
We build impact bridges that vertebrate society and strengthen social impact institutions globally.
Impact Bridge is a Spanish asset management company devoted exclusively to quality impact investments that generate authentic, intentional, and measurable impact.
Founded in 2018 to connect the financial and business sectors with the social ecosystem to promote social cohesion and to build a better world.
+80
Países diferentes
12M
12 millones
Individuals funded
200K
200.000
Enterprises funded
- Strong shareholding structure that combines the management team with institutional strategic investors.
- A team of 23 people based in Madrid with experience in top-tier financial institutions.
- Spanish asset management company (SGIIC) regulated by the CNMV.
- Strong relationship with academia through our Impact Bridge - IE Chair in Social Entrepreneurship and Impact Investing.
- Our IBIST® is an impact measurement tool backed by academic research, which evaluates and measures the social and environmental impact of our investments.
We support social entrepreneurs shaping the course of society.

Excellence

we apply most sophisticated international institutional investors’ best practices and rigor to impact investing.

Authentic impact

we invest in projects that contribute to the solution of major global social and environmental challenges, validated by an impact committee composed of renowned international experts.

Shared value

we foster collaboration and weave alliances among our stakeholders to amplify the impact of our activity.

A multidisciplinary team from international asset managers,
investment banking and academia that shares the purpose of building a fairer and more sustainabe world.


Arturo Benito Olalla
CEO & Cofounder



Íñigo Serrats Recarte, CFA
Managing Partner & Cofounder



Carlos de Abajo Llamero
Managing Partner & Co-Head of IB Sustainable Agrifood Fund



Maria Samoilova
Managing Partner & Head of IB Deuda Impacto España



Fernando Sanz-Pastor del Olmo
Managing Partner & Co-Head of IB Sustainable Agrifood Fund



Juan Molina Huertas, CFA
COO & CFO



Alejandra Pereda Alonso
Co-Portfolio Manager of IB Impact Debt



Inés Narváez Barba
Head of Legal & Compliance



Álvaro Navarro Reguero
Vice President & Head of Impact



Braulio Pareja Cano
Head of Academic Research



Juan Mazarrasa Chávarri
Investment Associate



Santos Díaz Pastor
Investment Associate



Ricardo Giménez-Arnau López de Yela
Investment Associate



Laura Aranguren Adán
Investment Associate



Pedro Sánchez Perucho
Investment Analyst



Isabela Lantero Hernández
Investment Analyst



Lia Freire Pasquau
Investment Analyst



Juan Carlos Miralles Bonilla
Investment Analyst



Iratxe Ibáñez Peláez
Investment Analyst



Ignacio López
Lawyer



Flavia Bernar
Investment Associate



Teresa Trueba
Impact Analyst


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Carlota Novales
Impact Analist

Commitee Members
Our impact quality funds have a profitable and efficient approach to solve some of humanity's most pressing social and environmental challenges.
Debt
Vehicles
IB DEUDA IMPACTO ESPAÑA F.E.S.E
Description
- Closed-end private debt fund for impact-focused SMEs in Spain and Portugal.
- Focus on capital preservation.
- Addresses both social challenges, (rural developmentin depopulated areas of Spain, decent work creation, inclusion of vulnerable groups, women's empowerment, access to basic services such as education, health, energy, financial inclusion), and environmental, particularly, circular economy, sustainable agriculture projects, decarbonization, energy transitionand efficiency.
- Classified as "article 9" according to SFDR.
- Maximum size of €150 million.





150M€
Fund Size
5M€ - 10M€
Range
+1M€
EBITDA
Documentation
IB IMPACT DEBT, F.I.L.
Description
- Global open-ended short-term private debt fund, with quarterly liquidity and monthly valuation.
- Strategy with strong emphasis on capital preservation.
- Track record since September 2019.
- Invests in impact funds with five main themes: access to basic services, climate change, decent work creation, financial inclusion and women's empowerment.
- Highly diversified with investments in more than 75 countries and financing to thousands of companies and millions of micro-entrepreneurs.
- Classified as "article 9" according to SFDR.





100M€
Target size
1M€ - 5M€
Ticket
+25
Portfolio Positions
Documentation
IB IMPACT DIRECT DEBT, F.I.L.
Description
- Global open-ended private debt fund with semi-annual liquidity and monthly valuation.
- Direct investments in corporate debt of companies that address both social challenges (access to basic services, decent job creation, financial inclusion and women's empowerment) and environmental challenges (climate change mitigation and adaptation)
- Classified as "article 9" according to SFDR.





