2024: A Year of Sustainability Development
2024 marked a significant year in our sustainability journey. We took meaningful steps to further integrate environmental, social, and governance (ESG) principles into our investment philosophy and internal operations. With the appointment of a new Director of Sustainability, the launch of a comprehensive Responsible Investment Policy, and a transformative partnership with Novata, we are strengthening the foundation for responsible investment and measurable impact.
Responsible investment and opportunity in the transition align our three strategies
Transition Partner Fund
Financing the Transition to a Net-Zero and Circular Economy
At P Capital Partners, we believe that private credit plays a critical role in accelerating the sustainable transition. Transition Partner Fund AB (TPF) was established with a clear environmental intent—to finance the growth of companies that are enabling or driving real-world climate andenvironmental solutions.
TPF deploys capital across Europe to companies at the forefront of sustainable development. The fund’s investment strategy is anchored in the following thematic pillars:
At P Capital Partners, we believe that private credit plays a critical role in accelerating the sustainable transition. Transition Partner Fund AB (TPF) was established with a clear environmental intent—to finance the growth of companies that are enabling or driving real-world climate andenvironmental solutions.
TPF deploys capital across Europe to companies at the forefront of sustainable development. The fund’s investment strategy is anchored in the following thematic pillars:
- Decarbonisation & Climate Change Mitigation: Supporting renewable energy developers, energy-as-a-service providers, and low-carbon infrastructure through tailored financing.
- Resource Efficiency: Financing circular economy pioneers that replace fossil-based or single-use inputs with recycled or repurposed alternatives.
All TPF investments are aligned with at least one of these themes, with many addressing both dimensions simultaneously.
All investments undergo rigorous ESG due diligence aligned with our Responsible Investment Policy. This includes a Do No Significant Harm (DNSH) screening against principal adverse impact indicators, exclusion of controversial sectors, and alignment checks with international norms. Investments that meet our sustainability criteria are further monitored for progress against environmental objectives.
Financing provided by the Fund enabled the development of solar and wind capacity, accelerated biomethane production, and supported leading circularity infrastructure such as plastics sorting and recycling.
Financing provided by the Fund enabled the development of solar and wind capacity, accelerated biomethane production, and supported leading circularity infrastructure such as plastics sorting and recycling.
710 MW
Renewable energy capacity
296,423 tons/year
CO2 emissions avoided
48,968 tons/year
Virgin materials replaced
Looking ahead
As Europe advances its response to interconnected climate, energy, and supply chain challenges, TPF’s focus is well aligned with the evolving needs of the region. By directing capital toward renewable energy, circular materials, and nature-positive infrastructure, the Fund supports the development of essential assets that underpin EU resiliency.
These investments contribute to the build-out of secure, low-carbon systems across sectors critical to the transition—reinforcing both environmental outcomes and long-term economic competitiveness. Going forward, TPF will continue to prioritize high-impact companies that are foundational to a more sustainable and sovereign European economy.
As Europe advances its response to interconnected climate, energy, and supply chain challenges, TPF’s focus is well aligned with the evolving needs of the region. By directing capital toward renewable energy, circular materials, and nature-positive infrastructure, the Fund supports the development of essential assets that underpin EU resiliency.
These investments contribute to the build-out of secure, low-carbon systems across sectors critical to the transition—reinforcing both environmental outcomes and long-term economic competitiveness. Going forward, TPF will continue to prioritize high-impact companies that are foundational to a more sustainable and sovereign European economy.
Strengthening our Sustainability Function
In early 2024, we welcomed Anna Skarborg to the P Capital Partners team as Managing Director and Director of Sustainability. With over 15 years of experience in financial-sector sustainability, most recently at Northzone, Anna leads our sustainability strategy and communication. She is also part of the PCP Management committee, ensuring sustainability is considered in all key investment and other decisions.
During the year, Anna published a perspective strongly advocating the pivotal role non-sponsored credit plays in the sustainable transition. This perspective focuses on the challenges of systematic financing, drawing on Anna’s two decades of experience in sustainable finance and identifies how:
1. There’s a critical funding gap in early growth for climate ventures
Traditional capital markets focus heavily on early-stage VC and late-stage infrastructure investments, leaving a “missing middle” in the $25–100M range. This funding void threatens the commercial scaling of proven climate technologies.
