With the contraction of traditional public health financing and widening of health inequities across the globe, impact investing opens up a powerful new frontier where private capital can complement public funding to drive innovation at scale and sustain impact over time.  

More investors — from high-net-worth individuals and philanthropists to institutional asset owners and investors — are asking not only what return their capital can generate, but also what impact their capital can create. A surge in momentum around impact investing is reshaping how capital is deployed to drive sustainable health solutions.  

At From Capital to Catalysts: The Next Frontier in Global Health Impact Investing — a SOCAP side event co-hosted by Accenture, the Bay Area Global Health Alliance, and the Global Impact Investing Network (GIIN) — investors and innovators explored impact investment opportunities, how the field is evolving, what is needed to drive meaningful impact, and how the global health community can engage, influence, and advocate for transformative change. 

After an informative overview session of the impact investing landscape by Dean Hand, chief research officer at the GIIN, the remainder of the meeting was held under Chatham House Rules to enable candid conversation, questions, and experience sharing across investors, innovators, and global health leaders about the potential of impact investing to move the needle on global health equity.

“Capital becomes a catalyst when it’s connected to purpose, partnership, and persistence. This is the mindset we must carry forward — one that blends ambition with accountability, innovation, and inclusion.” ~ Natasha Sunderji, co-host and Global Health and Nutrition Lead, Accenture Development Partnerships

Key Takeaways:

• Capital as a catalyst for systemic change: When aligned with purpose, partnership, and persistence, investment can drive lasting health impact rather than just financial returns.
• Emerging investors and blended finance unlock opportunity: Institutional asset owners, family offices, and strategic guarantees can mobilize billions for high-risk, high-need health solutions in emerging markets.
• Sustainable, investable models attract more capital: Clear revenue streams, replicable business models, and systemic benefits encourage follow-on funding and government engagement.
• Measurement drives accountability and learning: Focusing on core outcomes, standardizing metrics, and iterating with grantees/funding recipients ensures impact is tangible, scalable, and credible.
• Managing risk unlocks new opportunities: Early movers who test markets and build track records can shift perceptions of risk, attracting more capital to underfunded sectors.
• Human connections amplify results: Trust, authenticity, and proximity across stakeholders are essential to coordinate efforts and sustain long-term impact.

 

What Impact Investing Means for Global Health

Impact investing is especially relevant in today’s context. Dean Hand, Chief Research Officer for the GIIN, kicked off the discussion with an overview of impact investing, including the macro shifts at play, how investors are acting, and key takeaways. (You may view the presentation here; please use proper attribution if you reference this material. *See note below). Hand pointed to two complex challenges in the world: deepening inequality — with widening wealth gaps and underserved communities — and the growing threats of climate change and biodiversity loss. 

“Many of these challenges can be addressed because the capital market ecosystem has the potential to do far more than simply generate profit,” Hand explained. “As impact investors, we aspire to create a world where social and environmental factors are routinely integrated into investment decisions.” 

Impact investments are made with the intention to generate positive, measurable social and environmental impact alongside financial returns. Hand outlined four key characteristics that define the strategy of impact investing:

1. Being intentional about priorities and defining impact performance targets upfront.
2. Using evidence and data in measurement and management practices, not just anecdotal storytelling.
3. Managing performance related to the targets that were set upfront.
4. Contributing to the growth of the industry through collaboration, sharing impact performance data, and being accountable to the industry by using standards for metrics, practice analysis, and reporting.

Hand emphasized that it is important to differentiate impact investing from investments that are impact aligned. “Impact investors not only manage risks and act responsibly, but also focus on a set of social and environmental priorities — alongside financial ones — intentionally designed to generate solutions to specific challenges.” 

“As impact investors, we aspire to create a world where social and environmental factors are routinely integrated into investment decisions.” ~ Dean Hand, co-host and Chief Research Officer, the Global Impact Investing Network (GIIN)

The Shifts in Play: Understanding Today’s Health Financing Landscape

Global health financing is at a pivotal moment, with traditional aid and public funding under mounting pressure. Cuts to funding are disproportionately affecting programs critical to global health, including women’s and children’s health, vaccination campaigns, treatments for tuberculosis, HIV/AIDS, and malaria, and pandemic preparedness initiatives.

“The right question to ask is where and how impact investors can do more, especially in health, so that over the long term we systemically solve for some of the very reasons that the aid is needed in the first place.” ~ Dean Hand, co-host and Chief Research Officer, the GIIN

“There is a significant decline of roughly 44% in official development assistance that is in the process of taking place at the moment,” shared Hand.

Many countries around the world have refocused their aid spending toward domestic priorities, regional security concerns, and geopolitical considerations.

