For years, ESG was viewed more as an exercise in disclosure than a means to value creation. But sustainability is increasingly going beyond ticking boxes. It is becoming an increasingly important method for unlocking value in private equity portfolios.

Ahead of the Responsible Investment Forum: New York on 18-19 March, The New Private Markets Podcast discussed sustainability and value creation in private markets, among other topics, with Evan Greenfield, head of ESG for private equity at Canadian pension plan British Columbia Investment Management Corporation (BCI).

With $25 billion in its private equity portfolio, BCI allocates around half to fund managers and devotes the other half to direct investments, giving it a well-rounded perspective on how the market is evolving.

Greenfield has heard the conversations about ESG change significantly over the years, and says that increasingly these days, investors see ESG as a tool to boost EBITDA growth, improve margins and ultimately increase exit valuations. "Sustainability is one of the last frontiers of value creation in a private equity landscape," Greenfield says.

From re-examining the role of ESG to proving its impact in dollars and cents, this episode explores how sustainability is becoming an advantage for private equity investors.

Impact investing reached an inflection point in 2025 as uncertainty gripped private markets, abetted by political turbulence, fundraising difficulties and liquidity constraints.

But such uncertainty may have been necessary for impact fund managers to focus on a sharper articulation of market fundamentals, according to Rekha Unnithan, global head of private equity impact investing at Nuveen, the asset management subsidiary of retirement services firm TIAA.

An appropriate response, Unnithan argues, is not retreat, but nuance. For climate-focused investors wary of shifting policies in Washington, DC, the emphasis is on backing profitable companies that do not depend on government subsidies. For sceptics, however, it's simple economics – companies that reduce costs, improve climate resilience and deliver real value, regardless of ideology.

While 2025 left behind a number of challenges for the impact investing market, there appear to be signs that things may improve in 2026 with transition activity picking up and capital seemingly starting to flow again.

But which themes will characterise the market in 2026? In this episode, Unnithan sits down with host Michael Bowen to discuss where the sustainable investing market may go from here.

How does a distribution drought affect LPs and how should they react?

In this episode, we speak to Tom Mitchell, partner in the foundation and endowments practice and head of sustainable and impact solutions at Cambridge Associates.

Cambridge Associates has been advising institutions on their investments since 1973. Mitchell has been with the firm since 2007 and helped launch its sustainable and impact investing platform.

This conversation was recorded at PEI Group's flagship private equity meeting, NEXUS, which took place in Orlando in late February. Mitchell was among the speaker lineup for NEXUS's New Private Markets Investor Forum, and in this conversation, he describes the LP experience amid a period of slow distributions and fast-moving news. He also describes where LPs with an impact mindset are focusing their energy and capital in 2026.

Note: NEXUS will return in 2027 and is heading to Scottsdale, Arizona!