Impact investing strategies – those that target positive environmental or social externalities as well as financial returns – have in recent years become an integral part of the private markets ecosystem. The rise of attractive risk-adjusted opportunities as the market has matured has increased the accessibility of such strategies to institutional LPs.

With a view to providing such LPs with useful insights and thus facilitating the flow of additional capital into impact investing, Campbell Lutyens, in conjunction with The Rockefeller Foundation, conducted interviews with five thought-leading LPs in the space. Given the varied nature of the broader LP universe and consequent lack of a ‘one size fits all’ approach to impact investing, the interviewees span different LP types, sizes and geographies – though each has established impact fund investing practices in place.

The interviewees shared insights into their motivations, strategies and due diligence processes, discussed the challenges they faced at the outset of their impact investing programmes, and offered words of motivation for LPs looking to begin or increase their activities in this area.