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| A comprehensive guide to ESG, Impact, and greenwashing in PE & VC | | What does it mean to "eat your vegetables"?
Does a mushroom pizza qualify?
It depends on who you ask.
The investment industry is grappling with a similar kind of question—what it means to "do ESG"—and there are legitimate claims to a variety of answers.
In recent years, ESG greenwashing has been a major topic of conversation in the sustainable investment community and the media.
Numerous accusations have been made, many of which have been the result of differing philosophies rather than an intent to deceive.
This is because, while fund managers may share the same aim of reaping the benefits of sustainable investment principles, they can take vastly different approaches to ESG and Impact investing.
Our latest analyst note explores how sustainable investments are defined and carried out in the private markets, focusing on different schools of thought and how they can lead to misunderstandings about what it means to "do ESG."
Peeling back the layers of these philosophies—the purist, pragmatist, and pluralist—reveals how they can result in very different-looking portfolios.
In addition, implementation and substantiation of these philosophies typically vary depending on whether in PE or VC.
This note may be useful to both LPs and GPs trying to establish an ESG policy or Impact framework by helping them understand how they conceptualize ESG or Impact.
As the industry is unlikely to collectively subscribe to one philosophy, we also hope to assist LPs and GPs in better understanding what potential investment partners may be offering or requesting.
Finding a partner that has a matching philosophy will ensure that expectations are better aligned for the life of the investment.
Further, recognizing that there are different approaches can circumvent many accusations of greenwashing, which are damaging to the movement as a whole.
Click to download the free research: ESG, Impact, and Greenwashing in PE and VC
Feel free to reach out with any questions or feedback, or if you would like to discuss the research.
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Private debt funds had a huge year in 2021—and the trend shows few signs of slowing.
In fact, the strategy is now third largest across the private markets by AUM, behind only private equity and venture capital, after debt managers raised over $191 billion last year.
Our latest performance data also shows private debt funds have been posting their best marks since 2010, boosted by strategies with more equity-like characteristics like mezzanine and distressed debt.
So, while rising interest rates could dampen growth in the medium term, there's plenty of evidence indicating continued support for private debt investing: | | | | | | How crazy have European VC deal terms gotten?
Well, in 2021, pre-money valuations set record highs at each quartile and across all financing stages.
The aggregate value and quantity of Europe-based unicorns also grew tremendously last year, one of the biggest signs of the ecosystem's maturation.
We dive deep into the data, including deal size and valuation by quartile, sector and regional breakdowns, time between rounds, exit valuations, and more: | | | | | |
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MOBILITY TECH—Following two years of declining VC activity, the mobility tech sector rebounded in a big way in 2021.
Last year, startups in the space raised $97.7 billion across 1,613 deals—an annual increase of 82% in terms of capital invested.
Last-mile delivery, autonomous driving, and electric vehicle startups were the key segments within the vertical, collectively raising around 70% of that nearly 12-figure sum.
We've got more data and highlights of key deals from Q4 in our new research: | | | | | |
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 | | Lead PE analyst Wylie Fernyhough on popularity of sports dea | | |
Our insights and data featured in the press: - Investment in NBA teams is in high demand for private equity firms. [Cheddar]
- Online groceries and related apps accounted for more than half of the $39.3 billion invested in 2021 across the foodtech sector, with deal values roughly doubling from 2020. [WSJ]
- What one investor calls "greenwashing," another calls ESG. [Institutional Investor]
- Did venture capitalists undervalue startups for decades? [TechCrunch+]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates Thematic research Emerging Technology Research Coming next week (subject to change) - 2021 Annual Private Fund Strategies Report
- Emerging Technology Indicator
- ETR: Insurtech
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| | Since yesterday, the PitchBook Platform added: | | 377 Deals | 1508 People | 503 Companies | 27 Funds | | | | | | |
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