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Meet our new Summates

We are excited to introduce three new Summates; Sebastian Greve Sunde, Marika Vitiä and Martin Gjølme. Why did they want to join Summa, and what book do they keep on the nightstand?

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Sebastian Greve Sunde

Why Summa? I am very excited to be part of Summa, passionate about our strategy and philosophy, and confident that solving global challenges will be a key contributor to superior returns over the coming decades.

Prior to joining Summa, I worked at The Boston Consulting Group in London and New York – focusing on Private Equity, TMT, and Sustainability. I hold an MSc in Finance from the London School of Economics and a BSc in Business Management from King’s College London.

As a Summate, I will help our portfolio companies create value and reach their fullest potential. As part of the investment team, I will also assess new investment opportunities.

The last book I read, was Rebecca Henderson, Reimagining Capitalism. I don’t think I will do the book justice by summing it up, but it outlines how capitalism needs to change if we are to build a just and sustainable world. Businesses and purpose-driven organizations such as Summa can make a difference. And no matter how big or small Summa will be in the future, we’ll at least be trying.

Curious to learn more about Rebecca’s book? At our AIM, the author shared key insights from the book, in a conversation with Reynir.

Marika Vitiä

Why Summa? Summa is a powerful opportunity for me to make a deeper contribution to the future and life of fellow humans, in addition to the personal choices I make every day.

Prior to joining Summa, I worked in private equity, most recently with investments in health care services. I started my career in banking at Morgan Stanley.

As a Summate, I will focus on opportunities within the Changing Demographics Investment theme.

The last book I read, was Wild Swans – Daughters of China written by Jung Chang. It’s a family history of three generations of strong females living in China over the past century. It gives you one perspective on how China has developed into what it is today and also how the role of females has changed and how they have gained respect in a shifting period of history. Lots of universal topics that are relevant today. It is interesting to look back in history to see how we have repeated and solved challenges in the past.

Martin Gjølme

Why Summa? Working in Summa allows me to combine my desire to generate positive externalities that are fully aligned with growth, creating both value and positive impact.

Prior to joining Summa, I have spent the bulk of my career following my passion for working with businesses from early-stage start-ups, growth/scale-ups to mature organizations in their development and paths to value creation. Through these experiences, I have gained skills in managing growth companies and companies in need of change and strategic review, always looking for new ways of creating value, working at McKinsey, 3i Private Equity and Sole Kapital.

As a Summate, and partner at Summa Equity, I will lead our execution effort within the Resource Efficiency theme.

The last book I read, was The Man who solved the market; The unbelievable story of a secretive mathematician who pioneered the era of the algorithm – and made $23 billion doing it. The book showcases how advanced analytics and machine power can be leveraged to solve business problems and uncovering insights faster and more easily. I’m an Advocate of the philosophy of augmented intelligence for the human domain expert, i.e., machine intelligence and human intelligence collaborating to solve real-world business problems.

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  4. Women’s Career Network welcomes Summa

Women’s Career Network welcomes Summa

Women’s Career Network welcomes you to an event together with Summa Equity on the 3rd of December between 18:00-19:30.

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During this virtual meeting, you will get an exclusive opportunity to learn more about Summa Equity, focusing on how we invest in solving global challenges and how we actively work with equality. You will get the opportunity to listen to Hannah Jacobsen who is Investment Director and head of Investor Relations at Summa Equity.

Women’s Career Network (WCN) is a network for women that combines passion and hard work. They believe that success is the result of genuine interest and dedication. By uniting women who share their values, they want to inspire and motivate more women to challenge society’s gender norms and contribute to a higher percentage of women on leading company positions.

All female members of Women’s Career Network are welcome to the event and no previous knowledge is required. The final registration date is December 1st.

When? Day 3rd of December 18:00-19:30 (GMAT – timezone)
Where? Teams. A link to the teams-meeting will be sent out per email before the event.

A warm welcome from Summa & Women’s Career Network!

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  4. Reynir in Real Deals: We’ve reached a tipping point for ESG in private equity

Reynir in Real Deals: We’ve reached a tipping point for ESG in private equity

In an article published by Real Deals, Reynir Indahl tells us how to use ESG to create more value and reduce risk. Summas’ founder and managing partner say it’s time to ask whether your business is part of the problems facing the world or part of the solution.

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As countries all over the world battle the second wave of Covid-19, business resilience is front of mind for organizations everywhere. Reynir argues that companies were under increasing pressure to consider a range of external threats in how they run their operations, even before the pandemic.

It is becoming increasingly clear to businesses and investors, that they must pay more than lip service to the “externalities” that could impact growth, provide opportunities to outperform, and even dictate their very existence, in the coming years.

