Impact 20 2021 revisited: Methodology

Updated information about how the list of the 20 largest managers of impact capital in private markets is put together.

This version of the Impact 20 ranking is based on the amount of dedicated impact capital raised by firms between 1 January 2016, and 31 July 2021. We count the full amount of a fund if it has a close in this timeframe, and we count the full amount of an interim close that has occurred, even if no official announcement has been made. We also count capital raised through co-investment vehicles. In the case of a fundraising, it means the fund has had a final or official interim close after 1 January 2016.


Impact capital: For this ranking, we are using GIIN’s definition of impact, namely: “Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return in private markets. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending on investors’ strategic goals.

“The impact investment market provides capital to address the world’s most pressing challenges in sectors such as renewable energy, sustainable agriculture, affordable/social housing as well as debt and equity investments in firms that focus on providing answers to such challenges.”

Read more from GIIN here.

Capital raised: This means capital definitively committed to a fund through an interim or final close within the specified time period. Structures that count towards the total figure are: limited partnerships, co-investment funds, separate accounts and seed capital/GP commitment. Investment strategies comprise private equity, private real estate, private debt, unlisted infrastructure and unlisted agriculture.

Not counted: Expected capital commitments, public funds, contributions from sponsoring entities, hedge funds, capital raised on a deal-by-deal basis, leverage, PIPE investments and ESG funds that prioritise financial return over impact.

The Impact 20 is not a performance ranking, nor does it constitute investment recommendations.

For a full methodology, email PEI Media’s head of fund manager research, Daniel Humphrey Rodriguez (