But he was clear that doing impact-first investing doesn’t mean shunning finance-first impact investors. Because to achieve impact at scale, we still need the whole ‘spectrum of capital’: from grants to impact capital that will only accept market-rate returns, he explained. “One thing that we brutally learned with FASE, that we failed... for the last 13 years we tried to convince investors to become impact-first investors. This is an abridged version of the Impact Finance Bulletin newsletter. While we wait for the full report, you can find out more in this article by Jack Wakefield from Social Investment Business.