Impact reports

Sustainability and Impact Report 2022: Sustainable Solutions Fund IV

Sustainability and Impact Report 2022: Sustainable Solutions Fund IV

Impact reports Growth Equity
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Introduction and Overview

Although SSF IV had only invested in two companies as at December 2022, we are pleased to release this abbreviated Sustainability and Impact report to highlight our progress, across the portfolio and as a team. In May, we announced the final close of our fourth Sustainable Solutions Fund (SSF IV), which brings 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 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



Pollution Avoidance

Resource Efficiency





Cost Efficiency






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 standards

Portfolio Results

We made our first two investments of SSF IV in 2022, in Gloat and WEKA.

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

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


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 Climate 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. Jobs lost, jobs gained: Workforce transitions in a time of automation. (McKinsey & Company, Dec. 2017)
  4. The $8.5 Trillion Talent Shortage ( (Korn Ferrry, 2018)
  5. Data on impact over time comes directly from Gloat internally tracked metrics. Metrics were finalised in 2023 and provided for the year ended 31 December 2022. (Gloat, 2023). N.b. Unlocked hours are 54% cross departmental and 43% cross regional.
  6. How Gloat Hiring will enable a next-generation talent ecosystem. (Gloat, Nov. 2022)
  7. Data on impact over time comes from WEKA’s LCA conducted by ECG. For more information on ECG, please see Data Providers for this Report.
  8. Environmental Capital Group, Jan. 2023.

Important Information

The material contained in this document (the “Document”) has been prepared by Generation Investment Management LLP (“Generation”) for informational purposes only and reflects the views of Generation as at May 2023. It is not to be reproduced or copied or made available to others without the consent of Generation.

The Document is compiled in part from third party sources believed to be accurate, including the Fund’s investee companies themselves. Generation believes that such third party information is reliable, but does not guarantee its accuracy, timeliness, or completeness. It is subject to change without notice. The information should not be considered independent; it may be subject to error or omission and should not be relied upon.

Generation accepts no liability for loss arising from the use of this material. Any opinions expressed are our current opinions only. This Document is not meant as a general guide to investing. It is expressly not a source of any specific investment recommendations. It makes no implied or express recommendation concerning the manner in which any client's account should or would be handled. Under no circumstances is it to be considered as an offer to sell or a solicitation to buy any investment referred to in this Document. It is not investment research. Should you disregard this caution, you should further be aware that, in consequence, it does not take into account your individual circumstances nor your financial situation or needs. Securities can be volatile and entail risk and individual securities presented may not be suitable for you. You should not buy or sell a security without first consulting your financial advisor or considering whether it is appropriate for you and your respective portfolios.

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