Impact investors often know their financial return on investments, but are less certain about their impact. This article frames impact as their contribution to sustainable market transformation. A sustainable market transformation consists of inception, first movers, critical mass, and institutionalization phases. Given the nature of such transformations, the impact is effectuated at different moments and toward various market actors. Based on an exploratory research design with semi-structured expert interviews, this article aims to create an overview of the roles of impact venture capital funds in sustainable market transformations. The results suggest that the view that the capitalization of start-ups is the only impact of impact investors is a misconception. The needs of companies with sustainability value propositions change over time and consequently impact investors perform various roles. For example, exiting an investment while upholding social and environmental objectives communicates to mainstream business that the start-up is ready to create a greater impact. Further, impact investors fulfill external roles that change the perspectives of institutional actors toward sustainable investments. Based on an overview of the different roles that impact investors fill, this article proposes a future research agenda to strengthen our knowledge about the impact return of investments.

中文翻译：

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影响力投资和可持续市场转型：风险投资基金的作用

影响力投资者通常知道他们的投资财务回报，但对其影响不太确定。本文将影响定义为它们对可持续市场转型的贡献。可持续的市场转型包括启动阶段、先行者阶段、临界质量阶段和制度化阶段。鉴于此类转变的性质，其影响会在不同的时刻对不同的市场参与者产生影响。基于半结构化专家访谈的探索性研究设计，本文旨在概述影响力风险投资基金在可持续市场转型中的作用。结果表明，认为初创企业的资本化是影响力投资者唯一影响的观点是一种误解。随着时间的推移，具有可持续性价值主张的公司的需求会发生变化，因此影响投资者扮演各种角色。例如，在坚持社会和环境目标的同时退出投资向主流企业传达了初创企业已准备好创造更大影响的信息。此外，影响力投资者扮演着改变机构参与者对可持续投资的看法的外部角色。基于对影响力投资者所扮演的不同角色的概述，本文提出了未来的研究议程，以加强我们对投资影响力回报的了解。在坚持社会和环境目标的同时退出投资向主流企业传达了初创企业已准备好创造更大影响的信息。此外，影响力投资者扮演着改变机构参与者对可持续投资的看法的外部角色。基于对影响力投资者所扮演的不同角色的概述，本文提出了未来的研究议程，以加强我们对投资影响力回报的了解。在坚持社会和环境目标的同时退出投资向主流企业传达了初创企业已准备好创造更大影响的信息。此外，影响力投资者扮演着改变机构参与者对可持续投资的看法的外部角色。基于对影响力投资者所扮演的不同角色的概述，本文提出了未来的研究议程，以加强我们对投资影响力回报的了解。