{"id":11665,"date":"2025-06-05T09:00:00","date_gmt":"2025-06-05T07:00:00","guid":{"rendered":"https:\/\/escp.eu\/thechoice\/?p=11665"},"modified":"2025-06-05T09:46:20","modified_gmt":"2025-06-05T07:46:20","slug":"beyond-labels-rethinking-what-it-means-to-invest-for-good","status":"publish","type":"post","link":"https:\/\/escp.eu\/thechoice\/their-choice\/beyond-labels-rethinking-what-it-means-to-invest-for-good\/","title":{"rendered":"Beyond labels: rethinking what it means to invest for good"},"content":{"rendered":"\n<p>As sustainable finance continues its uneven march into the mainstream, questions linger over what it actually means to invest with impact \u2014 and whether doing so comes at the cost of financial return. Few are better placed to address these issues than <a href=\"https:\/\/www.astorg.com\/team\/cristina-spiller\" target=\"_blank\" rel=\"noreferrer noopener\">Cristina Spiller<\/a>, an ESCP alumna who has spent the better part of a decade working at the intersection of capital and purpose.<\/p>\n\n\n\n<p>Now working at Astorg, a private equity firm not traditionally associated with impact investing, Spiller plays a leading role in its philanthropic arm, Astorg Philanthropy Investments, launched in 2022. Her career, spanning early-stage ventures and mainstream finance, offers a grounded take on what it takes to drive meaningful change through capital.<\/p>\n\n\n\n<p><strong>For investors and professionals alike, Spiller offers clear, experience-based insights on how to do impact investing well \u2014 from choosing the right partnerships to asking the right questions.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Impact isn\u2019t one-size-fits-all \u2014 it sits on a spectrum. What matters most is intentionality, transparency and accountability.<\/p>\n<\/blockquote>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"wp-block-image is-style-rounded\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture.jpeg\" alt=\"Photo of Cristina Spiller\" class=\"wp-image-11669\" srcset=\"https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture.jpeg 800w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture-300x300.jpeg 300w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture-150x150.jpeg 150w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture-768x768.jpeg 768w, https:\/\/escp.eu\/thechoice\/wp-content\/uploads\/cs-picture-96x96.jpeg 96w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure><\/div><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>From thesis to practice<\/strong><\/h2>\n\n\n\n<p>Spiller\u2019s introduction to impact investing was academic. \u201cI was first introduced to the concept during my masters in management at ESCP,\u201d she recalls. \u201cAt the time, it was still a relatively new term, but it immediately appealed to me. I dedicated my thesis to it.\u201d<\/p>\n\n\n\n<p>That intellectual interest became professional conviction. A stint at Bridge Fund Management \u2014 \u201ca specialist impact investor and one of the early pioneers in the field\u201d \u2014 followed. The five years she spent there shaped her understanding of how impact plays out across sectors, asset classes and geographies.<\/p>\n\n\n\n<p>\u201cWhat started as a theory-driven view became more nuanced,\u201d she says. \u201cI came to appreciate the importance of rigorous measurement systems, but also their limitations.<strong> Impact isn\u2019t one-size-fits-all \u2014 it sits on a spectrum. What matters most is intentionality, transparency and accountability.\u201d<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Rethinking what \u2018impact\u2019 means<\/strong><\/h2>\n\n\n\n<p>The term \u201cimpact investing\u201d has been stretched thin in recent years. Spiller is careful to distinguish it from adjacent frameworks. \u201cESG is fundamentally a risk management tool,\u201d she says. \u201cResponsible investing is broader \u2014 it includes exclusionary screening or values-based approaches. But impact investing starts from a different question: not \u2018how is the world affecting this company?\u2019 but \u2018how is this company affecting the world?\u2019\u201d<\/p>\n\n\n\n<p>For Spiller, the difference is not academic. \u201c<strong>Impact is embedded in the business model,\u201d she adds. \u201cIt\u2019s about intentionally backing companies that are addressing meaningful social or environmental challenges \u2014 not as an add-on, but as what they do.\u201d<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Three levers for change<\/strong><\/h2>\n\n\n\n<p>Asked how investors can influence companies for the better, Spiller does not hedge: \u201cIt starts with capital allocation. Where capital flows determines what kinds of companies get to grow. But that\u2019s just the first lever.\u201d<\/p>\n\n\n\n<p>Ownership, she argues, is where influence deepens. <strong>\u201cHaving a seat at the table allows investors to shape strategy, strengthen governance and help embed impact in a company\u2019s growth trajectory. It\u2019s not about control \u2014 it\u2019s about partnership.\u201d<\/strong><\/p>\n\n\n\n<p>Then there\u2019s the network effect. \u201cPartnerships often hold it all together,\u201d she adds. \u201cInvestors can open doors \u2014 to co-investors, public sector allies and talent. Sometimes the greatest impact is indirect \u2014 it\u2019s in connecting the dots for others.