This report looks at a hybrid investment fund to unlock the growth potential of social enterprises in Germany. Investing for profit and for the philanthropic use of financial resources are still commonly perceived as different, disconnected worlds. Nevertheless, the awareness for impact investing – investments that yield both a social and a financial return – has risen in recent years. This report from the Financing Agency for Social Entrepreneurship, Ashoka Deutschland, BMW Stiftung and McKinsey sets out a practical fund concept that facilitates the large-scale support of social start-ups and unlock the growth potential of impact investing.