In 2024 we welcomed back the PRI Awards after a break in 2023 with new awards recognising action in climate, nature and human rights - plus a new special category on private markets. The large number of high-quality submissions is testament to the level of innovation across the industry.

PRI_Awards_2024_Criteria

There were a couple of key themes across the submissions:

  • Competition was tight.  Selecting shortlists and winners was a highly competitive process. In view of the challenging landscape, we were encouraged and impressed to see continued leadership and innovation in the submissions.
  • Innovation is alive.  Private markets and emerging markets are areas of real innovation and change. Submissions highlighted practices from a wide range of asset classes, including high yield fixed income and art.
  • A global shortlist.  Shortlisted submissions came from  Malaysia, UK, Brazil, France, Denmark, Costa Rica, US, Singapore, Sweden, and the list goes on.

The winners

Innovation in Responsible Investment Strategy

WINNER

ILX Fund - Innovative vehicle to deploy impact institutional capital in emerging markets

ILX specialises in private debt in emerging markets. It has developed a fund to enable investors to invest alongside multilateral development banks and development finance institutions into impactful projects in emerging markets. These funds commit borrowers to meet ESG commitments, which are embedded in contractual arrangements.  

Read the case study

”Unavailability of credible, comparable data often results in the exclusion of emerging markets from the investment universe of many investors. At the same time, the complex nature of these markets presents a significant challenge for the application of international best practice principles and frameworks without a comprehensive understanding of local market dynamics. This often necessitates a robust strategy that prioritises collaboration and active ownership.

”In this context, it is particularly striking to observe ILX’s approach, which presents a unique combination of emerging market focus coupled with a steadfast commitment to collaboration with key stakeholders across the spectrum of capital and throughout the value chain. Further, ILX’s deliberate investment in processes for impact measurement, it’s strategic outcomes-focused approach to engagement, and the high-levels of transparency with which progress is communicated, all deserve specific mention.

”Overall, ILX has succeeded in setting an important precedent for investors regarding what is possible with respect to their ability to deliver real-world impact at scale.” - Nicole Martens

 

SHORTLISTED

Bintang Capital Partners  - BCP Asia Fund II: The world’s first B Corp propagator fund

Bintang Asia Fund II is a distinct investment proposition in its sector. Through this fund, Bintang has put a legal mechanism in place to reward companies that deliver positive and measurable impact through the introduction of B-Corp. Bintang provides some practical examples of this in practice.

Read the case study

Judges’ comments

“The firm’s clear commitment to aligning financial returns with measurable social and environmental outcomes, through mechanisms such as the equity clawback and carry-at-risk structures, is particularly noteworthy. This approach not only incentivizes investees to achieve meaningful impact but also ensures accountability and transparency in how capital is deployed. Bintang’s focus on creating comprehensive datasets for carbon footprints, employee diversity, and other impact metrics further reinforces its leadership in using private equity to drive positive change. The initiatives showcased—such as Care Concierge’s efforts in elder care and energy efficiency—demonstrate how thoughtful, responsible investment can yield both societal and financial benefits. Bintang is setting a strong example of how private capital can serve as a force for good in Southeast Asia’s rapidly evolving markets.”  - Hao Liang

 

GENUI  - Good entrepreneurship: Investing with entrepreneurs to create strong returns and positive impact

GENUI is a private market investor focused on the European mid-market who developed a company-wide approach to impact investing. Working with portfolio companies, the fund manager looks to identify keys issues, monitor and manage those issues. GENUI has a deeply integrated approach which involves KPIs and third-party assessment of progress.

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Innocap - Investi: Accelerating innovation in sustainable finance through collaboration

This submission represented a collaboration between 12 major Quebec financial institutions led by Innocap. The collaboration was developed to allocate capital to early stage innovative sustainable investment strategies in the Quebec region. One of the drivers was to encourage the development of a sustainable finance system in the Quebec region.

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Quadria Capital Investment Management Pte. Ltd. - Responsible investment strategy

Quadria is a focused private equity healthcare investor. They have introduced an Impact management and measurement framework which is aligned with appropriate UN SDGs and maps out initiatives and targets for each portfolio business through a specific action plan. 

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Judges’ comments

”The introduction of their Impact Management and Measurement (IMM) framework in 2023, aligned with international ESG standards and the UN SDGs, reflects an advanced and systematic approach to responsible investing. Their focus on key healthcare challenges—such as accessibility, affordability, quality, and awareness—addresses critical needs in South and Southeast Asia, positioning them as leaders in using private capital for sustainable impact. What is particularly impressive is the level of rigor applied through the impact scorecard and ongoing monitoring, which ensures that ESG goals are not just set but are actively measured and achieved across the investment lifecycle, setting a strong benchmark for ESG integration in private equity.” - Hao Liang

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System Stewardship

WINNER

Summa Equity  - Impact accounting to measure and manage impact for a more stakeholder-centred economy

Summa’s impact accounting tool and process provides a framework to enable them to work with portfolio companies to improve social, environmental, and financial outcomes. This is not just a theoretical concept. The submission outlines practical applications which have resulted in measurable positive changes in portfolio companies.

