Impact is rarely created in isolation. Companies, actors across their value chains, and capital providers all contribute to outcomes in different ways. But how should the impact created be allocated among these actors?
Developed with investors through an Impact Valuation Hub working group, Attribution in Impact Valuation explores key approaches to attribution in impact valuation.
The paper focuses on three key concepts:
- Horizontal Attribution: Examines how impact is shared among different actors across the value chain.
- Vertical Attribution: Explores how impact is allocated among capital providers, including equity and debt investors.
- Additionality: Considers whether the same impact would have occurred without the investor’s involvement, highlighting the investor’s unique contribution.
Rather than advocating a single methodology, the paper provides practical guidance to help investors select approaches suited to their context, communicate their methodological choices transparently, and improve comparability in impact valuation.
Getting attribution right supports more credible and rigorous impact assessments, from investment decisions to value creation for portfolio companies.
Click here to read full report.
