SRI360 | Sustainable & Responsible Investing, Impact Investing, ESG, Socially Responsible Investing
SRI360 explores how professional and institutional investors use impact investing and sustainable finance to shape real-world outcomes.Each episode features an in-depth conversation with a leading investor in public or private equities, public or private debt, venture capital, or real assets.We focus on the mechanics of investing: how strategies are designed, how capital is allocated, how impact is achieved and measured, and where incentives succeed, or fail, within asset-owner systems.If you want clear, honest insight into the future of sustainable & responsible investing from the people shaping it, this show is your competitive edge. Learn more at SRI360.com.
Does Impact Investing Cost You Returns? The Case for "Impact Lock" | Will Richardson, Giant Leap (#150)
Does impact investing cost you returns? Will Richardson concedes that sometimes it does, then makes the case for "impact lock": impact built into what a company sells, so it can't be stripped out. Amber Electric went from 100 customers to 100,000. When he backed it, the company had virtually no revenue. It now reports more than $33 million.
Will Richardson is Managing Partner of Giant Leap, launched in 2016 as Australia's first venture capital fund 100% dedicated to impact. Before that he spent seven years on listings and turnarounds at CVC. He'd wanted the job since a careers fair, and then realised...
Green Bonds, Gray Areas: How Do AI Data Centers Fit in a Sustainable & Responsible Portfolio? | Megatrends | Romina Reversi, Crédit Agricole & Steve Liberatore, Nuveen (#149)
“Just because something is labeled a green bond doesn't mean it is.” Steve Liberatore helped write the Green Bond Principles. Most new US labeled bond issuance now finances data centers. So what is a sustainable portfolio buying?
This is the first SRI360° Megatrends episode: one subject, two guests, both sides of the same trade. Romina Reversi of Crédit Agricole CIB structures this paper and brings it to market. Steve Liberatore of Nuveen decides whether to own it.
I expected them to fight about the label. What I got was more useful. They disagree about what a...
Impact Investing's Retreat: Purification or Defeat? Who's Leaving & Who's Quietly Building? | Antony Bugg-Levine, GIIN Co-Founder (#148)
$27 billion left sustainable funds in a single quarter last year. Is impact investing being defeated, or purified? One of the people in the room when the field got its name says the money that left was never committed, and the most exciting work now is being done by people who don't write press releases about it.
I'm joined by Antony Bugg-Levine, Managing Director of Bugg-Levine, Inc., co-founder of the Global Impact Investing Network, and author of Investing in America: Expanding Access to Finance to Solve Our Shared Challenges. He ran the Nonprofit Finance Fund for a decade...
Africa's Risk Premium Is A Myth: What the Default-Rate Data Actually Shows | Andrew Johnstone, Climate Fund Managers (#147)
Africa carries a risk premium far greater than its actual risk. Fifty years of development-lending and World Bank data show the probability of loss on African infrastructure projects is on par with, or lower than, developed markets. My guest has spent a decade building a fund designed around that mispricing.
Andrew Johnstone is the Co-Founder and CEO of Climate Fund Managers (CFM), a blended-finance platform managing just over $3 billion across renewable energy, water and oceans, green hydrogen, and — most recently — private credit. He was a civil engineer who started out designing roads in KwaZulu-Natal before he ever fina...
Impact Investing’s Bottleneck: It’s Not Capital... Why Isn’t the Money Moving? | Laurie Spengler, Courageous Capital Advisors (#146)
“Walking away is actually discipline. It's not failure, it's discipline.” — Laurie Spengler
In this episode, I speak with Laurie Spengler, Founder and CEO of Courageous Capital Advisors and Founding Partner of Mondiale Impact, about why capital without capacity fails, the danger of treating patient capital as permanent capital, and the path from establishing legal clinics in homeless shelters in Boston to structuring billion-dollar blended finance vehicles.
Laurie grew up in New Jersey watching her serial-entrepreneur father fix and grow small and medium-sized enterprises (SMEs) in the real economy. After studying political science and economics at Stanfo...
Does Impact Cost You Anything? 4 Funds Answer With Real Numbers, Not Theory (#145)
Four investors. One hard question: does impact actually pay, and how do you prove it?
