Interrogating the Theory of Change: Evaluating Impact Investing Where It Matters Most

This article critically examines the application of Theory of Change (ToC) in evaluating impact investing. It argues for a more rigorous and accountable approach to measuring social and environmental impact, focusing on where it truly matters. The author explores how ToC can enhance evaluation practices, ensuring that impact investments deliver intended outcomes and contribute to learning within the field. It highlights the importance of robust evaluation for accountability and continuous improvement in impact investing.