The concept of impact investing has just received a big boost. BlackRock, the leading global money manager, has launched the BlackRock Impact U.S. Equity Fund. While the amount of the fund, $20 million, is a fraction of the $4.7 trillion that the firm manages, its symbolism is much larger, reports The Economist. It’s a strong vote of confidence in the idea of putting money into companies that are advancing social good while making a profit. The fund’s targets are businesses that use environmentally sustainable technology, show a high level of employee satisfaction, or do research on ending disease. A similar European fund that BlackRock began in August has already attracted $200 million in assets.

BlackRock joins Bain Capital, Zurich, and AXA, other major investment firms that are also entering the impact investing market. So far this year, 18 new mutual funds that align investments with values have been set up, compared to three last year. And assets in socially conscious funds have climbed to $134 billion this year, up from $93 billion in 2010. Those big numbers hint at the large profits to be made from companies doing business, better.

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