Rethinking Impact Investing: Capital, Risk, and the Next Wave

​Event Description

Impact investing has grown rapidly over the past decade, but the field is now at a turning point. Questions are emerging about what models truly deliver impact, how capital should be structured, and whether current approaches are fit for the realities of early-stage ventures and emerging markets.

This discussion explores how impact investing is evolving, from philanthropic and catalytic capital to blended models that combine grants, debt, and equity. What does it take to support high-impact ventures through the “valley of death”? How should expectations around risk, return, and impact be redefined?

We will also examine new evidence on the true costs and efficiency of impact-first investing, challenging assumptions about speed, scalability, and financial performance. The session will bring together fund managers, investors, and practitioners to share real-world insights and explore how to design capital that better aligns with the needs of the communities and enterprises it aims to serve.

This is a practical conversation about how to reset and strengthen impact investing, ensuring it delivers meaningful outcomes in a rapidly changing landscape.

Speakers

• ​Natalie Vergara is LatAm Lead & Head of Platform at Mercy Corps Ventures, supporting startups in climate resilience and financial inclusion.

• ​Céline Gongora is Business Developer, Water Access at Danone Communities, scaling social entrepreneurship solutions for safe drinking water.

• ​Donna Parr is Managing Partner at Cross-Border Impact Ventures, with extensive experience in global investment portfolios.

• ​Greta Carioli is Director at elea, focusing on investments and partnerships to reduce global poverty through entrepreneurship.

• ​Joan Kembabazi is Team Leader and Founder of Gufasha Girls Foundation.

• ​Paul Belknap is Director of Impact Investing at the Miller Center for Global Impact, supporting social enterprises and investment readiness.

​Discussion Questions
What models of impact investing are proving most effective today, and why?
How should investors balance financial returns with meaningful, measurable impact?
What does it take to support early-stage ventures through the “valley of death”?
How can data and evidence reshape how capital is allocated and deployed in the impact investing space?