The unique challenges of applying ESG in Venture Capital
Past Insight: Originally published in 2023
The importance of responsible investment has never been more relevant for the private capital industry. Now in its seventh year, UK Private Capital's ‘Excellence in Sustainability Awards' celebrates firms from across the private capital ecosystem that have made an outstanding commitment to responsible investment principles. Excellence in Sustainability aims to recognise the vital work our members are undertaking to embed responsible investment principles and practices, and provides a platform to demonstrate our industry’s commitment to sustainability.
Submit your nomination for the 2026 Excellence in Sustainability Awards by completing the online form via the button below. Submissions close on Thursday, 30 April 2026 and multiple submissions are welcome. View all five award categories and further guidance below.
2026 categories & guidance
Categories
For 2026 there are five categories:
- LP (all sizes)
- GP (above £1bn AUM)
- GP (below £1bn AUM)
- Venture Capital (all sizes)
- Portfolio Company (backed by a UK Private Capital member)
Submission guidance
The submission should be 500-750 words and can be made via this online entry form. Your submission may be accompanied by supporting documents, if referred to in the submission. Due to the volume of submissions, the judges only have the capacity to read 3 additional pages of material, so please keep your supporting documents concise. Any attachments that exceed 3 pages total will not be considered.
Multiple submissions are welcome, please submit a separate entry form per nomination.
The judges will be looking for evidence of improved responsible investment practices, substantiated by specific examples that illustrate the firm’s engagement with portfolio companies. The submission should give details of the development or engagement which has taken place over 2025, covering how and why your firm has acted, and what the outcome has been.
The judges will be looking for a clear explanation of the objectives for your responsible investment strategy and activity, evidence of your commitment to sustainability, linkage to investment strategy, and why the outcome has been positive. Please provide clear examples to support your submission.
If you have any questions, please contact Chris Khoury and Harriet Assem.
Please note, due to the high volume of submissions, we will not be able to provide individual feedback.
Entries close Thursday, 30 April 2026. An independent judging panel will score the submissions and the winners will be announced w/c 22 June 2026.
Criteria for LP category (all sizes of LP)
The judges will be looking for progress made in responsible investment integration and engagement by LPs in 2025.
Submissions should set out the following:
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How your firm has enhanced and developed its overall responsible investment framework during the year, either the first-time adoption of a framework, or the refreshing of an existing framework. This should include why sustainability is important to the firm and the commitment demonstrated by senior management.
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How your firm has worked with GPs to integrate sustainability within due diligence and reporting.
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Demonstrate specific or thematic engagement with one or more managers to address any sustainability risks or opportunities. This can include the regularity and depth of post-acquisition / funding engagement with portfolio companies / GPs on sustainability matters.
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Provide evidence of leadership or active engagement with external initiatives such as the PRI, TCFD, iCI, ILPA (Diversity in Action), EDCI etc.
Criteria for both GP categories (above and below £1bn)
The judges will be looking for progress made by GPs in responsible investment integration and engagement in 2025.
Submissions should set out the following:
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How your firm has enhanced and developed its overall responsible investment framework, either the first-time adoption of a framework, or the refreshing of an existing framework. This should include why sustainability is important to the firm and the commitment demonstrated by senior management.
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Demonstrate active and/or thematic engagement with one or more portfolio companies to address any sustainability risks or opportunities.
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Provide examples of sustainability-led value creation due to sustainability engagement (evidenced by quantitative and/or qualitative data).
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Provide evidence of sustainability within reporting to LPs / investors or other stakeholders (formal or informal).
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Provide evidence of leadership or active engagement with external initiatives such as the PRI, TCFD, iCI, ILPA (Diversity in Action), EDCI etc.
Criteria for Venture Capital (all sizes) category
The judges will be looking for progress made in responsible investment integration and engagement by VCs in 2025.
Submissions should set out the following:
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How you integrate sustainability-related considerations across the investment lifecycle.
