Investing for Impact principles

In this section, you will find relevant publications on how to practise Venture Philanthropy and Social Investment.

Go to

Problem-focused and solutions-oriented

Heeb, F., Kölbel, J., (2020) "The Investor's Guide to Impact: evidence-based advice for investors who want to change the world". University of Zurich, CSP, Climate-KIC, FC4S.
Ashoka and McKinsey (2020) "Embracing complexity: towards a shared understanding of funding systems change", Catalyst 2030, Co-Impact, Echoing Green, Schwab Foundation for Social Entrepreneurship, Skoll Foundation, Systemiq
Varga, E. and Hayday, M., (2019) "A recipe book for social finance. Second edition: A practical guide on designing and implementing initiatives to develop social finance instruments and markets." European Commission
Daggers, J., (2019) "What do you mean? The unresolved issue of defining what counts as social impact investing" Birbeck College, University of London
International Trade Centre (2019), "SME Competitiveness Outlook 2019: Big Money for Small Business – Financing the Sustainable Development Goals" ITC, Geneva
Floyd, D., and Gregory, D., (2017), "Uncharted Investment in Charities, Social Enterprises and Community Businesses", Power to Change
Bolis, M., West, C., Sahan, E., Nash, R., Irani, I., (April 2017), “Impact Investing: Who Are We Serving? A case of mismatch between supply and demand”, Oxfam and Sumerian Partners
Line, D., and Hopfner, J. (2016)"Old problems, new solutions: Measuring the capacity for social innovation across the world" Social Innovation Index, an Economist Intelligence Unit Study

Final beneficiaries at the centre

Gibson, C., (2018) "Deciding together: shifting power and resources through participatory grantmaking", GrantCraft, Foundation Center
Joseph, H., (February 2017), "Investing in services for people's well-being. A collection of case studies.", Social Platform

High engagement

Bolton, E., (2019) "Making Change Happen: An Emerging Approach to Planning for Impact at Scale", Social Finance
Spengler, L., Korijn, A., Halamka, R., and Rowlett, A., (2019) "Systems change: an emerging practice in impact investing", Enclude, Open Society Foundations
Goni, A. and Bingham, A. (2018), "Exploring: Scaling programmes for social ventures", GSEN, UnLtd & Footprints Africa
Coussa, G., Dhami, T., Kaneko, M., Kim, C., Llewellyn, D., and Schmidt, M., (2018) "WHAT SMALL AND GROWING BUSINESSES NEED TO SCALE UP: The Case for Effective Technical Assistance" Spring Impact
Schiff, H., and Dithrich, H., (2018), "Lasting Impact: The Need for Responsible Exits"
Grady, H., Diggins, K., Schneider, J., and Paley Rosen, N., (2017) "Scaling solutions towards shifting systems", Rockefeller Philanthropy Advisors
Social Business Trust, (2017), "Unlocking Growth The Insider’s Guide to Scaling Your Social Enterprise"
Pérez Castro, A.A., and Tora, K., (2016), "Grow – Scale – Impact. How to help inclusive businesses achieve scale.", Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH and GSEN
Keizer, A., Stikkers, A., Heijmans, H., Carsouw, R., and van Aanholt, W., (October 2016), "Scaling the impact of the social enterprise sector", McKinsey&Company
Weber, C., Kröger, A., and Demirtas, C., (2015), "Scaling Social Impact in Europe. Quantitative Analysis of National and Transnational Scaling Strategies of 358 Social Enterprises.", Bertelsmann Stiftung
Growing Pains: getting past the complexities of scaling social impact, by David Bull, Sarah Hedley and Jessica Nicholls, December 2014

Risk taking

Open Road Alliance (2017), "Risk Management for Philanthropy: a Toolkit"

