: how to grow from a national impact investing intermediary towards a european player?

  • Charly Khalil Jastram (Student)

Student thesis: Master's Thesis


This thesis explores the concept, role, and importance of impact investing intermediaries that form the backbone of the European impact investing market. This is illustrated by the company Maze, a Lisbon-based impact investing intermediary whose portfolio consists of three service lines: “MustardSeed:Maze” a €45 million early-stage social venture capital fund, “Maze X” an impact accelerator program, and “Maze Government Performance” an advisory service in the public sector. Thereby the thesis addresses how Maze can grow from its national towards the European market. To reveal this question in the scope of a teaching case, students will gain an in-depth understanding of the different services of an impact investing intermediary and its role within the impact investing ecosystem. Further, the case illustrates how Maze has contributed to the development of the Portuguese impact investing market and sheds light on the different motivations and challenges Maze is facing while gaining a stronger foothold in the European market. By solving the case under consideration of the theoretical foundation of impact investing intermediaries, and Maze’s current situation as well as future goals, students will develop different growth opportunities and propose strategic recommendations that will help Maze along its future growth trajectory.
Date of Award26 Jan 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorFilipe Santos (Supervisor)


  • Impact investing
  • Impact investing intermediaries
  • Impact investing ecosystem
  • European impact investing market
  • Financial intermediaries
  • Capacity-building organizations
  • Product-market growth
  • Ansoff matrix
  • Social innovation


  • Mestrado em Gestão e Administração de Empresas

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