The Future of Finance Podcast

How Hamilton Lane's Dave Helgerson Deploys Impact Across Private Markets

Dave Helgerson, Managing Director and Head of Impact Investing at Hamilton Lane — one of the world's leading private markets firms with over $1 trillion in assets under management — joins Georges Dyer to make the case that impact investing is not a values compromise but a structural opportunity. With over 22 years at Hamilton Lane building impact strategies from the ground up, Dave offers a rare inside view of how institutional-grade private capital can generate market-rate returns while directing investment toward the energy transition, sustainable supply chains, health access, and community development. Key themes covered in this episode: - How Hamilton Lane structures impact investing across verticals — clean energy transition, sustainable solutions, health & wellness, and community development — and why that framework sharpens, not softens, investment discipline - The distinction between ESG as risk management ("playing defense") and impact investing as opportunity identification ("playing offense"), and why both are necessary within a diversified institutional portfolio - How accelerants like AI-driven data center energy demand and geopolitical energy security risks are reshaping the investment case for renewables — independent of policy cycles - Why endowments and foundations are a natural fit for long-duration private markets impact strategies, and how smaller institutions can access this asset class through fund-of-funds structures - For institutional investors evaluating the long-term role of private markets in a sustainable portfolio, this conversation offers both the strategic framework and the on-the-ground evidence to move that conversation forward. Resources: Book: The Code Breaker: Jennifer Doudna, Gene Editing, and the Future of the Human Race - Walter Isaacson Book: The New Map: Energy, Climate, and the Clash of Nations - Daniel Yergin Book: The Prize: The Epic Quest for Oil, Money, and Power - Daniel Yergin Capital Allocators Podcast - https://www.capitalallocators.com/ [https://www.capitalallocators.com/] Dwarkesh Podcast - https://www.youtube.com/playlist?list=PLd7-bHaQwnthaNDpZ32TtYONGVk95-fhF [https://www.youtube.com/playlist?list=PLd7-bHaQwnthaNDpZ32TtYONGVk95-fhF] – General Timestamps: 00:00:00 Introduction & SIF Announcement 00:01:12 Welcome & Guest Introduction — Dave Helgerson, Hamilton Lane 00:02:45 Hamilton Lane Overview: From Advisory Roots to $1T Platform 00:07:22 The New York State Common Origin Story & Building the First Impact Strategy 00:12:36 ESG vs. Impact — Playing Defense vs. Playing Offense 00:14:52 Energy Security, the Iran War & Why Diversification Matters 00:16:04 Hamilton Lane's Impact Framework: Environmental & Social Verticals 00:22:34 Portfolio Deep Dive: EeroSafe & the Cold Chain Innovation Case 00:25:32 Addressing LP Skepticism — Do Impact Strategies Sacrifice Returns? 00:28:54 Global Momentum: How Europe, Asia & the U.S. Are Moving Differently 00:32:21 AI, Data Centers & the Accelerating Demand for Energy Infrastructure 00:33:55 Google, Intersect Power & What Big Tech's Energy Moves Signal 00:40:52 Endowments & Foundations — Fit, Access & Minimums 00:43:34 Rapid Fire: Books, Resources & Advice for Emerging Investors 00:46:19 Vision for the Future of Finance 00:47:39 Advice for the Next Generation - *Disclaimer* The information presented in this episode reflects the views and opinions of the guest and does not constitute investment, legal, or regulatory advice. The Intentional Endowments Network does not endorse any specific products, services, or organizations referenced herein.

IEN Virtual Forum 2026: 12 Sessions on System-Level Investing & Climate Solutions

The Intentional Endowments Network's 2026 Virtual Forum convenes June 2–4, bringing together institutional investors, legal scholars, climate strategists, and asset management practitioners for three days of structured dialogue on system-level investing, fiduciary duty, and long-term capital markets reform. Register using code IENGUEST at https://www.intentionalendowments.org/2026_virtual_forum [https://www.intentionalendowments.org/2026_virtual_forum] In this preview episode, IEN Executive Director Georges Dyer walks through the full agenda — offering context on why each session was designed and who it's for. Key themes across the three-day forum: System-level investing frameworks and the newly published Handbook of System-Level Investing, featuring co-editors John McCormick and Bill Burkhart Fiduciary duty in the context of climate and ESG — legal perspectives from Keith Johnson and Susan Gary Climate solutions and portfolio alignment, including sessions with Project Drawdown, Climate Interactive, and Cambridge University's fossil-free cash fund case study Responsible AI, diversity in asset management, and the role of consultants in sustainable investing   The forum runs June 2–4, 12:00–2:30 PM Eastern daily. Registration and full agenda available at intentionalendowments.org.