30M€
Target Size
1M€ - 3M€
Ticket
+ 15
Portfolio Positions
Documentation
Equity
Descripción
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Vehicles
IB SUSTAINABLE AGRIFOOD FUND I Innvierte, f.c.r. / ib sustainable agrifood, s.c.r., s.a.
Description
- Spanish private equity investment vehicles (Fondo de Capital Riesgo, FCR, and Sociedad de Capital Riesgo, SCR) that invest in SMEs in the agri-food sector, with the aim of accelerating their sustainable growth.
- Invests in three verticals: agricultural production, agri-food processing and auxiliary industry, and addresses three key impact issues: climate and environment, the competitiveness of SMEs and social impact in Spain.
- Acquires equity in companies through majority and minority stakes, using flexible capital solutions adapted to the needs of companies and their partners.
- Has an institutional and private investor base composed of institutions and families with extensive expertise in the sector, which facilitates knowledge exchange, alignment of vision and the sustainable growth of invested companies.
- Investment in each project between €5 and €20 million.
- Target size of €150 million.
- Investment and harvesting periods of five years, with the latter extendable by two additional one-year periods.
- Classified as "article 9" according to SFDR.



150M€
Target size
5M€ - 20M€
Ticket
1M€-8M€
EBITDA
Documentation IB Sustainable Agrifood Fund I, FCR
Documentation IB Sustainable Agrifood Fund I, SCR
Equity
Vehicles
Global Private Equity Selection
Description
- Closed-end private debt fund for impact-focused SMEs in Spain and Portugal.
- Focus on capital preservation.
- Addresses both social challenges, (rural developmentin depopulated areas of Spain, decent work creation, inclusion of vulnerable groups, women's empowerment, access to basic services such as education, health, energy, financial inclusion), and environmental, particularly, circular economy, sustainable agriculture projects, decarbonization, energy transitionand efficiency.
- Classified as "article 9" according to SFDR.
- Maximum size of €150 million.





150M
Maximum Size
90 - 120
Underlying companies
5M€ - 100M€
EBITDA
Documentation
Documentation
Tikehau Cybersecurite Private Equity II
Description
- Spanish private equity investment vehicles (Fondo de Capital Riesgo, FCR) whose asset management is delegated in Tikehau Capital.
- Invests following the strategy of investment fund Brienne IV, managed by Tikehau Capital, which targets unlisted companies in the cybersecurity industry located across Europe (including innovative startups) through the consolidated operations of companies with proven technologies and business models.
- Duration of ten years, (extendable in two successive periods of one year each), subject to the extension of the Brienne IV strategy.





400M€
Target size
10M€ - 50M€
Ticket
5M€ - 40M€
Revenue
Documentation
Documentation
ib Tailored private equity strategies
Documentation IB Tailored Private Equity Strategies S.C.R, S.A.
Global private equity solution
Documentation Global Private Equity Solution S.C.R., S.A.
Global real estate selection
Documentation Global Real Estate Selection, FIL
Otras estrategias
Avinier: Sub-Saharan Africa women's empowerment paradigmatic academic case
We implement impact investing’s best practices
Impact Bridge Impact Scoring Tool (IBIST®), the academia-validated proprietary tool that homogenizes any investment’s impact analysis
Focused on investments’ benefit, intention and measurement through 66 inputs classified into 15 sub-categories.
BENEFIT
measurable
intentional

IBIST® is a pioneering, rigorous and robust tool that incorporates impact analysis’ best academic practices”
José Luis Fernández
Director of the Iberdrola Chair of Economic and Business Ethics at Universidad Pontificia Comillas
Academia plays a strategic role: it brings us closer to cutting-edge knowledge and allows us to generate impact investing rigorous knowledge

Teaching
We provide transversal training in impact economics and sustainability to students from prestigious universities, employees of financial institutions, family offices and foundations.
+500
Students
each year
each year
50%
of IB employees are teachers

Leadership
We accompany students and help them find their purpose through impact investing
+20
Undergraduate and master's degree final projects per year
5
Interns
per year
per year

Impact Bridge has allowed me to discover the transformative power of impact investing through the analysis of the social return generated by a project to accelerate Uganda’s electrification”
Victoria Vázquez
Former Impact Bridge Intern
Our academic network




