Summary

• Impact investing is often framed as a question of allocation. For a growing number of families and their advisors, the more important question is not what sits inside the portfolio, but what governs it.
• As generational wealth transitions accelerate, the definition of return is evolving. Financial performance remains central, but it is no longer sufficient on its own. Families are asking whether their capital reflects their values, whether it contributes to outcomes they care about, and whether those intentions will persist beyond a single investment cycle.
• This is where trust structures, often overlooked in discussions around impact investing, are beginning to play a more central role.

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