Dear Matt and Paula,
Thank you for this very useful article. As an investor who is pivoting to impact investing, the impact vs. return discussion is one that I had a hard time navigating with potential LPs. I believe you’ve nailed it with two salient points: a) it’s a spectrum; b) sometimes the return comes in terms of building a market that currently doesn’t exist. I’m going to adjust our story and pitch based on your thinking.
Keep up the great work at Omidyar!