NEWS & PRESSImpact Frontiers Quarterly Newsletter (Q3 2023)

March 27, 2024

What’s new?

Insights, Investments, Impact

News From Impact Frontiers


Dear Friends of Impact Frontiers,

We are writing to share Q3 2023 updates on our consensus-building initiatives, cohort programming, and events.

Investor Contribution 2.0: New Case Study Available 
As part of the “Investor Contribution 2.0” (IC 2.0) project that Impact Frontiers and The Predistribution Initiative (PDI) jointly facilitated this year, we recently published a new case study illustrating British International Investment’s (BII) intended positive contribution in action. We are grateful to Paddy Carter and the BII team for being willing to share this “under-the-hood” look at how BII operationalizes investor contribution.

The IC 2.0 project is an industry consensus-building effort, made possible through the support of Omidyar Network, to develop resources that can support investors in measuring, managing, and reporting their positive and negative contributions to impact and systematic risk. The public consultation and co-creation process is now complete, and we will publish additional final products (a white paper and two templates) as public resources in late 2023. More details about this project are available here. If you are interested in piloting the templates, please let us know at:

Online Curriculum Featured In the News
In July, ImpactAlpha published the first of a three-part series featuring video highlights from the new open-access course “Impact for Decision-Making,” with commentary from the creators. This resource was developed by Impact Frontiers and Impact Capital Managers, with support from the Tipping Point Fund on Impact Investing.

Part 1 of Impact for Decision-Making made the case for impact-financial integration. Part 2, published in August, took a deeper dive into impact ratings, and Part 3, which concluded the series earlier this month, covered using integrated analysis to inform decision-making.

We encourage you to check out the series, visit the open-access Online Curriculum if you haven’t already, and pick a few videos to watch – or work your way through all of them – then start a conversation at your own organization about how you might pull impact out of its “silo” and integrate it with financial risk and return to drive decision-making.

Partner Consultation Underway for Impact Portfolio Construction
We are collaborating with leading asset owners and allocators to identify and synthesize emerging methods of incorporating impact into asset class allocation. Based on discussions with leaders in this field, as well as a wide-ranging review of publicly available materials on this topic, we have drafted a consultation draft which we plan to publish in October-November 2023. That will be followed by a series of case studies published in Q4 2023 and Q1 2024, offering more detailed insights into emerging practices in this field.

Sneak Peek: Impact Performance Reporting Norms Public Consultation Draft Coming Next Week!
Next week we will launch our public consultation draft of shared norms for impact performance reporting! Stay tuned for a special newsletter announcing the launch.

The ABC of Impact: Public Resource Coming Soon
In 2023, Impact Frontiers is reviewing the current usage and potential paths forward for the “ABC” of impact (i.e., Act to avoid harm, Benefit stakeholders, and Contribute to solutions). Thank you to everyone who participated in the public consultation period by contributing to the online discussion forum, attending a Zoom webinar, or sending responses via e-mail. We are working on incorporating all of the thoughtful feedback received and will publish the final products as a public resource in Q4.

Spotlight: Rhia Ventures Health Equity Assessment and Rating Tool
In August, Impact Frontiers partnered with Rhia Ventures to offer an online masterclass focused on advancing health equity through impact measurement and management. During the event, Rhia Ventures unveiled their Health Equity Assessment and Rating Tool (HEART Framework), an exciting tool that helps investors and others on their journey towards advancing health equity.

Check out the framework and tools here.

Enroll In J-Pal’s Evaluating Social Programs Online Course
Was your interest in counterfactuals piqued during the cohorts, and would you like to dig deeper? Check out J-PAL’s free online course Evaluating Social Programs! This free, self-paced online course explores why and when randomized evaluations can be used to rigorously evaluate the impact of social programs and how findings can inform the design of evidence-based policies. Through lectures led by J-PAL affiliated professors and case studies using real-world examples, you will gain an understanding of practical considerations at each step of designing an evaluation. Join a community of learners from around the world who are interested in understanding how evaluation and evidence can help to determine whether their programs are achieving their intended impact. Enroll any time before December 1 to complete the course at your own page.

Cohort Updates: Two Upcoming Opportunities

Strengthening Impact Management with Prof. Cathy Clark  
We just concluded month seven in our 12-month Strengthening Impact Management cohort program with Prof. Cathy Clark of Duke’s Fuqua School of Business, and we are recruiting for the next installment of the program to launch in March 2024.

Asia Cohort 
As a part of our efforts to bring impact-financial integration to new geographic regions, we are excited to offer and begin recruiting for a Strengthening Impact Management cohort program for investors based in Asia.

