The Upright Project, a Finland-based impact data provider, has launched the “world’s first” impact database tailored for the private equity (PE) sector quantifying the real-world impact of over 1,000 private equity and venture capital funds and over 20,000 portfolio companies.
As reported by Funds Europe, the firm introduced impact data for over 35,000 mutual funds and ETFs in September 2024 to apply data-driven solutions across diverse investment vehicles based on impact quantification methodology.
The initiative is a step forward for an industry managing $13 trillion in assets—over 10% of global public equity assets under administration (McKinsey)—and aims to provide firms with the tools to address sustainability challenges.
Upright’s model uses natural language processing (NLP) technology to analyse over 300 million scientific articles, databases from organisations like the World Health Organisation (WHO) and the Organisation for Economic Co-operation and Development (OECD), and company disclosures, providing science-based assessments of products’ environmental, social, health, and knowledge impacts globally. Committed to open data, Upright shares key private equity findings freely on its platform.
For general partners (PE/VC firms), the database offers tools to benchmark impact performance, enhance portfolio management, communicate effectively with stakeholders, and future-proof value creation strategies. Additionally, according to the provider, limited partners benefit by objectively comparing GP performance, evaluating impact claims beyond marketing, aligning investments with sustainability goals, and making informed decisions. For the public and potential talent in PE, the dataset offers insights into the industry’s role in tackling global challenges, aids career decision-making, and encourages informed discussions about private equity’s societal impact.
Ex-UN PRI ( Principles for Responsible Investment) innovation lead Mikael Homanen, who is head of scientific research, innovation and partnerships at Upright, said: “It has been thought to be impossible to measure the impact of private equity because unlisted companies disclose little about their sustainability,” Homanen explained. Traditional private equity sustainability efforts have focused on regulatory ESG disclosures or limited categories like diversity, equity and inclusion or greenhouse gas emissions. “These are crucial, but only a small part of the overall impact. The biggest impact question is: How do portfolio companies shape the world through the products and services they sell? To my knowledge, Upright is the only solution in the world giving a science-based answer to that question,” he added.
Homanen highlighted how Upright’s macro-modelling approach sets it apart. Instead of relying solely on company sustainability disclosures, the database analyses real-life material, resource, and value flows to quantify impact.
The decision to make parts of Upright’s PE fund data publicly accessible marks a “turning point” for the sector, Homanen said, underscoring the unique position of PE firms to influence global markets, pointing to their active investment strategies, close relationships with portfolio companies, and longer-term investment horizons.
The database is already gaining traction, with over 250 investors and corporate customers—including EQT, LGT Capital Partners, and Summa Equity—leveraging Upright’s data. Asset managers and owners such as Nordea, Pictet, and APG also rely on Upright for insights into their sustainability performance, shared the provider.
