This is a summary an interview originally published by New Private Markets.
As we enter 2026, the conversation around sustainable investing has fundamentally shifted. Limited Partners are no longer satisfied with sustainability as a thematic narrative—they're demanding evidence that it drives competitive advantage and superior returns.
LPs are now distinguishing between sustainability as a thematic narrative versus a source of competitive advantage.
Beyond Thematic Investing: A Systemic Approach
At Ardabelle, we've built our entire investment thesis around what we call an "ecosystem-wide picture" of decarbonisation. This isn't about cherry-picking green-labelled assets or making incremental ESG improvements. It's about understanding how the transition to a sustainable economy creates value across entire value chains.
Why Supply Chain Transformation is Central
The companies best positioned to capture value in this transition aren't necessarily the most visible "green" players. They're the B2B enablers—the mission-critical suppliers helping large corporates transform their operations and meet their own sustainability commitments.
The European Advantage
Europe's regulatory environment—often portrayed as a burden—is actually creating tailwinds for companies and investors smart enough to get ahead of it. This is where Ardabelle's deep sector expertise and operational capabilities become decisive.
Looking Ahead: 2026 and Beyond
Our view is that 2026 will be less about what new impact measurement tools will emerge, and more about which managers have excelled in deploying them. We see two meaningful shifts on the horizon—from AI-powered tracking to enhanced cross-portfolio benchmarking—that will reshape how sustainable value creation is measured and rewarded.