Paciﬁc Community Ventures, Inc.
Impact investing is taking shape as a distinct activity, with its own unique stakeholder relationships and operational strategies. As dozens of new funds are created explicitly to tackle the world’s most intractable social and environmental problems, including over 60 globally in 2011, the diverse practices of impact investing are coming into sharper focus.
This report defines the evolving tensions in the ﬁeld of practice as Six Dynamics, each of which describes a unique set of relationships, challenges and questions. Further investigation of the Six Dynamics will underpin a deeper understanding of the best practices required to deliver blended ﬁnancial and social returns successfully, particularly for funds and their managers.