What Investment Consultants Actually Look For | Akasha Absher, Syntrinsic

Akasha Absher, Co-President at Syntrinsic — an institutional advisory firm managing approximately $3 billion for foundations, endowments, and nonprofits — offers a rare inside view into how investment consultants evaluate mission-aligned managers, advise fiduciaries on portfolio construction, and help clients navigate the tension between financial objectives and long-term systemic risk. As OCIOs and consultants become central to how institutional capital is allocated, Absher's perspective bridges the gap between investment theory and on-the-ground practice.   Key themes covered in this episode: Manager Due Diligence & Mission Alignment — How consultants evaluate ESG and impact managers beyond labels, including the role of intentionality, measurement, and outcomes across asset classes Fiduciary Duty Redefined — Why aligning investments with institutional mission is not in conflict with fiduciary responsibility — and how boards can reframe the performance conversation Systems-Level Investing in Practice — How endowments and foundations are beginning to address systemic risks (climate, inequality, AI disruption) through capital allocation, stewardship, and coalition engagement Emerging Managers & Access to Capital — The structural barriers new and diverse managers face and what asset owners can do to responsibly catalyze emerging strategies This conversation is essential for investment committees, OCIOs, and institutional advisors seeking a grounded, practitioner-level perspective on sustainable portfolio construction. – Resources: Impact Management Project framework - https://impactfrontiers.org/norms/ [https://impactfrontiers.org/norms/] Endowment Impact Benchmark - https://endowmentimpactbenchmark.org/ [https://endowmentimpactbenchmark.org/] Winners Take All by Anand Giridharadas -https://share.google/jze1kMR1TpXmVJsBo [https://share.google/jze1kMR1TpXmVJsBo] Syntrinsic - https://www.syntrinsic.com [https://www.syntrinsic.com] – General Timestamps: 00:00 Introduction & IEN 2026 Virtual Forum Announcement 02:30 About Syntrinsic: Firm Overview and Client Base 05:30 Akasha's Path from Wall Street to Institutional Consulting 10:15 Mission-Aligned Investing: Client Adoption and Common Concerns 16:00 Navigating the Financial Performance Question 22:10 Manager Due Diligence: Evaluating ESG and Impact Strategies 29:45 Asset Class Differences: Public vs. Private Markets for Impact 36:20 Systems-Level Investing and Systemic Risk Management 42:00 Emerging Managers and Access to Institutional Capital 48:30 The Endowment Impact Benchmark and Reporting Best Practices 55:10 Rapid Fire: Advice for Institutional Investors and Young Professionals   -   *Disclaimer* The information presented in this episode reflects the views and opinions of the guest and does not constitute investment, legal, or regulatory advice. The Intentional Endowments Network does not endorse any specific products, services, or organizations referenced herein.

What LPs Should Be Asking GPs About AI Right Now | Emily Goldstein McGowan, Malk Partners

