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1、2023Sustainable Investment SurveySponsored by22023 SUSTAINABLE INVESTMENT SURVEYContentsHilary Wiek,CFA,CAIA Senior SAnikka Villegas Analyst,Fund Strategies&Sustainable IPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Vice President,Institutional Research and EditorialDaniel Cook,CFA Head o
2、f Quantitative ResearchInstitutional Research GroupAnalysisDataTJ Mei Data PublishingReport designed by Sarah Schwab and Julia MidkiffPublished on July 5,20232023 survey by the numbers3About the survey4Trends over time6Geography9The allocator perspective12Asset managers:VC and non-VC15Contrasting vi
3、ews:ESG19Contrasting views:Impact23Challenges and measurement28Social and political landscape31The future of sustainable investing33Staying informed35Glossary and resources3732023 SUSTAINABLE INVESTMENT SURVEY2023 SURVEY BY THE NUMBERS2023 survey by the numbers814Completed at least one response27Day
4、s the survey was open 437:2731Ratio of respondents with an implemented sustainable investment program to those with none5/5Ratio of geographic regions represented to geographic regions provided$2,095Donated to World Central Kitchen1:In this report,we will include any responses collected,whether the
5、respondent completed the survey or not.Thus,some numbers will exceed 419,the number of completed surveys.419Completed the survey42023 SUSTAINABLE INVESTMENT SURVEYABOUT THE SURVEYAbout the survey10%All GP36%24%VC GP12%Other GP22%LPBoth32%Other2023 completed surveys by participant typeSource:PitchBoo
6、k Geography:Global Respondents:AllQuestions 2 and 2.5Since the release of our last Sustainable Investment Survey report in October 2022,we have been busy with our sustainable investment research efforts.Using our proprietary Impact fund data set utilizing the Global Impact Investing Networks(GIIN)IR
7、IS+taxonomy,we updated our reporting on fundraising trends in private Impact fund investing.2 As a follow-up to 2022s survey,we took some of the open-ended responses and wrote a report addressing the concerns and criticisms of ESG.In January,we published a piece on sustainable and digital infrastruc
8、ture in the private markets,noting that infrastructure has not only been expanding as an area of investment,but it is increasingly looking to contribute sustainable solutions to areas like climate change and socioeconomic equality.Finally,we have brought on an emerging technology analyst focused on
9、producing carbon&emissions tech and clean energy work for PitchBook clients.This years roughly 30-question survey asked global investors and the service providers who work with them to react to various topics related to sustainable investing,ESG risk factors,and Impact investing.419 individuals comp
10、leted the survey,although we recorded at least one answer from 814 individuals,providing us with even more data on a partial basis.This group of respondents represents the most balanced profile to date for this survey,showing that the interest in sustainable investment issues runs far and wide.We re
11、corded responses This group of respondents represents the most balanced profile to date for this survey,showing that the interest in sustainable investment issues run far and wide.2:For explanations and resources for the abbreviations and organizations mentioned in this report,we provided brown-tint
12、ed links to a glossary for reference.52023 SUSTAINABLE INVESTMENT SURVEYABOUT THE SURVEYfrom every global region and had significant numbers from each respondent type:LPs,GPs,Both,and Other.This last category self-identified as coming from consultancies,investment advisers,academia,business owners,f
13、amily offices,investment banks,placement agents,accounting firms,and more not covered by the GP or LP umbrella.Those who answered“Both”were steered to that response if they were LPs and in turn had LPs,so they were largely funds of funds(FoF)in some form.Once again,this year we asked GPs to identify
14、 whether they consider themselves to be venture capitalists(VCs),thereby allowing us to contrast how VCs were thinking about sustainable investment topics versus other respondents.193 of our GPs identified as VCs,109 of whom made it to the end of the survey,providing us a significant sample from whi
15、ch to report on VC thoughts and trends.We also reached a broad spectrum of organizations from small to mega:63%represented assets below$500 million,and 7%were at organizations with$25 billion or more under management or advisement.Only 5%of our GP universe were in the largest bracket,while our Other
16、 grouping was most likely to represent assets lower than$500 million,at 69%.We realize that the sustainable investment field is a confusing collection of terms understood in many different ways.To level set for this survey,we provided the following guidance as each respondent began:“We use sustainab
17、le investing as the umbrella overarching both Impact investment approaches(seeking to make both a financial profit and a positive social or environmental impact)and the incorporation of ESG(environmental,social&governance)risk factors into the investment process.We will ask about each aspect of sust