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”Great step forward for impact measurement. For me, this is really the missing link for determining whether “best intention” projects around sustainability really translate into quantifiable outcomes for investors. Would love to see how this work evolves over time.”  - Anne Cabot-Alletzhauser

 

SHORTLISTED

Aqua Capital - Embedding sustainability within the investment cycle

Aqua is a private equity investor focused on the agriculture and food value chain. ESG is embedded across the investment life cycle involving tools to monitor, engage and improve outcomes. Their approach pays particular attention to climate risk. The company has worked hard to provide high levels of transparency through various public reports. 

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Judges’ comments

”Aqua Capital’s stewardship of food and ag companies is rigorous, methodical and integrated, and its theory of change is transparent and coherent. This year’s independent verification against the IFC impact principles - which explicitly consider investor contribution to those outcomes - takes stewardship accountability to a new level.” - Susheela Peres da Costa

 

CCLA Investment Management - CCLA corporate mental health benchmark

CCLA have developed a unique approach to promoting better corporate practices to deal with mental issues in work force at portfolio and benchmark companies. This approach is based on research, benchmarking, target setting and engagement. 

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Judges’ comments

“It is an honour to judge the new system stewardship category of the Awards this year, and the entries made for a fascinating read. I appreciated seeing investors tackle a broad range of topics and tactics that transcend narrow definitions of risk, and in doing so, shine a light to the truly interconnected nature of long-term value creation. I am heartened to see investors ‘in it for the long-haul’, showing persistence, tenacity and rigour in their approaches. This demonstrates that impact requires time and effort, giving us much-needed confidence these approaches will deliver positive outcomes.” - Clare Hierons

 

DWS Group - Submitted on behalf of the Energy Efficiency Financial Institutions Group (EEFIG): Ten years of policy engagement

This submission was based on the actions of the Energy Efficiency Financial Institutions Group and involved deep technical collaboration between regulators and financial institutions to promote better energy efficiency practices. This initiative resulted in a number of actions, including linking energy efficiency targets and mortgage portfolios. 

Read the case study

Judges’ comments

“It is an honour to judge the new system stewardship category of the Awards this year, and the entries made for a fascinating read. I appreciated seeing investors tackle a broad range of topics and tactics that transcend narrow definitions of risk, and in doing so, shine a light to the truly interconnected nature of long-term value creation. I am heartened to see investors ‘in it for the long-haul’, showing persistence, tenacity and rigour in their approaches. This demonstrates that impact requires time and effort, giving us much-needed confidence these approaches will deliver positive outcomes.” - Clare Hierons

 

Trinetra Investment Management LLP - Beyond wages: Bridging informal and formal work in emerging markets

Trinetra has focused these submissions on alleviating poverty and socio-economic inequality (UN SDG 8). This involved working closely with businesses and the NGO sector in Mexico and other regions with the objective of improving outcomes for employees and employers. 

Read the case study

Judges’ comments

”Companies needed workers, but workers often found informal work more appealing. Trinetra’s simple intervention was primary research into why.  By gathering and sharing these insights with its investee company, Trinetra’s stewardship was precisely targeted to the labour market failure it identified.” - Susheela Peres da Costa

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Recognition for Action - Climate

WINNER

Nordea Asset Management  - Methane collaborative engagement

This submission is focused on the Oil and Gas Methane Partnership 2.0 aimed at enhancing disclosure and reducing methane emissions in the energy and utilities sectors. It highlights successful corporate engagements and collaborations with other stakeholders that led to positive environmental outcomes.

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“This targeted initiative has elevated methane as a concern and is consistent with science. Good results to date. Great collaborative outreach. Just an effective, well-designed and executed program that has tackled an important climate issue smartly.” - Jon Lukomnik

”In certain circumstances, collaborative engagement can be a vital tool in achieving better outcomes, and this collaboration is a great practical example of that in action. We had a large number of great submissions in this category - the thoughtful approach with tiering of engagement targets, clearly defined engagement goals and practical asks of the companies has led to demonstrable outcomes made this one stand out.” - Jen Sisson

 

SHORTLISTED

Equitix  - Innovation tool to analyse portfolio-wide physical climate risk

Equitix has invested in 360 infrastructure assets across 21 countries. The submission was based on an approach assessing climate related risk at the asset level, this sophisticated approach utilised a range of data sources and frameworks - including TCFD, EBRD and Lobelia - as well as different climate scenarios to assess climate risk, inform investment decisions and mitigate risk. 

