Staying the course in troubled times
A foreword by Norselab Group’s Chairperson
If you’ve followed the impact investing space this past year, you’ll know it hasn’t exactly been smooth sailing. Between the ESG backlash in the U.S. and a tight funding landscape for startups, some mainstream investors have hesitated—or even retreated. Headlines question the value of sustainability. Asset managers soften their language. And the pressure to deliver short-term results sometimes overshadowed longer-term perspectives.
The impact investing market has continued its impressive trajectory, growing at a 21% rate (…). That’s not a fad—it’s a movement with momentum.
But step back, and the broader picture tells a different story. According to the Global Impact Investing Network (GIIN), the impact investing market has continued its impressive trajectory, growing at a 21% rate (CAGR) over the past five years and reaching $1.57 trillion globally. That’s not a fad—it’s a movement with momentum.
And if you zoom in on the community of impact investors—the ones who’ve entered the space because they believe that impact investing is simply better investing—there is more to it. Rather than turning away, many of them are doubling down. We’re seeing a surge in catalytic capital initiatives, a renewed appetite for emerging markets, and bold experimentation with new models, partnerships, and instruments.
In other words, impact investors are doing what they do best—adapting, learning, and leading. It’s a vibrant and inspiring community to be a part of!
At Norselab, 2024 brought plenty of reasons to stay the course. Our two high-yield credit funds continued to defy the skeptics, returning 16.20% and 25.17%, respectively, in 2024—a result many thought impossible while applying an impact lens to investments.
Our growth equity portfolio stayed resilient, despite the scarcity of capital available for external rounds. By tightening operations and moving steadily toward profitability, they’ve positioned themselves to seize opportunities when markets rebound.
We’re also seeing the beginnings of what many in the industry have long waited for: real data on impact investments' financial and impact performance. The GIIN reports that 94% of impact investors met or exceeded financial return expectations, and their research indicates that private-market impact funds perform on par with peers. Growing evidence helps prove what we’ve always believed—that meaningful investing can outperform.
We believe impact investing is not just resilient—it’s inevitable. Thanks for reading and for being part of this journey!
This piece was originally published in our 2024 Meaningfulness Report.
This is a marketing communication. It does not constitute solicitation of, or an offer to participate in, any investment. Past performance is no guarantee of future returns. Returns can be negative as well as positive. An investment in any Norsleab fund carries certain risks, including the risk of loss of principal, and is suitable only for qualified, professional investors who fully understand the risks of such an investment. Please refer to the fund prospectus before making any final investment decisions.
