Executive Summary  Our third annual survey on the impact investment market sheds light on this nascent and growing market by collecting data on investors' expectations and experiences in 2012, as well as their plans for 2013.  Respondents report that they committed USD 8bn to impact investments in 2012, and that they plan to commit USD 9bn in 2013.  Most respondents report that their portfolios' financial and impact performance are in line with their expectations, with nearly two-thirds of the sample targeting market rate financial returns on their impact investments.  Ninety-six percent of respondents measure their social and/or environmental impact, and four out of five fund managers highlight the importance of impact measurement for raising capital.  While respondents believe the market continues to be challenged by a lack of appropriate capital across the risk/return spectrum and a shortage of high quality investment opportunities, they indicate progress is being made evenly across these and other indicators of market growth.