June 2025
Authors: Catherine Clark & Kimberly Bardy Langsam
Produced by: CASE at Duke in collaboration with Impact Frontiers
Overview:
Impact ratings are often seen as a first step toward integrated impact-financial analysis—but they are far more than that. In this new report, More Than a Starting Point, CASE at Duke explores how 14 impact investing organizations are using impact ratings to drive clarity, alignment, and strategic decision-making across the investment lifecycle.
Drawing on in-depth interviews and document reviews with alumni of Impact Frontiers’ trainings, the report highlights the practical benefits of impact ratings at every stage of their development—from early alignment and screening to portfolio optimization and governance. It offers a roadmap for investors looking to professionalize their impact practices, with actionable insights, lessons learned, and examples from peers across the field. Notably, the report features detailed profiles of 12 funds, describing the key elements of their impact rating tools and how they are leveraging them across the investment lifecycle.
Whether you’re just beginning your impact measurement journey or refining an existing system, this report will help you unlock the full potential of impact ratings.