In 2004, in order to meaningfully address the world’s most pressing social and environmental issues, the KL Felicitas Foundation (“KLF” or the “Foundation”) made the decision to begin a process that would eventually allocate 100% of the Foundation’s capital to “impact investments” – that is, investing with the intent to generate both financial returnsand purposeful, measurable, positive social or environmental impact. The Foundation determined that its needs would be met best by adhering to a return-based impact investment strategy, while taking select opportunities to introduce new concepts with impact first investments. Since KLF made this decision, the experiment has helped reshape the investment landscape by leading investors to consider a growing array of financially compelling impact investment opportunities across almost all asset classes. The early results are compelling. Over the seven-year period from 2006- 2012, the Foundation moved from 2% of assets allocated to impact to over 85%, while simultaneously achieving index-competitive, risk-adjusted returns.