We invest in the most impactful funds, run by managers dedicated to improving their own impact as well as that of their underlying investments. We look for impact focussed pioneers who are developing the impact investing market because it is the future of investment.


Pioneering impact standards

We assess the fund managers in our portfolio against five categories:


What drives the organisation and how determined it is to live those values.


The impact thesis and how impact is measured.


How each manager supports and engages with their investees to improve outcomes.


Whether the fund manager is acting as a pioneer on impact.


The management of the risks around investing for impact.

In 2019, we were awarded the Impact Strategy Award by Pensions for Purpose for our work in collaboration with​ the Impact Management Project on measuring enterprise impact. This framework builds on, and learns from, the work of others. This includes NPC with the KL Felicitas Foundation, the Impact Management Project, and the Operating Principles for Impact Management, developed by the International Finance Corporation.

We use a bullseye to report on the impact of our portfolio. The bullseye denotes the impact intensity of the Snowball portfolio by showing the percentage of our portfolio that sits in each ring of the bullseye. We continually work with our managers to improve the positive impact that our investments create, and therefore to drive the impact score toward the centre of the bullseye.


Our approach to impact management

We integrate impact across our investment process, and we measure the impact of our managers, and of our underlying portfolio holdings.


We invest in fund managers dedicated to achieving impact. These managers are acting on our behalf – and yours – and are creating a shift in the way the investment industry acts. In this report, we share our analysis of responses to a survey we sent to our managers and you can see more of how our framework operates.

View Report


We worked on this report with The Impact Management Project who work to build global consensus on how to measure and manage impact. In this report we analysed the impact of the ventures and enterprises that our managers are invested in. You can view that report below.

View Report