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Table of Contents
Acknowledgements..................................................................3
Introduction ..............................................................................5
Executive Summary .................................................................7
1. The current market landscape...........................................13
Identifying impact investments..................................................................................14
Investors: Market participants and infrastructure.......................................................15
Investments: Business sectors, impact objectives, investment structures and
geography ..................................................................................................................18
Approaches to impact investing: Financial vs. social investment thesis...................21
2. Impact investments: An emerging asset class................24
What makes impact investments an asset class..........................................................25
3. Financial return expectations............................................30
Analyzing a sample of impact investments................................................................30
Beyond returns: Characteristics of surveyed investments..........................................34
4. The potential BoP market opportunity .............................39
Why the opportunity exists in BoP markets...............................................................40
A framework for sizing the market opportunity.........................................................42
Sector by sector analysis: Non-financial services ......................................................44
Sector by sector analysis: Financial services .............................................................60
Segments we haven’t measured .................................................................................63

Appendices
Appendix I: Managing impact investments..........................66
Appendix II: Glossary and acronyms ...................................78
Appendix III: CDFIs.................................................................80
Appendix IV: GIIN Survey participants .................................82
Appendix V: Additional returns data ....................................83
Appendix VI: Notes on market sizing ...................................87
Appendix VII: Further reading ...............................................91