Purpose: Impact investing is one of the fastest-growing responsible investment strategies globally. Although more than two-thirds of global impact investments occur in emerging markets, limited research has been undertaken on the topic in an emerging market context. The authors investigated the main barriers and opportunities that impact investors face in the largest impact investment market in sub-Saharan Africa, namely, South Africa. Methodology: Semi-structured face-to-face and telephonic interviews were conducted with 13 South African asset managers and service providers in the local impact investment market. Directed content analysis was used to identify recurrent and contrasting themes. Results: According to the expert participants, the most important barriers centre on the shortage of investment-ready deals and the lack of detailed and clearly formulated social and environmental impact objectives. The interviewees were of the opinion that growth in the local impact investment market was primarily driven by the prospect of earning a financial return whilst generating positive social and environmental impact. Practical implications: Once a clear understanding of the barriers and opportunities is established, it is more likely that effective, context-specific solutions can be developed. The South African impact investment market’s growth prospects could remain stunted until lifecycle support is improved for small- and medium-sized social enterprises to generate more investment-ready deals. Value: The barriers and opportunities highlighted in this paper are not all-encompassing but provide a useful framework for local impact investors and other role players in the market to navigate the complex emerging market business environment. This study, therefore, provides a valuable contribution to the limited body of knowledge of impact investing in South Africa and similar emerging markets.

中文翻译：

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探索在新兴市场环境中进行影响力投资的主要障碍和机遇

目的：影响力投资是全球增长最快的负责任投资策略之一。尽管全球影响力投资中超过三分之二发生在新兴市场，但在新兴市场背景下，对该主题的研究却很少。作者调查了在撒哈拉以南非洲最大的影响力投资市场即南非，影响投资者的主要障碍和机遇。方法：与本地影响力投资市场中的13位南非资产管理者和服务提供商进行了半结构化的面对面和电话采访。有针对性的内容分析被用来识别经常性和对比性的主题。结果：根据专家参与者的说法，最重要的障碍集中在缺乏准备投资的交易以及缺乏详细，明确制定的社会和环境影响目标方面。受访者认为，本地影响力投资市场的增长主要是由获得财务回报同时产生积极的社会和环境影响的前景所驱动。实际意义：一旦对障碍和机遇有了清晰的了解，就更有可能开发出针对具体情况的有效解决方案。南非影响投资市场的增长前景可能会一直受阻，直到为中小型社会企业提供更多投资就绪交易的生命周期支持得到改善为止。值：本文所强调的障碍和机遇并非无所不包，而是为当地影响力投资者和市场中的其他角色参与者提供了一个有用的框架，以帮助他们驾驭复杂的新兴市场商业环境。因此，本研究为在南非和类似新兴市场进行影响力投资的有限知识体系做出了宝贵的贡献。