This edition of Tiresia Impact Outlook, in addition to offering the usual framework for the dimensions and dynamics of impact investing in Italy, poses the  question of which of the two scenarios is prevailing and what is the fundamental nature of the numerous initiatives that we have seen proliferating in the Italian market over the last eighteen months. We did this with the conviction that impact investing was first born as a practice through a series of important pioneering initiatives by professionals and innovators, but still lacking a serious and reliable conceptualization, a robust theoretical basis (for example, a reliable model of the utility function of the impact investor), as well as a theory of social justice of reference. This report does not offer these answers, but tries to analyze some elements that characterize the behaviors of investors, attempting to articulate the simple definition of “finance that renounces a small portion of profit in exchange for social impact” within a group of fundamental elements, the basis For the actions of the impact investor.