Impact valuation is most useful when it evolves with the investment lifecycle. What matters is not applying one perfect method but using impact valuation in a way that fits the stage, the available data, and the decision at hand. 

This paper, developed through an IV Hub working group, is designed to help investors understand how impact valuation is used differently across investment stages, apply fit-for-purpose approaches at each stage, and build impact valuation progressively as data, control, and evidence improve. 

This paper includes case studies from IV Hub members, highlighting both insights and limitations experienced by each.