This is a compilation episode of SRI360, pulling together four conversations that answer that question from four seats at the table — growth equity, private equity sustainability, infrastructure, and the policy world trying to move trillions. None treats impact simply as a discount you accept for doing good. Across four very different perspectives, they make the case that impact and financial success can — and increasingly must — work together.
Maya Chorengel of TPG’s Rise Fund only invests where impact and financial return a...
In 2021 This Sounded Like Activism — Then Fossil Fuels Lost a Decade: The Stranded-Asset Call, Five Years On | Ron Gonen, Closed Loop Partners (#144)
In the autumn of 2021, Ron Gonen sat across from me and made a call that sounded like activism: fossil fuel assets were already stranded, the smart money was gone, and anyone divesting that year was a decade too late. He said it during the best year energy stocks had had in a decade. For eighteen months, he looked flat wrong.
He wasn’t. This is a re-release, and before the interview I score the thesis against what actually happened. In 2024 the S&P’s fossil fuel components returned 5.7% against 25% for the index; the sector has underperformed in seve...
Base of the Pyramid to Pension Fund: What Four Emerging-Market Funds Actually Returned | BlueOrchard · BII · IIX · EPIC World (#143)
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From a $200 microloan in Peru to a bond sold almost exclusively to pension funds in Singapore: four emerging-market funds, one question almost no one answers in public — what actually returned?
Impact investing has a disclosure problem. The frameworks multiplied. AUM keeps growing. But deal-level outcomes — loss rates, exits, the defaults that didn't happen — almost never get discussed openly. In this compilation episode, they do.
Philipp Mueller, who at the time of recording was CEO of BlueOrchard, runs the world's la...
The $120 Trillion Repricing: 4 Investors on the Carbon Bubble, Stranded Assets & Real Returns | (#142)
Four investors. Four asset classes. One question: where does real money actually go to work on climate?
In this compilation episode, I revisit conversations with four investors who put real money to work in the physical economy, across greenhouses, Indian agrifood, forests, and the fossil fuel reserves sitting on public markets. They approach climate from very different asset classes, and the contrast is the point.
Dave Chen of Equilibrium Capital treats farming as infrastructure — building and operating some of the largest high-tech greenhouses in North America, and buying technology only once it hits the cost cu...
A 1% Loss Rate “Unheard Of” in Frontier Markets: How Local-Currency Lending Rewrites African Credit Risk | Clemens Calice, Cygnum Capital (#141)
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A local-currency bond fund put roughly $600 million to work across some of the credit markets the world rates as riskiest — and lost about 1% of it, over 11 years.
That record belongs to Clemens Calice, who walked out of Goldman Sachs in 2009, in the middle of the financial crisis, with two colleagues and no business plan. What he built became Cygnum Capital — today a $1.5 billion platform across seven funds spanning local-currency debt, renewable energy, agriculture, and early-stage venture...
China Makes 70% of the World's Vitamins: The Fermentation Edge Hiding in Idle Factories | Matilda Ho, Bits x Bites (#140)
Matilda Ho was banned from the kitchen for the first 25 years of her life. Her mother’s rule was simple: cooking is what you do when you fail at school. She now runs China’s first food tech venture fund.
I’m joined by Matilda Ho, Founder and Managing Director of Bits x Bites — a $100 million fund vintaged in October 2020, 15 companies backed, Series A and B, and a board seat as a condition of every check. Her LPs are sovereign funds from Singapore, the Middle East and China, agrifood strategics, and family offices.
Her argument is that...
Too Big for Venture, Too Small for PE: Inside the ‘Missing Middle’ Where the Alpha Hides | Sanjeev Krishnan, S2G Investments (#139)
Sanjeev Krishnan spent thirty years arriving at one conclusion: the clean economy's binding constraint isn't technology, it's capital structure. He watched brilliant technologies, brilliant people and brilliant visions get broken on the wheel of misaligned capital — not because the science failed, but because the financing never fit what they were trying to build.
That gap is the heart of this episode of SRI360. His core belief is simple: the thing holding back the clean economy is not technology. It is capital structure. Get the financing right, and the building can follow.
I’m joined by Sanj...