Field research and scientific publications
We explore and develop new areas of knowledge in the field by connecting cutting-edge research with the reality of our beneficiaries' lives.
Our academic research in international refereed journals:
Our academic research in international refereed journals:
Impact Bridge-IE Chair in Social Entrepreneurship and Impact Investing
Our partnership with IE University places us right at the intersection and allows us to facilitate the interaction of academic researchers, impact practitioners on the ground and the ultimate beneficiaries of the projects we invest in.
More information
Ongoing research:
SFDR – Sustainable Finance Disclosure Regulation
SUSTAINABILITY RISK INTEGRATION POLICY
Impact Bridge Asset Management, through the products it manages, has clear sustainability objectives, specifically social impact objectives, which will be aligned with the SDGs (Sustainable Development Goals) in order to have a positive and measurable social and environmental impact.
With a diversified strategy of investments in different asset classes, the Asset Manager identifies the major global issues (themes) related to the protection and promotion of human dignity for impact investing and aligns them with the corresponding SDGs.
To select investments, the Asset Manager considers a number of sustainability criteria, which are both value-based (an investment is positively evaluated if its ESG characteristics stand out) and exclusionary (an investment is excluded from the investment universe if its ESG characteristics are incompatible with the sustainable objective of each product):
To select investments, the Asset Manager considers a number of sustainability criteria, which are both value-based (an investment is positively evaluated if its ESG characteristics stand out) and exclusionary (an investment is excluded from the investment universe if its ESG characteristics are incompatible with the sustainable objective of each product):
Exclusionary criteria
Investment in issuers whose activities do not comply with the list of activities prohibited by the International Finance Corporation (IFC) of the World Bank are excluded: (i) construction of dams with high adverse effects on ecosystems and people, (ii) production or trade of any product or activity considered illegal under the laws or regulations of the host country or the international conventions and agreements, or subject to international prohibitions, (iii) projects involving the displacement of more than 5000 people, (iv) investments impacting natural areas declared World Heritage Sites or national parks or protected by the UN, (v) extraction or infrastructure impacting other protected or natural areas, (vi) production or trade of radioactive materials, except for the purchase of medical or quality control equipment or asbestos fibres (vii) fishing practices that harm protected species or biodiversity, (viii) production or activities involving harmful or exploitative forms of forced labour/child labour, (ix) projects in companies that violate local legislation on certain matters (x) production or trade of weapons and ammunition, certain alcoholic beverages, tobacco, gambling, or casinos, (xi) projects or companies majority-owned or controlled by the government of the country unless it is in the process of privatisation (xii) illegal monopolistic practices (xiii) projects or companies that support governments that infringe human rights (xiv) projects or companies that engage in certain non-voluntary family planning practices (xv) production, trade, storage, or transportation of significant volumes of hazardous chemicals, or commercial-scale use of hazardous chemicals, (xvi) production or activities affecting lands belonging to indigenous peoples, or claimed under an adjudication, without the full documented consent of such peoples.
In addition, if a potential investment scores less than 60% on the internal IBIST® measurement tool (whose operation is further developed later in this policy), it is deemed not to meet the minimum impact requirements for each fund and would be excluded from the investment universe.
In addition, if a potential investment scores less than 60% on the internal IBIST® measurement tool (whose operation is further developed later in this policy), it is deemed not to meet the minimum impact requirements for each fund and would be excluded from the investment universe.
Value-based criteria
Impact investments are made when they contribute positively to at least one of the impact objectives defined for each product. These investments must be shown to be acceptable in three different dimensions:
- Benefits provided
- Intentionality
- Impact measurement techniques used
To assess the impact of investments, the Asset Manager has developed an impact measurement system, the IBIST® tool, which allows each investment to be analysed from a social and environmental impact point of view, from the pre-investment stage and continues while the investment remains in the portfolio, and to identify how this impact can be improved over time.
The IBIST® tool is based on 67 objective and subjective indicators and calculates a score from 0% to 100% for each investment (direct and indirect). The better the IBIST® score, the better the investment is considered from an impact standpoint.
The IBIST® tool is based on 67 objective and subjective indicators and calculates a score from 0% to 100% for each investment (direct and indirect). The better the IBIST® score, the better the investment is considered from an impact standpoint.
