We believe sustainability and resilience can be two sides of the same coin.
Resilience isn’t just about bouncing back from challenges—it’s about building the flexibility and foresight to navigate uncertainty and pursue growth.
Companies that integrate sustainable practices across their operations may reduce risk exposure and develop a resilience advantage—one that may support commercial performance, including EBITDA.
This year’s Sustainability Report explores how sustainability can serve as a driver of resilience, helping companies anticipate risks, capitalize on opportunities, and create long-term value. It also includes our latest Task Force on Climate-related Financial Disclosures (TCFD) report, highlighting progress toward building a more weather-resilient portfolio.
[1] See TCFD report, included as part of this document, for additional information.
[2] Cumulative figures as of May 2025. Data has been provided directly by the portfolio companies and has not been independently verified.
[3] Cumulative figures, as of March 2025.
“We believe prioritizing resilient investment outcomes grounded in sustainable business models can produce more durable cashflows over the long term.”
Harvey M. Schwartz
Chief Executive Officer
The EBITDA of Resilience
In 2023, we introduced the concept of The EBITDA of ESG, which demonstrated how strong environmental, social, and governance practices drive value creation through cost savings, risk mitigation, and pricing power. This year, we’ve expanded on that concept with a resilience mindset. In today’s environment of geopolitical and market volatility, we believe sustainability factors are not just nice-to-haves; they are core to a business’s ability to withstand shocks and maintain performance.
Adapted from McKinsey _and_ Company, Sustainability_colon_ Sources of value creation (2024).
The proportions shown in this chart represent illustrative impacts rather than specific metrics. There is no guarantee that any impacts will affect all or any portfolio companies or that such impacts will result in any added value.
