Impact Insights from Billion+ AUM Funds: 3 Models with Global Strategies That Scale (#097)

What does it look like when billion-dollar funds put impact at the core of their investment strategy?

In this 3-in-1 compilation episode, we revisit conversations with investors managing tens of billions across public fixed income, public equities, private equity, and impact-focused real estate. Each one makes the case that environmental and social outcomes aren’t a tradeoff – but a source of lasting value and market-beating returns.

Meet the leaders turning billions into measurable impact:

Michele Giddens, Co-Founder and CEO of Bridges Fund Management

Bridges was launched in 2002 with £40 million – including just £10 million in catalytic capital. Today, it manages over £2 billion across private equity, impact real estate, and outcomes contracts.

From the start, its mission has been to invest in solutions that drive both a more inclusive economy and a more sustainable planet – ideally, both at once.

Michele describes their theory of change simply: addressing systemic social and environmental challenges isn’t a tradeoff – it’s a way to unlock high-performing markets. Whether it's converting inefficient office buildings into low-carbon co-living hubs or financing housing solutions for marginalized youth, Bridges targets overlooked problems with market-driven solutions.

Full episode

Ben Dear, Founder and CEO of Osmosis Investment Management

Osmosis was built on a simple but overlooked idea: companies that generate more economic value while using less carbon, water, and waste will outperform. Ben believed resource efficiency wasn’t just good for the planet – it could be a consistent, data-driven investment factor.

He was right. Today, Osmosis manages over $17 billion in global public equity strategies, all powered by their own proprietary environmental data. They collect and standardize metrics across carbon, water, and waste – giving them a lens on corporate performance that most investors miss.

Their low-risk flagship targets just 0.5–1% above benchmark returns – yet still outperforms two-thirds of global equity funds on Morningstar. Their higher-alpha strategies deliver 2–3% annually, while cutting portfolio footprints by up to 70%.

Check out the full interview:

Part 1

Part 2

Stephen M. Liberatore, Head of ESG and Impact for Global Fixed Income at Nuveen

Nuveen manages just over $1 trillion globally – and Steve oversees more than $20 billion of that in ESG and impact-focused public fixed income, across 38 distinct funds.

While most associate impact with private markets, Steve has built one of the world’s largest impact bond strategies by focusing on public debt. His theory of change is rooted in scale: in 2023, public fixed income financed over $800 billion in climate transition – ten times more than private equity and venture combined.

Every security in Steve’s portfolios must deliver a direct, measurable environmental or social outcome. That means no sustainability-linked bonds with vague KPIs. Instead, the team targets use-of-proceeds instruments that reduce financing costs for projects like clean energy, affordable housing, and ecosystem restoration – while delivering market-rate returns.

Full episode

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