Consistent with their stated value of diversity, equity, and inclusion (DEI), impact investors need to rethink their expectations for the funds in which they invest. The traditional approach of many investors has been to invest only in “mature” funds, defined as Fund III and beyond with more than $100M in assets. However, this investment standard stands in sharp contrast to the commitments many impact investors have made to support funds led by BIPOC and women managers. Despite strong performance, funds led by diverse managers have been historically limited in number and under-capitalized. As a result, there are few impact funds…