Despite this, the impact investing market continues to grow. In its State of the Market 2025 Report, the GIIN estimates that the supply of capital allocated to impact investing strategies around the world is close to 1.6 trillion and is growing at a compound annual growth rate of approximately 21%. 

Impact investing alone cannot fill the gap in funding. 

“The type of capital that is needed for humanitarian relief and health support is very different from the type of capital that is needed for long-term solutions,” Hand shared. “The right question to ask is where and how impact investors can do more, especially in health, so that over the long term we systemically solve for some of the very reasons that the aid is needed in the first place.”

Two emerging pools of capital — institutional asset owners and family offices of high-net-worth individuals — are signaling opportunities for impact investing, as both prioritize long-term solutions that improve quality of life and safeguard the wellbeing of future generations.

 

Impact Investing in Action: Current Market Trends

“Impact investors are active, the market is viable, and investors are getting good value from their impact investing strategies.” ~ Dean Hand, co-host and Chief Research Officer, the GIIN

“Impact investors are active, the market is viable, and investors are getting good value from their impact investing strategies,” Hand summarized, highlighting findings from the GIIN’s survey of investors headquartered in 54 countries managing nearly $500 billion in assets.

Most impact capital remains concentrated in the Global North, particularly the United States. While financial services and energy dominate investing attention, over half of investors are allocating capital to healthcare — though only about 11% of total capital goes to health strategies, underscoring the need for greater investment in the sector. 

Blended finance structures and catalytic guarantee mechanism models are proving key to catalyzing pools of capital. Hand walked through one example, the SDG Loan Fund, which increased institutional investor exposure to sustainable development goals (SDGs) aligned investment opportunities in LMICs while delivering appropriate risk-adjusted returns.“FMO (the Dutch development finance institution, or DFI)’s participation, taking a junior position, was enabled by the MacArthur Foundation’s guarantee. Allianz Global’s participation was enabled by FMO’s position, and together the deal unlocked approximately $1.1 billion in investment for small and growing businesses vital to economic development in emerging markets.” (slide 34)

Another example, the Global Health Investment Fund (GHIF), leveraged guarantees from the Gates Foundation and the German DFI to fund anti-venom solutions, vaccines, and genetic diagnostic tools, offering both financial and impact returns to investors. “GHIF was able to attract the quality of investors into the fund because they had a credit enhancement from the likes of Gates and the German DFI that actually provided capitalization.” (slide 36)

These examples demonstrate how blending different types of capital can unlock transformative impact in emerging markets.

*With gratitude to the GIIN and Dean Hand, you may view the overview of impact investing slides here, which include greater detail about the examples above. Please use proper attribution if you reference these slides, and reach out to Maddie mulanow@thegiin.org with any questions. 

 

Measuring Impact and Meaningful Outcomes

Speakers emphasized the importance of measurable impact, with one speaker outlining three key steps: setting standards, analyzing performance, and comparing across a portfolio. They pointed to tools, like IRIS+, as being essential for standardizing metrics across sectors.

One challenge for impact investors is measuring outcomes across diverse health areas. “In our portfolio, different funds and companies measure impact in different ways, making standardization difficult,” explained one speaker. 

Another speaker shared that their organization addresses this by focusing on a core metric — the number of people reached with healthcare products and services — while conveying other nuances qualitatively. “There’s a danger of impact measurement creep,” the speaker cautioned. “The further you get from the people actually receiving a service or product, the more you’re estimating. Stick close to the core.”

“We center the programs and the program leaders that we’re funding to determine what impact means,” another speaker explained, sharing that they work with grantees to define what impact means, determine how to measure it, and adapt as they learn and pivot. 

 

The Future of Impact Investing in Global Health

“[Social impact] strengthens [financial return] if we’re doing it the right way. By reaching populations that normally wouldn’t be served, you generate a business that can grow and roll into financial return.”

The speakers highlighted that the coming decade will see an unprecedented transfer of wealth, raising questions about how the next generation of investors will engage with global health, and what strategies have been most effective in capturing investor’s interest.

“A lot of it is about authenticity, credibility, and the ability to really use their voice and their influence far beyond what their money can do,” shared a speaker. “It is important to be equipped with the advocacy tools, storytelling skills, and the knowledge and experience they need to be the most powerful agents of change they can be.”

The broader context of global health investment shows that only 11% of capital is allocated to healthcare, often due to perceived risk. “Sometimes impact investments are held to a higher performance standard than traditional assets, with investors pricing in risk. Until investors take the leap, test these markets, and learn from experience, risk perceptions won’t shift,” a speaker noted.

