The landscape of impact investing is shifting. Fast. What was once a space focused on measurable, project-based outcomes is now evolving into something broader, deeper, and more urgent. The stakes planetary and social – have never been higher. In a world marked by geopolitical instability, climate extremes, and rising inequality, the key question is no longer whether to act, but how to act systemically.

The outside world is moving. Are we?

Today’s world is defined by uncertainty. Polarisation, hybrid warfare and cyber threats are pressuring democratic values and social cohesion. As a response, investment flows are shifting: more capital is moving towards defence, energy independence and critical infrastructure.

And rightly so – but let’s not stop there. To strengthen society, we also need investment in social innovation – new governance models, resilient systems, and technologies that bring us closer together rather than push us apart. Artificial Intelligence (AI), for instance, offers opportunities for collective intelligence and radically new ideas. But these outcomes are still unpredictable. It requires us to embrace the unknown – and to be comfortable with ambiguity.

From linear projects to system transformation

We believe a new mindset is needed – one that goes beyond project-based impact towards system-based thinking. That means focusing not just on solutions, but on the dynamics and power structures that keep problems in place.

At the same time, public and philanthropic capital is declining in key areas – particularly in support of vulnerable communities and ecosystems. This opens up a space, and a responsibility, for private capital to step in. New financial models are emerging. But they require a willingness to unlearn traditional investment approaches and redefine what ‘value’ means.

We’re entering a moment not unlike the early days of electric mobility. Still emerging, but full of transformative potential. A new era for capital, in which returns are measured not just financially, but socially and ecologically.

A call to reflect, reframe and realign

The impact space is changing. Across the board, we’re seeing bold innovators who rethink ownership, governance and collaboration. They understand that tackling complex challenges requires more than good intentions. It requires systems thinking, shared responsibility and long-term commitment.

So the question becomes: What is your role in this new reality? As an impact investor, how will you define your contribution – and how will you maximise your value for people and planet?

This is not just a shift in strategies – it’s a shift in mindset. One where collaboration trumps competition. Where uncertainty becomes a driver of creativity. And where finance evolves into a tool for structural, positive change.