For a green and sustainable transition

While the global scale of the societal challenges we are facing may seem insurmountable, we are confident in our ability to participate in the transition toward a more sustainable world, through selecting projects and managers driven by a strong sense of purpose: innovate and change the market behaviours by measuring the true bottom line of a company. This requires investors to engage deeply with the company and help evaluate externality and ultimately introduce the notion of true cost accounting. The allocation of private capital will encourage the changes and help achieve the ambitious targets set forth by the Paris Agreement and the United Nations SDGs.

  • On the environmental side, the projects that we support promote a healthy planet through the reduction of greenhouse gas emissions and the efficient use of scarce resources.
  • On the social side, we notably work towards improving the efficiency of healthcare sectors and we support access to education and enhanced economic and social opportunities through the creation of decent jobs.
  • On the microfinance side, we mainly invest with financial institutions in emerging and frontier economies with the aim to address the lack of financial inclusion which is measured, amongst other things, through gender equality and fight against poverty. We seek to create inclusive growth for the benefit of low and middle-income households and micro, small and medium enterprises. In this aim, we invest with financial institutions in local economies through private debt instruments such as loans or promissory notes.
Maïa Ferrand &Jean-Gabriel Nicolay
Co-Heads of External Multi-Management
Keeping impact at the core of what we do is a way to ensure that our investment strategy is intentional, and that its positive societal and/or environmental impact is replicable.


Hiring a specialist to access the world of private assets

Private assets strategies may be difficult to access for investors, and they come with constraints such as the entry ticket size and lower liquidity.

Investing through a fund of private equity funds helps sector diversification, as well as maturity in underlying projects and size risks. Impact focused funds could be venture capital firms working on disruptive solutions, as well as growth and private equity firms willing to accelerate the transition. Investing through an evergreen private debt fund offers liquidity windows for investors, rolling positions, management of the investment level in the portfolio. Mandating a specialised multi-management team offers investors access to a balanced portfolio of carefully chosen managers or financial institutions supporting promising projects at various stages of development.


Alignment at all stages of the process

Our commitment to impact transpires at each step of our process. At the due diligence stage, we make sure that the selected funds share our goals and values of transparency and integrity. We work hand in hand with the funds to set clear and measurable impact objectives and their associated KPIs, which will drive our partnership and the structure of the reports. Our remuneration system itself ensures full alignment of interests.

Figures are worth a thousand words


participations and 47 underlying companies

90 loans

to 75 institutions


SDGs at the heart of our philosophy

Our approach

We invest in a variety of projects which we believe will contribute to improving the world we live in. We look for partners for the long term, and work with them hand in hand to achieve the targeted impact with a high level of transparency at all stages.

Setting predefined objectives

We carefully select underlying managers or financial institutions with predefined impact objectives to ensure that the investment strategy, and its positive social and/or environmental impact, are intentional and closely monitored. We work closely with the projects on the ground to define impact objectives, and measure and monitor the KPIs (Key Performance Indicators). This allows us to report regularly on impact achieved at the aggregate level.

Our investment is structured by a specific governance all along the process

The investment committee is the place where fund and manager selection decisions are made. The impact committee gathers the investment team, independent experts in relevant impact fields, and investor representatives. It has an advisory role to validate the impact investment thesis, its KPIs and expected outcome. A risk committee involving the investment and risk teams checks fund eligibility and regulatory compliance, and reviews the whole due diligence process.

A long-term vision shared through a partnership

We maintain a very close relationship with our investees, and act as a sustainable advisor: challenging, advising and supporting them through their sustainability and impact journey. Our general partners appreciate the added value we bring to their impact framework and the ongoing constructive dialogue we have with them.

Aligning interests

Alignment of interests is an important factor for us. Our underlying funds’ remuneration system includes a carried interest linked to the generated impact: investment managers only receive performance fees if the socio-economic and financial performance targets are met.

Main risks on Impact Strategies

  • Risk of capital loss
  • Equity risk
  • Interest rate risk
  • Credit risk
  • Liquidity risk
  • Concentration risk
  • Volatility risk
  • Leverage risk
  • ESG investment risk
  • Risk of capital loss
  • Risks linked to transactions with FI
  • Credit Risk
  • High yield risk
  • Liquidity risk
  • Counterparty risk
  • Interest rates risk
  • ESG investment risk
  • Derivative risk
  • Emerging and Frontier Economies risk
  • Leverage risk
  • Foreign exchange/currency risks

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