ImpactAlpha: How capital structures in high-risk asset classes can undermine positive impact

[…] ““ESG and impact investing frameworks focus on issues at the portfolio company level, but they do not take into account potential negative impacts from capital structures and investors’ influence in shaping them,” write Delilah Rothenberg, Raphaele Chappe and Amanda Feldman of the Predistribution Initiative, a multi-stakeholder initiative to improve financial structures.”