Between impact and returns: Private investors and the sustainable development goals

We investigate the expectations of wealthy private investors regarding impact and financial return sustainable investments. Our paper focuses on development goals (SDGs) as a framework for investors' attempts to create impact. analyze behavior 60 high-net-worth individuals (HNWIs), powerful yet overlooked investor segment. results show large allocations in line with SDGs, which demonstrates these aim achieving real-word changes. Furthermore, we that “impact investors” have clear preference SDGs are associated high returns. As such, confirm both attractive returns expected. findings provide rich, deep insights into how HNWIs practice investing their underlying motivations. outline practical implications different stakeholders, notably fact financially likely attract substantial amounts capital, other remaining underfunded.