If you are interested in learning more about these opportunities, check out the program page on our website, and send us an email at to set up an introductory conversation.

See here for a full list of our current and past cohorts.

Impact Frontiers Around The World
Over the past several months, Impact Frontiers had the pleasure of meeting many of you in person by hosting and participating in industry events held in New York, Malaga, Copenhagen, and Tokyo! Thank you to everyone who joined us for workshops, conference panels, and happy hours. A few highlights below:

New York: In September, Impact Frontiers held a practitioner workshop at the Rockefeller Foundation headquarters with asset managers, asset owners and other stakeholders to build consensus on what the contents, structure, and format of impact performance reports should be. The conversations were stimulating and productive, and informed the public consultation draft of the Impact Performance Reporting Norms launching soon.

Malaga: At the GSG Global Impact Summit 2023, our Executive Director Mike McCreless was joined by Margarita Albors of Social Nest Foundation, Paul Allard of Impak Analytics, Paddy Carter of British International Investment, and Pablo Valencia of Q-Impact in a panel focusing on approaches to investor contribution. It was exciting to see the level of interest in this topic at the GSG summit!

Copenhagen: At the Global Impact Investing Network Forum, Mike moderated a participatory workshop titled “Designing a Practitioner Guide for Impact Management Now,” along with Alessandro Maffioli of IDB Invest, Dimple Sahni of Anthos Fund and Asset Management, and Maria Teresa Zappia of BlueOrchard and Schroders. Impact Frontiers also hosted a cross-cohort Happy Hour (pictured below) for network members who were in Copenhagen. Thanks to all who attended for making it such an enjoyable evening!

Tokyo: Our Director, Nao Sudo, hosted two industry events while in Tokyo: a seminar on impact-financial integration and investor contribution and a workshop to discuss practices for consistent and comparable impact performance reporting (which, along with the New York event, informed the Impact Performance Reporting Norms public consultation draft launching next week). Special thanks to Katsuji Imata (Social Impact Management Initiative (SIMI)) for continuing to be our local partner in Japan, and to IDFI (Impact Driven Finance Initiative) for their support!

Nao also had the pleasure of speaking at PRI in Person in October at the panel “Responsible investors as system actors: What are the pathways for systemic impact?” The thoughtful discussion ranged from systems mapping to measuring real world impacts.

Clockwise from top: PRI in Person; impact-financial integration seminar (co-hosted with IDFI and SIMI); impact performance reporting workshop (co-hosted with IDFI and SIMI).

Upcoming: Opportunity Finance Network Panel and DC Happy Hour
Mike will be facilitating a “Gallery Walk” session at the Opportunity Finance Network meeting in Washington DC on October 18 in which leaders from cohort organizations Raza Development Fund and Trufund, along with Erika Seth Davies of the Racial Equity Asset Lab, will present how they are integrating equity into their frameworks of impact, risk, and profitability. We will also host a Happy hour at Mission Dupont from 6:00pm -9:00pm.  Please register by filling out this form by October 16.  Please feel free to pass on the invitation to any colleagues who are interested in attending the event.

The Turner MIINT Program Kicks Off on Campuses Across The Globe
The Turner MIINT (MIINT) program held its student kickoff event on October 10th, marking the start of the program for the 2023-2024 school year. There are 44 schools participating this year (2 new), representing campuses in the US, UK, Canada, China, France, Italy, Israel, and Spain.

The Turner MIINT program, a collaboration between the Bridges Impact Foundation and the ESG Initiative at the Wharton School, offers business and graduate school students the opportunity to gain hands-on education and experience in impact investing. Students learn how to source and evaluate companies, conduct due diligence, and assess the terms and structures of investments — all through a lens that integrates financial and impact goals. As a culminating experience, teams participate in the Turner MIINT Final Competition, in which they present recommendations to an Investment Committee composed of industry leaders for a potential investment of up to $50,000 in the presented company.

The MIINT also recently launched a new alumni council to raise visibility about the MIINT program externally and build community throughout its alumni base. Out of 100 interested alumni, 11 were selected to join the inaugural Alumni Council and 14 to serve on various subcommittees. The Alumni Council kicked off its first meeting at the end of September.

Collaboration on the Turner MIINT Impact Management Curriculum
Impact Frontiers is collaborating with the Turner MIINT Steering Committee to update the impact management and DEI content of the training curriculum provided to student teams. The latest version of this curriculum encourages students to engage with leading impact management practices as they research and source companies leading to the Turner MIINT Finals.

Look out for the next installment of our newsletter in Q4 – onwards and upwards to the Efficient Impact Frontier!


Impact Frontiers Team

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