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How your firm has assisted companies in supporting their sustainability journey and setting KPIs to make improvements.
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How you are fostering collaborative relationships with LPs across the responsible investment strategy, reporting, and portfolio management. Utilisation and engagement with initiatives such as ESG_VC, Venture ESG and Impact VC.
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How your firm is prioritising sustainability internally. For example, having a sustainability champion and the commitment demonstrated by senior management.
Criteria for Portfolio Company category
This category seeks to recognise portfolio companies that have demonstrated good practice in embedding the management of sustainability issues in their day-to-day commercial activity and have been supported by their investors to do so. This category is to open to any portfolio company with a UK presence which is currently backed by a UK Private Capital member (or was exited in 2025).
Submissions should set out the following:
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How sustainability-related considerations are examined within the portfolio company’s day-to-day commercial activities.
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Either evidence of the portfolio company seeking to minimise negative sustainability impacts or examples of positive impacts on the environment, workplace, marketplace and/or community (or both).
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How the portfolio company’s approach to sustainability has changed or evolved in the last 12 months, as a result of the UK Private Capital member’s investment.
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Evidence of engagement on sustainability-related issues with wider stakeholders (including employees, suppliers, customers, and/or local communities).
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Demonstration of industry engagement, accreditations such as B Corp Certification, awards, or work with other industry bodies / standards.
Judges
2026's Excellence in Sustainability judging panel comprises:
- Michelle Lamprecht, Head of Corporate Affairs, Cambridge Innovation Capital
- Caroline Löfgren, Chief Sustainability Officer, Hg
- Eimear Palmer, Partner, Pantheon
- Aga Siemiginowska, Head of Sustainability, Oakley Capital
- Adinah Shackleton, Managing Director, Head of Sustainability, Permira
Meet the 2026 judges
Michelle Lamprecht
Michelle is Head of Corporate Affairs and manages CIC’s ESG and Impact strategy, marketing strategy, and is a communications advisor/mentor to CIC’s portfolio companies.
She brings 20 years of international leadership experience in strategic communications and business, spanning both publicly listed and privately owned organisations.
Michelle has held several governance and advisory roles, including serving as a board member for Byte Night (Action for Children) and as a trustee for Citizens Advice. She is currently a Non-Executive Director at Form the Future and a member of UK Private Capital's Value Creation Taskforce, UK Private Captial's External Affairs Advisory Committee, and the Reframe Venture Portfolio Support Committee.
She holds a BSc (Hons) in Chemistry and a Postgraduate Diploma in Marketing.
Caroline Löfgren
Caroline Löfgren serves as Hg’s Chief Sustainability Officer, where she leads the firm’s sustainability strategy and initiatives. Operating at the intersection of Hg's Capital Solutions and Value Creation teams, Caroline orchestrates sustainability / ESG integration across the firm, client relations and investment process, while driving sustainable change throughout Hg’s portfolio. Caroline and her team partners directly with portfolio companies to mitigate risks and unlock value creation opportunities through enhanced sustainability performance. She oversees Hg's ESG reporting to Hg’s clients and key stakeholders including the UNPRI.
Caroline supports broader positive societal impact and advancement of sustainability in the PE industry through her involvement in the British Venture Capital Association's Responsible Investment Advisory Group and as a Board Trustee of the Hg Foundation.
Eimear Palmer
Eimear is a Partner, Global Head of Sustainability, with responsibility for overseeing and developing Pantheon’s established sustainability strategy and range of initiatives. Prior to joining the firm, Eimear worked for 14 years in private equity-focused ESG roles, including most recently as Managing Director and Head of Responsible Investment at Intermediate Capital Group (ICG). Before that she worked at the Carlyle Group, where she implemented an enhanced ESG framework for Carlyle Europe Partners.
Eimear is recognised across the industry for engagement with key industry stakeholders and previously co-founded the UK network of Initiative Climat International, an investor-led platform focused on climate action among leading global private market organisations, of which Pantheon is a signatory.
