The Governance of impact measurement in European impact investing funds

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      <subfield code="a">The Governance of impact measurement in European impact investing funds</subfield>
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      <subfield code="a">Impact investing funds have been growing their assets under management as well as their capabilities in impact management and measurement (IMM) over the past few years. However, there is still a lack of transparency and best practice when it comes to the governance aspect of IMM. Concretely, this report addresses how impact investing funds allocate responsibility on IMM, how impact is integrated in the investment process and how impact has consequences on investment decisions and incentive structures. We believe that these aspects are key components in the professionalization of the industry. This report is based on a combination of desk research and interviews with eight leading impact investing funds in Europe, in order to identify patterns in their IMM governance models. Based on our research, we have detected three main IMM governance models implemented by European impact investing fund managers (see Figure 5). They are illustrated through the case studies of Bridges Fund Management, Phitrust Partenaires and Rubio Impact Ventures. These funds were chosen as prototypical examples of the governance model.</subfield>
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