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The Impact Capital Managers mission is to accelerate the performance of our members and to scale the private capital impact investing marketplace with integrity and authenticity.

New research from the ICM Institute

Private Credit in the Impact Capital Stack

Developed by ICM’s Private Credit Working Group, this report draws on survey responses from ICM member funds and practitioner case studies to examine how impact-oriented private credit is structured, underwritten, and managed. It explores where credit fits alongside equity and grant capital, how fund managers embed impact through covenants and other mechanisms, and what allocators should consider when evaluating the asset class. The findings also provide directional insights into fund performance, LP expectations, market barriers, and GPs’ outlook for the sector.

Key facts from the report

#2 impact asset class by AUM after private equity
25% of ICM members now offer credit vehicles
11.67%* average reported gross IRR since inception

*Self-reported and directional. The average 2025 target was 12.93%; actual and target figures cover different periods.

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