Who Has a Seat at the Table in Impact Investing? Addressing Inequality by Giving Voice

This article theorizes how the design of the impact investing field, through its tools and organizations, influences its capacity to address inequality by focusing on "giving voice"—the inclusive participation of vulnerable stakeholders in decision-making. Building on stakeholder engagement research, it uses illustrative cases like social impact bonds and impact investing funds to demonstrate how field design can promote equality. The paper concludes that the ethical decision to empower vulnerable stakeholders will determine the field's ability to tackle inequality.