Impact at Scale: How Private Capital is Driving Returns and Change with Marieke Spence

In this episode, host Georges Dyer welcomes Marieke Spence to discuss the expanding frontier of impact investing in private markets. As head of ICM—a selective network of over 150 private capital funds managing $70B in impact-focused assets—Marieke sheds light on how market-rate return strategies can align with meaningful, measurable impact. The conversation explores ICM’s foundational mission, emerging trends like employee ownership, performance data demonstrating competitive IRRs, and the growing interest among institutional allocators.

Marieke also shares the success of ICM’s Mosaic Fellowship, which places graduate students in impact funds to build the next generation of diverse, skilled talent. She highlights how impact investing doesn't require a trade-off in returns and offers insights into how fiduciary duty, risk assessment, and impact measurement are evolving. This episode is a powerful reminder that finance and positive change are not mutually exclusive.

Keywords: Impact investing, private capital, fiduciary duty, market-rate returns, mosaic fellowship, institutional allocators, ESG and sustainability, impact measurement, employee ownership, financial inclusion