Impact investment: Multiple stakeholders' measurement of financial and social benefits

The Impact Investing market which seeks to create intentional social impact, requires effective impact measurement. This research used exploratory methods to examine the Impact Investing market in South Africa. In total, 12 professionals in South Africa were interviewed using semi-structured interviews. The interview pool included evaluation experts, managers and directors within intermediary businesses and owners of businesses who receive impact investment funds. While existing literature indicates three stakeholder groups, our study identified four groups and highlighted the lack of attention to beneficiaries as a stakeholder group. Our study found that stakeholder engagement should be a continuous process. We identified three key phases within an investment cycle and aligned important impact measurement and stakeholder engagement processes within each of the phases. Noting the different needs of intermediaries and investees, the key phases and corresponding processes are mapped in a Stakeholder Integrated Impact Measurement Conceptual Framework.