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Sustainability and Impact Report 2022: Sustainable Solutions Fund III

Sustainability and Impact Report 2022: Sustainable Solutions Fund III

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Introduction and Overview

This Sustainability and Impact report covers our third Sustainable Solutions Fund (SSF III), which closed with just over USD 1 billion of committed capital in 2019 and is now fully invested across 15 companies. In May, we also announced the final close of Sustainable Solutions Fund IV, bringing us to a total of USD 3.9 billion raised across four funds.

For the Growth Equity team, 2022 was a year of inward focus on the portfolio, strategic reflection and operational improvement. We continued to push forward on roadmaps, roundtables and events, authoring 13 roadmaps and assessed 52 qualified companies, across roadmap topics such as food systems, machine learning platforms, identity and anti-fraud, healthcare staffing, mental health and ESG & sustainability tools. In parallel to deal activity, we made intentional investments in our operating platform scalability and efficiency to drive future growth. These included a significant program of investment in our portfolio management approach, and process updates in response to changes in the regulatory landscape.

Growth Equity


16 Years of operating, since inception 1
22 Team members as at 31 December 2022 2
$3.9 billion Total assets under management, 31 December 2022

Investment Strategy & Approach


We invest in companies whose products, services and operations contribute to the global outcomes of Planetary Health, People Health and Financial Inclusion.

sustainable solutions diagram

We seek to back companies that drive clear impact across our three outcomes domains, as detailed in the table below. Using our systems thinking lens, we also understand that these outcomes are often interrelated, and we take this into account in our investment research and evaluation – Planetary Health influences People Health and Financial Inclusion, and the other way around.

We believe this will be the defining decade for driving the transformational changes needed in climate and social action. Click on the video below to hear more from Lucia Rigo, Partner in Growth Equity.

Approach to Portfolio Impact and ESG Performance Measurement

We select at least one ‘North Star’ impact metric to measure each business’ contribution to the above goals, and report on outcomes mapped to the UN Sustainable Development Goals (SDGs), alongside core ESG performance metrics. For companies contributing to Financial Inclusion and People Health, we conduct social outcomes benchmarking using beneficiary surveys. For companies contributing to Planetary Health, we analyse their total environmental impact through Life Cycle Assessments (LCA). We also analyse our business’ overall contribution and risks to impact using the norms established by the Impact Management Project (IMP) framework. Finally, using GHG emissions measured as part of our core ESG performance metrics, we have also begun to engage our portfolio in reporting aligned to the Task Force on Climate-related Financial Disclosures (TCFD) and in setting Science-Based Targets (SBT), in line with Generation’s commitment to align our portfolio to net zero by 2040 or sooner.

Planetary Health
People Health
Financial Inclusion
Reporting Frameworks:
Impact Outcomes

GHG Mitigation

Pollution Avoidance

Resource Efficiency


Health Outcomes

System Cost Efficiency


Individual Earnings Growth

System Cost Efficiency

  • Sustainable Development Goals (SDGs)

Impact Metrics
  • CO2e avoided

  • Tonnes of pollution/waste avoided to air/water/land

  • Litres of fuel saved

  • Cubic meters of water saved

  • # trees saved

  • # patients treated

  • # new people insured/treated

  • # early interventions

  • Increase in recovery rate/life expectancy

  • $ cost reduction to customers

  • % beneficiaries in low income/unbanked/underinsured group

  • $ increase in earnings

  • $ cost reduction to customers

  • Life Cycle Assessment (LCA) or beneficiary surveys

  • Impact management norms established by the Impact Management Project (IMP), housed by Impact Frontiers

ESG Performance MetricsEnvironmental, Social, and Governance (ESG) information captured across the portfolio
  • Best in class sustainability accounting standards

  • Carbon emissions target-setting and reporting initiatives

Portfolio Results

We added two new investments into our portfolio in 2022: project44 and o9 Solutions. Compared to 2021, most Planetary Health companies performed strongly on product impact, with ‘tCO2e avoided’ increasing for three out of four companies that previously reported that metric. In contrast, product impact data for our People Health and Financial Inclusion companies was mixed. Three companies’ product impact results improved, while reported impact decreased for four companies; we are working with companies to understand the reasons. This year we also increased the granularity of our portfolio-wide ESG performance data framework, providing deeper insights to support companies in critical operational areas such as impact governance and human capital management. In 2023, the team is focused on ensuring our companies continue to deliver positive impact to beneficiaries and the environment alongside continued revenue growth.

Click on the logos below to read more about results from companies in the portfolio.

