At NGP Capital, we believe that building enduring companies and investing responsibly starts with thoughtful decision making—from how teams operate to how technologies are deployed in the world.

While the term “ESG” has become a flashpoint in some circles, we continue to see long-term value in supporting companies that are optimizing resources, taking care of employees, and managing risk through strong governance.

We don’t see ESG as a checkbox—but as a catalyst for building resilient companies that deliver both strong returns and lasting impact.

As we celebrate our 20th anniversary, we want to express our deepest gratitude to our long-standing LP, Nokia—whose leadership in ESG continues to inspire us—to the hundreds of founders we've partnered with globally, and to our dedicated team who makes this journey possible.
—Bo Ilsoe, Managing Partner, NGP Capital

Highlights from the 2024 Portfolio Survey

Responsible AI is top of mind
With the rise of AI and dual-use technologies, companies are becoming more intentional about how their innovations are used. Over 75% have considered unintended consequences, with privacy cited as the top concern. By the end of 2025, more than 60% expect to have AI Codes of Conduct and governance frameworks in place.

Corporate governance is getting stronger
96% of companies now have Codes of Conduct and data privacy policies—well above the private company average. We also saw double-digit gains in companies adopting human rights and supplier conduct policies, particularly in the industrial tech sector.

More companies are tracking their environmental footprint
There was a 60% increase in companies tracking carbon emissions. While just half are actively managing their footprint, more are implementing commuter benefits, monitoring energy usage, and setting waste-reduction goals. Climate awareness is growing, and we expect momentum to continue as energy demands rise.

Diversity & talent remain a work in progress
Our companies operate across nine countries, yet gender gaps persist. Women make up just 37% of the workforce and 20% of C-suite roles. The good news? Investment in upskilling is growing, with more companies providing access to tools like LinkedIn Learning and Disprz.

Portfolio Spotlight: Founders Driving Positive Change

• EGYM is turning fitness data into proactive healthcare, with over 1M monthly users and plans to cut emissions 40% by 2030.
• Clue is advancing women’s health through ethical data practices and inclusive research. With 1M+ Clue Plus members, the platform empowers users with deeper cycle insights and personalized health tracking.
• GrayMatter Robotics is making manufacturing safer with robots that reduce physical strain and waste—customers see up to 90% fewer ergonomically challenging tasks.
• WorkFusion is redefining compliance using explainable AI, freeing up thousands of staff hours daily and training over 50,000 people in digital skills.

Looking Ahead

We’re proud that over half our portfolio contributes to the UN Sustainable Development Goals—from better health to more resilient infrastructure. And we’re just getting started. Whether it’s carbon tracking, equitable hiring, or Responsible AI, we’ll keep working with founders to turn ESG into a competitive edge.

Our Annual ESG Snapshot

At NGP Capital, we continue to integrate ESG practices across our operations—with team members from investment, finance, marketing, and operations working together to lead our efforts.

In 2024, we measured and offset our carbon footprint through high-quality carbon credits, supporting projects like the Columbia River Forestry initiative.

We also work with ecosystem partners to expand our impact. That’s why we actively collaborate with FirstBoard.io, Inklusiiv, VentureESG, and Venture Forward to advance diversity and accountability across the venture capital ecosystem.

As a UN PRI signatory, we remain committed to transparent ESG measurement and responsible investing at every level.

Explore the full report for a deeper look at our ESG progress across NGP and our portfolio.