Private market impact investing firms: Ownership structure and investment style |
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| Affiliation: | 1. The University of Edinburgh Business School, 29 Buccleuch PI, Edinburgh EH8 9JS, UK;2. European Commission Technical Expert Group on Sustainable Finance, Brussels, Belgium;3. Green Technical Advisory Group, HM Treasury, UK;4. Michael Smurfit Graduate Business School & UCD Lochlann Quinn School of Business, University College Dublin, Carysfort Avenue, Blackrock, Co. Dublin, Ireland;5. ML Labs, SFI Centre for Research Training in Machine Learning, Dublin, Ireland;6. China Europe International Business School, 699 Hongfeng Road, Pudong, Shanghai, People''s Republic of China |
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| Abstract: | Impact investing and ESG investing are specific “ethical” investing types integrating social, environmental, and moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact and ESG investing is largely unexamined, and it is not clear how they differ from conventional investment. To explain the differences between ESG, impact, and conventional investing, this paper draws on a dataset of over 8000 private market investment (PMI) firms. It compares impact, ESG, and conventional investment across firm characteristics, investment preference, and ownership. Results show that impact investors are more likely to be owned by the government, focusing on agriculture, cleantech, and education while avoiding “sin” industries like gambling and tobacco. |
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