This section presents in-depth example(s) of the impact performance of the entity’s investments.

World Bank guidance on case studies provides helpful framing:

“We use case studies for in-depth consideration of the results of a project or group of projects or to illustrate given points. Case studies are convincing and capture the reader’s attention. But they are not generalizable; a case—no matter how well done—cannot tell you whether it is the only such instance or whether the problem (or success) is widespread.”1

Case studies should be selected and written in service to the qualitative characteristics of useful information described in “Part 2: Guiding Principles.” Report preparers should strive not to weight, emphasize, deemphasize, or otherwise manipulate the selection or content of case studies to make it more likely that users will receive the report positively or negatively. Guidance on case studies is synthesized from the sources in “Resources” section below.

Each case study is suggested to include:

  • Case study type;
  • Selection process and purpose;
  • Investee overview and impact thesis, including investor contribution if relevant; and
  • Impact performance, analysis, and commentary.

The following sections provide more detail on each.

5.1 Case Study Type

Indicate the type of case study (acknowledging some overlap between types):2

  • Illustrative: This type of case study is descriptive in character and intended to add realism and depth. It is appropriate for portfolio companies that are able to provide detailed information about impact achieved in the period covered by the report.
  • Exploratory: This type is also descriptive but is aimed at generating or communicating hypotheses for later investigation, rather than illustrating past results. It is appropriate for portfolio companies whose impacts are untested and/or anticipated in the future.
  • Critical instance: This type examines a single instance of unique interest or serves as a critical test of an assertion. 
  • Cumulative: This type synthesizes findings from many case studies, for instance aggregating information about an investee or group of investees collected at different times.

5.2 Selection Process and Purpose

Describe the process for selecting the case, the basis for selection, and the question(s) the case study seeks to answer. There are three ways to select a case study. The bases of purpose or probability are generally considered preferable to the basis of convenience:3

  • Convenience: For instance, because there is only one investment in the portfolio for which sufficient data are available, or for which the company managers have granted permission. Alternately, the report preparer might follow an objective criterion such as selecting the largest investment(s) for presentation in case studies.
  • Probability: Among all the investments in a portfolio, one or more is selected randomly.
  • Purpose: When the report preparer has several options and selects one based on what they want to communicate. Within this category, options include but are not limited to:4
    • Best cases: “What does a high-impact investment look like? What accounts for its success?”
    • Worst cases: “What does an unsuccessful impact investment look like? Why didn’t it work and what can be learned for the future?
    • Cluster: “How do various types of investment (by size, sector/theme, geography, etc.) compare with one another?”
    • Special interest: “In this particular case, what is happening and why?”

5.3 Investee Overview and Impact Thesis

Provide an overview of the investee(s) or asset(s) serving as the subject(s) of the case study, including investment description, size, stage, sector, location, and any other organizations relevant to impact creation (e.g., civil society partners, competitors, regulatory bodies). Describe the impact thesis of the investee(s), as well as investor contribution, in a manner consistent with “1.2. Impact Thesis.”

5.4 Impact Performance, Analysis, and Commentary

Present the impacts of the investment in a manner consistent with “3. Impact Performance.”

In addition, describe the process of data collection and analysis for the case study,5 including any calculations or analytical methods used and supporting rationale. Discuss findings and implications, as well as challenges, weaknesses, or limitations of the analysis and areas for further exploration.

References:

Further Resources