The New Private Markets Podcast

Inside OTPP's revised climate strategy with Anna Murray

In February, Ontario Teachers’ Pension Plan [https://newprivatemarkets.com/database/institution-profile/id/institution:989ss/Ontario_Teachers%E2%80%99_Pension_Plan/?_gl=1*1krhjtu*_gcl_aw*R0NMLjE3NzU3MjM5NzAuQ2p3S0NBanduTjNPQmhBOEVpd0FmcFRZZXNtQmFLcVd5dloyT3BwZ1U4dVlDVncwWnFjdGt6RlJheW5wUGNnR2RCNzFfUkk2RUxRTVNCb0NKOHdRQXZEX0J3RQ..*_gcl_au*MjA3MDIxMTU4NC4xNzcxMjU2NjY0LjExMzEzMjk0ODAuMTc3NjA4OTU3Ny4xNzc2MDg5NTc2*_ga*MTk2MDYyOTM4MC4xNzE2MTk0OTMy*_ga_82HMS91CXC*czE3NzYxNjI1MDEkbzE4MSRnMSR0MTc3NjE2MzQ2MyRqNTEkbDAkaDA.], a Canadian pension plan with C$270 billion ($197 billion; €167 billion) in assets, unveiled a revised climate strategy [https://www.newprivatemarkets.com/otpp-unveils-70bn-climate-aligned-private-markets-investment-target/], with new targets and new ways to measure progress. In this episode, Anna Murray, senior managing director and global head of sustainable investing, takes us behind the changes, explaining why the pension has moved away from emissions intensity as a primary way of measuring climate progress and how the new strategy shifts towards "real world impact". "While the direction of travel is clear for the energy transition, it's not necessarily linear, so it's going to move all over the place depending on what geographies we're in, depending on what sectors we're talking about," says Murray. "So the idea [is that the new climate strategy] takes into account this nuance, while understanding that the direction of travel is clear." Murray, who was listed among our sustainable private markets influencers [https://www.newprivatemarkets.com/influencers-in-sustainable-private-markets-investors-part-2/] in 2024, also gives her views on the evolution of sustainability within the context of institutional investment: "It is reasonable to see retrenchment from heavy-handed virtue signalling, and it is in fact quite inspiring and exciting that we are now in era of pragmatism and getting to work."

Why APG is 'clamping down' on ESG data, while ramping up impact

APG Asset Management [https://newprivatemarkets.com/database/institution-profile/id/institution:98b8i/APG_Asset_Management/] is one of the world's most influential investors in private markets, and a leader in the integration of sustainability and impact into its investment approach. It manages around €590 billion on behalf of Dutch public pension funds and has an ambitious €30 billion target for impact investments. In this discussion with Patrick Kanters, APG's chief investment officer, private markets, we  dig into a number of topics, including: * How APG is reassessing its exposure to emerging markets; * How its impact allocation requires it to rethink the risk curve, and what that means for its underwriting process; * Why APG is trying to "clamp down" on the amount of ESG information it is asking for from its partners; * How geopolitcal friction and a more deglobalised world is shaping its approach to private markets investment, and investment in defence. APG was among the winners of the New Private Markets Global Awards [https://www.newprivatemarkets.com/new-private-markets-global-awards-winners/#annual-awards-2024] this year. It was named as Limited Partner of the Year (Impact) [https://www.newprivatemarkets.com/new-private-markets-global-awards-2025-limited-partner-winners/] after making significant headway during 2025 in advancing its impact investment programme and contributing to the wider market. Note: APG Asset Management will be among the many allocators at New Private Markets' upcoming Impact Investor Global Summit [https://www.peievents.com/en/event/impact-investor-global-summit/] on 19-20 May in London.

BCI: Why ESG is 'one of the last frontiers' in value creation

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 [https://www.peievents.com/en/event/responsible-investment-forum-new-york/home/] on 18-19 March, The New Private Markets Podcast [https://www.newprivatemarkets.com/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 [https://newprivatemarkets.com/database/institution-profile/id/institution:989m7/BCI/] (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.

What's it like raising climate capital today?

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 [https://newprivatemarkets.com/database/institution-profile/id/institution:989vs/Nuveen/], the asset management subsidiary of retirement services firm TIAA [https://newprivatemarkets.com/database/institution-profile/id/institution:98d1n/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 LPs should manage a private markets impact programme amid slower DPI

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 [https://newprivatemarkets.com/database/institution-profile/id/institution:98a3r/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 [https://live.peievents.com/nexus] and is heading to Scottsdale, Arizona!