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| Impact investors still pouring capital into energy, climate |
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By Hilary Wiek, CFA, CAIA, PitchBook Senior Strategist
The latest beneficiary of the infrastructure buildout is an unlikely suspect: the impact fund, which seeks positive environmental or social impact outcomes alongside financial gains.
According to a new PitchBook analyst note, many of the largest funds have been absorbing a significant proportion of impact-aligned capital. Investors, whether they are targeting impact or not, have been drawn to the return profile of the infrastructure strategy. |
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Names like Brookfield, GIP and EQT, as well as Lunate, a manager headquartered in Abu Dhabi with $110 billion in AUM, made the list of top investors by impact capital raised.
The research, using our proprietary dataset, shows that while fundraising has slowed from the 2022 peak, billions in new capital continue to enter the market each year. Climate and energy have been key areas of focus for impact funds closed in the past three years, with more North American vehicles since 2018 focusing on energy than those in Europe or the rest of the world.
For its part, Europe has been more likely to raise funds with diversity, inclusion and health targets.
Cross-referencing our database to this year's ImpactAssets 50 list of impact investors, a benchmark of established and emerging impact-focused GPs, allowed us to construct a list of funds that we believe are in the market for LP commitments.
VC is the top investment strategy for impact funds by number, though by capital raised, real asset funds—largely infrastructure—have made up 62.8% of the total since 2008.
Some of the most active PE and VC fund managers buying impact companies include KKR, Ardian and Foresight Group, as well as Gaingels, SOSV and Climate Capital, the research finds. |
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