Legal Innovation for Sustainable Investments (LISI)

What Legal Innovation for Sustainable Investments (LISI) does

LISI (Legal Innovation for Sustainable Investments Foundation) is an Amsterdam-based non-profit foundation (stichting) founded in 2021 that develops open-source legal instruments for the impact investing sector. Its core product, the Impact Term Sheet (ITS), is a downloadable legal template for direct equity investments designed to support balanced deals between impact investors and mission-driven entrepreneurs. The ITS was first launched in November 2022 and updated to version 2.0 in November 2023, incorporating a steward ownership module (co-created with We Are Stewards), an EU ESG regulatory module, and an Impact Card. In May 2025, LISI introduced the ITS Visual Guide, an illustrated practical tool built around 12 key questions to make impact-aligned term sheet concepts accessible to non-lawyers. A Funds Impact Term Sheet is in development for release at the end of 2026, with funding support from Better Society Capital and CMS Luxembourg.

LISI operates a community-led go-to-market model. All core tools are distributed free of charge under a Creative Commons CC BY-NC-SA 4.0 license via self-serve website downloads, supplemented by expert-led workshops, advisory services, and a LISI Neutrals Scheme (a panel of impartial third-party neutrals). Revenue comes from donations, sponsorships, workshop fees, and advisory engagements. The foundation is volunteer-run by a senior board and supported by a network of 28 co-creators and 9 public supporters across 20 countries, with strategic partnerships spanning law firms (DLA Piper, Watson Farley & Williams, CMS Luxembourg, Grant Thornton), impact networks (GAIL, Impact Europe, Impact City), and institutional adopters including NYU School of Law and FinDev Canada. As of the most recent reporting, the Impact Term Sheet has been downloaded 1150+ times, has been used in 6 workshops and 19 events, and won the Gouden Zandloper Dutch legal award in the ESG category in September 2023.

Name

Legal Innovation for Sustainable Investments (LISI)

Legal name

Legal Innovation for Sustainable Investments Foundation

Website

https://lisi-law.eu

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

LISI is an Amsterdam-based non-profit foundation that develops open-source legal templates for impact investing, centered on its Impact Term Sheet. It serves impact investors, mission-driven entrepreneurs, and legal advisors worldwide, distributing tools freely under Creative Commons and supplementing them with workshops and advisory services.

Ownership category

akta.pro rank

Product category

Impact Investing Legal Services

NAICS

Religious, Grantmaking, Civic, Professional, and Similar Organizations (813)

SIC

Investment Advice (6282)

akta.pro primary industry

International Grantmaking & Development Foundations (BPAGAKAH)

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Impact Investment & Development Investment Funds (BPADACAO)

Keywords

• Open-source legal templates
• Impact investing frameworks
• Sustainable investment tools
• ESG deal documentation
• Steward ownership structures

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Donations and Sponsorships: As a non-profit foundation, LISI relies on donations, sponsorships, and external funding to support operations, tool development, and outreach activities.
2. Workshop and Advisory Services: LISI generates revenue through conducting workshops on implementing the Impact Term Sheet principles and providing in-depth advisory services to organizations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

LISI is a non-profit foundation that develops and distributes free, open-source legal instruments designed to support balanced impact investing deals. Its cornerstone offering is the Impact Term Sheet (ITS), a downloadable legal template for direct equity investments that aligns investors and mission-driven entrepreneurs around shared impact goals. The organization supplements these tools with expert-led workshops, advisory services, and a neutrals scheme to help parties implement impact-anchored governance in real transactions.

Product overview

LISI offers a portfolio of open-source legal instruments for impact investing, centered on the Impact Term Sheet (ITS), a downloadable template for direct equity investments that supports balanced, fair deals between investors and mission-driven entrepreneurs. The ITS is available in its original form (launched November 2022, updated to version 2.0 in November 2023 with EU ESG and steward ownership modules) and as a Visual Guide (launched May 2025) that uses 12 key questions to make the concepts accessible to non-lawyers. A Funds Impact Term Sheet is in development for fund-level structures. The product suite is supplemented by expert-led workshops, advisory services, and a LISI Neutrals scheme. All core tools are free to download under a CC BY-NC-SA 4.0 licence.

Differentiator

Problem solved

Functional benefit

Brands

• Impact Term Sheet (ITS): An open-source legal template for direct equity investments that supports balanced deals between investors and mission-driven entrepreneurs while considering stakeholder needs.
• ITS Visual Guide
• Funds Impact Term Sheet (Funds ITS)
• LISI Neutrals Scheme

Products and services

• Impact Term Sheet (ITS) An open-source legal template for direct equity investments that supports balanced, fair deals between impact investors and mission-driven entrepreneurs. Version 2.0 includes a steward ownership module, EU ESG regulatory guidance, and an Impact Card. Distributed free of charge under CC BY-NC-SA 4.0 licence.
• ITS Visual Guide An illustrated introduction to the core impact-anchoring concepts of the Impact Term Sheet, designed for non-lawyers. Uses 12 key questions to help investors, entrepreneurs, and legal advisors translate impact ambitions into concrete legal and governance terms.
• ITS Fundamentals Workshop A half-day expert-led workshop tailored for impact investors covering the fundamentals of anchoring impact in investment processes, including governance, incentives, reporting, and exits. Workshop fees contribute to LISI's foundation mission.
• LISI Neutrals Scheme A panel of impartial, experienced third-party neutrals who assist impact investing parties in reaching fair agreements aligned with the Impact Term Sheet's guiding principles, including ongoing support to maintain alignment after deals are signed.
• Advisory and Consulting Services In-depth advisory services for impact-focused organisations, including creation of proprietary guidelines, custom legal documents, bespoke training sessions, and partnering on larger projects to improve impact throughout the investment process.

