PRI Awards 2024: Shortlist
All shortlisted submissions are spotlighted below, having been selected by a panel of independent judges. There are five shortlisted projects in each category. The winners will be announced at PRI in Person on 8 October in Toronto, along with two Special Awards (one in Emerging Markets and one in Private Markets) which will be selected from submissions in the five main categories.
Innovation in Responsible Investment Strategy
Bintang Capital Partners – BCP Asia Fund II: The world’s first B Corp propagator fund
Bintang Capital Partners is a private markets investor in growth stage companies. Their submission was based on their BCPAF II fund which is the first B Corp ‘propagator’ – where portfolio companies have a formal requirement to undertake the B Corp process.
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.
ILX Fund – Innovative vehicle to deploy impact institutional capital in EMS
ILX Fund is a specialist private debt investor with a focus on emerging markets. It provides institutional investors access to investment opportunities in development finance working with international MDB and DFIs. ILX’s approach involves a range of steps such as embedding ESG and impact commitments into underwriting commitments. Reporting requirements include engagement and action plans.
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.
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.
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
System Stewardship
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.
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.
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.
Summa Equity – Impact accounting to measure and manage impact for a more stakeholder-centred economy
Summa Equity utilises impact accounting to develop a different approach to working with portfolio companies to measure and manage environmental and employment impacts. 2024 has seen Summa Equity extend this approach to include human, social and natural capital into strategies and decision making. The submission includes details of the application of this approach to Oda – Norway’s leading online grocery platform.
Judges’ comments
”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
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.
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
Recognition for Action – Climate
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
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.
Nordea Asset Management – Methane collaborative engagement
This submission focused on the Net Zero Asset Managers Initiative aimed at enhancing disclosure and reducing methane emissions in the energy, utilities, and waste management sectors. It highlights successful corporate engagements and collaborations with other stakeholders that led to positive environmental outcomes.
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.
Recognition for Action – Human Rights
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.
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.
First Sentier Investors – Investors against slavery and trafficking Asia Pacific (IAST APAC)
This submission was based around a multi-stakeholder investor-led collaborative initiative (ISAT) – developed to improve management of modern slavery risk management and incident response. Key achievements in 2023 / 24 included working on improving data availability, policy development and corporate engagement. The group provides regular updates and progress reports.
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.
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.
Recognition for Action – Nature
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.
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.
Groupe Caisse des Dépôts – Nature is future
Caisse des Dépôts has developed a comprehensive biodiversity policy based on measuring impact, reducing direct and indirect negative impacts, increasing positive indirect and direct impacts and contributions to research and innovation. A central element of this policy is a target to allocate €6 billion towards nature-based projects.
Judges’ comments
”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
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.
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.
Final winners to be announced!