The current investment climate is as volatile and uncertain as any time since the second world war, as the global economic growth is slowing, national debt-to-GDP ratios are increasing, while climate change, population growth, and an overuse of the planet’s natural resources have huge implications for society and the environment. While digitalization is driving innovation, it also reinforces inequality through disrupting employment and ways of working.

This might paint a bleak picture and indeed, for businesses, ignoring these macro trends could have serious consequences, through regulation, employee pressure, reducing customer demand and reputational damage – all of which are magnified in the age of media proliferation and information sharing.

The author argues that it is in finding solutions to these problems, that the biggest opportunities lie, and even in companies that don’t operate in obviously ‘ESG friendly’ industries, incorporating ESG thinking can be a significant driver of innovation and growth. All businesses create additional costs and benefits to society and the environment, which vary depending on the activities they’re involved in.

(…) for any organisation, maximising the good and minimising the bad can bring advantages for corporate competitiveness, operating performance and long-term value, by influencing employee motivation, customer and stakeholder commitment, attracting talent and reducing waste and inefficiencies.

Reynir’s key point is that ESG can’t simply be bolted on alongside the main profit drivers, but instead must be an integral part of how a business creates competitive advantage and drives value. Read the whole article in Real Deals.

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  4. Summa wins prize at the Private Equity Awards 2020

Summa wins prize at the Private Equity Awards 2020

We’re pleased to announce that Summa last week was named the Continental Regional Private Equity House of the Year at the Real Deals Private Equity Awards 2020.

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The award recognizes the overall achievement of buyout houses focused on a particular region of the Continental market in the calendar year of 2019, reflecting success in fundraising, new deals, and exits, as well as the overall evolution of the firm.

We are proud to have been recognized by the industry, and humbled that we have been awarded in a mainstream category for our success in impact investing, says Reynir Indahl, founder, and managing partner at Summa.

The award is decided upon by a panel of leading LP judges, following research carried out by Real Deals, now in their nineteenth year. This is the same award ceremony that Summa won ESG prize last year.

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  4. Reynir in Financial Times: Commercial success is key to ethical investing too

Reynir in Financial Times: Commercial success is key to ethical investing too

In a Letter to the Editor of The Financial Times, Reynir Indahl responded to Robert Armstrong’s criticism of ESG investing. Reynir argues that Armstrong underestimates the risks of failing to consider externalities and social impact in business strategy, as well as the opportunities for those who put ESG at the core of their approach.

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Reynir (founder and managing partner of Summa Equity) writes that the problem is that ESG is still seen by too many organizations as being independent to commercial success, rather than an integral part of how they drive value and create competitive advantage:

There are numerous ways to create social and environmental benefit, but not all are materially relevant to every business. By focusing on strategies that span social and commercial, organisations will not only have the greatest impact on society and the environment, but also identify the biggest opportunities for innovation and growth.

Reynir considers Covid-19 as the perfect example of how externalities can cripple whole sectors in the blink of an eye. While the pandemic was unforeseeable, there are numerous more obvious threats, such as climate change, overburdened natural resources and rising inequality, which threaten economies and growth around the world. In Indahls opinion, the risk and cost of running, or investing, in so-called “wicked companies” is increasing all the time, through regulation, employee pressure, and customer demand.

Conversely, it is in finding solutions to these externalities, where the biggest opportunities lie.

Background: Robert Armstrong’s The fallacy of ESG investing, 23 October 2020.

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  4. The first version of the SDG Impact Standards for Private Equity Funds is now available

The first version of the SDG Impact Standards for Private Equity Funds is now available

The SDG Impact Standards are being designed to help businesses and investors translate their desire to make a positive contribution towards achieving the SDGs by 2030 into action. The first version of the Standards for Private Equity Funds is now available, and Summa Equity is part of the Implementation Working Group.

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The Standards aim to represent best practice with regards to impact management and measurement practices, they can be used by anyone, will be voluntary and a freely available public good.

We are excited to share our experiences to contribute to a best practice standard for the industry. In an increasingly crowded marketplace where funds claim to be SDG enabling and concerns around funds “SDG-washing”, it is important that these SDG Impact Standards recognize and lift those who are truly changing how business is done, says Reynir Indahl, founder and Managing Partner, Summa Equity.

Given the changing marketplace where more funds are trying to navigate how to enable the SDGs, these Standards aim to help drive capital where it is needed the most. These Standards will also help funds that are creating SDG impact differentiate themselves. Read the full statement from SDG Impact on the UNDP website.