Impact measurement and management

CDP, CDSB, GRI, IIRC and SASB (2020) "Reporting on enterprise value: Illustrated with a prototype climate-related financial disclosure standard". Facilitated by IMP, WEF and Deloitte
Gregory, N., and, Volk, A., (2020) "Growing Impact: New Insights into the Practice of Impact Investing", IFC
Boiardi, P. (2020), "Measuring and managing the impact of sustainable investments: A two-axes mapping", OECD Development Co-operation Working Papers, No. 74
McCreless, M, (2020) "Impact-Financial Integration: A Handbook for Investors", Impact Management Project
Leijonhufvud, C., and Locascio, B., (2020) "Making the Mark: Investor Alignment with the Operating Principles for Impact Management", Tideline
Serafeim, G., Zochowski, T.R. and Downing, J., (2019) "Impact-weighted financial accounts: The Missing Piece for an Impact Economy", Harvard Business School
Bass, R., Dithrich, H., Sunderji, S. and Nova, N., (2020) "The state of impact measurement and management in practice", Second edition. GIIN.
Social Metrics Commission, (2018) "A new measure of poverty for the UK", Legatum Institute
Forster, S., Ripley, M., Chandler, L., (2018) "From Measurement to Management - The evolution of the Impact Programme's Impact Measurement and Management Approach", The Impact Programme, UK Aid
Winckler Andersen, O., Basile I., de Kemp, A., Gotz, G., Lundsgaarde, E., Orth, H., (2019) "Blended finance evaluation: governance and methodological challenges", OECD Development Co-operation Working Paper 51, OECD Publishing
Daggers, J., (2019) "Are you sure? Uncertainty in understanding impact, and where we might go next" Birkbeck College, University of London
Durand, R., Rodgers, Z., Sookyoung, L., (2019) "Social Impact Assessment Strategy Report", Society & Organizations Center, HEC Paris
Sinha, F., (2017) "Guidelines on outcomes management for financial service providers" Greenberg, A., Social Performance Task Force
Impact Management Project and NPC (2017), "NPC Case Studies: Impact management practice in YouthEmployment".
GRI, UN Global Compact and PwC (2018), "Business Reporting on the SDGs: An Analysis of Goals and Targets".
Bauer, S. and Hollmann, D., (2018), "Nudging the investment ecosystem by incentivizing impact: Opportunities in Incentivizing Impact in Financing Small and Growing Businesses in Developing & Emerging Markets" Giz and Intellecap
NPC (2018), "Assessing the impact practices of impact investments"
United Nations (2018), "The Sustainable Development Goals Report 2018"
Mudaliar, A., Pineiro, A., Bass, R., and Dithrich, H., (2017), "The State of Impact Measurement and Management Practice"
Nesta Impact Investment, (2017), "Setting Our Sights: A strategy for maximising social impact"
Kazimirski, A., Noble, J., Grewal, S., Lumley, T., (2017), "Towards an Evidence-Led Social Sector",NPC
Aps, J., Carpenter, B., Fortuna, A., Nicholls,J., Ongan, G., Titiz, S., Urgan, A., Uibu, M., and Muftügil Yalçin, A.S., (2017), "Maximise Your Impact. A guide for Social Entrepreneurs", Estonian Social Enterprise Network, Koç University Social Impact Foru
Olsen, S., Betancourt, A., and Kemp, C., (2017), "The Pulse of Impact Management. Current uses of and trends in social and environmental impact measurement", SVT Group and The Center for Social Impact Learning, Middlebury Institute
Hornsby, A., (2017) “That's my hat! A Review of the Impact Readiness Fund (IRF)", Big Society Capital, Access Foundation and Social investment Business.
Gripper, R., Kazimirski, A., Kenley, A., McLeod, R., and Weston, A., (2017), "Global Innovations In Measurement and Evaluation.", NPC
Denselow, S., and Patel, S., (March 2017), "Impact reporting: What trustees need to know.", NPC
Simanowitz, A., and S., Forster, (2017), "Impact Measurement Perspectives From The Front Line", Pioneers Post in partnership with Buzzacott, Matter&Co and The Good Economy Partnership
Social Impact Measurement in the Philanthropic sector by Sinzer, 2016
Social Value Case Study: Solace Women’s Aid, by Social Value UK, 2016
The ins and outs of evidence: making sense of different perspectives on impact measurement, by Genevieve Maitland Hudson, 2016
Beginners Guide to SROI, by Sinzer, 2016
Doing Business 2016: Measuring Regulatory Quality and Efficiency, by International Bank for Reconstruction and Development / The World Bank, 2016.
Impetus-PEF, (2016), "Driving Impact. Helping charities transform the lives of disadvantaged young people"
Clark, C. (2016), “Navigating Impact Investing –  The opportunity in impact classes”, Tideline
Step by step guide to SROI analysis: A set up guide on how to measure impact, by Sinzer, 2016
Five headline indicators of national success: A clearer picture of how the UK is performing, by Karen Jeffrey and Juliet Michaelson, 2016
