Embedding Sustainability
in Our Operations
in Our Operations
Improving internal operations relies on insight and understanding. In 2024, we made accessing richer, more revealing operational data – both from ourselves and from our portfolio – a priority. We are now using this insight to raise the industry standard for sustainable investments and the sustainable investment sector as a whole.
Environmental
2024 saw us conduct our first comprehensive operational carbon footprint assessment. This helps us deepen our understanding of our climate impact and identify where to address our efforts. Including emissions across Scope 1, Scope 2 and Scope 3, our result was a total footprint of 37,858 tCO2.
Almost our entire footprint, as could be expected, falls under Scope 3, that is driven by financed emissions of our portfolio. A small portion results from our own business travel.
The implications of this finding are:
Almost our entire footprint, as could be expected, falls under Scope 3, that is driven by financed emissions of our portfolio. A small portion results from our own business travel.
The implications of this finding are:
- That it is truly in the relationship with borrowers that we have the potential to make an impact. We see a strong opportunity to drive reductions by embedding climate targets in our loan agreements and promoting awareness amongst our borrowers. Through this approach, we aim for our capital to actively support emission-reduction strategies and align with long-term climate goals.
- As a first step, climate reporting is now mandatory for all companies as part of the annual report. To remove excessive administrative burden, the calculation is supported by the Novata Carbon Calculator tool.
- As this was the first time we reported and because reporting requirements are guided by loan agreements, we also expect data quality to increase in coming years.
0 tCO₂
Scope 1
These are direct emissions that occur from sources that are controlled or owned by an organization.
These are direct emissions that occur from sources that are controlled or owned by an organization.
(market based) 1.12 tCO₂
Scope 2
Indirect emissions from purchased energy, i.e. emissions that stem from electricity, heating, and cooling used in our Stockholm office.
Indirect emissions from purchased energy, i.e. emissions that stem from electricity, heating, and cooling used in our Stockholm office.
37,858 tCO2
Scope 3
Includes all other indirect emissions that occur in the value chain, including:
• Business travel (e.g. flights, trains, taxis, rental cars)2
• Purchased goods and services
• Waste disposal
• Financed emissions3
Includes all other indirect emissions that occur in the value chain, including:
• Business travel (e.g. flights, trains, taxis, rental cars)2
• Purchased goods and services
• Waste disposal
• Financed emissions3
Social
At P Capital Partners we know diversity and inclusion is not just a matter of representation, it’s a strategic advantage. An inclusive workplace enriches our ability to draw from a broad range of perspectives, build trust across geographical borders, and make more balanced investment decisions.
Our team of 44 employees represents 9 nationalities. While the majority are Swedish (73%), we are proud to be joined by colleagues from the Netherlands, Germany, Italy, Ireland, France, the US, the UK, and Poland. This diversity enhances our ability to operate across markets through local insight and enriches our decision-making with a broader range of perspectives and experiences. It also contributes to a more inclusive and dynamic workplace, where different viewpoints are both valued and encouraged.
Our team of 44 employees represents 9 nationalities. While the majority are Swedish (73%), we are proud to be joined by colleagues from the Netherlands, Germany, Italy, Ireland, France, the US, the UK, and Poland. This diversity enhances our ability to operate across markets through local insight and enriches our decision-making with a broader range of perspectives and experiences. It also contributes to a more inclusive and dynamic workplace, where different viewpoints are both valued and encouraged.
We also track gender diversity across our firm. As of 2024, approximately 40% of our employees identify as women, which places us above the industry average of 22%. However, when we examine gender representation by organizational level, a more nuanced picture emerges.
This analysis highlights that, while we are performing well relative to the broader industry, achieving greater gender balance, particularly within our investment teams, remains a key objective. Closer scrutiny of the data reveals that we must address diversity at the earliest stages of the recruitment funnel:
- At the board level, women represent 50% of members, significantly above the industry average of 19%
- At the management level, 29% of roles are held by women, also above the approximate industry benchmark of 22%
- Within our investment team, women make up 23%, aligning with the industry average of 23%
This analysis highlights that, while we are performing well relative to the broader industry, achieving greater gender balance, particularly within our investment teams, remains a key objective. Closer scrutiny of the data reveals that we must address diversity at the earliest stages of the recruitment funnel:
- In 2024 applications for Investment Associate and Analyst roles, women represented approximately 18%. This points to a broader structural challenge in attracting women to the field at an early career stage, which in turn contributes to the male dominance in junior investment positions.
