Impact investments are investments made into companies, organizations, and funds with the intention to generate positive, measurable social and environmental impact alongside a financial return. Impact investments can be made directly in companies or nonprofits, or indirectly in funds managed by professional fund managers that have embraced social or environmental impact. They can come in the form of debt, equity, real assets or financial guarantees. Impact is not an asset class itself, but a theme that can be applied across asset classes, geographies, and sectors. Impact investments may target financial returns that are below market, consistent with market, or above market, depending upon the strategy and motivations of the investor. Impact investment markets deploy capital to address pressing challenges in sectors such as sustainable agriculture, renewable energy, conservation, microfinance, and affordable and accessible basic services including housing, healthcare, and education.