reports-impact-report-2025_website

Our Impact Report 2025 is now live!

Take a look at the positive progress we made with our portfolio companies in 2025.

(1) Executive summary IR25 (2) Foreword (3) Our impact-first strategy (4) Organisational impact (5) Capital impact (6) Investor impact (7) Rethinking philanthropy (8) An explorer’s vision for 2026 (9) Continuous improvements (10) Acknowledgements

Executive summary IR25

Foreword

Our impact-first strategy

Organisational impact

Capital impact

Investor impact: how to drive change

Rethinking philanthropy

An explorer’s vision for 2026

Continuous improvements

Acknowledgements

Steady direction in a changing world

Foreword

Steady in a world in motion
From intention to action
Staying the course
Chapter select
Steady in a world in motion
From intention to action
Staying the course

Steady in a world in motion

The world is not short of challenges. If anything, the list seems to grow longer each year.

Geopolitical tensions are rising. Nature is under pressure. Inequality remains stubborn. Trust in institutions is fragile. Climate change and biodiversity loss are no longer distant warnings – they are realities shaping economies, societies and daily life.

At the same time, everything is increasingly connected. Energy choices ripple through food systems. Digitalisation reshapes labour markets. Capital flows determine who gets opportunities – and who does not.

In such a world, quick fixes rarely work. What matters is direction.

For us, investing is not simply about allocating capital. It is about deciding where capital should move – and why. While markets often react to short-term signals, we focus on the longer horizon.

We invest in companies developing solutions for staying within planetary boundaries, strengthen social foundations or build resilient economic value. That focus also means saying no to opportunities that do not fit. Discipline is part of the strategy.

From intention to action

In 2025, we continued to turn that strategy into practice.

We expanded our understanding of biodiversity across the portfolio, analysing how companies depend on natural systems and where vulnerabilities and opportunities lie. We also introduced a carbon contribution budget. Even with strong reduction efforts, some emissions remain. Rather than treating them as an accounting exercise, we committed capital to initiatives that actively remove or reduce CO₂.

Diversity within the portfolio received renewed attention. By taking a closer look at women-led and diverse companies, we gained deeper insight into the structural barriers that still shape access to capital.

We made new investments and increased the share of our capital allocated to one or more of our six solution areas, moving closer to our 2028 target. We aim to achieve this goal by increasing our impact investments, gradually phasing out our non-impact investments, and directing all new capital towards our six solutions.

Across the portfolio, scores on biodiversity, climate and social equality (BCS) improved. Several companies strengthened their climate and social equality policies and actions. This is encouraging progress. At the same time, nature remains harder to integrate into investment decisions, and the knowledge base is still developing. Nature loss is urgent and visible, yet often difficult to translate into concrete, widely applicable actions for companies.

We also explored how to learn alongside other family offices and from one another. Through our investor roundtable, we created space for family offices to share perspectives, questions and ambitions. Since then, several participants have taken concrete steps towards impact investing - both individually and collectively. Real momentum emerges when investors move together.

Staying the course

Impact investing is not a straight road. Progress rarely is. It comes with friction, trade-offs and constant learning.

We will continue allocating capital along our six solution areas – the transitions where we believe we can make the greatest difference. At the same time, we will increasingly explore a systemic investing approach, grounded in system mapping and focused on identifying the most critical leverage points for change.

This will help us better understand the interconnected dynamics behind complex challenges and inform not only how capital is allocated, but also how power, ownership, decision-making and mindsets can shift to support systemic change.

In 2026, we will also strengthen the social dimension of our work. A human rights scan across our portfolio will help identify risks and opportunities for improvement, allowing us to work with companies to safeguard human and labour rights throughout their value chains. Because resilient economies are not built on environmental progress alone – social foundations matter just as much.

The world may feel uncertain. Our direction remains clear. We remain committed to deploying capital as a force for long-term positive change – steady, deliberate and aligned with the future we want to help build.

Navigating a world in motion requires curiosity, collaboration and a long-term perspective. We hope this 2025 Impact Report provides insight into our journey and welcome your feedback as we continue to learn and build impact together.

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