REUTERS/Jeff Haynes - The skyline of Chicago is seen with the steam fog coming off Lake Michigan in Chicago, Illinois, January 28, 2014.

Blog Post

The market makers: Local innovation and federal evolution for impact investing

April 28, 2016, Alaina J. Harkness and Emily Gustafsson-Wright

Announcements of new federal regulations on the use of program-related investments (PRIs) and the launch of a groundbreaking fund in Chicago are the latest signals that impact investing, once a marginal philanthropic and policy tool, is moving into the mainstream. Alaina Harkness and Emily Gustafsson-Wright argue that beyond simply broadening the number of ways that foundations can deploy funds, growing the pool of impact investments can have a powerful market-making effect.