We invest in breakthrough companies at the earliest stage, on the conviction that change in the essential systems society depends on — health, agrifood, and renewable chemistry — starts there. For an impact fund, what counts is the contribution each company makes toward more resilient systems, even years before that impact reaches full scale.
2025 tested all three systems at once. In health, Europe faces a shortfall of millions of care workers as costs outpace the economies funding them, and a higher evidence bar has lengthened the path from breakthrough to bedside. In agrifood, labour scarcity is now permanent, and inputs are scarcer and more volatile. In renewable chemistry, cheap imports and high energy prices keep pressuring the economics of circular and bio-based alternatives. None of this is cyclical. These are the structural problems impact capital exists to solve, which is why we invest early.
The test we hold ourselves to is additionality: a contribution that would not have happened without the investment. 2025 gave us evidence of it. We backed Qorium pre-revenue, when cultivated leather was still a research bet, and anchored the round now taking it to industrial scale. We backed Grassa as it turned grass into a domestic protein that replaces imported soy. We backed Psylaris as its digital tools turned one supervised therapy session a week into seven, widening access to mental health care. In each case, the impact is inseparable from the company scaling, and the company scaled because capital backed it early.
Measurement at this stage is hard. Many of our companies are years from full commercial scale, so a single headline number often fails to tell the full story. Instead, we measure the net impact each company creates, benefits against costs, across four dimensions: environment, health, society, and knowledge. By that measure, every fund in this report sits well into positive territory and ahead of public benchmarks.
For two decades we have treated impact as part of investment quality, not separate from it, on the view that lasting returns and lasting impact come from the same kind of company. It is also what shapes our next chapter: thematic funds built around the challenges where Europe most needs progress, and where the opportunity is therefore greatest. We asee the shift to more resilient societal systems as one of the defining opportunities of this generation. The problems are not going away, the companies solving them are getting stronger, and for investors who see it that way, the case for backing them early has rarely been clearer.
