Impact investing is entering a new phase, and it’s more nuanced than the headlines suggest. In this episode of Sustainable & Responsible Investing 360, I sit down with returning guest Eric Rice for his third appearance to unpack what’s really happening across global markets.

Drawing on his experience at Wellington Management and BlackRock, and now in private markets with SEAF (Small Enterprise Assistance Funds), Eric explains why this moment reflects divergence rather than decline. While the US has stepped back from ESG language, Europe, Japan, and other regions are accelerating capital deployment and regulatory support.

We explore the limits of impact capital in replacing development aid, especially in the wake of shifts at USAID, and why commercial discipline remains central to the model. We also discuss the growing role of pension funds, the expansion of investable opportunities, and the shift toward financial materiality.

Looking ahead, we turn to climate adaptation and resilience as emerging areas of focus, offering opportunity, but still evolving in terms of scale and structure.

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Eric Rice Episode 009: https://sri360.com/podcast/eric-rice/ 

Eric Rice Episode 088: https://sri360.com/podcast/eric-rice-2/ 

Scott Arnell’s Book: Sustainable & Responsible Investing 360