Insights from Jeroen Harteveld (SIRIO Capital Partners) during the Impact Finance Forum 2026
Fund managers in the impact finance sector face unique challenges and opportunities, and understanding what drives success is crucial for sustainable growth. Drawing on the experience of Jeroen Harteveld, Managing Partner at SIRIO, former leader of the MASSIF fund at FMO, and author of the book ‘Mastering Emerging Market Funds’, we gain valuable perspective into the factors that differentiate successful fund managers (FMs).
Through more than a decade of studying emerging market fund managers, Jeroen’s research identified four types of fund managers: those failing or lagging behind, average performers, exceptional managers who scale rapidly, and those unable to raise capital at all. The key question for the sector is: Why do some fund managers scale while others stagnate?
The answer lies in three core elements—Knowledge, Network, and Capital (KNC). Successful fund managers possess a deep background in their sector, are well-connected to limited partners, and carefully manage their capital to avoid running out of runway. These factors not only propel managers forward but can also hold them back if neglected.
The SIRIO Framework, composed of strategy, investor relations and internal organization, translates these findings into actionable priorities for fund managers—building the capabilities, relationships, and internal discipline required to raise capital and scale sustainably. For those in impact finance, focusing on these pillars creates a foundation for delivering both financial and social returns, driving positive change at scale.
As impact finance continues to grow, fund managers can learn from these insights to sharpen their strategies and maximize their impact. By investing in knowledge, cultivating networks, and managing capital wisely, the sector can advance its mission and create lasting value for stakeholders and communities alike.
