What Impact Funds in Africa Really Measure: An Analysis of Impact Evaluation Practices

Zeineb BENAISSA
Research Assistant, FERDI
Florian LÉON
Research Officer, FERDI
Head of training programmes at the Institute for Advanced Studies in Sustainable Development (IHEDD–FERDI)

CategoryReports
Published on16 June 2026
PublishersFerdi

Impact investment funds seek to maximise the economic, social and environmental impacts of their investments, subject to financial sustainability constraints. To justify potentially lower financial returns, these funds must be able to demonstrate the reality of their non-financial impacts. Impact evaluation is therefore a central dimension of their activity — and yet it remains largely underdeveloped in practice.

This report, produced by the FERDI Impact Investing Chair, has three objectives. First, to clarify what impact evaluation is and how it can be implemented by investment funds. Second, to analyse the effective practices of impact funds operating in Africa, using an original evaluation grid applied to 250 funds. Third, to propose concrete avenues for improving these practices, without losing sight of the fact that these structures’ primary mission remains to invest.

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Report for the Impact Investing Chair at FERDI. With financial support from the DCI of the Government of the Principality of Monaco.

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Citation

Léon F., Benaïssa Z. (2026) "What Impact Funds in Africa Really Measure: An Analysis of Impact Evaluation Practices", FERDI Report, 60 p.

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