Impact investing is often framed as a win–win: do good, generate a positive social or environmental impact while still earning a financial return. But what does that actually look like in practice and who carries the risk when things don’t go as planned?
In this episode of Art of Citizenry, Manpreet Kaur Kalra is joined by Dr. Peter Hinton, impact investor and Associate Fellow at Oxford’s Saïd Business School, to unpack the financial architecture behind impact investing — debt, equity, and quasi-equity — and what these instruments really mean for social enterprises and impact-driven businesses on the ground.
Together, they trace the field’s roots from faith-based socially responsible investing and the rise of microfinance to today’s trillion-dollar impact investing market. Along the way, they dig into the hidden risks of hard currency loans and the tension between investor expectations and the realities faced by entrepreneurs and communities. They tackle one of the field’s thorniest questions: how do you measure social impact without overburdening the very organizations you’re trying to support?
This episode dives into:
Whether you’re new to impact investing or wrestling with its limitations from the inside, this episode offers a grounded, critical, and hopeful look at what a more equitable approach could look like.
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