The speakers shared that as more investors engage in areas typically seen as risky and build a track record, those risk profiles will be reframed, and more capital should flow. Practical strategies are emerging to reduce that risk, with one panelist highlighting efforts in Africa.

“The next wave of development is entrepreneurship. Over the last 20 years, investments through PEPFAR, USAID, and the Global Fund have built capacity on the continent. By coordinating portfolio holders, technical assistance providers, and fractional leadership, we aim to organize the fragmented ecosystem to eliminate friction and give companies better access to the right technical assistance, providing a practical way to reduce risk,” they shared.

“A lot of it is about authenticity, credibility, and the ability to really use their voice and their influence far beyond what their money can do.”

Building on the theme of risk and opportunity, another speaker highlighted how social impact and financial return can mutually reinforce each other. “One strengthens the other if we’re doing it the right way. By reaching populations that normally wouldn’t be served, you generate a business that can grow and roll into financial return,” they shared, emphasizing the importance of a holistic approach to impact, rather than a narrow view.

A question arose about concerns as to whether newer innovators can access impact capital. “Anybody with a great idea can access capital. There are dozens of incubators, if not more,” shared one speaker, further elaborating that newer innovators can access enough capital to get to a minimum viable product, and to enter the market. “There are organizations coming in at the seed stage, then series A and B funds, and large growth funds.”

 

Looking Ahead: Challenges and Opportunities

“We need better coordination between the different individuals and levers that are funding and financing global health impact…I think there’s a huge untapped opportunity to do a better job of that.”

Looking ahead, the panel emphasized both the challenges and opportunities in global health impact investing.

One speaker highlighted that tech-enabled health services are poised to attract significant investment, particularly as public funding declines. “You’ll need technology to make [services] more efficient, ensure quality, and bring the data up to the national database so that they can actually monitor what’s happening. I think that’s going to be the future,” the speaker explained. 

“It’s a tough market at the moment with some very big headwinds, and it’s very easy for people to become overwhelmed,” another speaker noted. Yet they stressed that fundamentals — safe places to live and access to quality healthcare — create opportunities and value for investors to derive both social and environmental value as well as financial value.

Others emphasized the importance of better coordination between the different stakeholders and levers that are financing global health impact. “We need better coordination between the different individuals and levers that are funding and financing global health impact…I think there’s a huge untapped opportunity to do a better job of that,” one speaker suggested.

Another speaker emphasized the importance of sustainable business models. “The commercial beneficiary of your product needs to be the payer,” they said, highlighting how financial sustainability attracts impact investment. “If you can demonstrate that and rapidly iterate your business model to prove you can generate cash for those buying your products, then the money will flow.” 

Building on that, another speaker highlighted how impact capital can be leveraged to attract additional funding. “We’ve been able to take some of the impact capital that we’ve been given and use it to essentially subsidize the startup of systems… with the goal of inviting the government to also open their own pockets to sustain those systems,” they explained, showing how strategic use of funds can catalyze broader investment.

“The more that we can work in proximity and build relationships based on mutual authenticity, trust, and accountability, the more that we’ll be able to move the needle. But that takes time. It takes resources.”

Offering guidance for innovators seeking impact capital, the panel emphasized critical strategies including finding mentors, partners, and taking a systems approach. “Be very clear, targeted, and precise about what it is you’re trying to solve and how you are solving it. Don’t try to boil the ocean,” shared one speaker. “Start somewhere, fail fast, learn quickly, and go together,” another concluded.

Speakers emphasized that human connections and mindset shifts are needed to make impact investing truly effective. One speaker reflected on the importance of proximity and trust across the ecosystem. “The more that we can work in proximity and build relationships based on mutual authenticity, trust, and accountability, the more that we’ll be able to move the needle. But that takes time. It takes resources,” they shared.

The session underscored that impact investing is a viable strategy to direct capital toward health solutions. While funding gaps in global health aid remain and cannot be solved by impact investing alone, these strategies are underutilized and hold the potential to address systemic root causes of inequity. 

“With the right structures and partners, we open the door to more possibilities and investing value that one might otherwise not have had,” one panelist emphasized. “The key question for investors is, how and where do you leverage your strategies to solve some of these health challenges?”

 

The Alliance remains dedicated to advancing conversations at the intersection of financing, investments, and global health. Is this topic of interest to you? Please complete this brief form to share your feedback on this session or topics related to financing and investments to advance global health topics that are of greatest interest to you.

