Impact investment survey, one year on .................................3
A market in its infancy and growing .......................................5
Government support and infrastructure development promote growth .......................7
Return and impact: Diverse perspectives ..............................9
Return expectations: Consistent variation ..........................11
Currency, instrument, region and sector characteristics.............................................11
Confirming the significant range of return expectations ............................................13
Mixed evidence of an EM risk premium in debt expectations ...................................17
Relative performance views align with expected returns...........................................17
Realized debt returns: As expected ......................................19
Impact measurement: Building standards ...........................20
Deal quality sufficient; third-party metrics gaining use .............................................20
Risk: Expected to match traditional investments ................22
Other characteristics of the sample......................................24
Size, fees and exits .....................................................................................................24
Looking ahead ........................................................................27