In 2024, we were invested in:

• 8 Direct Participations

• 7 Real Estate funds plus our own VP Real Estate (VP Vastgoed) as well as direct Real Estate investments

• 10 Ventures

• 3 Listed Equities

• 40 Funds of which 28 impact funds and 12 non-impact funds

We made 13 new investments in 2024 across 3 asset classes. Each of these investments was impact-focused, contributing to one or more of our 6 solutions. 

Jobien Laurijssen, Impact Manager: ‘The largest contributions came from the inclusive and net-zero solutions, driven by societal real estate (e.g. HCRE, Senectute, and Franklin Templeton) and impact funds with a climate focus. These accounted for 20% and 15% of our capital, respectively.’

All three holdings in the listed equity asset class (Accys Technologies, Aquaporin and Avantium) are solution-aligned, contributing specifically to the 'bio-based' and 'toxicity-free' categories.

Quantifying impact per solution

Before we describe the 2024 impact per solution, it is important to highlight that the impact we present reflects the impact created by the portfolio investments, not by VP Capital itself. VP Capital only holds a small percentage share in these funds, and the credits for the impact rightly belong to them. We rely on data reported by our investments, which are assessed by Holtara.

Modest overall BCS results

For each investment, we examined the maturity of biodiversity, climate, and social equality (BCS) challenges – meaning the extent to which investments had identified their negative impacts and risks, and had developed policies to manage these. 2024 was the first year we reported against this ambitious impact framework.

Jobien Laurijssen, Impact Manager: ‘The relatively modest initial results reflect the framework’s high standards and highlight the potential for greater impact. Two more technical factors also help explain these lower scores:

1. Some funds or companies focus on a single theme, giving less attention to others, which affects the overall outcome.

2. Our portfolio includes many early-stage companies, particularly within impact venture capital funds, that are primarily focused on developing and scaling their innovations. At this stage, setting formal policies or reduction targets is less common and typically becomes more relevant in later phases.’

Lessons learned

The assessment provided valuable insights into the current state of our portfolio.

Jobien Laurijssen: ‘We’ve had meaningful conversations with our investees about the steps we could take together, and best practices that might serve as inspiration. Many shared that biodiversity, climate, and social equality are also key priorities for them. So we believe we’ve made real progress in raising awareness.’

Following this baseline year, we plan to refine our methodology based on feedback from our portfolio. Ventures and venture funds, in particular, indicated that the current framework does not fully reflect their reality.

To support this, VP Capital will host a best practice webinar and continue to offer support and knowledge sharing throughout the engagement cycle.

Direct participations lead the way

With direct participations accounting for 59% of our Total Portfolio Value, driving sustainability improvements in this asset class is a top priority. We actively engage with and support these companies in developing and implementing impact roadmaps.

Each year, we identify concrete projects and initiatives that tackle global challenges through innovative solutions. We track progress by measuring the percentage of successfully completed roadmap goals and actions. Our goal is for portfolio companies to complete, on average, more than 80% of their impact roadmap projects each year by 2028.

In 2024, companies completed an average of 89% of their impact roadmap projects – well above the annual target of 80%.

Direct participations also perform better on the BCS maturity scale than other asset classes, with average scores of 1.5 for biodiversity, 2.4 for climate, and 2.1 for social equality.

Climate initiatives are particularly advanced. Carbon reduction efforts are more widespread than in other asset classes, and science-based targets (such as SBTi commitments) are commonly adopted. They have already taken many steps to make their carbon footprint transparent, implement reduction measures, and commit to international standards. Concrete actions - such as installing heat pumps and using low-carbon materials - are being implemented across the portfolio. To continue improving, we have naturally set the bar high. The next steps include implementing year-on-year actions toward net zero (scope 1 and 2), gaining deeper insight into climate risks, developing strategies to reduce and mitigate climate risk exposure (for example, through dual sourcing), and reporting on these efforts according to leading frameworks such as TCFD.

‘Companies address social equality primarily through employee-focused initiatives. However, the depth and reach of these initiatives vary. While current projects tend to focus less on value chain workers and the local community, VP Textile is actively working to improve supply chain labour conditions, in line with its Fair Wear Foundation membership.’