With the dual objective of measuring and incorporating sustainability risks, and managing the Principal Adverse Impacts (PAIs) throughout the investment decision-making process, in addition to the IBIST®, the Asset Manager also has an internally developed ESG tool. This tool, which uses proprietary and third-party data, analyses the materiality (relevance) and ESG risk for each investment in relation to 32 ESG factors. The results of this tool enable the Asset Manager to identify the main negative impacts of each investment, real or potential, and to take measures to stop, prevent or mitigate them, thus ensuring that it does not, in any case, significantly harm any sustainable objective. Such measures may include taking partial or total divestment decisions.
In addition, as part of the due diligence process, the Asset Manager thoroughly analyses all governance practices of the underlying investments. Governance is closely related to the concept of intentionality, which the Asset Manager analyses and scores with its IBIST® tool. Some of the variables studied by the Asset Manager include compensation policies, employee relationships, diversity and equality policies, and the decision-making structure within the company.
Before executing each investment, the Asset Manager conducts a study of the expected impact of the investment, analysing in detail the activities to be financed and their effects on the communities, and including an explanation of how the investment is expected to contribute to the sustainable investment objective and how it will not significantly harm any other sustainable objective. If this analysis identifies that the investment would significantly harm any sustainable objective, the investment would not be undertaken. In addition, in some of the Asset Manager's investment vehicles there are contractual impact objectives or Impact Covenants, which are determined in this screening process.
For investments made, the Asset Manager provides financial support, as well as advice on how to measure and improve the impact of these investments. When analysing this impact, the Asset Manager shares the conclusions of this analysis with the issuers in which it invests (directly or indirectly), giving them tools to improve their impact and reporting.
An open dialogue takes place with all the mutual funds and issuers in which the Asset Manager invests in relation to their respective ESG factors, with the aim of improving these factors. This dialogue is continuous and includes sending annual letters in which the Asset Manager offers specific recommendations for improvement in sustainability factors that the Asset Manager identifies from the results obtained with its IBIST® tool.
In addition, when investing through mutual funds with a corporate form, the Asset Manager participates in the corporate governance decisions of these mutual funds through proxy voting, taking into account the PAIs and other ESG issues in such voting decisions.
In addition, as part of the due diligence process, the Asset Manager thoroughly analyses all governance practices of the underlying investments. Governance is closely related to the concept of intentionality, which the Asset Manager analyses and scores with its IBIST® tool. Some of the variables studied by the Asset Manager include compensation policies, employee relationships, diversity and equality policies, and the decision-making structure within the company.
Before executing each investment, the Asset Manager conducts a study of the expected impact of the investment, analysing in detail the activities to be financed and their effects on the communities, and including an explanation of how the investment is expected to contribute to the sustainable investment objective and how it will not significantly harm any other sustainable objective. If this analysis identifies that the investment would significantly harm any sustainable objective, the investment would not be undertaken. In addition, in some of the Asset Manager's investment vehicles there are contractual impact objectives or Impact Covenants, which are determined in this screening process.
For investments made, the Asset Manager provides financial support, as well as advice on how to measure and improve the impact of these investments. When analysing this impact, the Asset Manager shares the conclusions of this analysis with the issuers in which it invests (directly or indirectly), giving them tools to improve their impact and reporting.
An open dialogue takes place with all the mutual funds and issuers in which the Asset Manager invests in relation to their respective ESG factors, with the aim of improving these factors. This dialogue is continuous and includes sending annual letters in which the Asset Manager offers specific recommendations for improvement in sustainability factors that the Asset Manager identifies from the results obtained with its IBIST® tool.
In addition, when investing through mutual funds with a corporate form, the Asset Manager participates in the corporate governance decisions of these mutual funds through proxy voting, taking into account the PAIs and other ESG issues in such voting decisions.
MAIN ADVERSE INCIDENTS
Principal Adverse Impacts are understood as those impacts of investment decisions that may have negative effects on sustainability factors.
Impact Bridge Asset Management SGIIC, S.A. ("Impact Bridge") manages the Principal Adverse Impacts on its funds, including in its investment process aseries of measures that are based on three important pillars:
- The incorporation of Environmental, Social and Governance (ESG) factors into the investment analysis and decision-making process in addition to traditional financial criteria.