\u201d<\/p>\n\n\n\n<p>Used in isolation, each lever has its limits. \u201cBut when used in coordination \u2014 deliberately and consistently \u2014 that\u2019s where real, lasting change happens,\u201d Spiller says.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>With longer time horizons and more control, investors can integrate impact without sacrificing performance. It\u2019s about alignment \u2014 of intention, strategy and capital structure.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The return question<\/strong><\/h2>\n\n\n\n<p>It\u2019s the perennial scepticism: can you do good and do well?<\/p>\n\n\n\n<p>\u201cThe short answer is: it depends,\u201d says Spiller. Impact investing is broad, covering everything from funding that prioritises social outcomes even if it earns less money, to more traditional investments in areas like renewable energy, where financial returns and positive impact can grow together.<\/p>\n\n\n\n<p>\u201cIn these spaces, impact and returns often reinforce each other,\u201d she says. \u201cWhen regulation, innovation and consumer demand align, you get commercially viable companies solving real-world problems.\u201d<\/p>\n\n\n\n<p>Even in private equity, where return expectations are high, Spiller sees opportunity.<strong> \u201cWith longer time horizons and more control, investors can integrate impact without sacrificing performance. It\u2019s about alignment \u2014 of intention, strategy and capital structure.\u201d&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cutting through the noise<\/strong><\/h2>\n\n\n\n<p>In a crowded field prone to marketing spin, Spiller is candid about the challenge of greenwashing. Her overall message is clear: clarity matters. Investors should probe how impact is defined, how it is measured and whether it is core to the business model \u2014 or simply a veneer.<\/p>\n\n\n\n<p>The backlash against ESG, especially in the US, has made this even more urgent. <strong>\u201cSome of the criticism is valid \u2014 ESG has been used too broadly at times,\u201d she acknowledges. \u201cBut most of the backlash misunderstands what ESG is. It\u2019s not political; it\u2019s a way of understanding long-term risks and opportunities that traditional analysis misses.\u201d<\/strong><\/p>\n\n\n\n<p>More broadly, she views the backlash as part of a maturation process. \u201cAs ESG becomes mainstream, it also becomes politicised. But the demand for capital to address systemic issues \u2014 climate, inequality, resource scarcity \u2014 is only growing.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Advice to the next generation<\/strong><\/h2>\n\n\n\n<p>For those looking to enter the field, Spiller\u2019s guidance is pragmatic. <strong>\u201cStart with internships \u2014 figure out what excites you, and what doesn\u2019t. Go to events, panels, conferences. Network, ask questions. The path isn\u2019t linear, but if you show genuine interest, people will respond.\u201d<\/strong><\/p>\n\n\n\n<p>She encourages flexibility. \u201cImpact investing isn\u2019t one job title \u2014 it could mean working in a fund, or a foundation, or even in policy. Stay open. Be curious.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Purpose without the pedestal<\/strong><\/h2>\n\n\n\n<p>Spiller\u2019s current firm, Astorg, doesn\u2019t label itself an impact investor \u2014 a point she is quick to clarify. But through its foundation, the firm supports high-impact ventures aligned with its healthcare investing expertise. It\u2019s a model that reflects the complexity of integrating purpose in conventional finance \u2014 and perhaps, its potential.<\/p>\n\n\n\n<p><strong>\u201cNot every investment needs to be labelled \u2018impact\u2019 to do good,\u201d Spiller says. \u201cWhat matters is the intention, the transparency and the follow-through.\u201d<\/strong><\/p>\n\n\n\n<p>In a landscape clouded by hype and headline-grabbing labels, her message is refreshingly clear: capital can be a force for good \u2014 but only if used with precision and humility. \u201cIt\u2019s not about perfection,\u201d she says. \u201cIt\u2019s about progress \u2014 and holding ourselves accountable along the way.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ESCP alumna Cristina Spiller has spent her career working at the intersection of finance and social impact. In this interview, she unpacks what investing \u201cfor good\u201d really means \u2014 and why intention, not labels, is what matters most.<\/p>\n","protected":false},"author":1,"featured_media":11664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[63,280],"class_list":["post-11665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-their-choice","tag-finance","tag-responsiblebusiness","category-12","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beyond labels: rethinking impact investing - The Choice by ESCP<\/title>\n<meta name=\"description\" content=\"ESCP alumna Cristina Spiller unpacks what impact investing really means \u2014 and why intention, not labels, is what matters most.\" \/>\n<meta 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