Narayanan, R., Estoppey, A., Benitez, M., Kaufmann, A., Khallouqi, A. ; Santos, N. 2026. Impact funds in agrifood systems – Lessons from investments in low- and middle-income countries. Directions in Investment, No. 18. Rome, FAO.
Lessons from investments in low- and middle-income countries.
Impact funds play a growing role in financing agrifood systems in low- and middle-income countries. Yet, reliable data on their financial return, primary investors, financial structures, investment strategies, priority geographies and value chains remain limited.
This study addresses this knowledge gap through a comparative, data-driven analysis of 81 food and agriculture impact funds targeting in priority agrifood systems in low- and middle-income countries. Better knowledge of the impact fund landscape is key to attract more capital toward agrifood systems and bridge the financing gap needed to transform agrifood systems.
This report is part of the Directions in Investment series under the FAO Investment Centres Innovation and Knowledge for Investment programme.
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