Report
Impact
Impact Measurement & Management
Our Theory of Change is the foundation of our IMM approach.
Our Theory of Change seeks to connect the investment capital we deploy to the long-term systemic change we look to support. It aims to offer a clear and transparent way to articulate what we’re trying to achieve (North Star ambitions), how we’ll enable that change (S2G Engagement), and how we know we’re on track (Interim and Long-Term Outcomes). (1)
Improved Climate Resilience, Adaptation, and Mitigation
Improved Human Health
Positive Nature Outcomes
IMM Is Embedded Across the Investment Lifecycle
We integrate IMM considerations into every stage of the investment lifecycle, from origination and underwriting to value creation and exit. Our IMM toolkit, which includes resources such as the S2G Metric Library, Risk Register, and Impact Survey, guides internal processes at each stage.
In alignment with industry standards, we collect, synthesize, and interpret impact data from our portfolio annually to assess contributions toward interim- and long-term outcome indicators. Our Metric Library provides a core set of indicators mapped to our North Stars and globally recognized frameworks, offering consistency across the portfolio while allowing flexibility for company-specific indicators.
-
Screen opportunities for alignment with S2G’s Theory of Change and long-term outcomes.
Toolkit: Theory of Change
-
Assess alignment with S2G North Stars, define key impact indicators, and identify material risks, mitigation strategies, and value creation pathways.
Toolkit: Theory of Change · Metric Library · Risk Register
-
Monitor progress against North Star-aligned impact and operational indicators and support pathways to value creation.
Toolkit: Metric Library · Impact Survey · Impact Playbook
-
Evaluate progress against S2G North Stars, capture lessons learned, and assess the durability of impact post-exit.
Toolkit: Learning Memo
We partner with our portfolio to unlock value through strengthened impact approaches.
We aim to help companies set the foundations of a sound impact approach by creating tools and resources that are adaptable to each company’s strategy. Our frameworks help articulate the impact of a company’s product or service, set indicators for measuring progress, and identify methods and sources for data collection.
We align our practices with industry standards and frameworks.
We actively engage with industry-leading membership groups to stay at the forefront of emerging practices, exchange insights, and contribute to the advancement of the broader impact investing ecosystem. (2)
In parallel, we actively engage with industry-leading membership groups to stay at the forefront of emerging practices, exchange insights, and contribute to the advancement of the broader impact investing ecosystem. (2)
Industry Standards
Indicator Alignment
Industry Associations
Industry Partnerships
We seek independent verification of our practices.
In January 2024, S2G engaged BlueMark, a leading provider of independent impact verification and intelligence for the impact and sustainable investing market, to independently verify the alignment of S2G’s impact management system and the completeness and reliability of our external impact reporting with industry best practices. BlueMark’s assessment findings cover both areas of strength and areas for improvement, as reflected in the Verifier Statement. In 2025, S2G earned a Platinum score on a Fund ID assessment and secured a spot on the BlueMark Fund ID Leaderboard.(9)
In 2026, S2G was also named to the ImpactAssets 50 (IA 50), a database of impact investment fund managers selected annually based on criteria including experience, scale, financial oversight, and demonstrated commitment to social and environmental impact. The recognition reflects S2G’s continued commitment to measurable impact alongside financial performance.
Impact Insights
