Take a look at the positive progress we made with our portfolio companies in 2025.
As we build on the progress we have made in recent years, 2026 will be about sharpening our approach and going deeper where it matters most. We see several opportunities to further strengthen both the focus and effectiveness of our impact strategy.
We are increasingly using systems thinking as a guiding lens for our work. Over the past year, we’ve taken first steps in exploring thematic system mapping and the characteristics of systemic investing, helping us better understand root causes, interdependencies and where real leverage for change lies. The next step is to translate these insights more directly into our investment decisions and investor mindset, portfolio construction and collaborations, while bringing more focus to where we can have the greatest impact.
At the same time, we recognise that systemic transitions are rarely linear or easily measurable. Some of the most important challenges for long-term resilience – particularly biodiversity loss, value-chain impacts and social inequality – are also among the most difficult to operationalise within today’s investment frameworks. Biodiversity in particular remains one of the least mature areas within current investment and reporting methodologies, despite its growing strategic importance.
After two years of applying our impact-first strategy and impact measurement, we have gained a clearer understanding of both its strengths and its limitations. Our current metrics provide valuable insights, but they do not capture the full picture. Data quality differs across asset classes, some frameworks focus more on processes than real-world outcomes, and a concentrated portfolio can heavily influence overall scores.
Existing methodologies are still evolving and often fail to fully capture positive contributions such as regenerative agriculture, ecosystem restoration or broader system effects. We also recognise that differences in reporting maturity across asset classes and company stages continue to limit comparability. Especially within early-stage ventures, impact reporting often develops gradually alongside commercial maturity.
Rather than treating impact data purely as a reporting exercise, we want to use it as a tool for learning and continuous improvement. Stronger feedback loops can help us make better decisions, better understand what drives impact and improve our contribution over time. We also want to complement quantitative metrics with more outcome-focused stories, case studies and stakeholder perspectives, while openly sharing lessons learned to help strengthen the broader field.
We see an opportunity to be more intentional and structured in how we engage – both with our portfolio companies and with peers. This includes deeper collaboration, more active knowledge sharing and co-creation across our portfolio. Beyond our own portfolio, we aim to play a stronger role in the wider investor ecosystem, recognising that systemic change requires collective effort.
We also want to become clearer and more concrete in how we describe our contribution to systemic change. We want to strengthen the way we tell stories - for example by showing how companies influence their sectors, how partnerships accelerate change, or how investor engagement can shape long-term decision-making and incentives. At the same time, we want to deepen dialogue with portfolio companies, co-investors, experts and other stakeholders to better understand what is working, where challenges remain, and how we can improve. By building stronger feedback loops and creating more room for reflection and learning, we aim to continuously strengthen both our investment approach and our long-term impact.
Through new learning initiatives, thematic sessions and more tailored support, we are strengthening how we support portfolio companies beyond capital. This includes sharing expertise, opening up our network, connecting founders and investors for peer learning, and offering more focused guidance on topics such as impact, leadership, governance and growth.
To further increase our impact, we also want to mobilise more external capital and collaborate more closely with other investors, including family offices and like-minded partners. This includes developing co-investment opportunities and making it easier for others to engage with and contribute to our approach.
That said, we recognise that stronger collaboration and ecosystem engagement may also require new forms of capital deployment and financing structures.
We are keen to explore innovative financial instruments and forms of collaboration, such as risk-sharing mechanisms, blended finance structures and other emerging financing approaches.
For example, we joined the MESA Co-Funding Alliance, a member-driven funding alliance focussed on addressing critical barriers to agrifood systems change by combining different forms of capital, expertise and collaboration.
These approaches can help us address a broader range of impact opportunities, share risks more effectively and support initiatives that don’t fit traditional investment models.
In parallel, we see a clear opportunity to better connect our philanthropic work with our investment strategy. By aligning investments, philanthropy, policy engagement and advocacy more closely, we aim to contribute more effectively to long-term systemic change and strengthen the broader ecosystems needed to accelerate transitions.
