This year’s exclusive list of private markets’ largest managers of impact capital shows consolidation among the heavyweight firms.
Our Impact 50 list brings together managers of private funds across different asset classes, including private debt, infrastructure, private equity and real estate. This disparate group of funds and managers is united by a common approach: the intentional pursuit of positive, measurable, social or environmental impact alongside financial returns.
TOP 10 IMPACT INVESTING FIRMS
| Rank | Manager | Headquarters | Five-year fundraising total ($m) |
|---|---|---|---|
| 1 | Brookfield Asset Management | New York | 30,611 |
| 2 | TPG | San Francisco | 20,891 |
| 3 | EQT | Stockholm | 9,805 |
| 4 | Meridiam | Paris | 9,409 |
| 5 | Goldman Sachs Asset Management | New York | 9,244 |
| 6 | BlackRock | New York | 8,382 |
| 7 | Actis | London | 8,177 |
| 8 | Enterprise Community Partners | Columbia | 7,818 |
| 9 | Eiffel Investment Group | Paris | 7,028 |
| 10 | The Vistria Group | Chicago | 6,830 |
Top 10 Impact Investing Firms
Here is a brief overview of the biggest impact investment firms in private markets as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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Brookfield Asset Management
Brookfield is officially the largest manager of private markets impact capital in the world, with $ 30.6 billion raised over the past five years. The firm has now raised two iterations of its Brookfield Global Transition Fund, the most recent of which, the $20 Fund II, closed in September 2025.
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TPG
TPG is the second largest manager of private markets impact capital in the world, according to the Impact 50. It’s impact platform, called TPG Rise, has raised a total of $20.9 billion in the past five years across a number of different strategies. These include generalist private equity impact, climate-focused private equity, and climate-focused infrastructure.
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EQT
Private markets giant EQT is placed third on the list of largest private markets impact capital in the world. It has a five-year impact fundraising total of $9.8 billion and at the centre of this is the EQT Future Fund, a €3.6 billion pool of private equity capital investing in businesses aligned with positive impact in two areas: climate and nature, and health and wellbeing.
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Meridiam
Meridiam holds the number four spot in the Impact 50, having raised $9.4 billion of impact capital. The Paris-based infrastructure and impact specialist emphasizes alignment with the UN SDGs, durable impact measurement and long-term project investing in energy, mobility, social and environmental infrastructure.
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Goldman Sachs Asset Management (GSAM)
GSAM is the fifth largest manager of private markets impact capital in the world, with a five-year fundraising total of $9.2 billion. Leveraging its global reach, credit and private markets platform, Goldman’s impact strategies include vehicles for climate, inclusive finance and energy transition themes.
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BlackRock
BlackRock sits at number six with $8.4 billion raised in impact-oriented private markets vehicles. These include strategies with a social impact thesis, for example a vehicle that invests across asset classes in companies and projects owned or led by Black, Latinx or Native American teams. It also includes funds with an environmental thesis, like the Decarbonization Partners joint venture with Temasek.
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Actis
Actis ranks number seven, with $8.2 billion raised over the five-year window. The firm brings deep emerging markets experience, particularly in clean energy, sustainable infrastructure and growth equity in developing economies.
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Enterprise Community Partners
Enterprise comes in at number eight, having raised $7.8 billion in impact capital. Founded in 1982, Enterprise Community Partners is a Maryland-based investment firm and nonprofit organization that focuses on affordable housing, racial equity, and community development across the United States. In March 2025, it closed two new low-income housing tax credit investment funds with $407 million.
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Eiffel Investment Group
Paris-headquartered multi-strategy manager Eiffel Investment Group is now the ninth largest manager of private markets impact capital in the world. The firm operates in two market segments that have benefited from buoyant allocator interest: energy transition infrastructure and impact private credit, allowing it to raise $7 billion in the last five years.
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The Vistria Group
Vistria is the tenth largest manager of impact capital, with a five-year fundraising total of $6.8 billion in impact fundraising. Vistria was founded in 2013 with an objective to deliver both financial returns and social impact. The Chicago-based firm operates strategies across private equity, private credit and real estate.
IMPACT 50: 2025
METHODOLOGY
PEI Group’s GP lists and rankings are based on the amount of capital raised for private markets funds that held a final close between 1 January 2020 and 31 December 2024 as well as capital raised for funds that were actively fundraising at the end of the counting period.
For the purpose of these lists, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely into private assets and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count fund of funds as well as recycled or rolled-over capital from previous fundraises.
For a full methodology, email Andrea Gilbert (andrea.gilbert@pei.group)
Impact capital: For this ranking, we use GIIN’s definition of impact, namely: “Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return in private markets. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate, depending on investors’ strategic goals.
“The impact investment market provides capital to address the world’s most pressing challenges in sectors such as renewable energy, sustainable agriculture, affordable/social housing, as well as debt and equity investments in firms that focus on providing answers to such challenges.”
For funds in market, capital raised via actual LP commitments which were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
The Impact 50 is not a performance ranking, nor does it constitute investment recommendations.
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