by adding an additional consideration of systems impact into the Impact Management Project’s (IMP’s) “Five Dimensions of Impact” framework. The following year, the fund also participated in a pilot of BlueMark’s newly developed Impact Performance Reporting verification service. 21 BlueMark evaluated these inputs using its proprietary verification framework, emphasizing two key disclosure criteria: 22 Completeness of Representation. The report outlined the fund’s Theory of Change, thematic focus areas, alignment with the SDGs, and its impact management approach. Each investment’s outcomes were classified using IMP’s Five Dimensions of Impact, with clear key output and outcome metrics for the “How Much.” Reliability of Data . BlueMark found the report appropriately reflected the fund’s impact strategy and performance, reviewing the impact Theory of Change for each portfolio company. While these findings validated the Hataraku Fund’s approach, the verification also highlighted areas for improvement. These included the need for: 1. Standardized data collection processes and centralized data management systems. 2. Greater incorporation of investor contribution narratives at the portfolio level. 3. Enhanced ESG considerations for individual investments. 4. Presentation of impact metrics relative to targets and over time, using industry standards. In response, Hataraku Fund took concrete steps to address these recommendations. For instance, they developed a centralized impact data management system to streamline data collection and ensure consistency. ESG support for investee companies has also been enhanced, with a focus on integrating these considerations into business operations. Setting impact KPI targets remains a work in progress, tailored to the business stages of each investee company. However, the fund does reference industry standards where applicable to improve the presentation of metrics and foster comparability over time. These efforts reflect SIIF’s adaptive approach and dedication to refining its impact practices based on external feedback.
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Ten Years in the Making
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