Good Deals Don't Make Good Markets: Why Impact Investing Needs More Than Capital | Elizabeth Boggs Davidsen, GSG Impact (#138)
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What does it take to move impact investing from individual transactions to a system? And what does that mean for the field when the global development finance landscape shifts so dramatically in such a short period of time?
In this episode, Elizabeth Boggs Davidsen traces a career that begins in the corridors of Washington political power and ends up in Khartoum during a military coup, and later in refugee camps on the Afghanistan-Pakistan border — before running through twenty years at the...
95% of Emissions, 14% of the Capital: The Bond Market Mispricing in Plain Sight | Elizabeth Alm, Saturna Capital (#137)
Most people think a green or sustainable label on a bond means it is good for the planet. Often, it does not. A label only tells you what the issuer says it will do with the money. It does not prove that real change happens on the ground.
That gap is the heart of this episode of SRI360. I'm joined by Elizabeth Alm, Senior Investment Analyst and Portfolio Manager at Saturna Capital, the oldest and largest Sharia asset manager in the United States. Elizabeth helps run the firm's global sustainable bond fund and its Islamic income fund...
From Goldman Sachs to Excel Hell: Measuring Sustainability That ESG Ratings Miss | Samantha Duncan, Net Purpose (#136)
Most investors assume an ESG rating tells them how sustainable a company is. It doesn’t. An ESG rating measures the financial risk environmental, social, and governance factors pose to the company — not the company’s actual impact on people and the planet.
That distinction sits at the center of this episode of SRI360. I’m joined by Samantha Duncan, Founder and CEO of Net Purpose, a data platform now supporting clients managing approximately twenty trillion dollars in assets and built to measure what ESG ratings don't.
Samantha's story starts at Goldman Sachs, where she worked o...
From Apartheid to the BRICS Bank to BII: Leslie Maasdorp’s Journey Through Development Finance (#135)
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What does it take to build a multilateral development bank from scratch — and then lead one of the world's oldest DFIs through a structural reset of the entire development finance system?
In this episode, Leslie Maasdorp traces a career that begins in a South African prison cell and runs through Nelson Mandela's government, Goldman Sachs International, and thirteen years in global investment banking, before arriving at the founding team of the New Development Bank in Shanghai — where he spent n...
Africa’s Unbanked: Where FinTech Is Finding the Most Resilient Returns | Mohamed Okasha, DisrupTech Ventures (#134)
What does it take to build a billion-dollar fintech company and then walk away from it to start over during a global pandemic?
In this episode, Mohamed Okasha shares the story behind helping to build Fawry into Egypt’s first tech unicorn—and then leaving shortly after its landmark IPO to launch DisrupTech, a first-time venture capital fund during COVID-19.
He breaks down what matters more than big ideas and what is often the ultimate competitive advantage in Africa’s startup ecosystem.
If you're curious about what helps founders grow stronger companies, don’t miss Moha...
VC for Learning: How Outcome Funds Are Transforming Education in Emerging Markets with Amel Karboul (#133)
Impact investing is entering a more disciplined, outcomes-driven phase, and it’s more complex than it first appears. In this episode of Sustainable & Responsible Investing 360, I sit down with Amel Karboul, Founder and CEO of the Education Outcomes Fund, to explore how capital can be tied directly to measurable results.
Drawing on her experience working with governments, philanthropies, and impact investors, Amel explains why traditional funding models often fail to deliver real impact, and how outcomes-based financing aims to realign incentives across the system. Rather than paying for activities, this model pays for results, introducing both greater ac...
Impact Investing in 2026: What Survives, What Scales, and What Changes with Eric Rice (#132)
Impact investing is entering a new phase, and it’s more nuanced than the headlines suggest. In this episode of Sustainable & Responsible Investing 360, I sit down with returning guest Eric Rice for his third appearance to unpack what’s really happening across global markets.
Drawing on his experience at Wellington Management and BlackRock, and now in private markets with SEAF (Small Enterprise Assistance Funds), Eric explains why this moment reflects divergence rather than decline. While the US has stepped back from ESG language, Europe, Japan, and other regions are accelerating capital deployment and regulatory support.
We e...
