CIM's impact report 2024
CIM’s FY2024 Impact Report details investments in social and affordable housing, disability accommodation, and carbon farming. The portfolio supported 260 homes, 114 SDA dwellings, and biodiversity-focused climate projects, while applying rigorous impact measurement. The report reflects lessons from emerging sectors and First Nations partnerships.
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OVERVIEW
Reflections on the past year
Conscious Investment Management’s (CIM) FY2024 report reflects activities, impact achievements, and lessons learned across sectors. Notable investments included a carbon farming initiative with Greening Australia and a Specialist Disability Accommodation (SDA) project with Liverty Housing. CIM’s Theory of Change and interviews with partners were also highlighted. The report documents key lessons in investing in emerging asset classes such as climate response, housing, and reconciliation. Direct impact achievements include financing 260 social and affordable dwellings, 114 SDA dwellings, 62 rooftop solar assets, and two carbon farming projects.
About us
CIM is an impact investment fund manager established in 2019, focused on delivering measurable environmental and social benefits alongside financial returns. The team comprises professionals from finance and the not-for-profit sector. Investments are made across three themes: Environment and Climate, Health and Education, and Social Infrastructure. The organisation emphasises partnership with not-for-profits to manage impact and maintains a Theory of Change that prioritises regeneration, housing support, and empowerment of people with disability.
Investment approach
CIM believes investments with intrinsic social and environmental value can yield risk-adjusted returns. The investment process involves impact and financial due diligence, definition of impact targets, and ongoing partner collaboration. Measurement follows the Impact Management Norms framework, using IRIS+ metrics and prioritising outcomes. Each investment is assessed across five dimensions—what, who, how much, contribution, and risk—scored 0 to 5 and averaged. Investments must “contribute to solutions” to be considered impactful.
New investments
Two key investments were made in FY2024. First, a 755-hectare property in NSW was acquired with Greening Australia for biodiverse carbon planting. It aims to plant ~140,000 native trees, sequester ~300,000 tonnes of CO₂e, and restore habitat for endangered species. The project received a 4.6 impact score.
Second, CIM extended its partnership with Liverty Housing, financing 42 SDA dwellings. This followed previous funding of 72 new SDA homes. Though the new investment did not increase dwelling numbers, it enabled Liverty to shift from asset ownership to service provision. The latest project scored 3.6 due to limited additionality despite enabling sectoral growth.
Impact highlights
CIM partnered with the Kullilli Bulloo River Aboriginal Corporation on the Thargomindah Station carbon project. Kullilli people now own and manage the land, implementing regeneration practices. A mandatory audit and issuance of carbon credits are expected in late 2024.
Youth housing was supported through a partnership with Melbourne City Mission, funding 10 dwellings. Challenges included tenant complexity and transitions from crisis to shared housing. Early signs of impact include improved stability and independence among youth participants.
CIM’s social housing investments underscored the importance of working with Community Housing Providers (CHPs) due to their expertise and tenant focus. Structuring investments for long-term tenure and supporting wraparound services were identified as best practices. Procurement challenges and developer stigma were also highlighted.
In carbon farming, CIM emphasised securing projects with 100-year permanence, genuine First Nations participation, and high-quality credits. The organisation mitigates impact risk by selecting projects with biodiversity benefits and ensuring appropriate carbon credit offtake practices.
CIM’s reconciliation efforts included developing internal cultural competency and involving First Nations stakeholders meaningfully. The organisation recognised areas for improvement, such as embedding cultural advisors early and tailoring RAP activities to its team size.
Portfolio summary
As of FY2024, CIM managed three funds spanning SDA, social housing, and impact assets. Key updates include property acquisitions, programme expansions, and refinement of measurement. IMN scores remained stable, with most projects scoring above 4, indicating strong contributions to social or environmental outcomes.
