私人市场的可持续投资状况（英）

The State of SustainableInvesting in thePrivate Markets PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Daniel Cook, CFAGlobal Head of QuantitativeResearch and Market Intelligence Zane Carmean, CFA, CAIADirector ofQuantitative Research Identifying the key trends shaping sustainable investingin 2025 and beyond Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Hilary Wiek, CFA, CAIASenior Strategisthilary.wiek@pitchbook.com Anikka VillegasSenior Research Analyst, FundStrategies & Sustainable Investinganikka.villegas@pitchbook.com Key takeaways •The days of rapid ESG uptake and resounding pledges may be over—at least inthe US—but the concept is still alive and well behind closed doors.•More research on the relationship between ESG and private fund performanceis emerging, with recent data suggesting that ESG does not require sacrificingreturns and may in fact help improve them.•Sustainability-related disclosure and due diligence regulations are increasinglyshaping the European investment landscape, with compliance challengesdeterring some investors but certainly not all.•The US is entering a deregulatory environment, changing the calculus for ESGrisk mitigation.•Climate-related opportunities continue to drive investor behavior, althoughwaning government support, tariffs, and permitting issues may dampen energytransition investment activity and returns in the US.•AI continues to create significant ESG risks as well as positive Impact potential.•DEI practices are under attack in the US, with shifting political tides likely tounwind some but not all progress on this front.•In a refocused world where proving materiality is of the utmost importance,Impact investors are struggling to measure and benchmark Impact outcomes.•Fundraising for Impact funds has halted the exponential growth of the 2017-2022period, but less-established fund managers have a higher success rate in theImpact universe than in the general funds population.•In terms of Impact fundraising by theme, climate and diversity & inclusion eachlost share in 2024 by capital raised, but energy and infrastructure surged.•Investors may shy away from committing capital to areas where governmentfunding is being retracted, though others may feel their capital is moreimportant—and maybe even more profitable—in those areas.•The public-private convergence in alternative assets has reached theImpact world.•The belief that Impact investors should expect concessionary returns is notborne out by either Impact investor views or by returns data. Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com PublishingDesigned byJosie Doan Published on April 10, 2025 Contents Trends in private market sustainableinvesting2 Trends in private market sustainable investing Anikka VillegasSenior Research Analyst, Fund Strategies &Sustainable Investinganikka.villegas@pitchbook.com The days of rapid ESG uptake and resounding pledges may be over—atleast in the US—but the concept is still alive and well behind closed doors. The early 2020s were characterized by a deluge of ESG-related pledges, particularlyaround net-zero emissions, as companies, investors, and governments across theglobe affirmed their commitments to sustainability.1Then, within a few years, avocal anti-ESG faction emerged, and investors began heeding calls to retract fromthese commitments.2As a result, some have claimed that ESG is dead.3However,reactions to the term depend heavily on location, with the US at the epicenter of theanti-ESG movement while Europe is spearheading progress on ESG performancestandards and reporting requirements. Furthermore, even within the US, theindustry is not monolithic, with very different perspectives emerging from redstates and blue states as well as from different asset managers and asset ownerswithin those states. Still, the waves of opposition coming from the US have hadglobal ripple effects, leading many to change the way they publicize and describetheir ESG programs. Some firms are exchanging the term for “responsible investing,”“sustainability,” or “stewardship.” Others are zeroing in on a few material issueareas for each of the industries they invest in and using more precise—and oftenless controversial—language to discuss them. For instance, a real estate fundmanager may report that it analyzes an asset’s “resilience to extreme weatherevents” rather than “management of climate change risks,” or a PE firm investing ina semiconductor manufacturer may refer to “water and energy efficiency,” ratherthan “natural resource management.” Data on the number of investors signing on to the Principles for ResponsibleInvestment (PRI) offers another perspective.4Hordes of GPs once jumped at theopportunity to publicly declare their new commitments to ESG via the PRI. Arou