Judges’ comments

”Physical risks are one of the hardest risks to assess and be protected against for infrastructure investors. Equitix’s methodology and systematic analysis of mitigants are an example on how these risks can be effectively managed and reported transparently.” - Fabrizio Palmucci

Read the case study

Federated Hermes Limited - Climate action

Federated Hermes’ climate strategy is thorough and portfolio-wide, integrating science-based targets and innovative asset classes (including high yield credit). They commit to transparency through an annual action plan and regular progress reports. 

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Sail Investments - High impact climate and natural capital

SAIL, a private markets investor focused on food and agri-supply chains in emerging markets, employs a ‘Biodiversity Net Gain’ strategy. This unique approach has yielded quantifiable benefits, including forest protection and local economic improvements.

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Recognition for Action - Human Rights

WINNER

Investors against slavery and trafficking Asia Pacific (IAST APAC) - submitted by First Sentier Investors

Globally, there are 50 million victims of modern slavery. This is likely to be an issue that involves many supply chains. IAST APAC’s investor-led initiative involves 50 investors and multiple external stakeholders. These groups have worked together on practical programmes and policy advocacy to minimise slavery and trafficking across the APAC region.

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”The world of responsible investment is changing. Leading investors do not confine their reporting to policies and processes but are clear about the outcomes they wish to achieve, about the outcomes they have achieved and about how those outcomes have been measured and assessed. In that context, the submissions from First Sentier and from Swedbank stood out in the human rights category. Both were clear in demonstrating and being accountable for the outcomes they achieved in relation to modern slavery and children’s rights respectively.”  - Rory Sullivan

 

SHORTLISTED

AkademikerPension - Integrating human rights in multi-asset class investment strategy

AkademikerPensioner has been strong advocates of human rights across their portfolio companies. Initiatives have included direct engagements, filing shareholder resolution and work across different asset classes. Resolutions in 2024 included Maersk and Meta.  

Read the case study

Judges’ comments

”It has been fantastic to see the high level of entries this year, which really reflects the progress being made in this important area. Investors have really powerful opportunities to addressing human rights through both investment strategies and stewardship, and this shortlist shows the high calibre work taking place.” - Martin Norman

 

BMO Global Asset Management - Respect and protect human and Indigenous Peoples’ rights: A focus on Canada

BMO Global Asset Management prioritises social equality as a core RI theme. Their submission focuses on how to advance UN guiding principles on Business and Human Rights and UN declaration on rights of Indigenous Peoples in Canada (their home market). Prioritising key sectors, BMO has worked with these businesses to improve practices. 

Read the case study

Judges’ comments

“It has been fantastic to see the high level of entries this year, which really reflects the progress being made in this important area. Investors have really powerful opportunities to addressing human rights through both investment strategies and stewardship, and this shortlist shows the high calibre work taking place.”  - Martin Norman

 

 

Redwheel - The Greenwheel human rights toolkit for investors

In this submission, Redwheel outlines how they developed a human rights risk register and put this into practice with their investment teams. Research insights and action toolkit has empowered the investment teams to think about human rights investment risks across their portfolios.   

Read the case study

Judges’ comments

”It has been fantastic to see the high level of entries this year, which really reflects the progress being made in this important area. Investors have really powerful opportunities to addressing human rights through both investment strategies and stewardship, and this shortlist shows the high calibre work taking place.” - Martin Norman

 

Swedbank Robur - Driving engagement on children’s rights

Swedbank has worked with the Global Child Forum and other stakeholders on employee rights, working conditions, consumer rights and protection to improve children’s rights and protections. Engagement activities included collaborative letters asking companies to conduct annual impact assessments of products services and operations. This programme has resulted in a number of activities, including a programme on promoting children’s rights in supply chains in Democratic Republic of Congo. 

Read the case study

Judges’ comments

“The world of responsible investment is changing. Leading investors do not confine their reporting to policies and processes but are clear about the outcomes they wish to achieve, about the outcomes they have achieved and about how those outcomes have been measured and assessed. In that context, the submissions from First Sentier and from Swedbank stood out in the human rights category. Both were clear in demonstrating and being accountable for the outcomes they achieved in relation to modern slavery and children’s rights respectively.” - Rory Sullivan

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Recognition for Action - Nature

WINNER

Groupe Caisse des Dépôts et Consignations  - Nature is future

CDC’s approach to biodiversity is built around measurement of the organisations’ footprint, reduction of negative impacts and maximising positive impacts. The organisation has set a target to direct €6billion in capital towards nature – focusing on biodiversity, water and the circular economy. Its programme also includes screening certain activities and engaging to improve outcomes.

