The True Cost of Impact-First Investing is a collaborative report co-authored with leaders from Miller Center for Global Impact, Halcyon, Acumen, Global Partnerships, Kiva, MCE Social Capital, Open Road, and Village Capital. The six-month cost study across these eight leading impact-first investment organizations—representing $197.2M in assets under management and 362 deals— examines the true cost of meaningful impact-first investing and why that cost is structurally underfunded.