The financial returns of the impact funds we have authenticated are wide-ranging, from positive high-double-digits to negative single digits over varying time periods. Data for private equity and credit strategies is usually reported with a considerable lag: data for public equity, credit and cash strategies is more timely, making them easier to track and evaluate. 

In an effort to provide helpful information to our subscribers, and for reference purposes only, investors may wish to consider average returns by asset class over the past 1, 3, 5, 10 and 20 year periods, as represented in the table below. All data is as of December 31, 2025, unless otherwise indicated. Sources for this data include Russell, MSCI, S&P, Dow Jones, Cambridge Associates, Morningstar and the US Treasury. 

Average Annual Returns By Asset Class Over The Past 1-20 Years

While the above represents average returns over the stated periods, investors should note variability of annual returns of asset classes can be quite large. Past performance is never a guarantee of future performance, and no one should mistake an historic average return for probable future returns. 

The historic variability of annual returns across thirteen separate asset classes is visually represented in this 2017-2026 Return Map compiled by the BlackRock Investment Institute:

IEL does not render investment advice, nor would we attempt to speak with any authority about investment returns for any impact investment fund that has not gone through a full IAS assessment. This article should not be construed as offering investment advice for any particular asset class or fund. 

If you are evaluating a specific impact investment fund and would like to request an IAS assessment before committing your capital, you may register your interest by clicking the button below. Please include the name of your institution, your email address and the name of the impact fund that you would like IEL to evaluate.