Capital Allocation Series
Insurance companies manage some of the world’s largest pools of long-term capital, yet their participation in impact funds that target emerging markets and developing economies remains highly selective. Unlike banks or development finance institutions, insurers operate under liability-driven investment models shaped by regulatory capital regimes, asset-liability matching requirements and the need for stable, long-dated cash […]
Capital Allocation Series
Commercial banks are an established and increasingly sophisticated component of the impact investing ecosystem in emerging markets and developing economies (EMDEs). As regulated financial institutions, their participation in impact funds is shaped by prudential frameworks, balance‑sheet discipline and market‑rate return expectations, which distinguish their role from that of public or philanthropic investors. Rather than acting […]
Capital Allocation Series
Development Finance Institutions (DFIs) represent the institutional backbone of the impact investing ecosystem in emerging markets and developing economies (EMDEs). DFIs are institutions established by governments, either individually (bilateral DFIs like FMO, DEG, BII) or collectively through treaties (multilateral DFIs aka MDBs like IFC, AfDB, EBRD, IDB, ADB), with a mandate to promote economic development […]
Capital Allocation Series
Philantrophic foundations are among the earliest and most structurally important actors in impact investing in emerging markets and developing economies (EMDEs). Long before impact investing became mainstream, foundations deployed capital into development-oriented funds, social enterprises and intermediaries operating in EMDEs. Unlike other institutional investors, foundations are not constrained by regulatory capital requirements, balance sheet optimisation […]
Capital Allocation Series
Family offices, both single family offices (SFOs) and multi-family offices (MFOs), represent one of the most heterogeneous but increasingly influential investor groups within the global impact investing landscape. Unlike banks, developmentfinance institutions, insurers, or pension funds, family offices are typically not bound by regulatory capital requirements, formal mandates, or externally imposed return benchmarks. Their investment […]
Capital Allocation Series
Sovereign wealth funds (SWFs) have become increasingly relevant actors in impact investing in emerging markets and developing economies, although their participation differs structurally from that of foundations, DFIs or commercial asset managers. SWFs are state-owned investment vehicles mandated to manage national wealth over long time horizons, often derived from commodity revenues, foreign exchange reserves or […]
Capital Allocation Series
Global capital markets amount to approximately 288 trillion USD according to aggregated data from the World Federation of Exchanges, the Bank for International Settlements, and S&P Global Market Intelligence, as reflected for example in the BIS Global Debt Statistics. Around 275 trillion USD, or roughly 95 %, is invested in public markets, primarily listed equities and […]
Alternative Development Trilogy
Before collaborating across countries and governments, and before the concepts of aid or development cooperation even existed, local individuals and organisations around the world have always been working on solutions to their challenges from the ground up. However, in Official Development Assistance (ODA), cooperation is usually between governments, and local voices are frequently ignored. This […]
Alternative Development Trilogy
Global South countries harnessed more than half of the world’s economic growth in recent years. Their foreign direct investment outflows now represent a third of global flows. And intra-South trade is significant and ever-growing. While development cooperation is often viewed as being between developed and developing countries, with the developed partner providing the funding, it […]
Alternative Development Trilogy
In 2025, the world’s wealthy countries cut between 9 and 18% of their official development assistance (ODA), following an average of 9% cuts in 2024. These trends are led by the United States, which suddenly dismantled its international development agency, USAID, and exited or slashed funding for numerous international organisations, leaving a 60 billion USD […]