Private market impact investing firms: Ownership structure and investment style

TF Cojoianu (First Author), AGF Hoepner (Participant Author), YA Lin (Participant Author)

Research output: Contribution to journalJournal

6 Citations (Web of Science)
58 Downloads (Pure)


Impact investing and ESG investing are specific “ethical” investing types integrating social, environmental, and moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact and ESG investing is largely unexamined, and it is not clear how they differ from conventional investment. To explain the differences between ESG, impact, and conventional investing, this paper draws on a dataset of over 8000 private market investment (PMI) firms. It compares impact, ESG, and conventional investment across firm characteristics, investment preference, and ownership. Results show that impact investors are more likely to be owned by the government, focusing on agriculture, cleantech, and education while avoiding “sin” industries like gambling and tobacco.
Original languageEnglish
Article number102374
Number of pages16
JournalInternational Review of Financial Analysis
Publication statusPublished - Nov 2022

Corresponding author email

Project sponsor

European Commission
Science Foundation Ireland
Mistra Financial Systems

Project No.

713279 (CLNE/2018/202)


  • Impact investment
  • Private equity
  • Sustainable finance
  • ESG
  • investment firms
  • private market
  • PMI

Indexed by

  • SSCI
  • ABDC-A


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