Register for IEN's Virtual Forum here: https://www.intentionalendowments.org/2026_virtual_forum [https://www.intentionalendowments.org/2026_virtual_forum] Emily Goldstein-McGowan, Vice President and Head of Growth & Venture Capital at Malk Partners, the foremost ESG advisor to private market investors, joins Georges Dyer to examine how institutional asset owners and GPs are navigating the governance, risk, and due diligence dimensions of responsible AI. Drawing on Malk's landmark 2024 quick guide for asset owners (developed with ILPA) and two years of evolving LP-GP conversations, Emily offers a grounded, practitioner-level view of where responsible AI integration stands today and where it is headed. Key themes covered in this episode: * How LP questions have shifted from "are you using AI?" to "how are you governing it?" — and what best-practice oversight structures look like at the GP level * The five responsible AI risk categories for private market investors (bias, privacy, job displacement, carbon emissions, lack of diversity) and which are gaining urgency * AI-native companies vs. AI-adopting portfolio companies: why the diligence framework differs and what LPs should be requiring from GPs during holding periods * The regulatory landscape — EU AI Act, U.S. state-level proposals, and why investors should be preparing portfolio companies now, regardless of enforcement timelines The Future of Finance podcast is produced by the Intentional Endowments Network, advancing the alignment of institutional capital with long-term value and systemic resilience. – Resources References: ILPA x Malk Partners: Responsible AI Quick Guide for Asset Owners - https://ilpa.org/wp-content/uploads/2023/10/Responsible-AI-Quick-Guide-for-Asset-Owners.pdf [https://ilpa.org/wp-content/uploads/2023/10/Responsible-AI-Quick-Guide-for-Asset-Owners.pdf] ILPA ESG Quick Guide Overviews - https://ilpa.org/resource/esg-quick-guide-overviews/ [https://ilpa.org/resource/esg-quick-guide-overviews/] Malk Partners: Responsible AI in Private Markets - https://malk.com/responsible-ai-in-private-markets-risks-regulations-and-best-practices/ [https://malk.com/responsible-ai-in-private-markets-risks-regulations-and-best-practices/] NIST AI Risk Management Framework - https://www.nist.gov/itl/ai-risk-management-framework [https://www.nist.gov/itl/ai-risk-management-framework] Partnership on AI (PAI) -  https://partnershiponai.org/ [https://partnershiponai.org/] EU AI Act: Official Overview - https://digital-strategy.ec.europa.eu/en/policies/regulatory-framework-ai [https://digital-strategy.ec.europa.eu/en/policies/regulatory-framework-ai] Reframe Venture: Responsible AI Due Diligence Toolkit - https://www.reframeventure.com/vcs/ai-dd [https://www.reframeventure.com/vcs/ai-dd] IEN Responsible AI Investor Hub -  https://intentionalendowments.org [https://intentionalendowments.org] Planet Money Podcast (NPR) — https://www.npr.org/podcasts/510289/planet-money [https://www.npr.org/podcasts/510289/planet-money] – General Timestamps: 00:00 Introduction & Overview of Malk Partners 04:10 Origins of the ILPA Responsible AI Quick Guide 08:30 Five Core AI Risk Categories for Private Market Investors 14:00 The Evolution of LP-GP Conversations on AI Governance 19:45 Best Practices: Oversight Structures, Policies & Training 25:20 AI-Native vs. AI-Adopting Companies: Diligence Differences 31:00 Data Center Environmental Impact & Net Zero Considerations 36:15 AI Regulation: EU AI Act, U.S. State Laws & Investor Preparedness 42:00 Frameworks & Resources for Resource-Constrained Teams 46:30 The Future of Finance: Moving Beyond Labels to Materiality   The Future of Finance podcast is produced by the Intentional Endowments Network, advancing the alignment of institutional capital with long-term value and systemic resilience. The information presented in this episode reflects the views and opinions of the guest and does not constitute investment, legal, or regulatory advice. The Intentional Endowments Network does not endorse any specific products, services, or organizations referenced herein.

