Private market impact investing firms: Ownership structure and investment style

Impact investing and ESG are specific “ethical” types integrating social, environmental, moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact is largely unexamined, it not clear how they differ from conventional investment. To explain differences ESG, impact, investing, this paper draws on a dataset of over 8000 private market investment (PMI) firms. It compares across firm characteristics, preference, ownership. Results show that investors more likely to be owned by government, focusing agriculture, cleantech, education while avoiding “sin” industries like gambling tobacco.