Aga Siemiginowska
Aga joined Oakley in 2020 and has over 15 years of experience in sustainability and environmental risk. Aga leads the sustainability team and her focus is on the development and implementation of Oakley’s sustainability strategy, both for Oakley as a Firm but also for how we invest. Through the incorporation of sustainability into the investment process, Aga’s focus is on identifying value creation opportunities while mitigating risk. Aga works directly with portfolio management, but also collaborates with the investment team and other teams across Oakley.
Prior to joining Oakley, Aga served as the interim Head of ESG at Permira, working with deal teams and directly with portfolio companies. Before this, Aga spent 12 years as an environmental consultant, first at ERM then at Ramboll, advising corporate and financial sector clients on environmental risks and opportunities.
Aga holds an MSc in Nature, Society and Environmental Policy from Oxford University and a BA (Hons) in Geography and Political Science from Rutgers University, USA.
Adinah Shackleton
Adinah is Head of Sustainability and is responsible for overseeing and further developing Permira’s strategy and approach to integrating sustainability in the investment lifecycle across private equity and credit. She is also a trustee of The Permira Foundation.
Prior to joining Permira, Adinah spent eight years with ERM, a global sustainability consultancy, as a Principal Consultant focusing on transaction services and sustainability for private equity clients. Before that, she spent over a year in construction as an Environmental Coordinator.
Adinah also actively contributes to a number of industry initiatives, including as a member of the UK Private Capital (formerly the ‘BVCA’) Sustainability Steering Committee and Value Creation Taskforce, Invest Europe’s ESG Steering Committee and Initiative Climate International’s European OpCo.
All recognised companies
2025
We were delighted to celebrate the excellent work of GPs, LPs and portfolio companies from across the private capital ecosystem that have made an outstanding commitment to responsible investment principles in 2024. The firms recognised were selected by an independent judging panel and presented at UK Private Capital's Summit Main Conference on 10 September 2025.
Top recognised firms:
- LP Category: Federated Hermes Limited
- GP (Above £1bn AUM) Category: CVC
- GP (Below £1bn AUM) Category: NorthEdge
- Venture Capital Category: Oxford Science Enterprises
- Portfolio Company Category: Medik8 (backed by Inflexion)
Special recognitions:
- GP (Above £1bn AUM) Category: LDC
- GP (Below £1bn AUM) Category: WestBridge
- Venture Capital Category: Atomico
- Portfolio Company Category: Reconomy (backed by EMK Capital)
2024
At the 2024 UK Private Capital Summit, we recognised the excellent work of GPs, LPs and portfolio companies from across the private capital ecosystem that had made an outstanding commitment to ESG principles in 2023. The firms recognised were selected by an independent judging panel and presented at UK Private Capital's Summit Main Conference on 12 September 2024.
Top recognised firms:
- GPs (below £1bn AUM): Freshstream Investment Partners
- GPs (above £1bn AUM): Equistone Partners
- LPs (all sizes): Pension Protection Fund
- Venture Capital (all sizes): Oxford Science Enterprises
- Portfolio Company (backed by a UK Private Capital member): Reconomy
Special recognitions:
- GP (below £1bn AUM): NorthEdge
- GP (above £1bn AUM): Cinven
- LP (all sizes): Neuberger Berman
- Venture Capital (all sizes): Clean Growth Fund
- Portfolio Company (backed by a UK Private Capital member): Cambridge GaN Device
2023
At the 2023 UK Private Capital Summit, we recognised outstanding contributions to ESG from across private equity and venture capital. The firms recognised were selected by an independent judging panel and presented at the event on 5 October 2023.
