Social impact finance ("impact investing") is the responsible and sustainable investment strategy that mostly involves an active role - intentionality - of the investor in generating both financial returns and a positive and measurable social, cultural and / or environmental impact.

Although it is a market still at an embryonic stage of development in quantitative terms, especially in Italy, and despite the fact that there is still no clarity from the definition and terminological point of view, social impact finance represents a huge change that is taking place thanks to the 'hybridization of social entrepreneurship markets, the transformation of finance which from "extractive" is becoming "generative" and interested in all stakeholders, the birth of phenomena such as venture philanthropy.

This new emerging market presents a wide variety in terms of investor mission and motivation, type of actors (both on the demand side of capital and on the supply of capital and intermediaries), type of impact (operational, product), financial returns, financial instruments and areas / sectors of intervention.


Bandini, F., Pallara, F. (2020). Impact Investing: Il quadro italiano. Bologna: Università di Bologna. DOI 10.6092/unibo/amsacta/6636.