 

Speaker Bios

James Fraser, President & CEO, Madiro

James Fraser is the President & CEO of Madiro, where he drives innovation, entrepreneurship, and conscious capital to improve health and prosperity across low- and middle-income countries. With more than two decades of experience across global health, humanitarian, and private sector settings, James has worked to protect life, ease human suffering, and uphold the dignity that belongs to every person. Before joining Madiro, James served as President & CEO—and later Director—of ChipCare Corporation, a Toronto-based startup developing cutting-edge point-of-care diagnostics for infectious diseases. He was also the Co-Founder and CEO of Dignitas International (2002–2012), where he helped pioneer large-scale HIV and TB treatment programs in remote and resource-limited settings. He began his career with Médecins Sans Frontières / Doctors Without Borders, where he worked on the front lines delivering health and humanitarian services in conflict-affected regions including Chechnya, the Democratic Republic of Congo, Afghanistan, and Colombia. His career has been defined by a simple goal: to help people live with health, dignity, and the chance to build a better life. He currently serves as an advisor or board member to more than ten early-stage health startups.

 

Rena Greifinger, Managing Partner, Maverick Collective

Rena Greifinger is an award-winning social entrepreneur, philanthropy leader, and advocate for gender equality. As Managing Partner of Maverick Collective, she works to unlock the power and potential of women and their capital to advance health and equity across the world. For over 20 years, Rena has led people and programs dedicated to challenging systemic inequities and disrupting the status quo. From founding and scaling a national leadership and mentoring program for young people living with HIV, to working in over 20 countries to bring better quality sexual and reproductive health services and access to adolescent girls, to launching a community of bold women investors as they catalyze impact for gender equality, she leads with purpose, authenticity, and joy.

 

Ken Gustavsen, Managing Director, Merck Impact Venture Fund

Ken Gustavsen is the Managing Director, Merck Impact Venture Fund, investing in a range of innovative global healthcare solutions. He has been at Merck since 2000 in a variety of roles with a focus on innovative approaches to expanding access to healthcare in the developing world and emerging markets. Before joining Merck, Ken led a post-war relief and development program in Kosovo for the non-profit organization World Relief, involving housing reconstruction, food aid and microfinance banking. Prior to World Relief, Ken served for 6 years in the United States Navy in a variety of assignments. Ken received a BS in oceanography from the United States Naval Academy, holds an MBA in finance and global business from Rutgers University, and completed the Advanced Finance Program at the Wharton School. He currently serves as a strategic advisor to the Rutgers Institute for Corporate Social Innovation.

 

Dean Hand, Chief Research Officer, Global Impact Investing Network (GIIN)

Dean Hand is the Chief Research Officer and a member of the executive leadership team at the Global Impact Investing Network (GIIN), the global champion of impact investing, dedicated to increasing its scale and effectiveness around the world. She is responsible for developing and guiding the GIIN’s research agenda, a thought-provoking cornerstone of the GIIN’s work to showcase impact investment as a viable strategy so more investors allocate capital to fund solutions for the world’s most pressing challenges. She also leads the GIIN’s Impact Lab – a groundbreaking research and development environment where new tools and infrastructure on the frontiers of impact performance, such as impact performance benchmarks, are designed and brought to market, and the GIIN’s training initiative – a program that fosters impact investing competencies that serve evolving financial markets. Dean joined the GIIN with well over a decade of specific impact investing experience within emerging market asset management focusing on originating investment opportunities, development of catalytic finance tools, impact fund development, impact performance strategies, and advising endowed philanthropic foundations aligning their investing strategies to mission. Dean holds a Masters in Philosophy (Inclusive Innovation) from the University of Cape Town’s Graduate School of Business which was awarded with distinction. She is a Bertha Scholar – a merit-based award for her work in impact investing and innovative finance.

 

Chris Marr, CEO, ThinkMD

Christopher Marr, DSM is a decorated special forces commander and entrepreneur. In 2017, Chris co-founded Sonder.io, a venture-backed healthcare technology company which scaled to more than 90 countries having secured Series C funding from some of the world’s best VCs. Following Sonder, Chris and his co-founders acquired the clinical logic of ThinkMD to commercialise the technology and generate scaling impact across the Global South. ThinkMD is an AI-native, health and data company, combating global healthcare inequity by distributing highly-accessible healthcare and generating insights to drive national-level decision making, resource allocation, pharmaceutical development and supply chain management. After 10 months in operation, ThinkMD has conducted more than 2.6M clinical encounters and is operating in Sierra Leone, Nigeria, Rwanda, Kenya, Zambia, Somalia, Cambodia and PNG. Chris is an Adjunct Lecturer in Entrepreneurship & Innovation at AGSM (Australia’s No. 1 business school) where he teaches the full-time MBA how to grow and scale companies. 

