New Frontiers | Our WorkImpact Performance Reporting Norms Version 1

in partnership with:
STATE: Active
DATE: April 12, 2024
STATUS: Open for public comment
Supporting Documents:
Supporting documents:
STATE: Active
DATE: April 12, 2024
STATUS: Open for public comment

The Reporting Norms establish shared expectations for the reporting of impact results by asset managers in private markets. They are the result of an 18-month public consultation among more than 350 asset managers, asset owners and allocators, consultants, and assurance and verification providers.

View the video below for an overview for the project:


The Reporting Norms address a gap in the set of impact standards, frameworks, and guidance that investors already use. They are designed to guide the creation of impact performance reports shared privately by fund managers with their capital providers under non-disclosure agreements. This facilitates reporting of positive and negative information, including information not publicly sharable. They may also guide the creation of public reports, recognizing that confidential information may need to be excluded.

A separate document provides a set of suggested questions that independent reviewers can use to assess impact performance reports against the Impact Performance Reporting Norms.

If you would like to share your feedback or have questions on Version 1 of the Reporting Norms, join the conversation here.

Next Steps: Implementation

For top tips on implementing the Reporting Norms,  check out our article “Elevating impact reporting to raise the performance of impact fund managers” on ImpactAlpha.

We are also planning a number of workstreams from mid-2024 to mid-2026 to support report preparers, users, and independent reviewers in adopting the Reporting Norms. This phase will have four goals, each with supporting workstreams:


Support asset managers, asset owners, and allocators, and assurance, consulting, and verification providers in producing the first generation of impact performance reports following the Reporting Norms in 2025 and 2026. For more information and to get involved, see the brochure.

Impact Frontiers anticipates revising the Reporting Norms based on the results of the pilot, holding a public consultation, and publishing Version 2 in 2026.


Accelerate the development of norms in areas that investors identified as challenging, such as:

  1. Use of qualitative data and case studies;
  2. Incorporation of stakeholder voice;
  3. Portfolio-level aggregation and synthesis of impact performance; and
  4. Consistency of criteria across independent reviewers.


Adapt the Reporting Norms to adjacent market segments including development finance institutions and multilateral development banks; listed equities; funds-of-funds; and foundations.


Build impact reporting expertise among asset managers preparing impact performance reports and among asset owners and allocators evaluating and making decisions informed by those reports. This may include, for instance, an online course and a resource website with example reports, case studies, webinar recordings, and translations of the Reporting Norms.

If you are interested in participating in the pilot program, please contact

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