Biodiversity remains the area with the greatest potential for improvement, although important steps have already been taken.

‘VP Textile and VP Landbouw have both conducted biodiversity footprint assessments to map their environmental impact. Notably, VP Textile shows a strong grasp of biodiversity risks and mitigation projects. It is also actively working to eliminate the use of so-called “forever chemicals”.’

Building impact: Our real estate endeavours

The built environment plays a vital role in shaping a more sustainable and inclusive future. Mark Schravesande, Impact Manager, explains: ‘For us, real estate is not just an asset class – it is a key driver of positive change. In 2024, we took significant steps to further align our real estate portfolio with our impact-first strategy.’
By sharpening our investment criteria, focusing on sustainable construction, and embedding societal value in every project, we made tangible progress towards our long-term goals.
Through a combination of direct investments and fund participations, we achieved measurable reductions in emissions, increased the share of societal real estate in our portfolio, and strengthened our contribution to climate, biodiversity, and social equality.

While investing in affordable housing is urgently needed, it can paradoxically contribute to rising prices when investors (including us) set return expectations that are too high. At VP Capital, we recognise this challenge and are making a conscious effort to critically assess our own role. We aim to reflect on whether our current return requirements may still be higher than what is compatible with keeping housing truly affordable – and to explore how we can shift from being part of the problem to becoming part of the solution.

Our goals: Real Estate creating positive change

Since 2024, we have focused on investing in sustainable, energy-efficient buildings that contribute to a healthier and more inclusive living environment. Our ambition is bold yet necessary to realise a 70-80% intensity reduction in real estate CO2 emissions by 2030, in line with our validated science-based targets.

Achieving this requires a rigorous approach: while many countries, such as the Netherlands, already enforce sustainability standards through regulation, we go beyond sustainability regulations and invest only when there is a contribution to one of our six solutions. In line with this commitment, we aim to maximise the following in all new construction projects:

• Net-zero ('zero on the meter'), achieving an energy label of at least A

• Maximum use of circular and bio-based materials

• Biodiversity and inclusiveness are integral elements of every project

Our results: Real estate in our solutions

Real estate investments represent 19% of our total portfolio. Within this asset class, 61% actively contributes to one of our six solutions. The strongest positive contribution lies in inclusivity, reflecting our renewed focus on societal real estate funds. Additionally, our real estate portfolio contributes to net-zero and bio-based solutions. Topics such as toxicity-free and regenerative solutions are generally less applicable in the real estate context.

While many investments demonstrate a clear social purpose, this is not yet strongly reflected in the mitigation of negative impacts with regards to broader social equality-related risks and governance aspects, regarding occupants' health or value chain risks, for example. In contrast, we observe more advancements in the areas of biodiversity and climate in the real estate portfolio.

The real estate sector is changing fast, driven by new regulations, rising sustainability demands and technological innovation. Looking forward, we see these shifts as opportunities to create a lasting impact. 

Growing share of impact-focused funds

All new fund investments by VP Capital will be impact-focused. Mathijs van der Knaap, Investments Manager explains: ‘While we remain invested in existing non-strategic funds, these will be gradually phased out – resulting in a steadily growing share of impact investments within our fund portfolio.’

Our goals: alignment of fund portfolio companies

At least 80% of our fund portfolio companies are expected to align with one or more of the six key solutions that guide our investments and actions.

‘Currently, our fund portfolio is skewed towards venture funds,’ notes Mathijs. ‘In the coming years, we want to bring back balance by shifting our focus towards impact funds that invest in later-stage companies. In particular, we will be targeting strategies that focus on equity investments in profitable companies with clearly defined impact objectives. In parallel, we are gradually exploring new opportunities in emerging markets.’

We aim for future fund investments to comply with Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR). In some cases, we may consider Article 8 or non-EU funds if these demonstrate a comparable level of ambition.

Our results: focus on climate technology

Impact funds, representing 10% of our total portfolio value, are the most mature in taking action to promote social equality. Biodiversity efforts, however, show the greatest need for further development. This conclusion is consistent with the results in other asset classes. In total, 64% of the funds contribute to one or more solutions. The majority focuses on climate technology, followed by inclusion.

