Interest in investment that pursues social and environmental impact has exploded in recent years. Although opportunities for impact investing have emerged across asset classes, most impact-investment activity has remained largely confined to a limited array of private investments. To help fill this gap, this paper introduces a simple conceptual framework for organizations and individuals seeking greater impact and better alignment between their investment activities and their mission or values: Total Portfolio Activation. The basic insight that drives Total Portfolio Activation is that every investment across every asset class has social and environmental impacts—positive and negative. This report further offers concrete steps to help any institutional investor begin working toward a fuller activation of their portfolio in support of their mission.