This thesis delves into the ethical dimensions of stakeholder management within the growing impact investing ecosystem, with a specific focus on the Benelux region. Impact investing is distinguished by its dual objective of generating financial returns alongside measurable social and environmental benefits. Thus, it necessitates a unique approach to stakeholder management, particularly by fund managers who play a pivotal role in aligning the often-competing logics of various stakeholders. The research addresses the need for a comprehensive ethical framework that guides fund managers in their interactions with internal and external stakeholders (investors, social enterprises, beneficiaries, and regulatory bodies). The study is grounded in neo-Aristotelian virtue theory, which provides a normative foundation for exploring the moral and epistemic virtues required for effective stakeholder management in impact investing. With normative stakeholder theory and institutional theory as auxiliaries, the thesis offers a holistic view of the ethical challenges and opportunities in the field. The methodology includes a thorough literature review to establish a theoretical model of ethical stakeholder management by virtuous fund managers, which is validated by abductive qualitative research involving semi-structured interviews with fund managers and an analysis of corporate documents from impact investing firms in the Benelux. The research aims to uncover the institutional logics that influence fund managers' decisions and the character traits (virtues) that these managers embody in their professional roles. Findings from the research reveal that fund managers operate in a complex ecosystem where ethical stakeholder management is crucial to the success of impact investments.