Can anyone shed some light on the impact investing scene? Which firms are the best? Which ones are not doing too well?
Names that come to mind are tpg, blackstone, twosigma, bain cap, kkr
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TPG Rise and Bain Capital Double Impact the clear leaders in the space at the moment but heavy investment from all major players
Gotcha, mind if I PM for more questions?
Best at what? Best at returns? Best at fundraising? Best at marketing and branding themselves? Best at creating impact? Best at monitoring and communicating the impact? Best at paying their team?
Specific answers to all those questions would be very helpful!
Returns: Summa Equity and Ara Partners have both flown a little bit below the radar but have excellent returns.
Branding/marketing: TPG Rise has made itself the clear market leader of the MFs from a brand perspective, with Bain Double Impact in second. The other MFs are all still establishing themselves from a platform perspective. Anyone else is clearly not doing a great job on the branding side because I rarely read on this forum about any impact funds beyond the MFs (and there is a large and growing universe of impact funds beyond the MFs).
Impact: Very difficult to say who has really outstanding impact because comparing the impact generated is very difficult across firms. TPG has nicely branded its Impact Multiple of Money metric as a single KPI that helps you compare across different types of impact (because, for instance, how do you compare the impact generated by a solar panel company versus an edtech company?) but the IMM is a bit of a black box and is proprietary, so you can't compare TPG's IMM versus Bain Double Impact's. I think that the firms that are doing impact best are the ones reporting KPIs that are off the shelf from a third party so that you can compare them (for example IRIS+ or SASB) and are focusing really on just one area of impact (climate, for example).
Anyone have thoughts on Apollo’s? Impact fund?
Not to hijack this post, but as it is quite an adjacent theme: What are the most prominent/reputable emerging markets private investment firms in your opinion?
Many foundations do impact investing - personally I think the two best are Chan Zuckerberg Institute and Emerson Collective.
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