It is March 2017 and TPG, a global alternative investment firm with $74 billion assets under management, has recently launched its inaugural impact investing fund-the $2 billion Rise Fund. In an effort to "take the religion out of impact investing," Bill McGlashan, founder and managing partner of TPG Growth, an arm of TPG focused on growth equity investments and middle-market buyouts, and co-founder and CEO of the Rise Fund, has partnered with The Bridgespan Group, a nonprofit consultancy, to develop an evidence-based methodology for quantifying the impact of prospective Rise investments. Together, they have come up with a framework that ultimately generates an impact multiple of money (IMM), a measure of the social value created by a company per equity dollar invested. If a company fails to meet the IMM threshold, Rise will not invest in it. The case finds McGlashan and Maya Chorengel (HBS MBA '97), Rise's senior partner for impact, debating whether to make Rise's first investment in EverFi, an educational technology company that offers a range of online educational programming to its K-12 school, university, and corporate clients.