Putting aside convention, in my mind, the three questions that need to be answered are this:
Will equity / incentives given to General Partners be linked to Social Outcomes?
Will Limited Partners be less likely to invest in a fund that doesn’t look to achieve sustainability / social outcomes in the funds’ assets?
Will time horizons for investment change?
These questions matter because, if mainstream private investment focused on delivering financial returns and social outcomes is a good thing (which I firmly believe it can be!), then this need to be a more permanent fixture in the world development, not a fad.
Why? Because the health, education and social mobility of billions of people around the world deserve more. A lot more.