Impact investing is entering a more disciplined, outcomes-driven phase, and it’s more complex than it first appears. In this episode of Sustainable & Responsible Investing 360, I sit down with Amel Karboul, Founder and CEO of the Education Outcomes Fund, to explore how capital can be tied directly to measurable results.

Drawing on her experience working with governments, philanthropies, and impact investors, Amel explains why traditional funding models often fail to deliver real impact, and how outcomes-based financing aims to realign incentives across the system. Rather than paying for activities, this model pays for results, introducing both greater accountability and new challenges.

We explore the tensions at the heart of this approach, from balancing different stakeholder expectations to addressing concerns around investor returns in low-income markets. We also discuss the risk of narrowing impact to what can be measured, and how thoughtful design can mitigate those trade-offs.

Looking ahead, we examine what it will take for outcomes-based models to scale, from simplification and standardization to the potential emergence of more tradable forms of impact.

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Scott Arnell’s Book: Sustainable & Responsible Investing 360

Amel Karboul on LinkedIn
Amel Karboul: Ted Talk

Education Outcome Fund Website