The baseline study assesses and records the characteristics of the impact investment market at the outset of the Impact Programme in 2013 in order to provide a critical reference resource at the conclusion of the programme in 2026, when changes attributable to it will be assessed. The baseline is focused on the impact investment market in Sub-Saharan Africa and South Asia but, importantly, it seeks to place trends in these regions in a global impact investment context. It also focuses on DFID’s impact investment priority – benefiting those living at the Base of the Pyramid.