18、ainable investing in the survey,using each deliberately as defined here.”This language specification allowed us to identify more nuanced thoughts and practices across the sustainable investment landscape.We also updated questions to better capture the current environment and focus on where sentiment
19、s are strongest.In reaction to the rapid growth weve seen in our previous surveys of responses coming in negative on the topic,we added some response options that would allow for those feelings to be better captured.Finally,many questions left space for open-ended comments,some of which we have shar
20、ed to provide further insights into sentiments around sustainable investing topics.We were thrilled with the high response rate to our surveynot only because it bolstered our analysis,but also because we committed to donating$5 for every completed survey to World Central Kitchen(WCK).This organizati
21、on has done phenomenal work since its inception in 2010,providing meals to those affected by natural disasters and other emergencies throughout the world.In 2023 through May,WCK served meals to those in Syria and Turkey impacted by deadly earthquakes and to Ukrainians continuing to suffer from ongoi
22、ng conflict in their homeland.In addition,WCK has responded to 25 climate-related disasters worldwide since establishing its Climate Disaster Fund in 2021.We updated the questions to better capture the current environment and focus on where sentiments are strongest.62023 SUSTAINABLE INVESTMENT SURVE
23、YTRENDS OVER TIMETrends over timeIt can be difficult to track trends over time in surveys,especially when responses are anonymous,as it is unclear whether shifts are due to a different respondent pool or true societal shift in opinion.Thus,while we may interpret results as trends in sentiment around
24、 sustainable investing,we are aware that some of the moves from one year to the next may just be that we have attracted more people who want to have their negative views on sustainable investingrepresented.At the highest level,we have seen signs of both increased adoption of sustainable investing pr
25、actices and more people who have no sustainable investment program at all.Well go into some detail about why this may be and whether it is likely to change in the Social and political landscape and The future of sustainable investing sections,but here we will provide a few year-by-year trend charts
26、taken from this years survey and those of 2021 and 2022.From 2021 to today,the proportion of respondents that have integrated sustainable investment principles throughout their portfolio has increased,growing from 30%in 2021 to 37%in 2023.On the flip side,we show that more of our respondents have no
27、 plans to incorporate sustainability into their investment work,going from 9%in 2021 to 17%in 2023.Fewer people are even considering implementing sustainable investment practicesthey have either converted to full integration or have chosen to never do so.Those exploring in 2021 seem to have sorted t
28、hemselves into either adopters or those who will not be pursuing sustainable investment objectives.0%10%10%20%30%30%40%40%We have integrated sustainable investment principles throughout our portfolioWe have partially implemented sustainableprinciples in our investment portfolio(s)We are exploring wh
29、at sustainable investing means for our organizationWe have no plans to incorporate any sustainable investment work20212022202320%How would you characterize the stage of your sustainable investment implementation?Source:PitchBook Geography:Global Respondents:AllQuestion 4.572023 SUSTAINABLE INVESTMEN
30、T SURVEYTRENDS OVER TIMENext,we asked when our respondents began their sustainable investing initiatives,excluding the people who had said they had no plans in the prior question.Fewer are just getting started now than in 2021:In the current survey,only 15%began in the past year,while 20%were just s
31、tarting out in 2021.The groups that began two to five years ago or more than five years ago have been growing:Added together,those have gone from 53%of the population to 66%.We are nearing the point that if a firm or organization was going to integrate sustainable investment principles,it would have
32、 already started the journey and the program is becoming more seasoned.Our question that asks participants to indicate where they lie on the spectrum from“performance is the only important factor”to“sustainability is the only important factor”gives some indication of the polarization of sustainable
33、investing views.While there is still clustering in the middle,with the largest contingent in 2023 being the 19%who selected a six on the scale,the endpoints have both grown in magnitude.It appears that it is not only the anti-ESG individuals who are becoming moreentrenched.0%20%40%60%80%100%2-5 year