Top recognised firms:
- GPs (below £1bn AUM): Palatine
- GPs (above £1bn AUM): Ares Management
- Venture Capital (all sizes): Albion Capital
- LPs (all sizes): HarbourVest Partners
- Portfolio Company (backed by a UK Private Capital member): Hawksmoor (nominated by Graphite Capital)
Special recognitions:
- GP (below £1bn AUM): NorthEdge, Piper PE LLP, and Freshstream Investment Partners LLP
- GP (above £1bn AUM): Graphite Capital, ICG plc, and PAI Partners
- LP (all sizes): Adams Street Partners UK LLP
- Portfolio Company (backed by a UK Private Capital member): Material Exchange (nominated by Molten Ventures)
2022
At the 2022 UK Private Capital Summit, we recognised UK Private Capital members that had demonstrated an outstanding commitment to ESG principles into the investment cycle over the past year with our ‘Excellence in ESG’ initiative, produced in association with Ramboll and Kroll. Learn more about these firms below.
Top recognised firms:
- GPs with AUM above £1bn: Permira
- GPs with AUM below £1bn: ETF Partners
- LPs of all sizes: Neuberger Berman Private Markets
- Any Portfolio Company backed by a UK Private Capital member: Reconomy Group
Special recognitions:
- GPs with AUM above £1bn: Ares Management and EMK Capital
- GPs with AUM above £1bn: Ares Management and EMK Capital
- LPs of all sizes: Church Commissioners for England and Universities Superannuation Scheme
- Any Portfolio Company backed by a UK Private Capital member: Findel Education, Bright Data and Williams Advanced Engineering
2021
At UK Private Capital's Summit on 7 October 2021, we recognised UK Private Capital members that had demonstrated an outstanding commitment to embedding ESG principles over the past year with our ‘Excellence in ESG’ initiative, produced in association with Ramboll.
Recognition went to:
GP category (AUM of less than £1bn): Beringea
For driving industry collaboration through its ESG_VC benchmarking initiative and its commitment to bringing more firms onboard.
GP category (AUM of more than £1bn): EMK Capital
For an impressive response to the pandemic from across its portfolio, as well as strong evidence for each portfolio company regarding their ESG targets and achievements.
Special commendation: Palatine and Permira
LP category: Church Commissioners for England
For having outstanding ESG measurement systems in place across their portfolio, alongside ethical investment standards, set at Board level, that all its fund managers are assessed against.
Portfolio Company category: Weener Plastics (Backed by 3i)
For demonstrating excellent innovation and a clear focus on moving towards more recyclable and reusable products.
Special commendation: Oddbox
2020
At UK Private Capital's Summit on 8 October 2020, we recognised UK Private Capital members that had demonstrated an outstanding commitment to embedding ESG principles over the past year with our ‘Excellence in ESG’ initiative, produced in association with Ramboll.
Recognition went to:
GP category: Tikehau Capital
The judges said ESG was clearly a part of Tikehau’s DNA. Special praise went to their sustainability-themed investing, and their comprehensive reporting, which sets out what they are doing with the companies they invest in. They have clearly demonstrated that ESG is an important point through all their workstreams. Hugely impressive.
LP category: HarbourVest
The judges commended HarbourVest’s demonstration of how they are driving improvements with their GPs, using strong, evidence-based results. One particular highlight was the creation of scorecards, stretching back over 10 years, looking at fund managers’ overall ESG performance. They already have an excellent standard, but demonstrated they have invested and improved over the course of this year.
Portfolio Company category: TTC Group, backed by Palatine
The judges applauded TTC’s commitment to utilising Palatine’s six sustainability pillars. They have adopted a holistic approach to ESG, and it is clear that Palatine has had, and is continuing to have, a very positive influence over the direction of the business.
Due to the strength of the nominations in 2020, we also made two special commendations:
Special commendation – GP category: Oxford Capital
The judges said Oxford Capital demonstrated very effectively how they are embracing ESG, and deserve special recognition for showing that it does not matter how big you are, any firm can make a difference.
Special commendation – LP category: Coller Capital
The judges were impressed by how Coller Capital demonstrated their engagement with GPs and pushing them to become better. Coller Capital have a long and strong history of ESG commitment, and their consistent high-level of performance should be commended.
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