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In the month of June 2015, EngagedX released a report of the impact investing market, aggregating the returns of over 400 deals done in the UK by three large impact-first investors. The return was negative 0.77% per annum. That same month, the Global Impact Investing Network and Cambridge Associates released a different report, summarising the return of 51 finance-first impact investors, with an overall IRR of 6.9%. The two are the first benchmarks of impact investing ever published. Although the two benchmarks are different in focus and methodology, taken together, they make the case that impact investments are investible, both for finance-first investors, who can expect commercial-like rates of return, and for impact-first investors, who can expect capital preservation on a par with alternative loans to unbankable entities. For EngagedX, the sudden appearance of a competing report, issued by a high profile partnership of powerful actors, and with more attractive results, raised some questions as to what further challenges lay ahead.