“…Another challenge is that the use of private capital financing instruments clashes with the existing institutional norm of philanthropic giving (Reddy, 2015;Roth, 2020;Roundy et al, 2017). While impact investing purports that generating positive social and environmental impact can be integrated into the mission of philanthropic organizations, philanthropy originated by distinguishing itself from the private market (Gripne, Kelley and Merchant, 2016;Onek, 2017). The philanthropic sector has typically separated philanthropic and investment activities, both structurally and cognitively (Gregory, 2016;Hehenberger, Mair and Metz, 2019).…”