Measuring Impact In SIIF’s first five years (2017-2022) its main goal was building the ecosystem for impact investing. The Foundation brought together a diverse ecosystem of players and then needed to consider the pathway forward; How would the Foundation use stakeholders to enable the deepest impact? And how would it measure success? Impact Measurement and Management SIIF has played a role in advancing global standards for Impact Management and Measurement (IMM), contributing to the development of widely recognized principles and frameworks. As a strategic partner of the Impact Management Project (IMP) and a participant in GIIN’s IRIS+ Working Group on employment-related metrics, SIIF has helped shape tools that guide how impact is defined, measured, and reported. SIIF has also engaged in practical applications of these frameworks, participating in initiatives like Impact Frontiers’ first Asian cohort and BlueMark’s pilot projects, which explore innovative approaches to impact performance reporting and fund-level assessments. These experiences have strengthened SIIF’s ability to integrate global standards into its own practices while contributing to the evolution of IMM practices internationally. Within its own portfolio, SIIF applies IMM practices mainly at the project level, working closely with investees to build and refine its impact strategies. The Healthcare New Frontiers Fund, a venture capital fund SIIF both invests in and helps manage, exemplifies this approach. Since its inception in FY2019, the fund has published annual impact reports, relying on the PDCA (Plan-Do-Check-Act) cycle to support investees in developing logic models, setting KPIs, and using data to monitor and improve their impact over time. Similarly, in the Health Promotion Social Impact Bond (SIB) in Okayama City, SIIF was involved in designing the outcome metrics and evaluation methods for assessing social impact. This involvement extended from the project’s structuring phase, where SIIF helped define payment conditions and funding approaches, to the implementation phase, where SIIF provided ongoing support through periodic progress monitoring. With the Hataraku Fund, SIIF publishes annual impact reports for the Fund, offering a high-level overview for the public, alongside a more in-depth version for limited partners (LPs), which includes detailed KPIs and outcome metrics. These reports draw on the Five Dimensions of Impact outlined by IMP, with an additional focus on a sixth dimension—systems change—which reflects SIIF’s commitment to advancing not just impact but also the structural changes necessary for a more inclusive and equitable society.
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Ten Years in the Making
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