Impact Investing’s ‘Third Phase’: What New Challenges Lie Ahead?

A dozen years have passed since the term “impact investing” was coined at a meeting of investors, entrepreneurs and philanthropists at the Rockefeller Foundation’s retreat center in the Italian seaside town of Bellagio. Antony Bugg-Levine, who was then managing director at the Rockefeller Foundation, recalled that the new term helped create a way for profit-oriented