Measuring social impact is a quixotic pursuit. We both should know. Over the last several years, each of us has worked at leading social investment funds—Root Capital and Acumen Fund—measuring, managing, and communicating the social impact of our respective organizations’ investment portfolios. We have done a reasonable job counting outputs and aligning our performance with our own and other impact funds through the adoption of the Impact Reporting and Investment Standards (IRIS). But the...


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