To complete a GIIRS Rating for a fund, both the fund and the fund’s portfolio companies must complete a multi-step process to assess and validate the fund’s collective impact. For funds with fewer than 12 portfolio companies, the Fund Rating process should take 10 to 12 weeks to complete. Learn more about the GIIRS Rating Methodology.
Process for Funds
1. Sign Term Sheet & Join GIIRS Fund Cohort
To begin, funds sign a term sheet with B Lab, provide a portfolio snapshot that includes all of the fund’s current investments, and invite staff members to participate in a GIIRS Fund Cohort.
2. Complete Fund Manager Assessment and Validate Responses
To give a picture of the impact of the fund’s operations, the fund then completes the Fund Manager Assessment (a custom version of the Assessment portfolio companies also complete) and has a review call with B Lab staff to validate responses.
3. Orient Companies to GIIRS Rating Process and B Impact Assessment
Meanwhile, fund managers contact portfolio companies to introduce the GIIRS rating process and share a custom registration link for the B Impact Assessment.
4. Use B Analytics to Interpret and Report on Impact Data
Fund staff can then use B Analytics to review companies’ impact performance, customized impact improvement reports, and portfolio KPIs. B Lab uses this aggregate data to generate a fund rating.
5. Share and Publicize GIIRS Rating to Stakeholders
Once a fund rating is complete, it can be shared with current and prospective LPs and the fund can incorporate the GIIRS Impact Rated logo into marketing materials and publications.
If the fund has not begun deploying capital, it can still participate in the GIIRS Fund Cohort and complete the Fund Manager Assessment to receive a GIIRS Fund-in-Formation Rating.
Process for Companies
1. Register for the B Impact Assessment with Custom Link
Once the fund manager orients companies to the GIIRS Rating process and sets deadlines for completion, the company begins the process by registering for the B Impact Assessment through a custom registration link.
2. Complete B Impact Assessment and Validate Responses
Completing the B Impact Assessment takes anywhere from 90 minutes to several hours, depending on the company’s size and complexity of operations. Once the full B Impact Assessment is submitted, the company completes a review call with B Lab staff to verify and validate answers. B Lab uses the data from the final validated B Impact Assessment to issue a GIIRS Company Rating.
3. Sign Senior Management Verification Statement & Term Sheet
4. Share and Publicize GIIRS Rating to Stakeholders
Once the GIIRS Company Rating is complete, it can be shared with current and prospective investors and the company can include the GIIRS Impact Rated logo in web and marketing materials.