The True Cost of Impact-First Investing

Drawing on one of the first collaborative cost studies of its kind, The Miller Center for Global Impact at Santa Clara University takes a close look at the efficiency of impact-first funds, finding that these funds completed more deals per year than comparable traditional funds while operating at a lower average cost per investment. It makes the case that catalytic philanthropy is not simply funding impact but building markets by enabling capital to reach overlooked enterprises, recycle successful investments, and generate lasting social and environmental returns.