How can impact investors transform reporting from a check-the-box exercise into a meaningful driver of value? That was the central question explored at a recent gathering of impact investors in New York City, co-hosted by SJF Ventures, Impact Capital Managers (ICM), and UpMetrics.

The event brought together fund managers, service providers, and ecosystem leaders for a candid discussion on “bending the impact curve”—rethinking impact measurement to make it more useful, actionable, and aligned with portfolio company needs.

The centerpiece of the event was a live Q&A between Andrew Garrett, Member Experience Manager at ICM, and Kelsey Jarrett, Director of Impact at SJF Ventures. Kelsey shared how SJF’s 25-year legacy in impact investing has evolved into a deeply collaborative and portfolio-first approach to impact management, driven by customization, benchmarking, and the strategic use of technology.

Below is a recap of their conversation—rich with practical takeaways, lessons learned, and real-world examples of what it looks like when impact measurement truly works.

And don't forget to check out our sizzle reel to get a taste of the energy of the event!

Andrew: Kelsey, can you start by introducing yourself and sharing a bit about your journey into impact measurement?

Kelsey: Absolutely. Like many in this space, my path wasn't linear. I originally studied organizational theory, focused on religion and conflict, and thought I’d end up working in international development. Instead, I landed in tech in DC, where I became fascinated with the potential of data and digital technologies to solve big problems. That curiosity eventually led me to graduate school and into impact measurement—first through work at 60 Decibels, then at Malk Partners where I supported startups and growth equity funds in building fit-for-purpose impact frameworks. I wasn’t even looking for a job when I applied at SJF—I was nine months pregnant—but roles like this don’t come along often. It’s a privilege to be here.

Andrew: What influenced your personal approach to impact measurement and management?

Kelsey: My policy background ingrained a respect for rigor and long-term outcomes, but working with early-stage companies taught me that practicality matters just as much. At SJF, every data point we collect needs to be actionable—for us and for the company. If it’s not something we can help them improve, we don’t ask for it. That commitment to usefulness shapes everything we do.

Andrew: SJF Ventures has a rich history in impact investing. How do you approach impact structurally?

Kelsey: We think about impact on three levels. First and foremost is the impact our portfolio companies create in our six focus areas—Energy, Carbon, and Climate Resilience; Supply Chain and Circular Economy; Sustainable Products and Systems; Education and Employment; Health and Wellness; and our newest area, Government and Civil Society. Second is our cross-cutting emphasis on quality jobs. And third is industry skill-building: thought leadership, open sharing, and initiatives like this one. We try to be good partners across the impact ecosystem.

Andrew: Let’s talk about what this looks like day-to-day. How does impact get operationalized at SJF?

Kelsey: We have an annual survey, deployed through UpMetrics, that includes standardized questions—mostly around quality jobs—as well as bespoke key impact indicators (KIIs) tailored to each company. These metrics evolve as the company grows. We don’t use a one-size-fits-all approach because we invest across many sectors and because of our earlier-stage focus, a Series A company might change products or direction in 12 months. The goal is to keep impact relevant and connected to the business.

Andrew: Once you get the survey data back, what happens next?

Kelsey: That’s where our impact acceleration work begins. Anna (my teammate) and I aim to meet one-on-one with our companies to review the data, identify areas for improvement, and offer support—whether that’s benchmarking, shared resources, or deeper dives like employee engagement surveys. We don’t want this to be a reporting exercise that gets shelved. It should lead to action.

Andrew: How does UpMetrics support this process?

Kelsey: It’s been a game-changer. From survey design to deployment and follow-up, their team is a true partner. The platform helps us consolidate company data that would normally live across HR, product, and tech, and then visualize it in dashboards organized by fund. Instead of writing annual reports, we now have living dashboards that update automatically and are accessible to our companies. That’s powerful.

Andrew: Can you give an example of how SJF uses impact data to drive action with the portfolio?

Kelsey: Definitely. One company had really high employee turnover and had never conducted an engagement survey. Our benchmarking showed they were an outlier compared to the rest of the portfolio. Without that comparison to peers, it’s not always easy to figure out where to improve. That comparison led to a deeper conversation and a plan to diagnose the issue.

In another case, a company pivoted their product post-investment, so we co-developed new impact indicators tied to how their AI tool could improve clinician efficiency. These conversations help ensure impact is embedded, even as the business evolves.

Andrew: You also mentioned working with 60 Decibels on end-beneficiary studies. What’s the value there?

Kelsey: These studies help us move from assumptions to real outcomes. One example is a solar company we invested in. Their headline impact is cost savings, but the study revealed how those savings were actually spent—on groceries, gas to get to work, school supplies. That’s the story of impact, and it helps companies see their value more clearly, refine their products, and speak more authentically to their customers.

Andrew: What challenges are you still facing?

Kelsey: What I’ve described is how it should work when everything goes right. Our systems are solid, but there’s always more we can do to make impact data feel like business data and to engage companies in the IMM process. We’re still working to close the feedback loop—ensuring companies not only collect data but act on it and communicate changes to their teams. And we’re exploring ways to embed impact thinking more deeply into follow-on investment decisions and exits. For future funds, I’d love to do more baseline studies early on, so we can better track progress over time.

Andrew: You’re also on the steering committee for ICM’s new research project. Can you tell us more about that?

Kelsey: I’m really excited about it. The project centers on understanding impact measurement from the portfolio company’s perspective—what’s useful, what’s burdensome, and how we as GPs and LPs can better support them. I hope it sparks more alignment across the ecosystem and helps us build systems that work better for the people actually delivering the impact.

Conclusion

Kelsey’s reflections offer a compelling look into how thoughtful, practical, and collaborative impact measurement can drive real value—for portfolio companies, investors, and the broader impact investing ecosystem.

SJF Ventures demonstrates that impact management doesn’t have to be a tradeoff between rigor and relevance—it can be both. With a flexible yet disciplined approach, they’ve built a system that not only tracks progress but helps early-stage companies grow with impact at their core. Through customized metrics, direct engagement, and technology-driven tools like UpMetrics, they’re creating a culture of continuous improvement rooted in partnership.

As the field continues to mature, SJF’s work is a reminder that impact measurement should serve the companies doing the work—not the other way around.

Key Takeaways

• Impact measurement should be actionable and company-centric. SJF only collects data that will be used to support portfolio companies’ growth and improvement.

• Customization is key. Rather than applying a uniform set of metrics, SJF works with each company to co-develop Key Impact Indicators (KIIs) that evolve over time.

• Technology enhances efficiency and transparency. UpMetrics’ platform helps SJF streamline data collection, build live dashboards, and reduce the burden of annual reporting.

• Benchmarking drives better outcomes. Portfolio companies gain insights into how they compare to peers, helping surface areas for improvement such as turnover, benefits, or engagement.

• Impact acceleration is part of the follow-through. Data isn’t just collected and shelved—SJF meets with companies to identify actionable opportunities and provides resources for growth.

• End-beneficiary feedback matters. Partnering with 60 Decibels enables SJF to move beyond assumptions and understand how impact is actually experienced by customers.

• The ecosystem needs to align around what works. SJF is helping lead a research initiative through Impact Capital Managers to better understand impact measurement from the portfolio company’s perspective.

UpMetrics extends a huge thank you to Kelsey and the SJF team for their transparency, thoughtfulness, and leadership in the impact measurement space, and to Andrew and the ICM team for facilitating such an insightful discussion.

We appreciate both of them for being such incredible partners in this work and for being willing to share their expertise with our audience!