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Phenix Capital Group provides independent verification to assess how well a fund manager's Impact Measurement and Management (IMM) systems, policies, processes, and tools align with an industry standard: the Operating Principles for Impact Management, also known as the Impact Principles.

The Impact Principles offer a framework to guide investors in designing and implementing their IMM systems, integrating impact considerations throughout the entire impact investment lifecycle. The principles are applicable to all types of impact investors, regardless of portfolio size, asset class, targeted sector, or geographic focus.

The graphic below showcases the nine Impact Principles. Principles 1 through 8 establish the foundation for a robust IMM system. Principle 9 requires signatories to the Impact Principles to undergo independent verification on a regular basis.

9 principles


We use a proprietary rubric to assess how well a fund manager aligns with each Impact Principle. This rubric is developed by referencing the Impact Principles guidance, incorporating global best practices in the IMM field, and leveraging Phenix's 11-year experience as an impact investing advisory firm. We use a three-scale rating for the verification.

Verification scale table

Our verification process involves a five-phase approach, including a thorough review of documents, discussions with the fund manager, and rigorous internal deliberations.

Project kickoff and data request


                  • Independent verification statement and ratings across all nine Impact Principles.
                  • Comprehensive report: includes best practices for enhancing alignment with the Impact Principles and detailed findings for each principle.
                  • Actionable recommendations: based on our experience as a leading European impact advisory firm working with a diverse group of investors and fund managers.
Phenix managed to create an engaging yet professional atmosphere that not only supported thorough verification but also fostered an environment of mutual learning and respect. This collaboration has undoubtedly strengthened our IMM practices.
Reiri Miura
Reiri Miura
SIIF Impact Capital, Japan

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Don’t hesitate to connect with us if you have questions on how to optimise your impact fund.  

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