Episode
Theory of Change: #10: Is impact investing due for a reckoning?
- Podcast
- Devex Podcasts
- Published
- Aug 18, 2026
- Duration seconds
- 3190
- Processing state
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Summary
Twenty-five years ago, when Jacqueline Novogratz founded the impact investing nonprofit Acumen, she still had to prove that markets and entrepreneurship could work for people living in poverty — and help lift them out of it. In the years since, that has moved from a relatively fringe approach to fighting poverty, to the center of global development efforts. Development finance institutions, philanthropies, and asset managers are all looking for investable opportunities — and speaking the language of impact. But something else has happened to — or hasn’t happened — Novogratz said on Devex’s Theory of Change podcast. The institutions and individuals who could provide critical “patient capital” in the early, riskier phases when it is most effective, are not jumping in as needed. For Novogratz, it points to a needed reckoning for a social impact sector that has grown up, but still hasn’t realized its potential. “The capital that is available, and there's a lot of capital, is too expensive, it’s too risk averse, and as a result, we see a lot of talk and a lot of hand-wringing when we could be structuring that capital under the rubric of impact investing and really creating impact,” she says.