ImpactAssets Unveils IA 50™ 2024, Showcasing 155 Impact Fund Managers Globally from
Record Number of Applicants.
NEW YORK, March 12, 2024 — ImpactAssets, the impact investing trailblazer with a decade-plus
track record of mobilizing capital for good, today released the ImpactAssets 50™️ (IA 50) 2024, a
free publicly available, searchable database of impact investment fund managers globally. The
IA 50, now in its 13th year, is designed to offer a simple way to identify experienced and
emerging impact investment firms and explore the landscape of potential investment
opportunities across diverse impact areas, maturity levels and geographies.
This year’s list is composed of 155 impact fund managers selected from an unprecedented 343
applications, a submission volume that is 15% higher than last year. This growth signals
increased interest in the IA 50, alongside expansion and maturation of the impact investing
industry at large. The increasing traction also points to a broader shift that embraces impact
investing’s critical role in shaping a sustainable future.
The IA 50 includes three distinct categories based on manager experience: the IA 50, IA 50
Emerging Impact Managers, and IA 50 Emeritus Impact Managers. That diversity of experience
makes the list a testament to more recently established, ascending managers as well as the
deeply experienced pioneers who have consistently maintained a focus on impactful
investments and a commitment to driving social and environmental progress. Among the firms
recognized this year, nine have been included on every year’s database since its inception in
2011.
“As we celebrate the 13th anniversary of the IA 50, we are witnessing a pivotal shift in finance
more broadly: Impact investing is catalyzing a fundamental reorientation of capital that is
attuned to the urgent social and environmental challenges we face globally,” said Jed Emerson,
ImpactAssets Senior Fellow, IA 50 Review Committee Chair, and Chief Impact Officer at AlTi
Global. “The IA 50 2024 is a testament to the industry’s commitment to harnessing the power
of capital for good and a preview of the more systemic integration of impact considerations we
can expect in the future.”
Key highlights of the IA 50 2024 include:
- Impact-Linked Compensation on the Rise: This year’s IA 50 managers showcase a
marked increase in impact-linked compensation mechanisms, with 23% of all managers
stating they integrate impact results into their remuneration strategies. This reflects a
notable uptick from the previous year, in which 16% of managers stated they integrate
impact into their compensation decisions. This metric highlights a burgeoning trend that
rewards not only financial return but, social and environmental performance too. - No Trade-Off on Financial Returns: This year’s IA 50 fund manager data dispels the myth
of a trade-off between financial returns and social good. The majority of IA 50 managers
target market rate (43%) and above market rate (31%) returns, proving that impact
outcomes do not have to compromise financial outcomes. The performance data is
equally telling, with 79% of IA 50 managers meeting their finance return target and 21%
surpassing them. This compelling data illustrates that the cadre of IA 50 managers are
meeting and exceeding financial benchmarks while driving forward their impactful
missions. - Climate Investment Focus: Impact investors are driving progress against the climate
crisis, with 39% identifying environmental impact as their primary investment theme.
One quarter (25%) of IA 50 managers focus on clean technology, alternative energy and
climate change, making that focus this year’s most represented impact theme. - Bridging Equity Gaps for Diverse Beneficiaries: The IA 50 reveals that gender, racial and
economic diversity are a focus area for fund managers. One-fifth (20%) of IA 50
managers invest in financial inclusion via microfinance, SME finance, and CDFIs, which
are instrumental in narrowing the equity gap by providing critical financial services to
marginalized communities. Many IA 50 managers are prominently aligned with key
Sustainable Development Goals, targeting, among others, No Poverty (12%), Reduced
Inequality (13%) and Decent Work and Economic Growth (19%). The concentrated
efforts to elevate traditionally marginalized groups – including an emphasis on
supporting underserved communities – affirms the industry’s dedication to a more
equitable and just society. - Diverse Fund Leadership: This year’s IA 50 features the most diverse applicant pool ever,
with a substantial 60% of applicants boasting investment teams composed of over 50%
women and/or people of color. This growth in diversity within leadership positions
outpaces previous years, with Emerging Impact Manager applicants leading at 72%,
ahead of the core list at 53%, and Emeritus Impact Manager applicants at 46%.
“The IA 50 has become a trusted resource in the industry, not only for its comprehensive listing
but also for its rigorous selection process managed by a diverse and expert review committee,”
said Sandra Osborne Kartt, CFA, Deputy Chief Investment Officer of ImpactAssets Capital
Partners. “The record number of applications this year reflects the growth and maturation of
impact investing in the global financial landscape.”
In addition to Jed Emerson and Malaika Maphalala, the ImpactAssets IA 50 Review Committee
includes a distinguished group of investors, managers, and practitioners who are recognized as
trailblazers and authoritative experts in the field.
“Year after year, the IA 50 stands as an essential guide for everyone in the financial ecosystem — from individual investors to global corporations — enabling them to discover and engage at the forefront of impact investing. The database encapsulates the pulse of the industry, providing a snapshot of the firms poised to make a significant difference through their investments.”
Malaika Maphalala, CPWA®, Wealth Advisor and Trust Steward, Natural Investments PBLLC
Learn more about Impact Assets 50