The Predistribution Initiative (PDI) was founded in early 2019 by a team of professionals focused on ESG issues and impact investing. We realized that while the ESG and impact investing fields have made significant progress, the guidelines and frameworks that have emerged as industry standards (e.g., Value Reporting Foundation, Global Reporting Initiative, IRIS+) focus primarily on portfolio companies and investees of investors. Meanwhile, investment practices and structures themselves may be exacerbating the problems we seek to solve and creating systematic risks for large institutional investors, as well as systemic risks for society. Examples of issues at the fund manager level include high fund manager executive compensation that can exacerbate inequality, financial engineering and the use of leverage, whether funds are domiciled in tax havens, the way investment teams are incentivized, lobbying and political spend at the asset manager level, and the way investments are valued.  Moreover, at the asset owner and allocator level, there may be opportunities to reconsider portfolio construction and asset allocation to reduce dependence on high-risk high-return investments that contribute to systematic and systemic risks, while still achieving overall portfolios’ required rates of return. Given increasing stakeholder concerns about these issues, we recognized that there were major blind spots that needed to be elevated and addressed.