- The same pattern is seen within our investment internship program, where only 18% of all internship applicants identified as women. As our internships are important career paths for starting within P Capital Partners, this has great implications for our future gender balance.
To address this, we will continuously explore initiatives to increase awareness of investment career paths among female students and young professionals. One initiative is a female student focused event to be hosted in our Stockholm office in autumn 2025.
Governance
Just as diversity supports stronger organizations, effective governance forms the foundation for long-term business success. At P Capital Partners, strong governance structures ensure transparency, accountability, and alignment between our investment strategy and sustainability ambitions.
The ultimate responsibility of Sustainability lies with the CEO and our Board. To operationalize this commitment, the Director of Sustainability is tasked with developing, maintaining, and continuously improving our sustainability-related policies, guidelines, and tools.
The Director of Sustainability is also responsible for the sustainability work at P Capital Partners on a Company level. Together with management and the Compliance & Risk function, they ensure compliance with all regulatory aspects and directives. The compliance and risk function is in turn structured into two departments:
The Chief Compliance Officer (CCO) leads the compliance function and serves as the central point of contact for all governance and regulatory matters at P Capital Partners. The CCO participates in decision-making forums, and conducts regulatory assessments during investment evaluations, reviewing areas such as conflicts of interest, exclusion criteria, and other compliance risks. Together with deal teams, the CCO also signs off on Know Your Customer (KYC) analyses for new investments and monitors ongoing KYC updates based on borrower risk profiles.
Read our updated Responsible Investments Policy
Discover our Code of Conduct
The ultimate responsibility of Sustainability lies with the CEO and our Board. To operationalize this commitment, the Director of Sustainability is tasked with developing, maintaining, and continuously improving our sustainability-related policies, guidelines, and tools.
The Director of Sustainability is also responsible for the sustainability work at P Capital Partners on a Company level. Together with management and the Compliance & Risk function, they ensure compliance with all regulatory aspects and directives. The compliance and risk function is in turn structured into two departments:
- Compliance and Control, responsible for both investment and investor-side compliance.
- Risk Management overseeing key fund-level risks such as concentration, liquidity, currency exposure, and duration. Currently managed by an external consultant at FCG Fonder AB.
The Chief Compliance Officer (CCO) leads the compliance function and serves as the central point of contact for all governance and regulatory matters at P Capital Partners. The CCO participates in decision-making forums, and conducts regulatory assessments during investment evaluations, reviewing areas such as conflicts of interest, exclusion criteria, and other compliance risks. Together with deal teams, the CCO also signs off on Know Your Customer (KYC) analyses for new investments and monitors ongoing KYC updates based on borrower risk profiles.
Read our updated Responsible Investments Policy
Discover our Code of Conduct
Partnering for Impact
Building on our internal governance foundations, we also recognize the value of strategic partnerships in accelerating our sustainability ambitions.
At the start of 2025, P Capital Partners entered a transformative partnership with M&G, a leading global savings and investment firm. This collaboration marks a new chapter for P Capital Partners, one that significantly expands our capacity to drive sustainable growth across both our organization and portfolio companies.
Partnering with M&G brings together complementary strengths: their global reach and experience across public and private markets, and our hands-on approach to responsible investing. United by a shared commitment to real-world impact, we aim to accelerate the transition toward a more sustainable future through thoughtful investment, operational excellence, and meaningful stakeholder engagement.
Read more about the partnership
At the start of 2025, P Capital Partners entered a transformative partnership with M&G, a leading global savings and investment firm. This collaboration marks a new chapter for P Capital Partners, one that significantly expands our capacity to drive sustainable growth across both our organization and portfolio companies.
Partnering with M&G brings together complementary strengths: their global reach and experience across public and private markets, and our hands-on approach to responsible investing. United by a shared commitment to real-world impact, we aim to accelerate the transition toward a more sustainable future through thoughtful investment, operational excellence, and meaningful stakeholder engagement.
