If there’s one thing we know for sure in the impact ecosystem, it’s that action must always be accompanied by intention, additionality, and measurement. With this principle as our guiding force, we at SpainNAB gathered at Torre Picasso to share a very special milestone with our community: the launch of our new report on impact measurement and management, produced in collaboration with Management Solutions.
The event began by reiterating our primary goal. As our director, Mercedes Valcárcel, pointed out, harmonizing measurement methodologies is not an end in itself, but rather a key tool for ensuring that capital flows and fuels genuine impact projects in our country.
A common language for transparency
For a better understanding of our approach, Soledad Díaz broke down the technical aspects of the study, which has thoroughly analyzed the current state of 12 Spanish impact funds. Through comprehensive questionnaires and direct conversations with fund managers, the report is organized into eight sections and proposes a solution that is as practical as it is necessary: the creation of a common dictionary. A living glossary of concepts and indicators that will finally allow us all to speak the same language and avoid methodological fragmentation.
From policy to day-to-day operations
The sector analysis reveals a significant shift in the use of international frameworks such as the IMP, the SDGs, and IRIS+. While these tools have historically served as a mark of credibility for institutional investors, the sector is now at a turning point in terms of integrating these standards into day-to-day operations.
The theory of change thus emerges as the central element for validating the purpose of the funds and guiding investment. The assessment highlights that impact management should not be limited to serving as a post-investment justification exercise, but should instead act as a strategic compass that guides financial decisions from the outset.
Pragmatism, Incentives, and the Transition to Maturity
While the sector’s ambition is to measure profound changes (outcomes), the reality of the data often requires starting with direct results (outputs). The true leap in maturity, as the report reflects, occurs when impact ceases to be merely a reporting metric and begins to directly influence decision-making, even going so far as to change the course of an investment.
It was suggested that, to ensure the impact does not depend on the will of a single person or team, it must be embedded in the organizational structure—for example, by linking it directly to financial incentives, contractual clauses, or performance-based mechanisms.
A commitment to the future
The day ended in the best possible way: with a cocktail reception where we were able to continue building connections, sharing concerns, and celebrating the progress of a community that never stops moving forward.
We want to continue building this together. If you’re interested in learning more about the study’s findings and the proposal for a shared dictionary, we’ve published the full report on our website, in the “Our Studies” section. We encourage you to read it and join the conversation.