5 Principles Every Fiduciary Needs for Climate Risk with Maurits Dolmans

Maurits Dolmans, Senior Counsel at Cleary Gottlieb Steen & Hamilton and co-author of Sustainable Fiduciary Duty: How Fiduciary Duties Can Be a Key to Escaping the Climate Prisoner's Dilemma (Net Zero Lawyers Alliance, November 2025), joins Georges Dyer on his own behalf to make a precise legal and economic argument: existing fiduciary law already requires institutional investors to address systemic climate risk, and he lays out five concrete principles for how to do it. No new legislation required. For CIOs, pension trustees, endowment leaders, asset managers, and their legal counsel, this conversation reframes the entire climate-and-capital debate as a question of legal duty and long-term financial obligation, not values. Key themes: * The Climate Prisoner's Dilemma: Why rational actors keep financing high-emission projects against their own long-term interest, and why fiduciary duties, applied consistently, are the coordination mechanism that breaks the cycle without requiring new regulation or bilateral trust * The Economic Evidence: Rebonato's finding of 40% asset devaluation under business-as-usual, the UK Institute and Faculty of Actuaries' Planetary Solvency Report projecting 30–50% GDP loss, and why this loss, unlike 2008 or Covid, would be permanent * 5 Principles for Action: Avoiding new unabated fossil fuel finance, internalizing the social cost of carbon in ROI assessments, pursuing transition investment opportunities, active stewardship of investee companies, and advocating for aligned regulation, each grounded in existing fiduciary law * Case Law & What's Coming: What Spence v. American Airlines, McRitchie v. Zuckerberg, and ClientEarth v. Shell actually says beneath the surface, and why Hirji v. CPPIB (Canada) and Kvek/ClientEarth v. Cushman & Wakefield (Washington State) are the cases to watch next. This episode is part of IEN's ongoing series on fiduciary duty and system-level investing. -- Resources References: * Sustainable Fiduciary Duty — Net Zero Lawyers Alliance (2025) → https://www.netzerolawyers.com/publications/sustainable-fiduciary-duties-for-investors [https://www.netzerolawyers.com/publications/sustainable-fiduciary-duties-for-investors] → Full PDF: https://cdn.prod.website-files.com/65bb9ebee081d228a8003b56/690cb02c2d3dfd4b5c3fabca_Sustainable%20Fiduciary%20Duty%20-%20FINAL%20(6%20November%202025)%20(Compressed%20-%20Guru).pdf [https://cdn.prod.website-files.com/65bb9ebee081d228a8003b56/690cb02c2d3dfd4b5c3fabca_Sustainable%20Fiduciary%20Duty%20-%20FINAL%20(6%20November%202025)%20(Compressed%20-%20Guru).pdf] * Moving Beyond Modern Portfolio Theory: Investing That Matters — Jon Lukomnik & James Hawley → https://www.routledge.com/Moving-Beyond-Modern-Portfolio-Theory-Investing-That-Matters/Lukomnik-Hawley/p/book/9780367760823 [https://www.routledge.com/Moving-Beyond-Modern-Portfolio-Theory-Investing-That-Matters/Lukomnik-Hawley/p/book/9780367760823] * How to Think About Climate Change — Riccardo Rebonato (Cambridge University Press) → https://www.cambridge.org/core/books/how-to-think-about-climate-change/6F6AAB54523738CC7CF83B0EEFECD3A2 [https://www.cambridge.org/core/books/how-to-think-about-climate-change/6F6AAB54523738CC7CF83B0EEFECD3A2] * Making Sense of Chaos: A Better Economics for a Better World — J. Doyne Farmer → https://yalebooks.yale.edu/book/9780300283327/making-sense-of-chaos/ [https://yalebooks.yale.edu/book/9780300283327/making-sense-of-chaos/] * Planetary Solvency: Finding Our Balance with Nature — Institute and Faculty of Actuaries & University of Exeter (January 2025) → https://actuaries.org.uk/news-and-media-releases/news-articles/2025/jan/16-jan-25-planetary-solvency-finding-our-balance-with-nature/ [https://actuaries.org.uk/news-and-media-releases/news-articles/2025/jan/16-jan-25-planetary-solvency-finding-our-balance-with-nature/] * Recalibrating Climate Risk — Carbon Tracker & University of Exeter (February 2026) → https://carbontracker.org/reports/recalibrating-climate-risk/ [https://carbontracker.org/reports/recalibrating-climate-risk/] – General Timestamps:   00:00 Introduction & The Net Zero Lawyers Alliance Report 02:21 The Climate Prisoner's Dilemma Explained 05:38 How Fiduciary Duties Solve the Collective Action Problem 07:22 The Three Core Fiduciary Duties: Purpose, Loyalty, and Care 09:43 The Economic Evidence: 40% Asset Devaluation & Permanent GDP Loss 13:54 Climate Tipping Points Investors Are Not Pricing In 16:20 Why Existing Law Already Applies — No New Legislation Required 18:56 Principle 1: Avoid Finance for New Unabated High-Emission Projects 23:12 Principle 2: Internalize Climate Risk in ROI Assessments 24:49 Principle 3: Pursue Viable Impact Investments in the Transition 27:09 Principle 4: Active Sustainability Stewardship 29:04 Principle 5: Advocate for Aligned Regulation and Policy 31:14 Case Law Deep Dive: Spence, McRitchie, ClientEarth v. Shell 36:46 How to Make the Case to Skeptical Trustees and Boards 43:48 Addressing the Main Objections to Sustainable Fiduciary Theory 52:34 Pending Cases and the Five-Year Outlook for Fiduciary Law 56:45 Rapid Fire: One Action, Recommended Reading & Vision for Finance