Read more about the partnership
M&G’s Sustainability Priorities
M&G’s sustainability framework prioritises climate change, and diversity and inclusion, reflecting areas where they believe they can deliver measurable, long-term value. These priorities also serve as guiding pillars for our collaboration. While the journey toward full sustainability is ongoing and continuously improving, their transparency and commitment serve as a valuable source of inspiration for P Capital Partners.
The chart below provides an overview of M&G’s Group Sustainability Framework, structured around two key themes, Resilient Planet and Resilient Societies. These themes reflect their strategic focus areas, from climate and nature to inclusion, human rights, and financial confidence.
The chart below provides an overview of M&G’s Group Sustainability Framework, structured around two key themes, Resilient Planet and Resilient Societies. These themes reflect their strategic focus areas, from climate and nature to inclusion, human rights, and financial confidence.
Climate Change
M&G has committed to achieving net zero greenhouse gas emissions by 2050 across both their investment portfolios and operational activities. This commitment is reinforced by clearly defined interim targets that guide progress, transparency, and accountability. As partners, we align with and learn from these frameworks to advance our own climate ambitions.
Diversity & Inclusion
M&G recognises that long-term business success depends on the ability to attract, develop, and retain diverse talent. Their five-year strategy includes targeted initiatives to promote diversity and inclusion across five global workstreams;
M&G has committed to achieving net zero greenhouse gas emissions by 2050 across both their investment portfolios and operational activities. This commitment is reinforced by clearly defined interim targets that guide progress, transparency, and accountability. As partners, we align with and learn from these frameworks to advance our own climate ambitions.
Diversity & Inclusion
M&G recognises that long-term business success depends on the ability to attract, develop, and retain diverse talent. Their five-year strategy includes targeted initiatives to promote diversity and inclusion across five global workstreams;
Disability, Gender, Ethnicity, Nationality, and Faith, Life Stages and LGBTQ+.
By embedding inclusion into business culture, M&G aims to create workplaces where every individual feels valued, respected, and empowered to succeed. This ambition aligns closely with our values at P Capital Partners, and we look forward to learning from M&G’s initiatives as we continue to advance our own internal diversity and inclusion agenda.
Read M&G’s full sustainability report
By embedding inclusion into business culture, M&G aims to create workplaces where every individual feels valued, respected, and empowered to succeed. This ambition aligns closely with our values at P Capital Partners, and we look forward to learning from M&G’s initiatives as we continue to advance our own internal diversity and inclusion agenda.
Read M&G’s full sustainability report
F1RST Partnership - Building Inclusive Talent Pipelines
We believe that long-term business success relies on the ability to attract, develop, and retain top talent. Inclusion and equal opportunity are therefore not just values, but strategic priorities. While we remain committed to advancing representation and equity within P Capital Partners, we recognize that lasting change requires collective action to break down systemic barriers across society.
That’s why we are proud partners of F1RST, an independent foundation working to expand access to higher education and career opportunities for underrepresented students. By supporting F1RST, we contribute to building a broader and more inclusive talent pipeline that reflects the full diversity and potential of society.
Beyond financial support, our colleagues actively engage in F1RST’s mentorship programs, guiding university students and young talent as they navigate their academic and career journeys. We also collaborate on visibility and recruitment initiatives, including F1RST’s Career Day at the Stockholm School of Economics. In autumn 2025, we will host an event at our Stockholm office for F1RST students at SSE, continuing our efforts to connect great talent with meaningful opportunities.
Learn more about F1RST and their mentorship program
That’s why we are proud partners of F1RST, an independent foundation working to expand access to higher education and career opportunities for underrepresented students. By supporting F1RST, we contribute to building a broader and more inclusive talent pipeline that reflects the full diversity and potential of society.
Beyond financial support, our colleagues actively engage in F1RST’s mentorship programs, guiding university students and young talent as they navigate their academic and career journeys. We also collaborate on visibility and recruitment initiatives, including F1RST’s Career Day at the Stockholm School of Economics. In autumn 2025, we will host an event at our Stockholm office for F1RST students at SSE, continuing our efforts to connect great talent with meaningful opportunities.
Learn more about F1RST and their mentorship program
