Constructing the Double Circulation of Capital and “social Impact.” an Ethnographic Study of a French Impact Investment Fund

This ethnographic study explores how a French impact investment fund navigates the dual objectives of financial return and social impact, conceptualised as a "double circulation of capital and social impact." It uses an ethnographic approach to analyse the practical ways impact investing operates, focusing on the construction and measurement of social value within a financial framework. The research sheds light on the inherent tensions and the mechanisms employed by fund managers in France to reconcile these often-antagonistic goals.