The Implementation Working Group, including Summa, will do a self-assessment in relation to the Standards, to help UNDP develop further guidance, best practice examples and provide input for the assurance model. To stay updated in the process, sign up for the Newsletter here.

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  4. Highlight from the AIM: Rebecca Henderson on reimagining capitalism

Highlight from the AIM: Rebecca Henderson on reimagining capitalism

At our Annual Investor Meeting, we had the honor of having Rebecca Henderson as a special guest. Rebecca (John and Natty McArthur University Professor at Harvard University) teaches the award-winning MBA class “Reimagining Capitalism”, now also available as a book, which is nominated to the “Business Book of The Year 2020” by McKinsey and Financial Times.

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At our AIM, Rebecca shared key insights from the book and also discussed with Reynir how capitalism needs to change to build a sustainable world. She also shared her reflections on Summa Equity’s approach and development. If you missed her during the AIM, here comes another opportunity to listen to Rebecca and Reynir’s discussion:

Henderson’s “Reimagining Capitalism” not only outlines how capitalism needs to change if we are to build a just and sustainable world, but also draws on twenty years of research in organizational change, innovation and disruption, and political theory in combination with a series of in-depth case studies to outline a practical roadmap for how we can get there from here. Businesses can change the world. In the book, Rebecca uses Norsk Gjenvinning as a case study on how to turn around a business to become sustainable and compliant, and Summa Equity is used as a case study on how to build purpose-driven organizations as a Private Equity firm.

Rebecca on why she wrote the book:

“For the last fifteen years, three truths have kept me up at night.

First, the world is on fire. The burning of fossil fuels—the driving force of modern industrialization—is killing hundreds of thousands of people, while simultaneously destabilizing the earth’s climate, rising sea levels and driving mass extinction.

Second, wealth is rushing to the top. The fifty richest people among them own more than the poorer half of humanity, while more than six billion live on less than $16 a day. Billions of people lack access to adequate education, health care, and the chance for a decent job, while advances in robotics and artificial intelligence (AI) threaten to throw millions out of work.

And third, the institutions that have historically held the market in balance—families, local communities, the great faith traditions, government—are crumbling or even vilified. In many countries the increasing belief that there is no guarantee that one’s children will be better off than oneself has helped to fuel violent waves of anti-minority and anti-immigrant sentiment that threaten to destabilize governments across the world. A new generation of authoritarian populists is taking advantage of a toxic mix of rage and alienation to consolidate power.

For the last fifteen years, I’ve wrestled with the question of what businesses can do about these problems and what our role as individuals might be. What has emerged, at the end? One feeling: hope.

It is hope I feel when I meet the passionate student, the entrepreneur whose solution could change everything, the purpose-driven CEO. It is hope I feel when I read about the times, and there have been many, when citizens, governments, and businesses have worked together to fight impossible odds. It is hope I feel when I realize that, in fact, we can build a profitable, equitable, and sustainable capitalism.

Rebecca Henderson

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  4. Summa Equity acquires Sengenics to advance precision medicine through proteomics

Summa Equity acquires Sengenics to advance precision medicine through proteomics

Summa Equity Fund II acquires a majority stake in Sengenics, a functional proteomics company with a unique technology for production of full-length, correctly folded and functional proteins. Sengenics leverages its technology to support pharma and academic research in the pursuit of increasing our understanding of proteins within the human body, thereby contributing to advancing precision medicine and healthcare worldwide.

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14 October 2020, Stockholm, Sweden: Summa Equity, the purpose-driven private equity firm that invests to solve global challenges, has acquired a majority stake in Sengenics, a functional proteomics company with a proprietary technology called KREX that enables researchers to vastly improve the understanding of the human proteome and immune system. Proteomics, i.e. the large-scale study of proteins, is one of the most important areas for gaining insights into human biology and disease, as protein expressions, structures and functions are critical in reflecting states of health.

Sengenics was first founded in 2008 and went on to commercialise the KREX technology that was originally developed from a joint collaboration between the University of Cambridge and the University of Oxford. The company’s patented KREX technology enables researchers to address both the function and folding structure of proteins using one technology that allows for large numbers of proteins to be studied simultaneously, with high sensitivity and specificity. The combination of these capabilities makes KREX unique. The technology is relevant for a broad range of applications in research and throughout the value chain for drugs, vaccines and diagnostics. Sengenics is currently mainly focused on autoantibody detection for applications in autoimmune diseases, oncology and infectious diseases, including COVID-19. The company recently launched a unique high-throughput, multi-antigen, multi-domain and fully quantitative COVID-19 test, leveraging the KREX technology.