Storage Enables, VC Proves, Science Validates: The Full Case for Climate Investing (#131)
What does climate investing look like when it actually delivers returns?
In this special compilation episode of Sustainable & Responsible Investing 360, I bring together three investors approaching the climate opportunity from very different angles, yet arriving at a similar conclusion.
First, Ben Guest of Gresham House explains why battery energy storage is the missing piece of the renewable energy transition. As intermittent power sources like wind and solar scale, storage becomes essential to balancing the grid, and a compelling infrastructure investment with double-digit return potential.
Next, Nancy Pfund, founder of DBL Partners, shares over...
The Catalytic Capital Playbook: How £10M Unlocked £2B in Private Investment
What if the real constraint in impact investing isn’t a lack of capital… but how that capital is structured?
This is a compilation episode built from three conversations, each tackling a different part of the same question. What is catalytic capital? How do you create the conditions for it? And what happens when you deploy it at scale?
You’ll hear from Yasemin Saltuk Lamy, Head of Investment Strategy at Legal & General, who helped define impact investing during her time at J.P. Morgan and later led the Catalyst portfolio at British International Investment. She br...
In Case You Missed It: Must-Hear Conversations Shaping Impact in 2026
Over the past several weeks, I have had the opportunity to speak with four leaders working at the intersection of capital, climate, and system-level change, each bringing a distinct perspective on what it takes to move from intention to real-world impact.
Across these conversations, we explored everything from outcomes-based financing and government-backed impact models to regenerative finance and ownership structures, to early-stage climate investing in Southeast Asia. What connects them is a shared recognition that the current system, whether ESG frameworks, traditional venture capital, or public spending models, isn’t quite delivering on its promise.
H...
AgTech Profits Meet Planet: Where Climate Impact and VC Returns Align | Sarah Nolet, Tenacious Ventures
In climate investing, credibility is often associated with breakthrough technologies or large-scale energy infrastructure. This episode challenges that assumption by asking a different question: what if some of the most compelling climate investment opportunities lie within the everyday realities of farming?
My guest this week is Sarah Nolet, Co-Founder and General Partner at Tenacious Ventures. With a background that spans systems engineering, hands-on farming experience, and venture capital, Sarah now leads an investment firm focused on building climate resilience across global agri-food systems.
In our conversation on Sustainable & Responsible Investing 360, Sarah explains why traditional venture...
From Mud Huts to Brick Houses: Venture Capital & Climate Resilience in Africa
Climate finance conversations often focus on mitigation. However, the question Tamer El-Raghy raises is more structural: what if one of the most compelling climate investment opportunities lies in helping smallholder farmers adapt?
In this episode of Sustainable & Responsible Investing 360, I’m joined by Tamer El-Raghy, Managing Director of the Acumen Resilient Agriculture Fund (ARAF).
Tamer leads one of the first investment vehicles dedicated to climate adaptation in agriculture across Africa, backing early-stage companies that help farmers improve productivity, stability, and resilience in the face of changing climate conditions.
We discuss why agriculture remains ch...
Alpha Strategy: Eliminating Bias to Unlock 4X Venture Outperformance
In venture capital, credibility is often framed around access, networks, and pattern recognition. This episode challenges that foundation by asking a harder question: what if the industry’s biggest blind spot is also its most persistent source of mispriced opportunity?
My guest this week is Sharon Vosmek, CEO and Managing Partner of Astia. With more than two decades of early-stage investing experience, Sharon has built one of the most structured bias-mitigation processes in venture through Astia’s Expert SIFT methodology. A documented and disciplined system designed to eliminate individual, network, and process bias from investment decisions.
Sh...
Scaling Impact & Alpha: Inside T. Rowe Price’s Myth-Busting Impact Fixed-Income Strategies | Matt Lawton
In fixed income, credibility is tested differently, and real world metrics like liquidity, scale, and benchmark scrutiny leave little room for storytelling. This episode examines how impact strategies can operate inside mainstream credit markets without weakening financial discipline or diluting measurable outcomes.
My guest this week is, Matt Lawton, Matt is the Head of Impact Fixed Income at T. Rowe Price, where he leads global credit and emerging market blue bond strategies. With more than 15 years across credit research and portfolio management, Matt has helped build one of the industry’s most structured approaches to impact in...
