Annual Impact Review 2024

Long-term conviction in a changing landscape

A word from our founder and managing partner, Jan Ståhlberg

Against growing capital reallocation to energy independence, AI, defence, and dual-use tech, Trill Impact demonstrated that long-term value can be created by investing in megatrends where demand for solutions to societal challenges outpaces the economy. Overall, 2025 was a strong but demanding year, with businesses showing commercial strength and societal impact amid geopolitical tensions that underscored the link between markets and politics.

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Highlights 2025

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Acquired Primutec Solutions Group

Trill Impact Buyout acquired a majority stake in Primutec Solutions Group to drive growth in building envelope services. Active in the Netherlands and Germany, Primutec focuses on flat roofing and related solutions.

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Invested in Noova Energy Systems

Trill Impact Buyout invested in Noova Energy Systems, a tech-enabled energy supplier helping SMEs optimize energy use and reduce emissions. Based in Norway, Noova offers energy supply and usage optimization in a one-stop shop.

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Invested in Rail-Flow

Trill Impact Ventures co-led a EUR 12.5m Series A round in Rail-Flow together with Bonsai Partners. Active across Europe, Australia, and MENA, Rail-Flow is a freight-tech scale-up accelerating rail and intermodal logistics digitalization.

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Firm of the year - Healthcare

The New Private Markets Global Awards named Trill Impact “Impact Firm of the Year – Healthcare” in 2025, recognizing value creation across its healthcare portfolio and active industry collaboration by Trill Impact Ventures.

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Winning the Swedish 2025 SHE Index

Trill Impact was awarded Swedish winner of the 2025 SHE Index, scoring 92.8 – the highest among transparent Swedish companies with over 50 employees – recognizing its commitment to driving gender equality in the investment industry.

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Buyout companies meet GHG targets

All Buyout portfolio companies have SBTi-aligned GHG targets. In 2025, seven of ten met their Scope 1–2 emissions targets ahead of plan, while several are expanding efforts to include Scope 3 emissions with Trill Impact’s support.

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Trill Impact active at global events

In 2025, Trill Impact attended more than 52 industry events globally, collaborating with partners and peers to share best practices in impact investing, including keynotes and panels at major international conferences and forums.

Targeting returns across three Impact Themes

Trill Impact’s investment approach is based on three impact themes: Sustainable Planet, Healthy People, and Resilient Society. Through these themes, Trill Impact seeks to invest in businesses and institutions whose products or services can contribute to one or several of the Sustainable Development Goals. We focus on measurable impact, related to prioritized issues for the planet, for people, and for society at large.

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Read the full report

Download Annual Impact Review 2025
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