We provide the first analysis of the risk exposure and risk-adjusted performance of impact investing funds, private market funds with dual financial and social goals. We introduce a dataset of impact fund cash flows and exploit distortions in VC performance measures to characterize risk profiles. Impact funds have a lower market than comparable private market strategies. Accounting for , impact funds underperform the public market, though not necessarily more so than comparable strategies. We consider alternative pricing models, accounting for sustainability and emerging markets risk. We show investors’ wealth portfolios and taste change the perceived financial merit of impact investing.

中文翻译：

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影响力投资基金的风险和回报


我们首次分析影响力投资基金、具有财务和社会双重目标的私募市场基金的风险敞口和风险调整后的业绩。我们引入了影响力基金现金流数据集，并利用风险投资绩效指标的扭曲来描述风险状况。与同类私募市场策略相比，影响力基金的市场规模较低。考虑到影响力基金的表现低于公开市场，尽管不一定比同类策略更好。我们考虑替代定价模型，考虑可持续性和新兴市场风险。我们展示了投资者的财富投资组合和品味改变了影响力投资的财务价值。