In Focus: Equity, Diversity, and Inclusion (EDI)


Sitting at the overlap of our three impact domains, planetary health, people health and financial inclusion, is EDI. A well-represented employee base will allow for more dynamic and thoughtful organisation that fosters collaboration and innovation. Following our update last year to include a workforce gender diversity non-binary category, we continue to evaluate the way we collect and present diversity data. This year, we have re-named our ethnic diversity category as ‘Percentage identifying as an underrepresented racial and ethnic group’ (“UREG”). We believe this change is more inclusive, as it allows for a less US/UK-centric lens on evaluating the performance of our portfolio companies. This year, we have taken our commitment further by participating in voluntary benchmark reporting, including to one of our EDI-centred Limited Partners, and by aligning certain metrics to those used by the ESG Data Convergence Initiative (EDCI), to help create comparable performance data for the industry.


In continuation of our commitment to enriching diversity and inclusion within our team, portfolio, and the broader investing community, in 2022 the Growth Equity team introduced a comprehensive EDI strategy that focuses on the following areas, comprising not just portfolio engagement but EDI for the team itself. In 2022, the Growth Equity team, along with Generation more broadly, also formalized a partnership with Sponsors for Educational Opportunity (SEO) focused on recruiting  talent from their alternative assets program. Additionally, for the first time Generation initiated a new a relationship with an EDI-centered Limited Partner focused on bias reduction. Lastly, the Growth Equity team continued our partnership with Impact Capital Managers’ MOSAIC Fellowship for high achieving MBA students from underrepresented backgrounds, hosting an intern for the second summer in a row.

Sources: Percentage Female & Non-Binary14, Percentage UREG15

Definitions: Management16, Technical Staff17, Other Staff18


In 2022, 14 companies reported gender diversity of management and technical staff and 13 reported diversity of other staff, across 15 companies. Ten companies reported ethnic diversity results at the management level and nine reported at the technical and other staff level, with certain companies prevented from disclosing due to national regulation. We continue to note relatively higher gender diversity across the ‘other staff’ category, but have seen dips in gender and ethnic diversity across remaining staff segments. The steepest decline in gender diversity has been in management teams, with new portfolio entrants’ relatively lower diversity reducing the total average, and five companies reporting decreases on a like for like basis. Like for like decreases may be an unintended impact of 2022 workforce restructurings and is a focus area for us as we seek to support our companies in the coming year.

Example initiatives within the portfolio

In 2022, we saw one company nominate a Diversity, Equity, and Inclusion Senior Lead to create and steer a three year diversity strategy. The same company has implemented a new EDI training course for all employees and maintained three employee resource groups focusing on cultivating safe and supportive spaces for female-identifying employees, LGBTQIA+ employees and allies as well as Black, Indigenous and people of colour (BIPOC) and allies. It is encouraging to see some of our portfolio companies set their own workforce diversity targets, confirming value alignment. We are pleased to see many companies have kept diversity and inclusion training as offerings to all employees. Finally, we noted a general increase to the learning offerings of companies across all staff levels, highlighting the desire to provide development opportunities to all, regardless of employment level.

In Focus: Environmental Impact


It is critical for our portfolio companies to measure and improve their positive climate impact, regardless of whether their business is tackling outcomes in Financial Inclusion, People Health or Planetary Health. Understanding our portfolio’s total GHG footprint is also an essential first step to achieving our firm-wide commitment to align our portfolio to net zero by 2040. Conducting year over year assessments for those companies that have been in the portfolio for more than one year has allowed us to see operational hot spots and areas that are ripe for emission reduction initiatives.


For the third year, we focused our engagement on driving ‘carbon-consciousness’ by supporting and encouraging a comprehensive evaluation of Scope 1-3 GHG emissions for each company in SSF III. We supported the completion of carbon inventories for 11 of our 15 companies in 2022, with three others using their own providers and one declining to participate. In addition, in early 2023 we increased our focus on SBTs, conducting a portfolio analysis to identify the highest-potential companies on which to focus our engagement.

Scope Breakdown (Aggregate Portfolio)


Across 15 companies, the portfolio as a whole emitted over 634k tCO2e in 2022.  We continue to work with our companies on data quality, and are still completing the picture – which contributed to substantive year on year change. As just one example, our digital freight marketplace company, Convoy, broadened their 2022 Scope 3 emissions to include the footprint of their leasing model. This was a progressive step to include holistic Scope 3 data, but went beyond what we included in the past, and resulted in emissions that now represent over 97% of Convoy’s total carbon footprint and over 55% of the entire portfolio’s 2022 emissions. Six companies’ emissions also increased due to new facilities openings. These examples highlight the difficulties of analysing portfolio data in a growing portfolio, with variability in reported Scope 3 categories and annual improvements in data quality, and showcases the importance of getting comparability in reporting scope in future years.

