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The article aims to suggest two different scenarios for the transformation of social policy and social work in Italy in relation with the emergence of new trends in the philanthropic sector. Over the past two decades, a growing body of literature has pointed to the shift that philanthropy is undergoing at the global level under the influence of Venture Philanthropy and Impact Investing. Distinctive features of this ‘new philanthropy’ are the blending of the principles and tools of giving with those deriving from the market and the financial sector, as well as the role played by scientific expertise and assessment in legitimising actors and activities. Relying on document analysis, interviews and participant observation, we show how these features are taking shape in the field of social policy and social work in Italy. The promotion of social impact investing and the connected debate on social impact measurement are the most significant elements through which new philanthropic actors and principles are gaining relevance. Nevertheless, their actual capacity to transform social policy and social work is still unclear and we therefore suggest that hybridisation and desocialisation are two possible scenarios for the transformation of the social domain.

New philanthropy, social impact and social work: insights from the Italian case