2. Traditional financial models don’t fit the complex needs of climate entrepreneurs
Climate ventures often combine infrastructure, innovation, and value chain disruption from day one, making them poorly suited to conventional funding structures. Entrepreneurs spend excessive effort educating misaligned investors.
3. Non-sponsored credit is an underused but powerful solution
Non-sponsored credit, capital not tied to PE or VC sponsors, offers flexible, non-dilutive financing tailored to mid-sized sustainable companies. While currently only 13% of the European market, it has strong potential to bridge the missing middle and model, if visibility and adoption improve.
Read Anna’s full perspective
During the year, Anna published a perspective strongly advocating the pivotal role non-sponsored credit plays in the sustainable transition. This perspective focuses on the challenges of systematic financing, drawing on Anna’s two decades of experience in sustainable finance and identifies how:
1. There’s a critical funding gap in early growth for climate ventures
Traditional capital markets focus heavily on early-stage VC and late-stage infrastructure investments, leaving a “missing middle” in the $25–100M range. This funding void threatens the commercial scaling of proven climate technologies.
2. Traditional financial models don’t fit the complex needs of climate entrepreneurs
Climate ventures often combine infrastructure, innovation, and value chain disruption from day one, making them poorly suited to conventional funding structures. Entrepreneurs spend excessive effort educating misaligned investors.
3. Non-sponsored credit is an underused but powerful solution
Non-sponsored credit, capital not tied to PE or VC sponsors, offers flexible, non-dilutive financing tailored to mid-sized sustainable companies. While currently only 13% of the European market, it has strong potential to bridge the missing middle and model, if visibility and adoption improve.
Read Anna’s full perspective
Advancing Sustainability Integration
In April 2024, we launched an updated Responsible Investment Policy. This comprehensive framework outlines how we incorporate ESG factors, disclose Principal Adverse Impacts (PAIs), evaluate good governance, and define sustainable investments. This policy is the result of profound firm-wide strategy work led by a third-party consultancy, Ethos.
To make sure that the policy is integrated into how we conduct our business, it is supported by our in-house ESG Due Diligence Tool. Coinciding with our Responsible Investment Policy update, we revisited and refined our own internal Code of Conduct to align more effectively with our new processes, and to lay out our sustainability departure point.
Read our updated Responsible Investments Policy
Discover our Code of Conduct
To make sure that the policy is integrated into how we conduct our business, it is supported by our in-house ESG Due Diligence Tool. Coinciding with our Responsible Investment Policy update, we revisited and refined our own internal Code of Conduct to align more effectively with our new processes, and to lay out our sustainability departure point.
Read our updated Responsible Investments Policy
Discover our Code of Conduct
Enhanced Reporting through Strategic Partnership
We closed 2024 by forming a strategic partnership with the leading ESG data infrastructure platform, Novata.
Through this collaboration we are now able to systematically collect and analyze portfolio-level sustainability data. The platform gives our deal teams and portfolio companies the necessary tools to convert ESG metrics into tangible value, shifting sustainability from a discussion point to a strategy and performance driver.
Through this collaboration we are now able to systematically collect and analyze portfolio-level sustainability data. The platform gives our deal teams and portfolio companies the necessary tools to convert ESG metrics into tangible value, shifting sustainability from a discussion point to a strategy and performance driver.
Building Awareness Across Our Ecosystem
Sustainability progress cannot happen in isolation, it requires collective learning and collaboration. In 2024, we took active steps to foster awareness and knowledge-sharing across our LP base and portfolio companies.
In the autumn, we hosted a CSRD seminar open to all portfolio companies, focusing on navigating new disclosure requirements, sharing best practices, and identifying effective reporting tools. We also co-hosted a biodiversity-focused lunch with FERI, convening Scandinavian asset owners for a discussion at the intersection of biodiversity and investment strategy. These sessions underscored our commitment to being not only a responsible investor, but also a hands-on partner in driving sustainable transition across our ecosystem.
In the autumn, we hosted a CSRD seminar open to all portfolio companies, focusing on navigating new disclosure requirements, sharing best practices, and identifying effective reporting tools. We also co-hosted a biodiversity-focused lunch with FERI, convening Scandinavian asset owners for a discussion at the intersection of biodiversity and investment strategy. These sessions underscored our commitment to being not only a responsible investor, but also a hands-on partner in driving sustainable transition across our ecosystem.