Sengenics has grown rapidly in recent years and established customer relationships with top global pharmaceutical companies, and leading research and academic institutions around the world. The company currently has commercial partnerships with 9 out of the top 10 pharmaceutical companies to co-develop complementary and companion diagnostic tests for autoimmune and cancer immunotherapy drugs. Sengenics is based in Europe and South-East Asia.

“Sengenics’ proprietary technology unlocks tremendous potential for researchers around the world to further their understanding of biology and disease,” says Tommi Unkuri, Partner at Summa Equity. “We are proud to partner with the company and support its journey, as it looks to expand its position in the market and grow its business. We look forward to supporting the Sengenics team in our shared ambition to invest to drive product development, global expansion and accelerated adoption.”

Summa Equity invests in companies that address global challenges, while managing environmental, social, and governance (ESG) factors, with the aim of increasing returns and reducing risk. It was the first company to align its investments with the UN Sustainable Development Goals. The investment in Sengenics is aligned with the firm’s Changing Demographics theme and supports the SDG Target #3: “Ensure healthy lives and promote well-being for all at all ages”, by enabling improved diagnosis, treatment and patient outcomes across a number of disease areas.

“We are excited to welcome Summa Equity as a major strategic investor and shareholder in Sengenics. Their extensive capabilities and alignment with our vision of changing the future of medicine through immune-proteomics is a very strong strategic fit. Summa also has a great deal of relevant knowledge and experience to be a value-added owner for us given its ownership of Olink Proteomics. This deal ensures a level of investment in our technology portfolio that will further advance Sengenics’ development and commercialisation initiatives,” said Dr Arif Anwar, CEO of Sengenics.

Summa Equity will be the majority shareholder in Sengenics, while key people in the management team will remain as shareholders in the company.

About Sengenics

Sengenics is a Functional Proteomics company that leverages its patented KREX technology to discover autoantibody biomarker signatures for prediction of drug response and severe immune-related adverse events (irAEs). KREX can also be used to identify autoantibody biomarkers that may be used to diagnose cancer, autoimmune, neurodegenerative or infectious diseases with higher sensitivity and specificity than conventional diagnostic tests. Some autoantibodies that are identified as diagnostic biomarkers may be protective and have potential in themselves as therapeutic biomolecules.

www.sengenics.com

For interviews or more information, please contact:

Tommi Unkuri

Partner at Summa Equity

+46 70 508 11 96

tommi.unkuri@summaequity.com

Dr. Arif Anwar

CEO at Sengenics

+60 3 2700 1364

marketing@sengenics.com

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

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The case for scalable regenerative agriculture 

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Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

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Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. EcoOnline finds a perfect match in the UK to fuel further growth

EcoOnline finds a perfect match in the UK to fuel further growth

EcoOnline expands and strengthens its comprehensive and easy to use health and safety SaaS solutions by acquiring Airsweb – a leading provider of premium Environmental, Health and Safety (EHS) software to large enterprise customers. Together, EcoOnline and Airsweb will be a leading EHS SaaS supplier for all customer sizes in Northern Europe.

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Airsweb is based in the UK. Their multi-country cloud-based platform AVA is designed for rapid deployment and known for its simplicity, configurability and ease of use. Airsweb have more than 90 large enterprise clients, with the total of 500,000 users globally.

EcoOnline have a leading position and offering within chemical management for SMB’s and large customer segments while Airsweb is strong in health and safety management for enterprise customers. Airsweb will furthermore significantly strengthen EcoOnline’s UK position. Göran Lindö, EcoOnline CEO is convinced that the two companies have a perfect match:

We have followed Airsweb for some time, and we are very impressed with their growth and the customers they have been able to attract without any external capital, even during Covid-19. Furthermore, Airsweb’s technology capability and platform are state-of-the-art. Joining forces with Airsweb will enable us to strengthen our offering towards enterprise customers and secure one of the leading positions in the UK. We also truly share the same vision to make every workplace safer, healthier and more sustainable, with simple to use and flexible SaaS tools, says Lindö.

Mark Swithenbank, Managing Director at Airsweb believes that the strong cultural fit and complementary product sets will be leveraged for the benefit of all customers:

Airsweb is delighted to be joining EcoOnline. EcoOnline is a fast growing, strongly backed software vendor that share our vision for delivering innovative software solutions. Our combined software skills and experience will immediately enhance the product offering and increase capacity to develop new solutions. We are excited to become part of the team delivering the EcoOnline vision, Mark Swithenbank

Transforming the landscape in the software market

According to a global survey from 2019, conducted by the independent research agency Verdantix, 78% of the 403 respondents said that disconnected IT systems across divisions or facilities was a significant barrier to their HSEQ performance.

