Impact Private Equity


The power of businesses

We believe the business sector is crucial in achieving a more sustainable world. To leverage on this potential, we combine the competitive advantage of each business with Trill Impact’s access to relevant competence, connections, capital and our recognized impact culture. 

Together with Trill Impact’s portfolio companies, we are on a mission to deliver real returns and lasting impact by building impact leaders – businesses and people.

Are you interested to become part of our Impact House?

Join our journey

Team to build impact leadership

Our team of experienced investment advisory professionals works seamlessly integrated with six Impact & ESG experts. Together, we leverage the wider Trill Impact platform and a number of dedicated senior advisors and external industry specialists. 

Meet the team

Portfolio companies

As an active and close partner to the portfolio company's management, we will embark on a journey to accelerate profitable growth and support each company to reach its full impact and value creation potential. 

We are thrilled to present our already impactful and value creating portfolio companies:

Meet our portfolio companies

IMPACT approach

Trill Impact combines industry best practices with a mindful impact culture and toolbox aimed to help each company reach its full impact and value creation potential. Trill Impact's approach for impact investing life cycle management is applied in each of our investment strategies. Within Impact Private Equity, our IMPACT approach is applied across Trill Impact’s businesses and tailored to fit the specific company strategy. 

Hover on each of the letters below to explore how we assess current and potential impact, and define the Value Creation Impact Plan:


Identify impact and value creation opportunity, guided by the SDGs, with the aim to grow and develop the business. The investment must fit with our theory of change.


Explore each company's starting point and full value creation impact potential using our Impact Rating Model and globally recognized impact and ESG frameworks.


Partner with management to align on an indicative Value Creation Impact Plan, including preliminary KPIs.


Finalize a Value Creation Impact Plan, with KPIs and targets to measure success with customers.


Collaborative approach, providing support, tools, and expertise to accelerate, measure, and communicate impact and value creation.


Upon exit, consider how the impact mission can be further developed with new ownership. Assess and analyze the impact generated against the targets.

Idea generation Investment Ownership

Theory of Change

The Theory of Change model is part of the IMPACT approach above and covers the Ideate phase. Before investing, we confirm that the investment fits our theory of change and has the potential to deliver social and environmental impact. 

Below, learn more about how the Theory of Change is applied within Impact Private Equity to test the investment's impact delivery process:


Resources provided


  • Equity
  • Attractive  impact- and ESG-linked financing 

Culture, connections and competence

  • Purpose-driven strategy and culture 
  • Dedicated team to support value creating impact acceleration 
  • Extensive network - deep industry expertise


Activities to drive outcomes

Growth and efficiency

  • Product development
  • Organic growth/M&A
  • Geographic expansion
  • Adjacent segments
  • Operational excellence

Impact acceleration & responsible operations

  • Business model with impact intention 
  • Strategic impact and ESG management
  • Risk and opportunity efforts


Positive output generated by the companies

Some examples:

  • Energy saved
  • Water saved
  • Patients reached
  • Students reached
  • Identities protected
  • Economic value created


Positive impact proposition to people and society

 Some examples:

  • Improved learning
  • Improved health
  • Secure society
  • Climate issue addressed
  • Market-rate returns for investors


Impact objective

Portfolio companies equipped to accelerate positive impact long term related to the following themes:

  • Sustainable planet
  • Healthy people
  • Secure society


Impact Rating Model

This due diligence model is part of the IMPACT approach above and covers the Materialize phase, in which the investment’s impact potential is systematically assessed and measured. 

The model is based on Impact Management Project's (IMP) five dimensions of impact, integrated with Trill Impact’s own rating approach. Through this assessment we can at a very early stage categorize each investment according to the IMP’s impact classifications; benefit stakeholders or contribute to solutions. 

The five dimensions of impact help to build an understanding of each investments’ value creation potential. See Nordomatic assessment example.

The five dimensions

  • What?  What outcome (+/-) is the business contributing to related to the SDGs? How important is it to the stakeholders experiencing the outcome? 
  • Who? Who experiences the impact? How underserved are the targeted people / environment? 
  • How much? How many stakeholders experienced the outcome, what degree of change do they experience and how long do they experience the outcome?
  • Contribution? What is the company’s contribution to what would likely happen anyway? What strategies will Trill Impact use to contribute? 
  • Risks? What are the risks that the company and Trill Impact will face related to impact? What is the risk that impact does not occur as expected?

Managing, measuring and reporting

After entering a partnership with a new investment, three phases follow - Accelerate, Collaborate, and Transfer. Key areas to manage are identified early in the investment process.

  • KPIs are selected prior to closing
  • Baselines and targets are set during the onboarding process
  • KPIs are reported and monitored along the whole journey


Company specific KPIs

We set impact and ESG targets based on key priorities and improvement areas.

  • Impact KPIs and targets are unique for each company
  • ESG KPIs and targets are tailored to each company based on materiality


ESG targets across all portfolio companies

We set targets on three areas for all portfolio companies.

  • % GHG reductions using science-based targets
  • Gender equality targets using the SHE index
  • Code of conduct targets based on the UN Global Compact principles

This website uses cookiesfor statistics and user experience.

This website uses cookies to improve your user experience, to provide a basis for improvement and further development of the website and to be able to direct more relevant offers to you.

Feel free to read ours privacy policy. If you agree to our use, choose Accept all. If you want to change your choice afterwards, you will find that option at the bottom of the page.