Is impact investing making big strides forward – or are they merely baby steps?
A careful analysis of the latest annual J.P.Morgan/Global Impact Investing Network’s (GIIN) annual impact investor survey, which is available here, suggests the jury may still be out – but that’s largely because, if we compare this year’s survey with the previous two annual surveys, it’s extremely difficult to be sure we are comparing like with like. The 2015 survey is physically almost twice as long as those of 2014 and 2013; but size isn’t everything.
A difficulty with comparing these annual surveys from J.P. Morgan/GIIN is that the pool of respondents is clearly growing, year-on-year so, almost inevitably, the pool of managed funds going into impact investments expands, too. An additional problem is that the universe of organisations surveyed – around half of them fund managers, the rest being asset owners, financial institutions, banks and development finance institutions – seems to be fluid. The 2015 survey notes that, out of a sample size of 146 organisations surveyed in 2014 – there were 125 organisations in the survey published in 2014 – just 82 participated both last year and this. So we are not necessarily assessing like with like.
But let’s see if we can draw some useful comparisons, to see where we are with overall market development.
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