As of the end of 2022, four companies have set Science-Based Targets (o9, Vestiaire, Convoy, Back Market), with one of those targets verified (Back Market). In line with our firm-wide commitment to increase the coverage of Science-Based Targets throughout the portfolio, this is an area of focus moving forward.

In Focus: Engagement


To help guide our interactions with our portfolio companies, we orient our value-added engagement in four strategic areas: board, product and commercial, governance, and capital markets. Across all areas,  impact is a unique source of insight and value.

Definitions and example activities are outlined in the table below.

Impact integrated as a unique source of value across all areas
Product & Commercial
Governance, People and Operations
Capital Markets
Growth Equity Insight

The value of Board independence and diversity

The value of product impact in driving growth

The value of good governance for the long-term

The value of impact at exit

Example Engagement Activities
  • Giving our Board seat to a qualified independent

  • Supporting searches for new, diverse Board Directors

  • Supporting product impact validation and go-to-market integration to increase revenue

  • Utilising convening power to draw in a target audience, to increase brand awareness and unlock prospects

  • Supporting the design & implementation of best-in-class governance, to ensure our companies can best manage product and company sustainability for the long-term

  • Leveraging insight from Global Equity to help companies translate positive impact and practices into value at IPO/in public markets

Historical Engagements

This year, we conducted a comprehensive review to establish our history of value-add through engagements with our SSF III (and wider Growth) portfolio on Board and Product & Commercial levers since 2020 through to 2022. In line with precedent in the listed equity markets and for our Global Equity strategy, we consider engagements to be those interactions with our companies – separate to normal monitoring activities – in direct contemplation of the company achieving a specific outcome. A list of validated engagements with our SSF III companies on Board, Product, and Commercial, as a starting point, is shown in the table below.

Total portfolio companies
% Companies engaged with

We have been conservative in listing only engagements ‘validated’ through evidence we’ve collected.


The concentration of our efforts has been in helping our companies measure and communicate product impact, supporting the search and selection of diverse and/or independent Board members, and lastly using our convening power to help companies build brand awareness and generate prospects. Over the course of 2022 to Q1 2023 we have made significant enhancements to our platform to support effective engagement, including three new hires with a partial value-add focus. Comprehensively monitoring our engagements and using this insight to help our team better prioritise engagement efforts on the areas likely to drive both positive impact and financial results, is a priority for the coming year.

Data Partners for this Report

Click on the logos below to read more about the data partners for this report.

Glossary of terms




Application programming interface

Board gender diversity

Share of Board members self-defined as identifying as female and non-binary as of period end.

Board independence

Non-executive board members defined as share of members of the Board who are not employed by the Company as of period end.


Business Quality


Carbon Disclosure Project


Carbon dioxide

Carbon intensity

Aggregate tonnes of carbon dioxide (CO2 equivalent) per USD M revenue (not restricted to CO2, includes a basket of emissions). Intensity for prior years based on conversion to USD M based on May 2022 FX rates.


Corporate Social Responsibility


Equity, Diversity and Inclusion


Environmental, Social, Governance


Greenhouse Gas


Generation Investment Management


International Financial Reporting Standards


Intergovernmental Panel on Climate Change

Impact domain

Organised into the categories of i) Planetary health ii) People health and iii) Financial inclusion, Impact domains to allow us to communicate the social and environmental outcome domains to which our portfolio companies contribute.


Impact Management Project


Intellectual property


International Sustainability Standards Board

Jobs provided

Employee count (FTE) as of period end. FTE is calculated by taking into account the number of hours worked in a full-time weekly schedule and the actual number of hours employees work.


Key Performance Indicator: Impact as defined through GIM’s system positive analysis of the Portfolio Company. Metrics have been individually defined for each Portfolio Company to capture the contribution of the company’s product or service on the Sustainability objective, as well as overall Impact domain.


Life Cycle Assessment


The following was provided to Portfolio Companies during data collection: As outlined in SASB E commerce sector guidance, which can be applied across industries for this topic, management includes executive/ senior level officials and managers as well as non-executive first/mid level officials and managers. For non-U.S. employees, the entity shall categorize the employees in a manner generally consistent with the definitions provided above, though in accordance with, and further facilitated by, any applicable local regulations, guidance, or generally accepted definitions.


