445.4

21%

$209,834.7

$232,215.3

11%

Note:Thereare79repeatrespondentsinthe2019-2025sampleand164repeatrespondentsinthe2024–2025sample.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

GLOBALIMPACTINVESTINGNETWORKSTATEOFTHEMARKET202513

Investmenttypeandassetclassused1

Nearlyallinvestors(92%)madeatleastonedirectinvestmentincompanies,projectsorrealassets.Thesedirectinvestmentsrepresented74%ofimpactAUMinvested.Theremaining26%ofimpactAUMwasinvestedindirectlyinafundorviaanintermediary,andlessthanhalf(43%)ofinvestorsmadeatleastoneindirectinvestment.

Fifty-sevenpercentofinvestorsinvestedcapitalexclusivelyusingdirectinvestments,comparedtojust8%whoinvestedalltheircapitalthroughindirectinvestments.

Investorsreliedoverwhelminglyonprivate-marketinstrumentstomaketheirinvestments.Seventy-fourpercentofinvestorsmadeatleastoneallocationthroughprivateequity,followedbyprivatedebt(49%ofinvestors)andprivaterealassets(20%ofinvestors).Despiteitsdominanceintermsofthenumberofinvestors,privateequityonlymadeup41%ofsampleimpactAUM,comparedto21%investedusingprivatedebtand14%usingprivaterealassets.Publicequitywasthemostusedpublicmarketinstrument,with16%ofinvestorsmakingatleastoneallocationthroughit(Figure6).

[2]

Figure6:Breakdownbyassetclass

n=359;AUM=$218.3billionUSD

Note:ExcludesoutlierorganizationsandinvestorswhodidnotprovideimpactAUMdata.

Source:GlobalImpactInvestingNetwork(2025),GIIN.

Investmentsindepositsandequity-likedebteachmadeuponly1%ofimpactAUMinvested,respectively.Thisis

consistentwithour2019-2025repeatrespondentsample,wheredepositsandequity-likedebtweretheonlytwo

assetclassesthatsawdecreasesinthenumberofinvestorsusingthembetween2019and2025.Investm