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There's a growing trend of investors looking to make a positive social or environmental impact with their money, and Fidelity Investments is one of the biggest players in the area.
The Boston-based firm announced Thursday that it will invest $50 million in a fund called Social Impact Partners that will invest in "micro, small, and mid-sized companies that are making a positive social or environmental impact," the Boston Globe reports.
The fund will invest in companies in Africa, Asia, and Latin America, according to a press release.
Fidelity says it's the first time it's invested in a micro, small, and mid-sized company and the first time it's made an investment in an impact fund.
The company says it plans to invest in companies that have a positive social or environmental impact on the communities in which they operate, but it's not the only one looking to make a positive social or environmental impact with its money.
There are already more than 100 impact funds in the world, according to the Social Investment Research Foundation, and investors are looking for ways to make a positive social or environmental impact without putting their money in the stock market, the Guardian reports.
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