Management Quality


National Aeronautics and Space Administration


Non-Executive Director

Other Staff

The following was provided to Portfolio Companies during data collection: All other employees includes those employees who are not classified as management or technical staff. For non-U.S. employees, the entity shall categorize the employees in a manner generally consistent with the definitions provided above, though in accordance with, and further facilitated by, any applicable local regulations, guidance, or generally accepted definitions.


Sustainability Accounting Standards Board


Science-based target


Sustainable Development Goal


Small and Medium-sized businesses


Task Force on Climate-related Financial Disclosures


tonnes of carbon dioxide equivalent

Technical Staff

The following was provided to Portfolio Companies during data collection: As outlined in SASB E commerce sector guidance, which can be applied across industries for this topic, Technical staff includes employees categorized in the 15-0000 group (Computer and Mathematical Occupations) or 17-0000 group (Architecture and Engineering Occupations) of the U.S. Bureau of Labor Statistics' 2018 Standard Occupational Classification System. For non-U.S. employees, the entity shall categorize the employees in a manner generally consistent with the definitions provided above, though in accordance with, and further facilitated by, any applicable local regulations, guidance, or generally accepted definitions.


United Nations Principles for Responsible Investment


United Nations Environment Programme Finance Initiative


People self-identified as belonging to an under-represented group (i.e. belonging to an ethnic minority within a given country’s context). Note, GIM has previously used "POC" in the position of UREG.

Voluntary turnover

Turnover is defined as the number of FTEs (Full Time Equivalents) leaving the business, excluding those from M&A, over the course of the reporting period divided by the average number of FTEs in the previous year multiplied by 100

Disclosure Frameworks

Generation believes in the principle of integrated reporting on financial and sustainability activities, performance outcomes and risks. In certain cases, we also publish supplementary reporting to ensure our reporting meets specific regulatory or voluntary commitment requirements. A summary and links to these disclosures is below.

Task Force for Climate-related
Financial Disclosures (TCFD)

Generation has made a commitment to use the TCFD’s recommended framework for disclosing its climate-related exposure each year. Our most recent TCFD report, covering 2021, was published in 2022.

TCFD Report 2022

Sustainable Finance Disclosure
Regulation (SFDR)

Generation adheres to the European regulatory framework SFDR and discloses its sustainability risks, remuneration, consideration of Principal Adverse Impacts (PAIs) and the classification of its funds, in its fund offering documents and/or on its website, according to SFDR’s required practices.

Sustainability-Related Disclosures

UK Stewardship Code

Generation is pleased to have been accepted by the Financial Reporting Council as one of the initial signatories to the UK Stewardship Code last year. Generation’s Stewardship Report has just been submitted and is available publicly on our website under Our Strategies.

Stewardship Report

Key Frameworks

  • “From 2016 to 2018, the Impact Management Project (IMP) convened a Practitioner Community of over 3,000 enterprises and investors to build global consensus on how we measure, improve and disclose our positive and negative impacts (otherwise known as “impact management”). The resulting consensus (or “norms”) provide a common logic to help enterprises and investors understand their impacts on people and the planet, so that they can reduce the negative and increase the positive. These [norms] migrated to Impact Frontiers following the IMP’s conclusion in 2021.”


  • G20 Finance Ministers and Central Bank Governors asked the Financial Stability Board (FSB) to review how the financial sector can take account of climate-related issues. The FSB established the Task Force on Climate-related Financial Disclosures (TCFD), which released recommendations for more effective climate-related disclosures in 2017.


  • The International Sustainability Standards Board (ISSB) is an independent, private-sector body that develops and approves IFRS Sustainability Disclosure Standards (IFRS SDS). The ISSB builds on, among others, the work of the Sustainability Accounting Standards Board (SASB), whose 77 industry standards, published in November 2018, enable businesses to identify, manage and communicate financially-material sustainability information to their investors. Once finalized in June 2023, IFRS S2 will effectively replace the Task Force on Climate-related Financial Disclosures’ (TCFD) disclosure recommendations.

