A new list of the top impact investing fund managers highlights the strides being made in the field, particularly the number of managers with $1 billion or more under management,  making them institutional size.

The ImpactAssets 50 2025, a guide to impact investment fund managers globally, features 165 experienced and emerging impact investment fund managers, the highest number in the survey’s 14-year history. The IA 50 offers investors a curated and publicly accessible database to explore the industry’s leaders across the full range of investment types.

“As impact investing continues its march into the financial mainstream, the IA 50 has become a powerful barometer of industry maturation and the most respected recognition in our sector,” Margret Trilli, CEO and CIO of ImpactAssets, said in a press release. “The scale, growth and credibility of this year’s IA 50 managers demonstrate that impact investing is not only thriving, it is becoming an undeniable force in the market.”

Total assets under management of IA 50 firms surged to $130.6 billion, representing a 35% year-over-year increase, driven by the inclusion of new, large impact managers as well as the steady growth of established firms, the survey found.

In the 2025 Emerging Impact Manager category 21 managers were listed who focus on climate as their primary impact theme, the largest number ever in the category and a category total that has nearly doubled since 2021. This year’s EIM category also saw a resurgence of infrastructure-focused managers with three such managers selected, signaling the highest-ever infrastructure focus on the EIM list.

All told, 50 impact investing fund managers were selected for this year’s core IA 50 list, 65 managers for the Emerging Impact Manager list and 50 managers for the Emeritus list.

Key impact trends from the IA 50 2025

• Growing manager AUM: A total of 24 IA 50 managers have reached institutional scale, with $1 billion or more in AUM, a 33% increase over the two previous years.
• Financial returns and impact work in tandem: 46% of managers on the list target market-rate returns, while 28% pursue above-market returns. The core IA 50 list is predominantly market-rate (36%) and above-market (28%) managers.
• Climate and social impact priorities: 50% of listed managers primarily focus on social themes such as financial inclusion and community development, while 33% prioritize climate-related investments, including clean tech, alternative energy and decarbonization.
• Beneficiaries of impact capital: The majority of IA 50 managers focus on supporting small businesses, rural communities, low income and disadvantaged communities.
• Third-party impact verification on the rise: 28% of core IA 50 managers and 24% of Emeritus managers have impact reports verified by third-party assessors, marking a steady progression in impact transparency.

“This year’s IA 50 showcases how impact investing is quickly coming of age – not only in scale and financial sophistication, but also in accountability and rigor,” said Jed Emerson, IA 50 Review Committee chair. “The increasing prevalence of third-party impact verification, larger institutional-scale fund sizes, and record-breaking newer entrants signal a maturing market that remains deeply committed to driving positive change.”

Unlike lists based purely on AUM rankings or editorial selection, the IA 50 blends quantitative analysis with expert qualitative review to identify managers that are not only financially sound, but also deeply committed to measurable impact.

“The IA 50 not only reflects where impact investing is today, but also provides a roadmap for its future,” said Rehana Nathoo, Founder and CEO at Spectrum Impact and an IA 50 Review Committee member. “The rigorous selection process and expert review that define the IA 50 reinforce its position as the industry’s gold standard – giving investors confidence that the firms featured are at the forefront of driving meaningful impact.”

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