Impact is not a constraint on returns. It is the source of them.
We invest exclusively in companies where climate mitigation is core to the product or service. As the business grows, its positive environmental impact grows with it. Revenue and impact are structurally aligned, creating a flywheel: stronger commercial performance drives greater climate impact, which in turn strengthens the company's market position as the energy transition accelerates.
This is not ESG as a compliance exercise. It is a conviction that the companies enabling the energy transition will be the most valuable businesses of the next decade.
We distinguish between impact and ESG deliberately.
What the business does. The measurable, positive environmental outcomes its products and services create. Impact is about the real-world change a company delivers.
How the business does it. Managing environmental, social, and governance risks, and using them as levers for value creation. ESG is a framework for operational excellence.
These are interconnected but distinct. At HAVN, both are integrated into every investment, but we are clear about which is which.
Companies that enhance the efficiency and performance of sustainable power sources
Companies facilitating the shift of energy-consuming sectors towards electrical power
Smart solutions and services that improve the productivity of energy use
For every HAVN Capital II investment, climate change mitigation is core to the company's value proposition. We use a Theory of Change framework to move beyond broad aspirations and create a structured blueprint that connects our capital to measurable environmental outcomes. Each Theory of Change is created early in the investment process and refined throughout ownership, ensuring our investments have credible pathways to climate-positive results.
Capital, expertise, partnerships, and influence
Programme implementation and strategic execution
New technologies developed, emissions-reducing solutions scaled, supply chains transformed
Improved energy efficiency, environmental impact per euro invested, job creation in green sectors
Meaningful contributions to global emissions reduction and climate resilience
We put our own capital behind our impact commitments.
HAVN has made a binding pledge to deliver measurable environmental impact across every Fund II investment. Impact targets are defined at the point of investment, tracked quarterly, and reviewed independently by our advisory committee. This is not a reporting exercise. It is a contractual commitment that aligns our interests directly with measurable environmental outcomes.
Every opportunity is assessed against its environmental impact potential. A Theory of Change is defined upfront, connecting the company to measurable climate outcomes.
Full double materiality assessment and impact modelling. Bespoke Impact KPIs are defined, targets set before the investment committee approves, and a 100-day ESG plan is prepared.
Quarterly Impact KPI tracking against targets. Annual sustainability reporting validated by independent third parties. SBTi validation pursued within the first year of each partnership.
Impact track record is documented and forms part of the exit narrative. We aim to hand over companies that are more sustainable than when we invested.
Every company has its own impact story. We measure accordingly.
Each portfolio company has 1 to 5 bespoke Impact KPIs tailored to its specific impact proposition. These are weighted to create an Environmental Impact Score, tracked quarterly, and validated by independent third parties annually. We do not reduce impact to a single headline number. Instead, we define what matters for each business and hold ourselves accountable to it.
HAVN Capital II is classified as an Article 9 fund under the EU Sustainable Finance Disclosure Regulation (SFDR). We are committed to Science Based Targets initiative (SBTi) validation for all portfolio companies within the first year of each partnership.
Whether you’re a founder, management team, or intermediary, we’d love to hear from you.
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