 

Folake Owodunni, CEO & Co-Founder, Emergency Response Africa

Folake Owodunni is the co-founder and CEO of Emergency Response Africa (ERA), a health tech company revolutionizing access to emergency care in Africa, beginning with Nigeria. With over 15 years of experience across healthcare, marketing, and consulting in Nigeria, the U.S., and Canada, she brings a dynamic and cross-sectoral approach to solving complex health challenges. Folake holds a Master’s in Global Health & Development from University College London and a Master’s in Business, Entrepreneurship & Technology from the University of Waterloo. She is also a certified First Responder with the Canadian Red Cross. Under her leadership, ERA has managed over 4,500 medical emergencies, reducing response times by up to 80%, and forging partnerships with forward-thinking state governments including Edo, Ogun, and Rivers. Recognized for her innovation and impact, Folake is a recipient of the Aurora Tech Award, the Google Black Founders Fund, and WISCAR’s Grace Alele-Williams Alumni Impact Award. She is a passionate advocate for accessible, life-saving healthcare solutions powered by technology.

 

Natasha Sunderji, Global Health and Nutrition Lead, Accenture Development Partnerships; Alliance Board Member

Natasha Sunderji is the Global Health and Nutrition Lead for Accenture’s social impact practice – Accenture Development Partnerships. She also co-leads Accenture’s Health Equity Center of Excellence. By engaging Accenture’s global workforce of over 700,000 employees, she works to address the world’s social, economic and environmental issues. Natasha is a visionary healthcare leader with over 18 years of experience advising multinational companies, nonprofits, foundations, and multilateral agencies on growth strategy, innovative business models, digital health, and cross sector partnerships. She is a vocal advocate for vulnerable and underserved communities. Natasha strives to drive care delivery transformation for health care organizations through financially sustainable, consumer centric, and data driven business models. She has worked with leading digital health platforms to design patient centric solutions, supported over 30 inclusive business models across low and middle-income countries, and advised policy makers on the regulations and investments needed to create robust digital health ecosystems. She was named a Top 50 Women Leader in San Francisco in 2023, and a Top 50 Innovator in 2020 by the World Summit AI community. Natasha holds a Bachelors in Biomedical Engineering from University of Toronto, and a Master’s in Public Policy from Harvard Kennedy School.

 

Sara Anderson, Executive Director, Bay Area Global Health Alliance

Sara Anderson is the first Executive Director of the Bay Area Global Health Alliance, serving in the role since 2020. With more than 30 years of experience in global health, international development advocacy, nonprofit management, partnership development, thought leadership, and strategic communications, she has a proven track record of driving impact. Before leading the Bay Area Global Health Alliance, Anderson was at the forefront of advocacy efforts in pioneering movements, including global surgery, raising awareness about debilitating burn injuries in low-income countries, and addressing the famine in North Korea. Her work on Capitol Hill and with various campaigns and nonprofits focused on shaping U.S. government policy and building strategic partnerships to influence policy and change lives.

 

About the Co-Hosts

Accenture Development Partnerships 

Accenture Development Partnerships (ADP) helps with clients—including leading NGOs, private foundations, public donor agencies and the private sector—address society’s most critical challenges.

For more than 20 years, ADP has led diverse work, fostering partnerships, collective impact and social equity to progress the UN Sustainable Development Goals (SDGs), improving lives around the world.

By tapping into the best of Accenture’s ecosystem and alliance partners—global reach, extensive capabilities, cross-industry perspectives and a skilled workforce—we can provide end-to-end solutions.

Our Inclusive Business team collaborates with private sector clients to drive sustainable impact at scale, supporting their environmental, social and governance goals. Learn more.

 

The Bay Area Global Health Alliance

The Bay Area Global Health Alliance is a cross-sector membership network that bridges technology, industry, and innovation with traditional global health. With 100+ members—40% focused on digital health and tech innovation—we serve as a neutral convener, facilitating collaborations across academia, industry, startups, nonprofits, foundations, and public institutions. Together, our community explores how AI can strengthen health systems, shares insights on financing to expand sustainable investment, and navigates global policy shifts. In this time of uncertainty, our trusted community is more essential than ever—connecting across sectors, regions, and disciplines to accelerate solutions, drive equitable health impact, and shape the future of global health together. Learn more.

 

The Global Impact Investing Network 

The Global Impact Investing Network, Inc. (GIIN) is the leading industry body for impact investing, dedicated to increasing its scale and effectiveness around the world. Learn more. 

As the field-builder for impact investing, the GIIN conducts and publishes research as a free public good, providing insights that investors need to navigate an ever-changing market. 

The GIIN’s latest market intelligence, the State of the Market 2025: Trends, Performance and Allocations is now available. Download the report.