New Private Markets

BTG Pactual enters the Impact 75 at 17th place. Its route there runs through catalytic capital. The Brazilian investment bank has built its impact platform around blended structures: two-tier capital stacks pairing concessionary tranches for DFIs and multilaterals with standard risk-adjusted returns for commercial investors. A $1bn sustainability partnership with IFC. A 1.2bn reais decarbonisation fund backed by Brazil's Espírito Santo state government. A $1.24bn forestry fund that brought in DEG, FMO, IFC, CAF and BNDES alongside private capital. The reason? Super high interest rates across Latin America are making risk capital hard to attract without catalytic support. But BTG Pactual is clear that DFIs are a temporary part of the LP base, not a permanent one. Once there is a track record, private capital can take over. "It's a little bit of a Goldilocks challenge," says Mark Wishnie of BTG Pactual TIG. "Funding opportunities that are risky enough to need catalytic support, but not so risky that they are not likely to succeed." Read more: https://okt.to/awrKTn #Impact75 #BlendedFinance #LatinAmerica #ImpactInvesting #PrivateMarkets

The world's largest asset manager, and it comes in at number eight for impact. BlackRock takes eighth place on the 2026 Impact 75, with $8.4bn raised for impact over five years. Congratulations to the team. See the full list: https://okt.to/jB8vQs #ImpactInvesting #PrivateMarkets #SustainableFinance

Not every Impact 75 firm started as a pure-play impact investor. Some got there through a different route. UK healthcare real estate manager Elevation Advisors LLP is a case in point. The firm began with ESG management, then systematically built out its frameworks over four years: 72 sustainability standards in 2023, expanded to 91 last year, a social impact framework now covering two funds and 52 assets, and formal signatory status to the Operating Principles for Impact Management as of February 2026. The process was driven less by investor pressure and more by a desire to codify what the firm was already doing. Now, when LPs ask for social metrics, Elevation can point to the report. £957m raised over five years. 9,000-plus beds across care homes, retirement living and specialist care facilities. 35-year holding periods. Impact credentials are increasingly a fundraising advantage. "There is a lot more capital available in the impact space than there was 10 or 15 years ago," says director of ESG and portfolio management Jacob Hurtley. Read more: https://okt.to/2M4b71 #Impact75 #RealEstate #ImpactInvesting #PrivateMarkets #ESG

Vision Ridge Partners, LLC led the pack in H1 2026, closing its Sustainable Asset Fund IV on $2.4bn. Bain Capital followed with its third Double Impact fund at $1.46bn, and BTG Pactual's Reforestation Fund reached $1.24bn. What stands out is the spread: diversified, agri, private equity and infrastructure strategies all feature among the ten largest closes, a sign of how broad impact investing has become. Our H1 2026 Impact Fundraising Report has the full league table, plus the funds still raising. Read our Impact Fundraising Report H1 2026: https://okt.to/DgCsQp #ImpactInvesting #PrivateMarkets #Fundraising

The White House is reviewing a proposed rule that would bar US retirement plans from using ESG factors in investment decisions. Private markets investors are watching closely. The Employee Benefits Security Administration sent the draft to the Office of Information and Regulatory Affairs on June 30. The full text won't be released until the review is complete. In the meantime, the market is, in the words of one source, "waiting with bated breath". If the rule simply reinstates regulations from Trump's first term, the impact will be limited. The market has priced that in since January 2025. But sources fear the DOL may go further, with more prescriptive guidance on how fiduciaries vote on specific corporate initiatives. The stakes for private markets are real. Issues like energy transition exposure, workforce stability, supply chain resilience and governance directly affect returns and valuations in PE and infrastructure. "Those are financial considerations," says Lisa Gomez, former head of EBSA under Biden, "regardless of whether someone labels them ESG." A restrictive rule could even undermine the Trump administration's separate push to expand retirement plan access to private markets, if fiduciaries start avoiding PE to limit legal risk. This week's newsletter breaks down what the rule could mean and what the market is hoping for. #ESG #PrivateMarkets #PrivateEquity #ImpactInvesting #Regulation

Number seven on the 2026 Impact 75: Actis. London-based, $8.6bn raised for impact over the past five years, and a place among the largest impact managers in the world. Congratulations to the team. See the full list: https://okt.to/sph7Zk #ImpactInvesting #PrivateMarkets #SustainableFinance

ESG in distressed debt is possible. Benefit Street Partners' Vai Patel argues it is actually an advantage. Distressed strategies account for 10-20% of private credit fundraising each year, yet sustainability integration in special situations has lagged far behind direct lending and infrastructure debt. Patel's argument: governance failures are precisely what drives distress in the first place. A systematic ESG framework helps identify whether those failures are structural or fixable, and lenders in a distressed context have more leverage to demand change than in conventional credit. "You're entering the financing at a very crucial inflection point. That gives us an incredible ability to say: we've identified X, Y, Z issues from an ESG perspective, and as part of that restructuring we can insist those are solved." BSP manages $93bn in AUM across private credit. Read the full interview: https://okt.to/cZ6rNy #PrivateCredit #ESG #DistressedDebt #PrivateMarkets #SustainableFinance

Eiffel Investment Group takes sixth on the 2026 Impact 75, with $9bn raised for impact over five years. It is the highest-placed of the list's dedicated impact and sustainability specialists, proof that a firm built around the mandate can compete with the largest diversified managers. Congratulations to the team in Paris. See the full Impact 75: https://okt.to/apkEzf #ImpactInvesting #PrivateMarkets #SustainableFinance

Who is raising the most impact capital in private markets? New Private Markets Senior Editor Toby Mitchenall breaks down this year's Impact 75, our expanded list of the 75 largest managers of private markets impact capital. Brookfield tops the list with $41bn raised, $10bn more than last year. TPG holds second with $26.5bn. Macquarie Group enters at third with $12.8bn. 738 allocators committed to Impact 75 funds this year. And growth is no longer the preserve of the mega firms. Specialist managers are raising at scale alongside them. Watch the video to find out more, and head to https://okt.to/4wuVqY for the full list. #Impact75 #ImpactInvesting #PrivateMarkets #ClimateFinance #Infrastructure

CalSTRS is trialling a climate solutions taxonomy as its opportunistic climate solutions portfolio moves towards a 1% allocation target. The portfolio sits within the $415bn fund's Sustainable Investment and Stewardship Strategies allocation, investing across private equity, infrastructure and private credit. A $415bn pension fund systematically building out its climate solutions framework is worth watching closely. 📖 Full story here: https://okt.to/okBDmP #PrivateMarkets #ClimateFinance #Impact #Infrastructure #PrivateEquity