Quantifiable outcome

• 1150+ downloads worldwide of Impact Term Sheet
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core and minor.

• DLA PipercoreStrategic or Co-development PartnerLaw firm partner supporting LISI's open-source legal tool development and providing expertise in legal frameworks for impact investing.
• GAIL (Global Alliance of Impact Lawyers)coreStrategic or Co-development PartnerGlobal alliance of impact lawyers supporting LISI's mission; LISI co-creators hosted workshops at GAIL Annual Summit.
• Watson Farley & Williams (WFW)coreStrategic or Co-development PartnerInternational law firm contributing expertise to LISI's co-creation process and networking events.
• Impact VCcoreStrategic or Co-development PartnerImpact venture capital network supporting LISI's ecosystem development and tool adoption.
• Impact EuropecoreStrategic or Co-development PartnerEuropean impact investment network supporting LISI's continental outreach and partnerships.
• Impact CitycoreStrategic or Co-development PartnerThe Hague-based impact ecosystem organization partnering on events including ImpactFest.
• CMS LuxembourgcoreStrategic or Co-development PartnerLaw firm providing support as both supporter and sponsor for Funds Impact Term Sheet development.
• Grant ThorntoncoreStrategic or Co-development PartnerProfessional services firm supporting LISI's initiatives through the Funds ITS project.
• impactK.aicoreTechnology or IntegrationTechnology platform supporting survey administration for Impact Fund Agreements research; developed by academics from HEC Paris and University of Georgia.
• NAB (Dutch National Advisory Board Impact Investment)coreStrategic or Co-development PartnerNational advisory body supporting impact investment development in the Netherlands.
• Roots of ImpactcoreStrategic or Co-development PartnerImpact investing advisory organization supporting LISI's ecosystem development.
• InnpactcoreStrategic or Co-development PartnerImpact investment advisory firm supporting LISI's initiatives and knowledge sharing.
• Id est AvocatsminorStrategic or Co-development PartnerFrench law firm contributing to LISI's professional network and legal expertise.
• MDY LegalminorStrategic or Co-development PartnerLegal consultancy supporting LISI's development and professional network.
• Vivien Teu Law PracticeminorStrategic or Co-development PartnerLegal practice contributing to LISI's co-creation and professional community.
• Innovative Finance InitiativecoreStrategic or Co-development PartnerInitiative supporting innovative financing solutions for impact investing.
• DOEN ParticipatiescoreStrategic or Co-development PartnerLeading Dutch impact investor who collaborated with LISI to co-create new investment contract templates inspired by the Impact Term Sheet. Project included personalized impact anchoring roadmap and legal documentation redesign.
• We Are StewardscoreStrategic or Co-development PartnerOrganization that co-created the steward ownership module in the Impact Term Sheet 2.0.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Mission Investors Exchange: Leading US-based impact investing network for foundations and mission-driven investors, providing tools, research, and peer learning. Comparable to LISI's mission and offerings but focused primarily on the US foundation market rather than European/emerging market investors.

Direct peers

• B Lab Global: B Lab is a nonprofit network that creates standards and certifications (B Corp) for mission-driven businesses. It is directly comparable to LISI as both are nonprofits building open, community-led frameworks to embed social/environmental considerations into business and investment decisions.
• Impact Management Project: A forum for building consensus on how to measure, manage, and report impacts, that produced the widely-used Impact Management Framework. Comparable to LISI in developing open, consensus-based frameworks for the impact investing ecosystem.
• Global Impact Investing Initiative (GIIN): GIIN is the leading global nonprofit dedicated to increasing the scale and effectiveness of impact investing, producing widely-adopted standards, research, and tools like IRIS+. Directly comparable as both organizations develop impact investing frameworks and serve the same investor and fund manager audiences.
• BlueMark: BlueMark provides independent verification and advisory on impact investing practice, including assessment of fund-level impact alignment. Comparable to LISI's Neutrals Scheme and ITS workshop/advisory services in serving impact investors needing credible impact integration.
• Toniic: Toniic is a global community of impact investors providing peer learning, tools, and resources to deepen impact investing practice. Comparable to LISI in serving a global community of impact investors with educational resources and standards.

Others

• Open Data Institute (ODI): A nonprofit that builds open, trustworthy data ecosystems for social and economic value. Comparable to LISI as a peer nonprofit that builds open-source, community-co-created infrastructure for mission-driven sectors, though focused on data rather than legal instruments.

Broad incumbents

• UNDP SDG Impact: UN-backed initiative providing standards, tools, and advisory to embed SDG alignment into investment decision-making. Comparable to LISI as a similarly-missioned framework provider for impact-aligned investing, but operating at global institutional scale with much broader resources.
• Better Society Capital: The UK's largest social impact investor and a funder of LISI's Funds ITS development. Comparable as a large, established UK impact investing institution that LISI both serves and partners with, operating at much greater scale across capital deployment.
• Impact Europe (formerly EVPA): Europe's leading network for impact investing and social enterprise, and a LISI partner. Comparable as a broader industry body that convenes, educates, and supports impact investors, complementing LISI's more specialized legal tooling focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lisi-law-foundation

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Legal Innovation for Sustainable Investments (LISI)