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”This is a great example of how a financial institution can embed nature throughout its operations’ ‘CDC’s comprehensive biodiversity policy shows what is possible for a financial institution with the clear ambition to protect and restore nature’ ‘If other financial institutions follow CDC’s leadership our chances of reversing nature loss by 2030 will be significantly increased.”  - Peter Elwin

 

SHORTLISTED

AXA IM Alts - Financing natural capital restoration and protection

Through the AXA Natural capital Fund, AXA Alts Investment has worked to develop a financial product that enables investors to allocate capital to a range of projects that are targeting improvements in natural capital. They provided a series of specific examples relating to the rehabilitation of the Brazilian Amazon.  

Read the case study

 

EcoEnterprises Fund - 25 years of biodiversity investing

EcoEnterprises Fund is a women-led investment fund with an extensive track record in developing and funding nature-based solutions. Portfolios include investments in regenerative agriculture, aquaculture and agroforestry. They have worked hand in hand with investee companies to deliver positive real-world impacts.

Read the case study

 

Gresham House - Habitat banks as a new infrastructure asset class

Gresham House’s submission was based around the development of a new asset class - ‘Habitat banks’. These ‘habitat banks’ transform unproductive land into woodlands, wetlands and species rich grassland. This investment effectively created a new asset class which involves selling net biodiversity gain to developers. Gresham reports a series of KPIs and examples of this work in practice.

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Judges’ comments

”The Habitat Banks developed by Gresham House are an innovative way to protect and restore nature. This project has a clear ambition – to protect and restore nature – and provides a leadership example others can follow. Habitat Banks demonstrate the potential to attract finance to nature increasing our chances of becoming nature positive by 2030.” - Peter Elwin

 

Nuveen - Nature stewardship initiative

Nuveen’s nature programme identified 50 companies exposed to nature related financial risks. In response, they developed a clear stewardship programme - setting targets, outlining engagement processes and using proxy voting. 

Read the case study

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Special Award - Emerging Markets

WINNER

ILX Fund  - Innovative vehicle to deploy impact institutional capital in emerging markets

ILX specialises on private debt in emerging markets. It has developed a fund to enable investors to invest alongside multilateral development banks and development finance institutions into impactful projects in emerging markets. These funds commit borrowers to meet ESG commitments, which are embedded in contractual arrangements.

Read the case study

”Unavailability of credible, comparable data often results in the exclusion of emerging markets from the investment universe of many investors. At the same time, the complex nature of these markets presents a significant challenge for the application of international best practice principles and frameworks without a comprehensive understanding of local market dynamics. This often necessitates a robust strategy that prioritises collaboration and active ownership.

”In this context, it is particularly striking to observe ILX’s approach, which presents a unique combination of emerging market focus coupled with a steadfast commitment to collaboration with key stakeholders across the spectrum of capital and throughout the value chain. Further, ILX’s deliberate investment in processes for impact measurement, it’s strategic outcomes-focused approach to engagement, and the high-levels of transparency with which progress is communicated, all deserve specific mention.

”Overall, ILX has succeeded in setting an important precedent for investors regarding what is possible with respect to their ability to deliver real-world impact at scale.”  - Nicole Martens

Back to top

 

Special Award - Private Markets

WINNER

Bintang Capital Partners  - BCP Asia Fund II: The world’s first B Corp propagator fund

Bintang Asia Fund II is a distinct investment proposition in its sector. Through this fund, Bintang has put a legal mechanism in place to reward companies that deliver positive and measurable impact through the introduction of B-Corp. Bintang provides some practical examples of this in practice.

Read the case study

“The firm’s clear commitment to aligning financial returns with measurable social and environmental outcomes, through mechanisms such as the equity clawback and carry-at-risk structures, is particularly noteworthy. This approach not only incentivizes investees to achieve meaningful impact but also ensures accountability and transparency in how capital is deployed. Bintang’s focus on creating comprehensive datasets for carbon footprints, employee diversity, and other impact metrics further reinforces its leadership in using private equity to drive positive change. The initiatives showcased—such as Care Concierge’s efforts in elder care and energy efficiency—demonstrate how thoughtful, responsible investment can yield both societal and financial benefits. Bintang is setting a strong example of how private capital can serve as a force for good in Southeast Asia’s rapidly evolving markets.”   - Hao Liang

Back to top

 

Topics

PRI Awards 2024: Winners and Shortlist