Beyond the 2/20 Model: Disrupting VC & 25% IRR from Climate Adaptation in Southeast Asia
Most climate investment still flows toward mitigation, technologies designed to reduce future emissions. Far less capital is directed toward climate adaptation, despite the fact that many regions are already living with the physical, economic, and social consequences of climate change.
This imbalance is especially visible in emerging markets, where climate risk, rapid economic growth, and limited institutional infrastructure collide.
In this episode of SRI360, I’m joined by Alina Truhina, Founder and Managing Partner of Radical Fund and Utopia Capital Management.
Alina has spent her career building and backing early-stage companies across Southeast Asi...
Regenerative Finance and Biodiversity: The Risk Investors Keep Mispricing
What happens when sustainability strategies fail to address real climate risk and long-term investment outcomes?
In this episode of SRI360, I am speaking with Laura Ortiz Montemayor about impact investing, climate risk, and regenerative finance, and why sustainability alone may no longer be enough for investors focused on long-term value creation.
Drawing from Laura’s experience in traditional finance and her work building regenerative investment strategies in Latin America, the conversation explores how capital allocation shapes systems, and why rethinking how capital is deployed matters as much as where it flows.
The conversation is...
Regenerative Finance and Biodiversity: The Risk Investors Keep Mispricing
What happens when sustainability strategies fail to address real climate risk and long-term investment outcomes?
In this episode of SRI360, I am speaking with Laura Ortiz Montemayor about impact investing, climate risk, and regenerative finance, and why sustainability alone may no longer be enough for investors focused on long-term value creation.
Drawing from Laura’s experience in traditional finance and her work building regenerative investment strategies in Latin America, the conversation explores how capital allocation shapes systems, and why rethinking how capital is deployed matters as much as where it flows.
The conversation is...
Alpha From Inertia: How Paying for Outcomes Unlocks Impact Investing Returns
The biggest risk investors face right now isn’t just climate change, geopolitics, or emerging-market volatility. The real threat in impact investing is inertia. Capital stays in familiar places because big asset owners can get satisfactory returns elsewhere. So, unless incentives and information change, inertia wins.
This episode is about why social investment keeps getting stuck, even when good people across government, finance, and communities are trying to do the right thing – and what actually has to change for money to start moving.
It focuses on where incentives misfire and how to scale impact investing and...
How AgTech Venture Capital Harvests Alpha and Impact in Latin America
Agrifood and AgTech investing in Latin America is still widely misunderstood. That gap between perception and reality is creating real opportunity for patient, specialized investors who understand agriculture as a long-term operating business, not a short-cycle investment theme.
Volatility here is often mistaken for weakness. But as this conversation makes clear, agribusiness has kept growing through recessions, pandemics, and political transitions. In many cases, it’s been one of the most resilient parts of the economy.
I’m joined by Francisco Jardim, General Partner at SP Ventures. He’s spent nearly two decades building one of the...
How Catalytic Capital Turns High-Risk Assets Into Pension-Grade Investments
Catalytic capital is often described as concessional capital, sometimes accepting lower returns. But this framing overlooks what matters most. In practice, catalytic capital steps in first, absorbs the risk others can’t, and makes institutional capital comfortable enough to follow.
If you’re involved in capital allocation, this matters because catalytic capital isn’t about charity. It’s about structuring risk so institutions can invest in assets they normally couldn’t because of regulatory and rating rules.
This episode focuses on how catalytic capital functions inside impact investing portfolios under real regulatory and balance-sheet constraints.
It rev...
Why Sustainable Forestry Beats Traditional Timber Models on Risk and Returns
Forestry is often treated as just timber production. But in this 2-in-1 compilation about sustainable forestry, you’ll hear a different way of thinking. One that looks beyond timber to carbon, biodiversity, water, and resilience.
I revisit key moments from two earlier episodes that look at sustainable forestry as a serious investment strategy and a practical example of nature-based investing. They show how forests can deliver competitive returns, hedge inflation, and reduce portfolio risk while addressing climate and biodiversity pressures.
