As sustainable finance continues its uneven march into the mainstream, questions linger over what it actually means to invest with impact — and whether doing so comes at the cost of financial return. Few are better placed to address these issues than Cristina Spiller, an ESCP alumna who has spent the better part of a decade working at the intersection of capital and purpose.
Now working at Astorg, a private equity firm not traditionally associated with impact investing, Spiller plays a leading role in its philanthropic arm, Astorg Philanthropy Investments, launched in 2022. Her career, spanning early-stage ventures and mainstream finance, offers a grounded take on what it takes to drive meaningful change through capital.
For investors and professionals alike, Spiller offers clear, experience-based insights on how to do impact investing well — from choosing the right partnerships to asking the right questions.
Impact isn’t one-size-fits-all — it sits on a spectrum. What matters most is intentionality, transparency and accountability.
From thesis to practice
Spiller’s introduction to impact investing was academic. “I was first introduced to the concept during my masters in management at ESCP,” she recalls. “At the time, it was still a relatively new term, but it immediately appealed to me. I dedicated my thesis to it.”
That intellectual interest became professional conviction. A stint at Bridge Fund Management — “a specialist impact investor and one of the early pioneers in the field” — followed. The five years she spent there shaped her understanding of how impact plays out across sectors, asset classes and geographies.
“What started as a theory-driven view became more nuanced,” she says. “I came to appreciate the importance of rigorous measurement systems, but also their limitations. Impact isn’t one-size-fits-all — it sits on a spectrum. What matters most is intentionality, transparency and accountability.”
Rethinking what ‘impact’ means
The term “impact investing” has been stretched thin in recent years. Spiller is careful to distinguish it from adjacent frameworks. “ESG is fundamentally a risk management tool,” she says. “Responsible investing is broader — it includes exclusionary screening or values-based approaches. But impact investing starts from a different question: not ‘how is the world affecting this company?’ but ‘how is this company affecting the world?’”
For Spiller, the difference is not academic. “Impact is embedded in the business model,” she adds. “It’s about intentionally backing companies that are addressing meaningful social or environmental challenges — not as an add-on, but as what they do.”
Three levers for change
Asked how investors can influence companies for the better, Spiller does not hedge: “It starts with capital allocation. Where capital flows determines what kinds of companies get to grow. But that’s just the first lever.”
Ownership, she argues, is where influence deepens. “Having a seat at the table allows investors to shape strategy, strengthen governance and help embed impact in a company’s growth trajectory. It’s not about control — it’s about partnership.”
Then there’s the network effect. “Partnerships often hold it all together,” she adds. “Investors can open doors — to co-investors, public sector allies and talent. Sometimes the greatest impact is indirect — it’s in connecting the dots for others.”
Used in isolation, each lever has its limits. “But when used in coordination — deliberately and consistently — that’s where real, lasting change happens,” Spiller says.
With longer time horizons and more control, investors can integrate impact without sacrificing performance. It’s about alignment — of intention, strategy and capital structure.
The return question
It’s the perennial scepticism: can you do good and do well?
“The short answer is: it depends,” says Spiller. Impact investing is broad, covering everything from funding that prioritises social outcomes even if it earns less money, to more traditional investments in areas like renewable energy, where financial returns and positive impact can grow together.
“In these spaces, impact and returns often reinforce each other,” she says. “When regulation, innovation and consumer demand align, you get commercially viable companies solving real-world problems.”
Even in private equity, where return expectations are high, Spiller sees opportunity. “With longer time horizons and more control, investors can integrate impact without sacrificing performance. It’s about alignment — of intention, strategy and capital structure.”
Cutting through the noise
In a crowded field prone to marketing spin, Spiller is candid about the challenge of greenwashing. Her overall message is clear: clarity matters. Investors should probe how impact is defined, how it is measured and whether it is core to the business model — or simply a veneer.
The backlash against ESG, especially in the US, has made this even more urgent. “Some of the criticism is valid — ESG has been used too broadly at times,” she acknowledges. “But most of the backlash misunderstands what ESG is. It’s not political; it’s a way of understanding long-term risks and opportunities that traditional analysis misses.”
More broadly, she views the backlash as part of a maturation process. “As ESG becomes mainstream, it also becomes politicised. But the demand for capital to address systemic issues — climate, inequality, resource scarcity — is only growing.”
Advice to the next generation
For those looking to enter the field, Spiller’s guidance is pragmatic. “Start with internships — figure out what excites you, and what doesn’t. Go to events, panels, conferences. Network, ask questions. The path isn’t linear, but if you show genuine interest, people will respond.”
She encourages flexibility. “Impact investing isn’t one job title — it could mean working in a fund, or a foundation, or even in policy. Stay open. Be curious.”
Purpose without the pedestal
Spiller’s current firm, Astorg, doesn’t label itself an impact investor — a point she is quick to clarify. But through its foundation, the firm supports high-impact ventures aligned with its healthcare investing expertise. It’s a model that reflects the complexity of integrating purpose in conventional finance — and perhaps, its potential.
“Not every investment needs to be labelled ‘impact’ to do good,” Spiller says. “What matters is the intention, the transparency and the follow-through.”
In a landscape clouded by hype and headline-grabbing labels, her message is refreshingly clear: capital can be a force for good — but only if used with precision and humility. “It’s not about perfection,” she says. “It’s about progress — and holding ourselves accountable along the way.”
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