2025年市场状况：趋势、表现与配置

Authors Dean Hand, Chief Research OfficerMaddie Ulanow, Associate Research DirectorRenée Remsberg, Research AssociateKelly Xiao, Research Associate Acknowledgments The following members of the GIIN team played an important role in this work: Ariana Alvarado, Panagiota Balfousia, RudyDave, Kellen Dorio, Alonso Ortiz Galan, Sean Gilbert, Golshan Helfman, Marin Herold, Winisha Hines, Nikhil Jain, AmandaJoseph, Naoko Kimura, Emily Lamica, Ina Lee, Grace Long, Oishi Masrura, Hannah Munger, Hongyu Pan, Joohee Rand, BlairRead, Elina Rolfe, Christian Rosenholm, Maria Juliana Ruiz, Pamela Rykowski, Jacob Tate, Barbara Teixeira De Barros and HenryVehslage. We are also grateful to the following individuals who provided important feedback: Chiara Andreoli at the EsadeCenter for Social Impact, Ryan Clancy at Rally Assets, Manuela Jimenez at Latimpacto, Ranjna Khanna at the Indian ImpactInvestors Council, Hannah Schiff at Developing World Markets and Sonali Singh at the Indian Impact Investors Council. Disclosures The Global Impact Investing Network (GIIN) is a nonprofit 501c(3) organization dedicated to increasing the scale andeffectiveness of impact investing through research, education and other activities. Readers should be aware that the GIINhas and will continue to have relationships with many organizations identified in this brief, through some of which theGIIN has received and will continue to receive financial and other support. These materials do not constitute tax, legal,financial or investment advice, nor do they constitute an offer, solicitation or recommendation for the purchase or saleof any financial instrument or security. The information contained in these materials is made available solely for generalinformation purposes. The GIIN has collected data from third parties for this document that it believes to be accurate andreliable, but the GIIN does not warrant the accuracy, completeness or usefulness of this information. Any reliance you placeon such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed onsuch materials by any reader of these materials or by anyone who may be informed of any of its contents. Readers shouldconsult with their own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences andsuitability of any investment made by them. The Global Impact Investing Network, Inc. (GIIN) is the leading industry body for impact investing. Since 2009, the GIIN hasworked to increase the scale and effectiveness of impact investing to solve systemic problems facing people and the planet.With approximately 450 members across six continents, the GIIN serves as a hub for innovation, ideas and information to helpinvestors build a more sustainable, inclusive and resilient world. Learn more at thegiin.org. About the GIIN The Global Impact Investing Network, Inc. (GIIN) is the leading industry body for impact investing. Since 2009, the GIIN hasworked to increase the scale and effectiveness of impact investing to solve systemic problems facing people and the planet.With approximately 450 members across six continents, the GIIN serves as a hub for innovation, ideas and information to helpinvestors build a more sustainable, inclusive and resilient world. Learn more at thegiin.org. Contact the GIIN Please direct any comments or questions about this brief toresearch@thegiin.org. To download industry research by theGIIN and others, please visitthegiin.org/research. How to cite Hand, D., Ulanow, M., Remsberg, R., & Xiao, K. (2025). State of the Market 2025: Trends, Performance and Allocations. GlobalImpact Investing Network (GIIN). New York. Table of Contents A letter from the CEO ..............................................................................................................................04Survey sample overview .........................................................................................................................05Motivation for making impact investments ..........................................................................................10Investments and future investments ................................................................................................12Investment type and asset class used ..............................................................................................14Stage of business ...............................................................................................................................15Geography .........................................................................................................................................17Sector .................................................................................................................................................22Climate solutions ...................................................................................................