In one conversation, Bettina von Hagen talks about how better forest management can make forests mo...
Circular Economy Investing: VC Returns from Fashion’s Broken Logistics
The apparel industry is a $3 trillion market. But a massive share of what it produces goes straight to waste.
That combination points to mispriced inputs and broken systems. And to real opportunities for circular economy solutions that work on both the business side and the environmental side.
In this end-of-year gift to listeners, I'm revisiting a conversation that shows where to look for investment opportunity: at overproduction, reverse logistics that don’t work, and at a system where brands often find it cheaper to write off returned product than resell it.
These are hi...
Green Bonds 101: Two Women Who Built the Market from Scratch
Green bonds sound simple until you try to separate the real ones from the 50 shades of green flooding today’s market.
This episode offers an insider framework to distinguish credible green bonds from greenwashing, understand what real additionality looks like in fixed income, and make more confident capital-allocation decisions in a label-driven market.
It revisits early conversations with Marilyn Ceci and Romina Reversi, leaders who helped build the green bond market before sustainable finance went mainstream. Both worked inside JP Morgan as issuers, investors, and regulators were still defining standards, reporting, and impact measurement.
...
How Blended Finance Powers 8% IRR in Emerging Market Utilities
Blended finance is making hard deals in emerging markets investable. It drives real infrastructure development where capital markets are thin.
And when the work involves emergency aid and building businesses, you need someone who’s seen how money really works in emerging markets.
Few people know how to make those pieces fit together better than my guest today. Talmage Payne has spent three decades proving that mission-first investing can deliver both measurable social impact and competitive returns.
Talmage is the founder of multiple social ventures across Southeast Asia and West Africa. He now se...
Venture Capital’s New Frontier: Why India Wins in AgriTech, Rural Fintech, & Climate Resilience
My guest is Mark Kahn, Managing Partner at Omnivore, a $295 million venture capital firm investing in startups across agriculture, food, and the rural economy in India, focused on climate risk resilience.
In this episode, we talk about how venture capital can be redesigned to fund climate adaptation in the real economy, and still deliver real returns.
Mark shares what he’s learned from over a decade investing in agritech and climate adaptation in India, and why institutional investors continue to underestimate the opportunity in emerging markets.
We also discuss:
how Omnivore balances fi...Why Impact Must Become Finance’s Third Axis: Rethinking Returns, Risk, and Responsibility
Richard Brandweiner, Chair of Impact Investing Australia and a longtime institutional investor, joins the show to discuss the realities of impact investing at scale. He reflects on universal ownership, system-level risks, blended finance, and what it truly takes to align capital with real-world outcomes and fiduciary expectations.
Richard shares lessons from leadership roles at Perpetual, Aware Super, LeapFrog, Pendal, and Regnan, and why hope isn’t a strategy when designing investment frameworks meant to deliver measurable impact.
A candid conversation for investors, asset owners, and practitioners who want an honest look at where sustainable finance is...
Affordable Housing & High Returns: How RBC’s Stable-Prepay Mortgage Portfolios Deliver Alpha and Community Wealth
In this episode, I talk with Ron Homer – Chief Strategist for Impact Investing at RBC Global Asset Management, and one of the earliest architects of community development investing in the United States.
Ron’s perspective was shaped in Bedford-Stuyvesant, where he watched a thriving neighborhood decline not because of its people but because mortgage support and investment disappeared. That experience set him on a five-decade mission to help redirect capital back into places that had been overlooked.
He went from banking in Boston to co-founding Access Capital Strategies, where he flipped mortgage-backed securities into something that...
The Contrarian Bet: Why Investing in India & Africa is "Less Risky Than Silicon Valley VC"
My guest today is Eva Yazhari – General Partner at Beyond Capital Ventures and one of the most original thinkers in the world of impact investing.
Trained on Wall Street, Eva left finance to found Beyond Capital, turning her expertise toward building impact-driven markets.
Beyond Capital Fund was structured as a nonprofit, a 501(c)3 – not to do charity, but to meet the moment. She describes it as “almost like a Trojan horse” – a structure that made her approach more acceptable to early supporters, even as she operated with full VC rigor.
She knew in 2009 that most i...