According to a joint study, the market’s value has tripled in just two years. Italy is also experiencing strong growth, with promising prospects for 2025
Milan, May 26, 2025 – Fondo Italiano d’Investimento SGR and Human Foundation, an independent think tank specializing in social innovation, present the study “Research and Analysis on the Impact Investing Market”, an in-depth analysis of the growth and outlook of this strategic sector.
In addition to providing an up-to-date overview of Impact Investing, the study analyzes key trends, results achieved, and future prospects, with a particular focus on the Italian market, where the demand for capital directed toward sustainability and impact is becoming increasingly urgent.
Through this research, Fondo Italiano d’Investimento SGR and Human Foundation also aim to raise greater awareness of the opportunities offered by Impact Investing, laying the groundwork for a more inclusive and sustainable financial ecosystem.
The study highlights the driving role of innovative financial instruments, targeted support policies, and public-private synergies—key elements in fostering the sustainable growth of the sector.
In this context, Fondo Italiano emerges as an active player, capable of making a significant contribution to the development of the market at the national level through its Impact Investing Fund of Funds. Launched in 2022, the FOF Impact Investing has enabled Fondo Italiano to strengthen its role as a facilitator supporting specialized funds, promoting the growth of sustainability-oriented SMEs.
A rapidly growing market: €150 billion increase in two years
The study reveals that in 2023 the European Impact Investing market reached a total value of €230 billion—tripling from €80 billion in 2021, with a remarkable €150 billion increase in just two years.
This trend confirms both the sector’s attractiveness and its development potential, as Impact Investing becomes increasingly integrated into the investment strategies of funds and financial institutions. Globally, the value of impact investments surpassed the €1 trillion mark as of 2021.
Italy Follows the Expansion Trend
Italy is also experiencing significant growth in the impact investing sector. The national market grew from €5.8 billion in 2020 to €9.3 billion in 2022, an increase of over 60% in two years.
This growth reflects a rising interest from both institutional and private investors in financial instruments capable of generating measurable social and environmental impact, alongside appropriate economic returns.
The Role of Fondo Italiano d’Investimento in Impact Investing
Fondo Italiano d’Investimento SGR positions itself as a key player in the development of the impact investing market in Italy. Through its dedicated Fund of Funds—FOF Impact Investing, launched in 2022 and the first of its kind nationally—it has already mobilized significant capital toward initiatives with high social and environmental impact.
The fund invests in specialized vehicles operating across a range of sectors, including renewable energy, energy efficiency, sustainable agriculture, circular economy, and social innovation.
As of the end of 2024, the fund had reached a total size of approximately €84 million, invested in six underlying funds with the involvement of private, institutional, and public investors. Of the capital raised, €50 million was subscribed by Cassa Depositi e Prestiti (CDP), with the remaining portion coming from institutional investors, foundations, and family offices.
Approximately 85% of the capital raised has already been allocated. The capital mobilized by the invested funds amounts to over €702.8 million, with a total potential of more than €1 billion based on the target sizes of the underlying funds.
A Continuously Evolving Sector
The research data show that the growth of Impact Investing is not an isolated phenomenon, but part of a broader transformation of the financial market.
The report highlights how the expansion of impact investments is being driven by the adoption of new financial instruments, the increasing involvement of institutional investors, and a growing focus on impact measurement metrics.
These factors are helping to consolidate the sector and position it as an increasingly central component of sustainable investment strategies.
Statements
Luigi Tommasini, Senior Partner at Fondo Italiano d’Investimento SGR and Head of Fund of Funds and Strategic Initiatives, emphasizes: “In light of the data presented in the study carried out in collaboration with Human Foundation, we are convinced that 2025 is a pivotal year for the consolidation of Impact Investing. The sector is evolving rapidly, driven by the introduction of new financial instruments and growing interest from companies in sustainable business models. This evolution has led to increased attention from institutional investors who, within their traditional investment activities, now seek opportunities that offer risk-adjusted returns while also generating measurable environmental and social impact. The portfolio built by Fondo Italiano through the FOF Impact Investing is a tangible demonstration that this additionality is achievable at scale.”
Mauro Bux, Head of Impact Fund Advisory at Human Foundation, comments: “The results of the study confirm the growing maturity of the Impact Investing market, with a rapid evolution of financial instruments and an increasing focus on impact measurement. Fondo Italiano positions itself as a strategic player in channeling capital toward activities that combine financial returns with positive impact. Human Foundation reaffirms its role as a technical and advisory partner for funds operating within the European impact investing ecosystem”.
Human Foundation
Human Foundation is a private research and consultancy organization that promotes innovative solutions in response to growing social needs. It is a Do & Think Tank that combines research and in-depth analysis with concrete programs, projects, and actions to provide sustainable solutions capable of generating impact in local communities.
The Foundation fosters collaboration between public administrations, social and innovative enterprises, foundations, public and private investors, economic operators, and the financial sector to promote the impact economy, spreading the culture of social innovation through four main areas of activity: Impact Assessment, Training and Development, Urban Regeneration and Impact Local Development, Impact Fund Advisory.