  1. We have been investing for 16 years as a Growth Equity team – beginning with our research ahead of the final close and launch of our first Sustainable Solutions Fund in 2008.
  2. Growth Equity team as at 31 December 2022, excluding individuals who are not 100% allocated to the Growth Equity team and long-term consultants.
  3. AlayaCare Investor Presentation, (AlayaCare, Mar. 2021).
  4. Data on impact over time comes from a survey of a sample of AlayaCare’s care workers conducted by 60 Decibels. For more information on the survey and 60 Decibels, please see Data Providers for this Report.
  5. Data on impact over time comes from Andela itself (talent matched to positions), and a survey of a sample of Andela’s programme participants conducted by 60 Decibels. For more information on the survey and 60 Decibels, please see Data Providers for this Report. Further note, 2022 Developers trained is an estimate provided by Andela in December 2022 defined as 'learners enrolled in [Andela's] learning programs.
  6. Back Market CEO: “We want to make buying refurbished products cool” (Management Today).
  7. Data on impact over time comes from Back Market’s LCA conducted by ECG. For more information on ECG, please see Data Providers for this Report.
  8. Data on impact over time comes from Benevity itself (unique changemakers) and a survey of a sample of Benevity’s enterprise clients and, separately, charitable causes, conducted by 60 Decibels. For more information on the survey and 60 Decibels, please see Data Providers for this Report.
  9. Environmental Capital Group, 2021.
  10. “Fast Facts: U.S. Transportation Sector GHG Emissions” (US EPA, 2019), Convoy data and estimates, ECG analysis. Data refers to truck freight within the US only — it does not include international transport or rail and shipping freight.
  11. Data on impact over time comes from Convoy’s LCA conducted by ECG. Convoy’s carbon savings are calculated for “batched” shipments, when carriers are connected to a nearby load, therefore reducing empty miles. For more information on ECG please see Data Providers for this Report
  12. Elation Health Has Quietly Built A Leading EHR In Primary Care. Will A Fresh $50 Million Fuel Its Expansion In The Enterprise Market? ( (Forbes, July 2022).
  13. Data on impact over time comes from a survey of a sample of Elation Health’s health providers conducted by 60 Decibels. For more information on the survey and 60 Decibels, please see Data Providers for this Report.
  14. Small Business 401(k) Access Gap Exposed | Guideline (Guideline, Mar. 2019).
  15. Guideline | 2022 Year in Review (Guideline, Jan. 2023).
  16. Figure taken from Guideline’s website under the section ‘Guideline today’, (Guideline, Apr. 2023).
  17. Data on impact over time comes from a survey of Guideline participants conducted by 60 Decibels in 2020. As comprehensive data was collected, the survey was not re-run in 2021. For more information on the survey and 60 Decibels, please see Data Providers for this Report.
  18. U.S. Bureau of Labor Statistics.
  19. Calculated based on public information taken from the Gusto website. Figures are rounded.
  20. Awards displayed on Gusto’s website as of April 2023 and manually validated by Generation. Best Payroll Software 2023 | U.S. News ( Best Payroll Software Services of April 2023 - NerdWallet
  21. Data on impact over time comes directly from Gusto’s website. Figure is from their August 2022 Tech Validate survey of 500+ customers. (Gusto, accessed Apr. 2023).
  22. Poore, J., & Nemecek, T. (2018). Reducing food’s environmental impacts through producers and consumers.
  23. Data on impact over time comes from Nature’s Fynd’s LCA conducted by ECG. For more information on ECG please see Data Providers for this Report.
  24. Supply Chain Guidance | US EPA (US, EPA, Accessed Apr. 2023).
  25. o9 Solutions was not in the Fund last year, but GIM obtained a carbon emission avoidance analysis for a single customer (displayed). For 2022, given the nature of each of o9 Solutions’ customers having different business models and emission reduction plans, a similar analysis has not been done. GIM is in talks with o9 Solutions’s consultants to carve out a path forward.
  26. New research shows 50 year binge on chemical fertilisers must end to address the climate crisis (Institute for Agriculture and Trade Policy, Nov. 2021).
  27.  Review Nitrogen Fertilization. A Review of the Risks Associated with the Inefficiency of Its Use and Policy Responses (Martinez-Dalmau, Javier, et al., May 2021).
  28. Pivot Bio Impact Report 2022. (Pivot Bio, forthcoming 2023).
  29. 2022 Data on impact over time Pivot Bio calculated greenhouse gas emissions avoided through analysing "growers who validated their replacement through [Pivot Bio's] N-OVATOR program,[and] 49% of non-enrolled customers [who] reported reducing their standard synthetic nitrogen application due to adoption of Proven40"(Pivot Bio, forthcoming 2023). 2021 Data on impact over time comes from Pivot Bio’s LCA conducted by ECG. For more information on ECG please see Data Providers for this Report.
  30. Net-Zero Challenge: The supply chain opportunity (World Economic Forum, Jan. 2021).
  31. Data on impact over time comes from Vestiaire Collective’s LCA conducted by ECG. For more information on ECG please see Data Providers for this Report.
  32. Vestiaire Collective data shows positive eco impact of resale ( (Fashion Network, Apr. 2022).

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