34、s agoMore than 5 years ago1-2 years agoLess than 1 year ago202120222023When did your organization start actively implementing sustainable investing initiatives?Source:PitchBook Geography:Global Respondents:AllQuestion 4.750%10%20%30%40%50%60%70%80%90%100%2021202220231Performance is the only importan
35、t factor23456789Sustainability is the only important factorPlease indicate how you prioritize sustainable investing versus top performance as you assess a potential investment opportunity.Source:PitchBook Geography:Global Respondents:AllQuestion 1182023 SUSTAINABLE INVESTMENT SURVEYTRENDS OVER TIMEN
36、oneLess than 25%25%to 50%50%to 75%Over 75%0%20%40%60%80%100%202320222021Approximately what percentage of your current or prospective LPs/clients are asking about or requiring that sustainability be part of the thinking when it comes to allocating their fund commitments?Source:PitchBook Geography:Glo
37、bal Respondents:GP,Both,OtherQuestion 16In terms of adoption,more allocators have been asking about sustainability as time has marched on.While in 2021,only 17%of asset managers said that 75%or more of LPs were asking them about sustainability,now,25%report such questions from so many current or pro
38、spective clients.There has been a small increase in the asset managers saying that none of their clients are asking about sustainable investing,but the majority are getting questionsand needing to have answersat least some of the time.This ties back to the question about whether respondents have imp
39、lemented a sustainable investment program or notpotential clients are asking for definite answers,even if that answer is no.Fewer every year are in the exploration phase.Allocators are gradually increasing the amount of their portfolios that employ sustainable 0%20%40%60%80%100%2023202220210%Less th
40、an 25%25%to 50%50%to 75%Over 75%Approximately what percentage of your current fund managers(all asset classes)have a sustainable investment approach incorporating ESG factors and/or measurable environmental or social impact?Source:PitchBook Geography:Global Respondents:LPs and BothQuestion 12.5inves
41、tment approacheseither ESG or Impact funds.While the largest percentage of respondents has continued to say that less than 25%of their portfolio has sustainable investment mandates,the percent who selected this option has gone from 34%to 27%,with the percentage of those saying that 25%to 50%of their
42、 portfolio has such mandates has been increasing as LPs place more mandates with managers aligned with their sustainable investment objectives.Only 15%of LP and Both respondents said they have no sustainable investment funds in their portfolio,so asset managers that feel they can skip out on integra
43、ting sustainable investing into their investment approach may be finding it more and more difficult to find a target audience for their product offerings.92023 SUSTAINABLE INVESTMENT SURVEYGEOGRAPHYGeography55%25%4%11%6%North AmericaEuropeCentral&South America,CaribbeanMiddle East&AfricaAsia-Pacific
44、LP:103GP:140Both:43 Other:151LP:35 GP:79Both:16 Other:65LP:9 GP:9Both:7 Other:20LP:24 GP:37Both:7 Other:20The geographical mix of respondents in 2023 was remarkably similar to that of 2022,with the most notable difference being the declining share of responses from North America,at only 55%versus 58
45、%in 2022,with Europe taking up those three percentage points for a somewhat more balanced respondent view.While there is a widely held belief that Europe has led the sustainability charge,half of the 26 respondents from Central&South America and the Caribbean(CSAC)said they have integrated sustainab
46、le investment principles throughout their portfoliohigher than Europe,at 42%;Source:PitchBook Geography:Global Respondents:AllQuestion 3LP:4GP:21Both:3 Other:1North America and Asia-Pacific,at 36%;and the Middle East,at 30%.While the CSAC may be well ahead of the others,it may just be that the low n
47、umber of respondents from that region that the survey attracted were more likely to be proponents.Leading the way in having no plans to incorporate any sustainable investment work was North America,at 24%,well ahead of the next-highest group,Europe,at 10%.This result is probably not surprising to mo
48、st,given the political posturing associated with sustainable investment principals that has ramped up in the past couple of years in the United States.Leading the way in having no plans to incorporate any sustainable investment work was North America,at 24%,well ahead of the next-highest group,Europ
49、e,at 10%.Where is your organizations primary base of operations?102023 SUSTAINABLE INVESTMENT SURVEYWe have integrated sustainable investment principles throughout our portfolio0%20%40%60%80%100%Asia-PacificCentral&South America,CaribbeanEuropeMiddle East&AfricaNorth AmericaWe have partially impleme
50、nted sustainable principles in our investment portfolio(s)We are exploring what sustainable investing means for our organizationWe have no plans to incorporate any sustainable investment workGEOGRAPHYHow would you characterize the stage of your sustainable investment implementation?Source:PitchBook