A dozen years have passed since the term “impact investing” was coined at a meeting of investors, entrepreneurs and philanthropists at the Rockefeller Foundation’s retreat center in the Italian seaside town of Bellagio. Antony Bugg-Levine, who was then managing director at the Rockefeller Foundation, recalled that the new term helped create a way for profit-oriented businesses to justify investments to address social problems such as poverty or inequality. Businesses began to understand how they stand to gain from a fairer society, he said. Bugg-Levine is currently CEO of the Nonprofit Finance Fund in New York, which provides loan financing, access to capital and direct advisory services to nonprofits. Since then, the impact investing movement has overcome many challenges.…