Below-Market-Rate Impact Capital (BIC) investments aim to deliver positive and measurable social or environmental outcomes despite the associated financial returns being beneath the market rate. BIC opportunities offer incentives to encourage market-rate investors to participate in investment structures projected to produce aligned outcomes. Other names for BIC include patient capital, concessionary capital, and catalytic capital (with the note that catalytic capital is sometimes priced at market rates in acknowledgment of first-mover risk). The minimum financial return for BICs is 0 percent (IRR = 0, only investment capital returned at term end); the maximum is asymptotic to the minimum Market-rate threshold. Program-related investments (PRI) are typically a type of BIC.