Reach for Change: Social impact report 2015, by Reach for change, 2016
Skopos Impact Fund, and Bridges Impact, (October 2016), "MORE THAN MEASUREMENT. A Practitioner’s Journey to Impact Management"
Gayesky, J., (September 2016), "Towards a Performance-Driven Social Sector. A Service Provider Perspective on Trends in Government Contracting.", Third Sector Capital Partners, Inc. Guidestar, Inc. America Forward
Supplementary Guidance: Understanding what changes, by Social Value International, August 2016
Social impact navigator - the practical guide for organisations targeting better results, by PHINEO, May 2016
SONEN CAPITAL 2015 Annual Impact Report, by Will Morgan and Danielle Ginach, April 2016
The Cambridge Crime Harm Index: Measuring Total Harm from Crime Based on Sentencing Guidelines, by Lawrence Sherman, Peter William Neyroud and Eleanor Neyroud, April 2016
Social Investment Insights - Retail social investment across the world, by Big Capital Society, March 2016
Shared measurement: greater than the sum of its parts, by Anne Kazimirski, Farooq Sabri, Sarah Handley, February 2016
Listen and learn: how charities can use qualitative research, by James Noble, Rosie McLeod, January 2016
When the winds of change blow. Some build walls. Others build windmills, by All Street Research, January 2016
Policy Brief on Social Impact Measurement for Social Enterprises - Policies for Social Entrepreneurship, by Organisation for Economic Co-operation and Development (OECD), 2015
System Mapping: A Guide to Developing Actor Maps, by Srik Gopal and Tiffany Clarke, December 2015
Innovations in impact measurement, by Tom Adams, Rohit Gawande and Scott Overdyke, 2015
Reporting matters: Redefining performance and disclosure, by World Business Council for Sustainable Development and Radley Yeldar, 2015
Rotheroe, A., Harrison-Evans, P., and Lomax, P. (November 2015), "Investing for impact: practical tools, lessons, and results", New Philanthropy Capital and KL Felicitas Foundation
The lean data field guide: Tips For Collecting Customer Data to Build More Impactful Businesses, by Acumen, November 2015
Salford Social Value Report, by Centre for Local Economic Strategies, November 2015
Issue Brief #3: Using Data to Improve SIF Programs: Lessons from Practitioners, by Johanna Barrero, Janet Pershing, Janet Griffith, September 2015
Understanding statistical significance, by Farooq Sabri and Tracey Gyateng, September 2015
The Seven Principle Problems of SROI, by Daniel Fujiwara, August 2015
Building a movement: Review of the Inspiring Impact programme, by Andrew Weston, Anne Kazimirski and Sarah Handley, August 2015
The Seven Principles of Social Value, by Social Value International, May 2015
Impact Assessment in Practice. Experience from leading impact investors, by Yasemin Saltuk and Ali El Idrissi | J.P. Morgan Social Finance, May 2015
Influencing Impact Understanding impact measurement in social investment, by SIAA Social Investment Working Group, April 2015
The Performance Imperative - a framework for social sector excellence, by Leap of Reason Ambassadors Community, February 2015
Delivering the promise of social outcomes. The Role of the Performance Analyst, by Emma Tomkinson, February 2015
European Impact Investing Luxembourg: Social Impact Measurement in the framework of a Société d’Impact Sociétal, by Jim Clifford, Dr Lisa Hehenberger, Luke Fletcher and Anna-Marie Harling, February 2015
Starting Out on Social Return on Investment, by SOCIAL VALUE UK, 2014
Theory of change for funders: Planning to make a difference, by Angela Kail and Dawn Plimmer, December 2014
THE COMPASS: your guide to social impact measurement, by Kristy Muir and Stephen Bennett – Centre for Social Impact, November 2014
Creating your theory of change | NPC’s practical guide, by Ellen Harries, Lindsay Hodgson and James Noble, November 2014
Putting ‘The Code’ into practice: Thoughts from the Code of Good Impact Practice Learning Forum, by Inspiring Impact , July 2014
The future of shared measurement: a guide to assessing individual sector readiness, produced by NPC for Inspiring Impact, July 2014
Starting out on Social Return on Investment | A guide to SROI, by The SROI Network and Hall Aitken, May 2014
The Code of Good Impact Practice, by Inspiring Impact, June 2013
Accountability to affected population: tools to assist in implementing the IASC AAP commitments, by IASC Taskforce on Accountability to Affected Populations, July 2012
A guide to Social Return on Investment, by Jeremy Nicholls, Eilis Lawlor, Eva Neitzert and Tim Goodspeed, January 2012
Double bottom line project report: assessing social impact in double bottom line ventures, by Catherine Clark, William Rosenzweig, David Long and Sara Olsen, 2004

