全球影响力投资网络：机构资产所有者与影响力投资2025

Table of Contents Acknowledgements.................................................................................................................................. 03Executive summary.................................................................................................................................... 041. Introduction............................................................................................................................................. 052. Institutional profiles............................................................................................................................... 072.1 Financial expectations.................................................................................................................. 083. Impact commitments............................................................................................................................. 093.1 Impact focus areas........................................................................................................................10 Acknowledgments Authors Christian Rosenholm, Director, Institutional Engagement, the GIIN Sean Gilbert, Chief Investor Network Officer, the GIIN Contributors The authors offer special thanks to the GIIN’s Director of Research Blair Read and Research Manager and TeamLead, Data Structure and Analysis Jacob Tate for their valuable insights and assistance in analyzing the field data,particularly for the chapters on impact management and outlook. Sincere gratitude also extends to the 23 Reviewers The GIIN’s Chief Research Officer Dean Hand played a crucial role in the initial research design and providedcritical feedback that strengthened the analysis. The GIIN Communications Team edited and designed the Disclosures The Global Impact Investing Network (GIIN) is a nonprofit 501c(3) organization dedicated to increasing thescale and effectiveness of impact investing through research, education and other activities. Readers should be through some of which the GIIN has received and will continue to receive financial and other support. Thesematerials do not constitute tax, legal, financial or investment advice, nor do they constitute an offer, solicitationor recommendation for the purchase or sale of any financial instrument or security. The information contained inthese materials is made available solely for general information purposes. The GIIN has collected data from thirdparties for this document that it believes to be accurate and reliable, but the GIIN does not warrant the accuracy,completeness or usefulness of this information. Any reliance you place on such information is strictly at your ownrisk. We disclaim all liability and responsibility arising from any reliance placed on such materials by any reader ofthese materials or by anyone who may be informed of any of its contents. Readers should consult with their owninvestment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitabilityof any investment made by them. About the GIIN The Global Impact Investing Network, Inc. (GIIN) is the leading industry body for impact investing. Since 2009,the GIIN has worked to increase the scale and effectiveness of impact investing to solve systemic problemsfacing people and the planet. With approximately 450 members across six continents, the GIIN serves as a hub How to cite Rosenholm, C., and Gilbert, S. (2025). Navigating Uncertainty, Seizing Opportunity: Institutional Asset Ownersand Impact Investing 2025. Global Impact Investing Network (GIIN). New York. Executive summary Impact investing among institutional asset owners (IAOs) is entering a new phase.Once limited toscattered efforts, impact investing is now becoming a meaningful part of institutional portfolios; it is bothmore systematic and more common. This research, based on data from 22 IAOs collectively managing $3.5trillion USD and headquartered across 10 countries, captures a field in transition. IAOs are moving from The momentum is unmistakable.Compared to only a few years ago, the landscape looks fundamentallydifferent. An increasing number of IAOs are no longer asking whether to engage in impact, but how to 1.Institutionalizing impact:IAOs seek to formalize strategies, governance structures andmeasurement systems that embed impact as a routine component of investment operations and tie 2.Expanding across asset classes:IAOs look to move beyond single asset class allocations and,potentially, to include listed equities and public debt in impact allocations, while ensuring that their 3.Building resilience and adaptability:IAOs aim to strengthen internal impact investmentcompetencies and enhance their capacity to navigate political and market volatility, in order to Integration of impact investing is underway but uneven.The participating IAOs face the ongoingchallenge of developing good practices to scale impact credibly, particularly as they start i