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 this year. It was named as Limited Partner of the Year (Impact) 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 on 19-20 May in London.

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 on 18-19 March, The New Private Markets 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 (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.

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, the asset management subsidiary of retirement services firm 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.