Non-financial support

Meulemans, M., (2019) "What It really Takes to Be a Value-Add Investor - A good look in the mirror on how we, as impact investors, contribute to or constrain the success of our investee companies" Pymwymic
Uekermann, F., Fratesi, L., Hitschke, K., Müller, B. and Beal, D., (2018), "Strengthening Social Businesses Through Venture Philanthropy", Yunus Social Business and Boston Consulting Group
Leap of Reasons Ambassadors Community, (2018) "The Performnce Imperative: a Framework for Social-Sector Excellence" Second edition
Pineiro, A., and Bass, R., (2017), "Beyond Investment: The power of Capacity-Building Support", GIIN
Social Value International, "The Seven Principles of Social Value, and why they are important for accointability and maximising social value," 2016
Growing philanthropy advice. Why does its potential in the UK remain unfulfilled?, by Walker, J., Bonconcerto, July 2016
The Resiliency Guide, by The S. D. Bechtel, Jr. Foundation and the Stephen Bechtel Fund, March 2016
Risk Management for non-profits, by Dylan Roberts, George Morris, John MacIntosh and Daniel Millenson, March 2016
Learning for Purpose - Researching the Social Return on Education and Training in the Australian Not-for-Profit Sector, by Ramon Wenzel, 2015
A network approach to capacity building, by Jennifer Chandler and Kristen Scott Kennedy, 2015
The SIF’s Impact on Strengthening Organisational Capacity, by Xiaodong Zhang, Janet Griffith, Jing Sun, Lara Malakoff, Janet Pershing, Whitney Marsland, Kurt Peters and Elly Field, September 2015
Issue Brief #2: Building Capacity for Scale, Evidence, and Impact, by Lara Malakoff, Janet Pershing, Janet Griffith, September 2015
Issue Brief #4: Evidence of Organizational Change among SIF Grantees, by Lara Malakoff, Whitney Marsland, Janet Griffith, Janet Pershing, September 2015
Using business model canvas for social enterprise design, by Ingrid Burkett, July 2015
Learning Together: Actionable Approaches for Grantmakers, by William H. Woodwell, Jr. and Rachel Mosher-Williams, May 2015
Valuable people: Understanding SSE’s Human Capital, by SSE, April 2015
Cultivating Nonprofit Leadership: A (Missed?) Philanthropic Opportunity, by Niki Jagpal and Ryan Schlegel, March 2015
Supporting Grantee Capacity: Strengthening Effectiveness Together, by Anna Pond, GrantCraft, February 2015
GEO 2015: strengthening nonprofit capacity, by Grantmakers for Effective Organizations, February 2015
Nonprofit Management Tools and Trends 2014, by Paul Carttar, Chris Lindquist and Amy Markham, January 2015
Strategy for Impact: NPC’s practical approach to strategy development for charities, by Abigail Rotheroe and Iona Joy, November 2014
Accelerating Impact Enterprises: How to Lock, Stock, and Anchor Impact Enterprises for Maximum Impact, by Catherine H. Clark, Matthew H. Allen, Bonny Moellenbrock and Chinwe Onyeagoro, May 2013

Tailored financing

Konig, A., Club, C., and Apampa, A., (2020) "Innovative Development Finance Toolbox". KfW Development Bank
Owen, R., Lyon, F., (2019) “Financing social enterprises and the demand for social investment” Wiley
Sellick, V., Solder, A., Nguyen, Q., Roberts, I., and Baker, R., (2018) “Funding innovation: A practice guide - Making money work harder” Nesta
Baeck, P., Bone, J., Mitchell, S., (2017), "Matching the crowd. Combining crowdfunding and institutional funding to get great ideas off the ground", Nesta, Department for Digital, Culture, Media and Sport, Arts Council England and Heritage Lottery Fund
Garrido-Mirapeix, J., and Keeler, R., (2017), “Private sector grants. Holding their own in an impact investing world”, Development in practice Impact paper 19, International Development Advisory Services(IDAS) Africa, KPMG
Armeni, A. and, Ferreyra de Bone, M., (2017), "Innovations in Financing Structures for Impact Enterprises: Spotlight on Latin America", The Multilateral Investment Fund and The Rockefeller Foundation
Floyd, D., Newman, C., Gregory, D., and Davis, K., (2017), "Social Shares. Risk finance for social enterprises and charities", Flip Finance, and Access Foundation
Full spectrum finance: how philanthropy discovers impact beyond donation and investments, by Felix Oldenburg and Bjoern Struewer, 2016
Segal, J., Shumway, J., and Bianchi, J., (October 2016), "New Tools to Amplify Impact. A Pay for Success Guide to Building Nonprofit Capacity", Social Finance and W.K. Kellogg Foundation
Knowledge @ Wharton, Wharton Social Impact Initiative, and The Rockefeller Foundation, (August 2016), "Innovative Finance: Mobilizing Capital for Maximum Impact"
Ngoepe, T., Fisker Henriksen, T., Patton Power, A., Panulo, B., Modungwa, B., Scholtz, L., and, Gulati, M., (Spring 2016), "Switching On Finance for Off-Grid Energy", Bertha Centre For Social Innovation & Entrepreneurship and WWF-SA
Ramalingam, B., and Bound, K., (April 2016), "Innovation for international development. Navigating the paths and pitfalls", Nesta
Choosing the right funding route for your charity, by Triodos Bank, February 2016
Koenig, A-N., Jackson, E. T., and Carriere, B., (February 2016), "Private Capital for Sustainable Development. Concepts, Issues and Options for Engagement in Impact Investing and Innovative Finance", Ministry of Foreign Affairs of Denmark
New funding sources: An introduction for trustees, by Peter Harrison-Evans, September 2015
A How-To Guide for Blended Finance: A practical guide for Development Finance and Philanthropic Funders to integrate Blended Finance best practices into their organisations, by World Economic Forum, September 2015
Guarantees, Subsidies, or Paying for Success? Choosing the Right Instrument to Catalyze Private Investment in Developing Countries, by Owen Barder and Theodore Talbot, May 2015

