Looking back, and looking ahead for impact investing in Aotearoa

Kia ora koutou,

As I step down as Chair of the Impact Investing Network Aotearoa (IIN), I have been reflecting on how far impact investing has come in Aotearoa New Zealand and how many opportunities still lie ahead.

When I first became involved with the IIN, impact investing in New Zealand, was still an emerging field. There were passionate people involved in the sector and on the original National Advisory Board, strong case studies, and a growing sense that capital could and should be used more intentionally to not only drive positive financial performance but also have positive social, environmental, and cultural outcomes. What we needed was greater connection, shared language and definitions, learning, and a stronger collective voice.

I am proud that IIN has helped provide that. Over recent years, the IIN has played an important role in bringing people together across philanthropy, investment, community finance, government, iwi, business, and the wider social and environmental sectors. We have helped create opportunities for people to learn from one another, showcased practical examples, including from overseas through our membership with GSG Impact, clarified a New Zealand definition for impact investing and built increasing confidence that financial return and positive impact can sit alongside each other.

There have been many milestones along the way. We have seen the impact investing ecosystem in Aotearoa become more visible and more connected. We have supported conversations that have moved beyond theory and into action. We have seen growing interest from foundations, fund managers, community organisations, and government agencies. We have also strengthened IIN’s role as a peak body focused on connecting, educating, and advocating for the sector.

One milestone I am particularly pleased to see is the continued evolution of IIN’s structure and reach, including its recently announced integration as a working group of the Responsible Investment Association Australasia (RIAA). This integration creates a strong platform for the next phase of the IIN’s development, while keeping a clear focus on the distinct opportunities and responsibilities we have here in Aotearoa.

As a final reflection, I believe the next stage of impact investing will increasingly be about looking beyond a small “impact allocation” within a portfolio. Today, the more important conversation is whether the entire portfolio itself should be viewed through an impact lens. This shift matters because every investment creates impact, and can we truly be considered responsible stewards if we invest in things that contribute to environmental degradation, worsening inequality or declining social cohesion?

For Aotearoa, this is also a conversation that connects strongly with long-standing Māori approaches to intergenerational investment, where financial return sits alongside kaitiakitanga, manaakitanga, whakapapa, and the wellbeing of future generations.

I hope the IIN continues to help lead and shape this conversation. Impact investing should not remain at the edge of mainstream finance. It has the potential to influence how all capital is allocated, how risk is understood, and how investors think about the kind of future their portfolios are helping to build.

I want to acknowledge the many people who have contributed to this journey. IIN has always been built by people who care deeply about using capital as a tool for good. In particular, I want to thank Justine Sefton for her work as Deputy Chair. Justine has brought insight, commitment, and steady leadership to the Network, and her contribution has helped position IIN strongly for the future.

I am also delighted to welcome Steven Moe as the new Chair and Safe Wongsunopparat as Deputy Chair. Steven is well known to many across the impact and purpose-led ecosystem, and brings deep networks, thoughtful leadership, and a genuine commitment to helping ideas and people connect. Safe brings strong capability, energy, and a clear understanding of the role finance can play in enabling better outcomes.

IIN Advisory Committee. Pictured from left to right: Matthew Williams, Jamie Newth, Justine Sefton (outgoing IIN Deputy Chair), Alastair Rhodes (outgoing IIN Chair), Safe Wongsunopparat (IIN Deputy Chair), Joy Marslin, Tuhi Leef, Steven Moe (IIN Chair), Glenda Taituha-Toka and Dean Spicer. Absent: Dean Hegarty.

Aotearoa continues to face significant challenges, from housing affordability and climate change to inequity and community resilience. Impact investing is not the only answer, but it is an important part of the response. It asks us to think differently about capital, risk, return, and responsibility.

It has been a privilege to serve as the IIN Chair, and I am deeply grateful to everyone who has supported IIN’s work. I leave the role proud of what has been achieved and optimistic about what comes next.

Ngā mihi nui,

Alastair Rhodes

Outgoing Chair, Impact Investing Network Aotearoa