Impact investing, an investment approach that aims to generate specific positive social and/or environmental impacts, while seeking some level of financial return, has been a hot topic and is not a new subject for family offices which play an important role in its growth. Additionally, impact investing has significant appeal among younger generations, such as Millennials, who have an increased desire  to push for environmental improvements or social changes that align with their personal values. This momentum is likely to increase as Millennial investors gain market influence. This article takes a look at what impact investors do, takes a deep dive into impact investing and discusses important considerations when thinking about replacing philanthropic contributions with impact investing.