The consistent message throughout the panel discussion is an emphasis on learning and a reminder that impact investing is still in its early stages of adoption. Reginald Sanders of the Kellogg Foundation, Debra Shwartz of the Macarthur Foundation and Kate Wolford of the McKnight Foundation outline the history of impact investing in their organizations and how they have developed some of the strategies they implement today. They also cover some examples of the challenges their organizations have faced in different program areas and approaches as well as ways of overcoming them.