We're delighted to announce the Real Deals 2023 Future 40: Climate Change Champions.

This showcases the top GPs, LPs and advisers that exemplify the importance of incorporating sustainability and climate-related opportunities into their approaches.

The Future 40 selection is based on nominations from across the industry – we received over 80 submissions for this Climate Change list, showcasing the breadth and depth of organisations' commitment to sustainable investing and contributing to a more sustainable future.

Each entry was carefully reviewed by our panel of industry specialists, who had the tough task of selecting the 40 standouts in a very compelling field. The judges focused on evaluating innovation across crucial aspects such as the articulation of the organisation's climate strategy, its effective implementation, and the measurement and transparent communication of these initiatives.

Download the Future 40 to find out how private market investment is making a measurable difference to our society and environment, with insights into the industry's ground-breaking climate change practices and organisations that champion it.

Read the Future 40: Climate Change Champions

Meet the judging panel

Rebecca Liebel, Head of ESG & Sustainability, PER

As the Head of ESG & Sustainability at PER, Rebecca works closely with clients to articulate their ESG requirements throughout the fund structure, investment thesis and value creation. 

This involves identifying the best talent at all seniority levels to drive the funds’ ESG strategy and implementation across their entire portfolio.

Rebecca's profile

James Stacey, Global Leader of Clients and Sectors, ERM

James is currently a Partner at ERM, the world’s leading sustainability consultancy. James is Global Director for ERM’s Low Carbon Economy Transition services, and was adviser to the G20 Financial Stability Board (FSB) Task Force for Climate-related Financial Disclosures (TCFD). During the period 2006–2015 James was Global Head of Sustainable Business at Standard Chartered Bank plc, the FTSE20 international bank, and a Partner at Earth Capital Partners, the private equity investor. James previously led KPMG’s UK sustainability consulting and Global environment transaction services (M&A) practices.


Rebecca Svensøy, General Counsel & Head of ESG, FSN Capital

Rebecca joined FSN Capital in 2015. FSN Capital is a leading Northern European private equity investment firm and advisor to the FSN Capital funds. The FSN Capital Funds have €4 billion under management and make investments in growth-oriented Northern European companies. The FSN Capital Funds are committed to being responsible investors.

FSN Capital’s historic strong focus on ESG is anchored in the ethos “We are decent people making a decent return in a decent way”. In 2023 FSN Capital published the 10th annual ESG report. ESG is considered core part of portfolio value creation, and the FSN Capital ESG team works hands-on with all portfolio companies to capture the commercial value of ESG. The FSN ESG team has developed industry leading framework to support this work.

FSN Capital is committed to Net Zero, and in 2021 FSN Capital participated in the development and testing of the SBTi’s sector guidance for Private Equity together with other members of the Initiative Climate International. Through this work FSN Capital was among the very first private equity firms in the world having their science-based targets validated by the SBTi.

Rebecca is a lawyer with a law degree from the University of Oslo, as well as an MBA from Bond University, Australia.

FSN Capital

Eva Morales, CEO & Founder, Circular Advisors

Eva is an entrepreneur, sustainability consultant and trainer. She is Chief Strategy Officer and Co-founder of HyveGeo, a climate tech start-up focused on carbon dioxide removal, and Hyve Forum, a think tank bridging academic research for climate action. She is also the founder of Circular Advisors, a consultancy that champions a circular economy vision for businesses and society. Eva combines private and non-profit sector experience in sustainability strategies and international development programmes. She is also a programme leader for the Circular Economy and Sustainability Strategies executive education programme at Cambridge Judge Business School.


Taku Dzimwasha, Editor, Real Deals 

Taku joined Real Deals in February 2023 as editor, coming from information provider TMT Finance, where he spent over four years as EMEA editor. He has been reporting on financial news since 2014, including stints at Euromoney's Metal Bulletin (now Fastmarkets) and IC Publications' African Business magazine. Taku graduated from Goldsmiths, University of London with a Master's degree in journalism.

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