Non-strategic funds, about 8% of our total portfolio value, show similar results, with climate and social equality themes being more of a focus, with biodiversity remaining underserved. Because these are non-strategic funds, only a limited number of the underlying investments contribute to one of VP Capital’s solutions (8.1% of portfolio value in this asset class).

In 2024, VP Capital committed to eight new funds, all fully aligned with our updated impact strategy. Each reflects our ongoing focus on long-term value creation and positive societal and environmental outcomes:

• SET Ventures IV targets innovation in carbon-free energy systems.

• Princeville Climate Technology focuses on growth-stage climate tech companies.

• CGV Fashion Fund I supports innovation that stimulates a sustainable fashion ecosystem.

• Impact Shakers Ventures backs start-ups working on net-zero and inclusive solutions.

• BigCircle Ventures is a venture builder creating climate and circularity-driven companies from unutilized IP of Universities and knowledge institutes.

• Impact Expansion Fund I addresses a broad range of sustainability, inclusive and health challenges.

• SI3 Fund invests in equal opportunities to foster an inclusive and equitable society.

• Phitrust Partenaires Inclusion is focused on investing in companies that enable a more inclusive society where everyone can find their place and live with dignity.

Our new asset class: ventures

As part of our new strategy, we are directly investing in early-stage ventures – impact-driven start-ups that develop innovative solutions for the three challenges we have prioritised.

Erica van Eeghen, Senior Manager Ventures at VP Capital: ‘We choose to invest directly in ventures because they need patient capital, which is something VP Capital is known for. Unlike funds that are structured to return capital within 10 to 12 years, we take a long-term shareholder approach. We also recognise that early-stage companies face challenges like product development and commercialisation, often requiring longer investment horizons.’

Through active involvement, VP Capital seeks to support ventures in refining their business models, improving operations, and accelerating market penetration, ultimately enabling them to create long-term value and drive positive impact. ‘Going forward, we are exploring how to better leverage our network, better offering valuable connections to partners, investors, and key industry stakeholders where possible.’

Our goals: more investments in ventures

Over the next five years, our goal is to allocate 8% to maximum 10% of our assets to ventures.

Our results:  challenges in collecting data

Ventures, currently representing 3% of the total portfolio value, are the most mature intaking action to promote social equality. However, only 5 out of 10 ventures have been assessed on BCS, due to factors such as small scale, recent investment, and limited data availability. Existing maturity scales may not be fully suited to ventures, which often have low negative impacts, limited resources, and a strong focus on scaling their solutions. That is why, in 2025, we will explore how to either adapt the maturity scale to better reflect their context or draw on best practices from our portfolio to refine how we assess ventures and learn from them.

46% of the venture portfolio (by value) contributes to at least one of VP Capital’s solutions. Most of this contribution is directed towards the toxicity-free and circular solutions.

Our ambition for listed equity

We aim to build a focused listed equity portfolio that contributes meaningfully to at least one of our six solution areas - and, through that, to our broader impact goals on biodiversity, climate, and social equality. By the end of 2028, we target allocating approximately 10% of our capital to this asset class, with a strict requirement that 100% of these investments align with one or more of our six solutions.

To maximise real-world impact, we aim to participate in at least 50% of new share issuances. This ensures our capital flows directly into companies to help scale their impact, rather than simply buying shares from existing shareholders - an approach that offers no added impact.

Our results so far: early steps, solution-aligned

Listed equity currently represents 2% of our total portfolio. All three companies we’ve invested in through this asset class contribute to one or more of our six key solutions—two are aligned with the bio-based solution, and one with the toxicity-free solution.

Although only two investments have so far been assessed using our BCS maturity scale, we are already seeing encouraging practices, such as:

• Biodiversity screening through the WWF Risk Filter

• Climate target setting and TCFD-aligned risk analysis

• Social equality initiatives, including employee wellbeing programmes, value chain assessments, and supplier codes of conduct

These first investments lay the foundation for a more impact-driven listed equity strategy—one in which capital allocation actively supports sustainable business models and delivers tangible positive outcomes.