Collaboration & Mobilisation of resources

Welisiejko, S., Bertolini, J., Karboul, A., Lee, J., Castellnou, M., Maclay, A., and Arey, J., (2021) "Tying funding to results: a primer in results-based finance to support a just covid recovery and foster impact-driven economies". GSG, EOF.
Bikmen, F., (2020) "Philanthropy Networks: Creating Value, Voice and Collective Impact", WINGS.
Bridges Fund Management (2019), "Better Outcomes, Better Value: the evolution of social impact bonds in the UK"
Anselmo, M., and Charro, I., (2020) "Social Impact Bond - Projeto Família", Maze, Portugal Social Innovation
Anselmo, M., and Charro, I., (2020) "Social Impact Bond - Faz-te Forward", Maze, Portugal Social Innovation
Anselmo, M., and Charro, I., (2020) "Social Impact Bond - Bootcamps Academia de Código", Maze, Portugal Social Innovation
Wings, (2019), "Promoting an enabling environment for philanthropy and civil society"
Farnham, L., Nothmann, E., Tamaki, Z and Daniels, C., (2020), "Field Building for Population-Level Change", The Bridgespan Group
Leijonhufvud, C. and Locascio, B., (2019) "Catalytic Capital - Unlocking more investment and impact", Tideline, The John D. and Catherine T. MacArthur Foundation.
Burgess, C., Scholz, A., Wood, A. and Selian, A., (2018) "From Billions to Trillions". Sphaera, Arta, Total Impact Capital
Powell, A., Wolf Ditkoff, S., Hassey, K., (2018) "Value of Collaboration Research Study: Literature Review on Funder Collaboration" The Bridgespan Group
van Blitterswijk, D., Haley, C., Febvre, J., (2019) "Paths to Scale: Finance lessons from European entrepreneurs" Nesta
Baic, A., Struewer, B., Doerner, W., Henderson, B., Maennig, M., Kammerer, L., Baffioni, P., Montgomery, B., (2019) "Accelerating Impact-Linked Finance" BCG, Roots for Impact
Clark, C., Langsam, K., Martin, E., and Worsham, E., (2018) "Financing for Scaled Impact" Innovation Investment Alliance, Skoll Foundation, and CASE at Duke
Schiff, H. and Dithrich, H., (April 2017), "Scaling the Use of Guarantees in U.S. Community Investing", GIIN
Pereira, J., (February 2017), “Blended finance: what it is, how it works and how it is used”, Oxfam and EURODAD
Freiburg, M., Höll, R., Kospoth, C., Daub, M., (December 2016), "Taking off. A hybrid investment fund to unlock the growth potential of social enterprises in Germany", FASE, Ashoka, BMW Stiftung, and McKinsey&Company,
FASE, Ashoka, BMW Stiftung, (2015), "Creating Collaborative Funding Models for Social Enterprises: How fine-tuned, state-of-the-art hybrid financing packages can build bridges and channel more invesrment capital into the social entrepreneurship sector"
The Foundry: An Example of a Consortium Approach to Impact Investing, by Debbie Pippard, 2014
Impact Investing Insights | A NextBillion E-Book: 11 interviews with leading advocates, academics and investors, 2014
Mission-related investing: How non-profits use investments to further their mission, by Manisha Kathuria and Steven M. Murray, July 2013

High ethical standards

Memon, A. and Wyld, G., (2018), "Walking the talk on diversity. What is holding the charity sector back from putting words into action?" NPC

Search the website

Use the following form to search our website