What Impact Funds in Africa Really Measure: An Analysis of Impact Evaluation Practices

Florian Leon () and Zeineb Benaïssa
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Florian Leon: FERDI - Fondation pour les Etudes et Recherches sur le Développement International, CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne
Zeineb Benaïssa: FERDI - Fondation pour les Etudes et Recherches sur le Développement International

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Abstract: Impact investment funds seek to maximise the economic, social and environmental impacts of their investments, subject to financial sustainability constraints. To justify potentially lower financial returns, these funds must be able to demonstrate the reality of their non-financial impacts. Impact evaluation is therefore a central dimension of their activity — and yet it remains largely underdeveloped in practice. This report, produced by the FERDI Impact Investing Chair, has three objectives. First, to clarify what impact evaluation is and how it can be implemented by investment funds. Second, to analyse the effective practices of impact funds operating in Africa, using an original evaluation grid applied to 250 funds. Third, to propose concrete avenues for improving these practices, without losing sight of the fact that these structures' primary mission remains to invest.

Keywords: Impact investing; Impact investment; Impact funds; Africa (search for similar items in EconPapers)
Date: 2026-06-16
Note: View the original document on HAL open archive server: https://hal.science/hal-05658606v1
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Published in Ferdi. 2026

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