This study examines how ‘Impact Investment’ has been developed from ‘Venture Philanthropy’and ‘Philanthropic Investors’, which supports social enterprises by brining management consulting capacity as well as financial support. Elements of ecosystem of social enterprise are elaborated;and elements of impact investment are embedded in it as essential parts of the ecosystem. This study looks at how social enterprises can be promoted through the perspective of Impact Investment; and elaborates policy tools which include creating a new corporate form for social enterprises and broadening tax incentives for impact investors. Finance Intermediaries need to be established to support impact investment by bridging social enterprises and impact investors, building evaluating tools for social impact which social enterprises are creating, and providing information and transparency of social enterprises for investments.