At its core, the work of systems change is about people. It’s about improving lives—not just incrementally but at a foundational level. The language should reflect this human focus. While buzzwords like “systems change” can help signal alignment with broader global movements (e.g., the Sustainable Development Goals), they can also alienate potential partners if not grounded in clarity and context. SIIFIC’s mission offers a valuable reminder: language is a tool, not a barrier. To truly build an inclusive ecosystem, investors need to meet people where they are—using words they understand to articulate a vision they can believe in. After all, systems change isn’t just a concept; it’s a practice. And for it to succeed, it must inspire action across sectors, audiences, and ideologies. Resources Fund Context Research used in Oxford Impact Investing programme analyzed 150 long-standing and early-stage funds across sectors such as education, health, financial literacy, agriculture, forestry, and marine conservation. There were several common themes for successful funds—in terms of longevity, size, scale, and impact. These are considerations the SIIF Funds might consider as they go forward and iterate their approach. Big is better, small funds are less likely to achieve systemic change. Jenn Pryce, President and CEO at Calvert Impact, acknowledges that while small funds can have an impact, their effect will always be limited and insufficient to solve significant global problems. She says too many people are overly optimistic about how their funds will grow. “What I see is people often feel like, ‘Well, I put two million in this fund, why isn’t it a hundred million next year? Why isn’t this now billions of capital?’ What I have seen is that, with very few exceptions, funds have never scaled that way.” 44 Funds vary in size, but impact- focused funds are often significantly smaller than conventional funds. According to the IFC (International Finance Corporation), funds that have what it calls an impact intent are on average US$230-235 million, while ESG-focused funds are US$365 million. 45 Many funds have long histories. A 2019 analysis of eighty-five private equity and venture capital impact investment funds showed that forty-three funds (50 percent) were at least ten years old, and six (7 percent) had been operating for more than twenty years. 46 The size of these funds varied between US$1 million and over US$200 million, with forty-one (48 percent) having commitments between US$50 million and US$200
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Ten Years in the Making
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