Private market impact investing firms: Ownership structure and investment style

Theodor F. Cojoianu, Andreas G.F. Hoepner, Yanan Lin*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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
JournalInternational Review of Financial Analysis
Early online date13 Sep 2022
Publication statusPublished - Nov 2022


  • impact investment
  • private equity
  • sustainable finance


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