Fund managers acting as impact investors: Strategies, practices, and tensions

Using a multi case-study analysis, we shed light on the strategies, practices, andtensions of fund managers acting as impact investors. Results show that while somefund managers experience tension between the social and financial aspects of spe-cific, although relevant, components of the business model, other fund managersexperience challenges throughout the business model. The governance componentemerges as the most relevant issue and this may help explain why impact washing isa key topic in the impact investing discussion. Relevant implications for practitionersand policy makers are also discussed.