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Measuring what matters: How we assess the impact of our investments

Measuring what matters: How we assess the impact of our investments

June 22, 2025 - At VP Capital, we believe that capital can and should drive positive change. But to go beyond ambition and demonstrate that our investments contribute to a better world, we must ask the harder question: how do we measure real impact?

In recent years, we’ve refined our methodology to do just that. Through our collaboration with a specialised impact consultancy partner, we developed a structured approach that reflects the complexity of impact investing—yet remains practical and actionable. Our goal is to steer capital towards what truly matters, while supporting our portfolio partners in their impact journeys.

This is not a blueprint, but rather an example of how investors can bring structure and clarity to impact measurement. We also welcome other examples and look forward to learning from each other.

biodiversity

From broad ambition to focused impact

In 2024, we launched our impact-first investment strategy, centred around three themes:

  • Biodiversity – protecting and restoring ecosystems

  • Climate – reducing emissions and building resilience

  • Social equality – promoting fair access and inclusive opportunities

To translate these themes into investment decisions, we defined six solutions that serve as positive impact pathways:

Net-zero, Toxicity-free, Circular, Bio-based, Regenerative, and Inclusive.

All new investments are screened against these solutions. For our existing investments, we assess the extent to which they currently contribute.

A two-track approach to impact measurement

Our methodology recognises that not all impact is the same. We measure both the reduction of negative impacts (mitigation) and the creation of positive outcomes (solutions).

1. Mitigating negative impact: BCS themes

We use maturity assessments to evaluate how fund managers and direct companies address biodiversity, climate, and social equality (BCS) at the organisational level.

Each theme is scored across four dimensions:

  • Insight and mitigation of direct negative impacts (inside-out)

  • Identification and management of value chain risks (outside-in)

  • Engagement with portfolio companies (for fund managers)

  • Internal governance and policy

The result is a qualitative profile of each manager’s approach, providing insight into where they stand—and where there’s room to grow.

2. Contributing to solutions: Impact KPIs

At the underlying investment level, we assess how individual companies contribute to our six solutions. The process is twofold:

  • First, we make a binary classification: does the company align with a solution?

  • Second, if applicable, we ask our investment managers to gather quantitative impact data using 11 pre-defined KPIs, including:

    • CO2 avoided (net-zero)

    • Reduction in harmful substances (toxicity-free)

    • Volume of materials reused (circular)

    • Increase in biodiversity (regenerative)

The investment managers can also add a custom impact metric that is relevant to their specific business, ensuring the approach remains tailored and meaningful.

Our goal is to gain a deeper understanding of the actual quantitative impact realised by these solutions and to amplify impact narratives throughout our portfolio.

biodiversity-climate

Why we focus on progress, not perfection

This is a journey—for us and our portfolio. We aim to identify areas where we can inspire and drive meaningful change and where we can support our investments by exchanging ideas and sharing best practices. Some early-stage investments have limited capacity and approach BCS themes differently than larger companies. They often face limited data access and place less emphasis on formal standards and guidelines.

We don’t expect perfection; what matters is transparency, intent, and the commitment to make progress over time. That’s why our method is designed to be pragmatic, adaptable, and grounded in dialogue.

What we’ve learned so far

  • Impact measurement must reflect strategy. Our focus on climate, biodiversity and social equality guides not only what we invest in, but also how we assess performance.

  • It’s about outcomes, not just inputs. By linking real-world metrics to our solutions, we go beyond ESG box-ticking to achieve tangible results.

  • Engagement matters. Through our annual impact engagement cycle, we encourage ongoing conversations with our investees, to deepen mutual understanding and build joint capacity. This approach aims to reduce negative impact while increasing positive impact over time.

  • Flexibility builds trust. Rigid frameworks don’t always apply, particularly for early-stage companies or fund-of-fund structures. We encourage best-effort reporting—with the aim of continuous improvement.

Looking ahead

We will continue to improve our methodology, especially around data consistency and sector-specific nuances. We’re also committed to sharing what we learn, not because we have all the answers, but because we believe in the power of collective progress.

If you’re an investor navigating similar questions, we’d be happy to exchange ideas. After all, measuring impact is not just about accountability—it’s about unlocking capital for a better future.

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Measuring what matters: How we assess the impact of our investments

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