The idea that the value created by an organization is fundamentally indivisible. Thus, one cannot speak of simply "economic value", "social value" or "environmental value"—these quantities are simply parts of one essential value.
From the book by Jed Emerson & Antony Bugg-Levine linked at right:
"If impact investing is what we do, blended value is what we produce. ...All organizations, for-profit and nonprofit alike, create value that consists of economic, social and environmental components. All investors, whether market rate, charitable, or some mix of the two, generate all three forms of value. But... most business managers, as well as investors, miss out on the opportunity to capture their total value potential by not managing for blended value on an intentional strategic basis."