Learning & Evaluation for Impact Investing: Bridging the Gap Between IMM & MEL 

📍 Client: Colorado Health Foundation
📍 Location: Colorado
📍 Duration: 2023-Present

The Challenge

Impact measurement for impact investing portfolios typically focuses on measurement for due diligence and tracking outputs. The Colorado Health Foundation wanted to go beyond outputs and develop a measurement framework that tracks community and systems outcomes of recoverable grants, PRIs, MRIs, and cash deposits, ensuring these investments were catalyzing health equity through affordable housing, access to primary care, and locally-focused work.

Our Approach

I2I collaborated with the Foundation’s impact investment team to:
✔ Develop and implement the foundation’s first MEL framework for impact investing
✔ Create a system for monitoring due diligence and investee reporting
✔ Collect primary data from investees and co-investors to track systemic shifts
✔ Assess the additional value of impact investing compared to traditional grantmaking

The Impact

🚀 Established a measurement system for tracking portfolio-level outcomes and impact over time
📊 Provided real-time learning insights, informing future investment strategies
💡 Identified key success stories, demonstrating how impact investments advance equity
🔄 Strengthened cross-departmental collaboration, spurring learning across teams, including Impact Investing, Programs, Policy Advocacy, and Learning and Evaluation.

🎯 What Makes This Different?
Most impact investing evaluations focus on outputs and ROI. I2I’s approach goes deeper, measuring the social and systemic shifts created by mission-driven capital.