More companies are recognizing the value of a lasting safety culture in creating safer and more efficient workplaces, both for the company as whole as well as for the employees and the environment. Health, safety, environment and quality (HSEQ) software facilitates this process by giving a set of tools to plan, manage and implement health and safety best practices.

Non-compliance exposes companies to reputational risks and financial penalties and their directors to criminal damages. Although aware of the risks, many companies find it difficult and costly to ensure compliance. There is a growing need to proactively and comprehensively manage health and environmental responsibilities in the workplace. Preferably in a single platform solution that seamlessly manage HSEQ processes and dispense with the need to juggle disparate systems.

A future-proof company

In 2017, capital investments from Summa Equity lead to several add-on acquisitions allowing EcoOnline to greatly expand its footprint and product offering. In February 2020, EcoOnline secured new capital from Summa Equity’s Fund II and Goldman Sachs Merchant Banking Division, allowing for further product investment and growth.

The rationale behind the transaction with Goldman Sachs Merchant Banking Division and Summa Equity’s Fund II, was to support EcoOnline´s journey in becoming the leading provider of HSEQ- and chemical-management software in Europe. The acquisition of Airsweb is an instrumental step in that direction. We have known Airsweb´s management and founders for some time now, and we are impressed with their product and capabilities, so we are delighted that we now join forces, says Christian Melby, CIO and partner at Summa Equity.

We are excited to see EcoOnline further build on its leading HSEQ and Chemical Management software offering with the addition of a state-of-the-art HSEQ, Risk & Compliance software solution in Airsweb. We look forward to continuing to support EcoOnline during its next phase of growth, says Michael Bruun, Goldman Sachs Merchant Banking Division.

This acquisition is also in line with one of EcoOnline’s founding principles to be centered on its commitment to the United Nations Sustainable Development goals (SDG). EcoOnline contributes to good health and well-being (SDG 3) by facilitating a safer workplace through control and handling of chemicals and incidents. Handling chemicals correctly also reduces the negative environmental impact of hazardous emissions (SDG 12).

About EcoOnline

EcoOnline is a leading supplier of Health, Safety, Environment and Quality (HSEQ) software, making workplace safety tasks and compliance for companies user-friendly and cost-efficient. The company was founded in 2000 and has more than 6,000 customers and over 230 employees in Norway, Sweden, Denmark, Finland, UK and Ireland. EcoOnline is experiencing rapid growth and increased demand for its services in all markets.

www.ecoonline.com

About Airsweb

Airsweb is a leading EHS (Environmental, Health and Safety) software solutions provider, focused on helping clients around the globe manage risk, maximise compliance and develop in a sustainable way. Airsweb now boast over 90 clients in over 123 countries, with over 500,000 users using our software solutions in their decision making.

www.airsweb.com

About Goldman Sachs Merchant Banking Division

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.

www.goldmansachs.com

For interviews or more information, please contact:

Göran Lindö
CEO of EcoOnline
+47 45 20 06 60
goran.lindo@ecoonline.com

Mark Swithenbank
Managing Director at Airsweb
+44 (0)151 289 6811
Mark.Swithenbank@airsweb.com

Christian Melby
Partner at Summa Equity
+47 95 81 32 77
christian.melby@summaequity.com

Joseph Stein
Media Relations at Goldman Sachs
+44 207 774 4080

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

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The case for scalable regenerative agriculture 

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Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. Summa Equity publishes Portfolio Report 2019

Summa Equity publishes Portfolio Report 2019

We are very excited to share Summa’s third Annual Portfolio Report. Our intention with the report and the process behind it is to build an understanding of how we are contributing to the SDGs, what the correlations are with the portfolio’s financial performance, what the negative impacts are and where we need to improve.

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This year, we have further aligned our reporting with the norms defined by the Impact Management Project (IMP). This is part of our effort to continuously improve the clarity and quality of our portfolio report. While the norms are integrated into our screening process for new investments, we have in the portfolio report leveraged the IMP framework more clearly to improve our external stakeholder communication. While the commentary cannot address all relevant aspects, we believe it provides valuable insight into how the companies affect a broader set of stakeholders.

Normative, our provider of sustainability analytics, has again helped us compile the data and assess negative externalities. Although recent times have provided us all with some challenges, we have made several improvements to our data gathering processes and some enhancements to the methodology. We have also engaged extensively with our portfolio companies over the last year to improve the way we quantitively measure positive impacts.

We hope that you will enjoy reading about all the exciting solutions that our portfolio companies’ heroes are providing and how they make a difference to our world!

Download Summa Equity Annual Portfolio Report here.

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

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The case for scalable regenerative agriculture 

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Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

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Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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