Martins, Miguel AlvesSalgueiro, ToméStrazzeri, Andrea2025-03-212025-03-212024-06-142024-05-17http://hdl.handle.net/10362/181030This thesis investigates impact investing's changing strategies with an emphasis on capital market and philanthropic organisations. This study examines the mechanisms, behaviours, and drivers that influence impact investment by analysing a total of eight case studies, including four from capital market players and four foundations across the European Union and the United States. By analysing these cases, the study reveals the strategies these entities have adopted over time. The findings elucidate how impact investments can align with broader social objectives, offering insights for all actors involved in the ecosystem of impact investing seeking to improve effectiveness of these investments.engStrategyInvestmentsTaxonomyEnvironmentRiskmaster thesis203920643