- In the case of investments in other investment funds, the ManagementCompany is involved in the long-term relationship with the companies inwhich it invests, participating in corporate governance decisions throughproxy voting.
- The open dialogue with all the entities invested in the Fund, in relation to their own Environmental, Social or Corporate Governance factors, which is known as "engagement".
Context
The first measure to reduce PAIs is the monitoring of the International Finance Corporation (IFC) exclusion list 1 . In other words, Impact Bridge does not finance projects with the following characteristics:
- The production or trade of any product or activity considered illegal under the laws or regulations of the host country or international conventions and agreements, or subject to international prohibitions, such as pharmaceuticals, pesticides/herbicides, ozone-depleting substances, PCBs, wildlife, or CITES-regulated products.
- Production or trade in arms and ammunition.
- Production or trade in alcoholic beverages (excluding beer and wine).
- Tobacco production or trade.
- Gambling, casinos, and equivalent companies.
- Production or trade of radioactive materials. This does not apply to the purchase of medical equipment, quality control (measurement) equipment, and any equipment where the radioactive source is considered trivial and/or adequately shielded by IFC.
- Driftnet fishing in the marine environment with nets over 2.5 km in length
- Production or trade of non-bonded asbestos fibres. This does not apply to the purchase and use of bonded asbestos-cement laminates where the asbestos content is less than 20%.
In addition to the IFC´s list of exclusions, we apply the following exclusions:
- Production or activities involving harmful or exploitative forms of forced labour or child labour.
- Commercial logging operations for use in tropical humid primary forests.
- Production or trade of timber or other forest products that do not originate from sustainably managed forests.
In 2020, Impact Bridge adhered to the Principles for Responsible Investment (PRI) 2 , an initiative of the investment community promoted by the United Nations whose ultimate objective is to contribute to the development of a morestable and sustainable financial system, thanks to the implementation of the six principles defined:
These principles are an important part of our investment model.
- Principle 1: Incorporate ESG issues into investment research and decision-making processes.
- Principle 2: We are active investors and will incorporate ESG issues into our ownership practices and policies.
- Principle 3: We seek appropriate disclosure of ESG matters by the entities in which we invest.
- Principle 4: We promote the acceptance and implementation of the Principles in the investment sector.
- Principle 5: We work collaboratively to increase our effectiveness inimplementing the Principles.
- Principle 6: We report on our activities and progress with respect to the implementation of the Principles.
Through its vehicles, Impact Bridge undertakes to carry out its activity in strict compliance with applicable regulations and in accordance with the highestethical standards and professional conduct, including:
- The UN Global Compact and the Principles for Responsible Investment (as outlined above).
- The United Nations Guiding Principles on Business and Human Rights.
- The United Nations Sustainable Development Goals (SDGs).
Finally, Impact Bridge is a signatory to the Operating Principles for Impact Management (OPIM):
- Principle 1: Define strategic impact objectives, consistent with the investment strategy.
- Principle 2: Manage strategic impact based on portfolio.
- Principle 3: Establish the manager´s contribution to achieving impact.
- Principle 4: Assess the expected impact of each investment, based on a systematic approach.
- Principle 5: Assess, address, monitor and manage the potential negative impacts of each investment.
- Principle 6: Monitor the progress of each investment in achieving impact against expectations and respond appropriately.
- Principle 7: Perform the outputs taking into account the effect on the sustained impact.
- Principle 8: Review, document and improve decisions and processes based on the achievement of impact and lessons learned.
- Principle 9: Publicly disclose alignment with the Principles and provide regular independent verification of alignment.
Object
Impact Bridge is committed to transparency and the transmission of informationon the procedures, results and plans relating to the due diligence proceduresimplemented for the development of its asset management activity. Article 4 of the Regulation (2019/2088 on sustainability-related disclosures in the financialservices sector (hereinafter, the "Sustainable Finance Disclosure Regulation")establishes the obligation to report on due diligence policies in relation to such adverse events, which is complied through this Statement.
The Due Diligence Process
The OECD Due Diligence Guidance for Responsible Business Conductre commends that companies conduct risk-based due diligence to avoid and address these negative impacts associated with investment decision-making in asset management.
Impact Bridge has risk-based due diligence processes in place to identify, prevent, mitigate, and explain how these negative impacts are addressed. In the area of asset management, Impact Bridge has the opportunity not only to avoid adverse events but also to facilitate change through its dialogue and active voting policies, where applicable. Therefore, the existing due diligence in their business conduct is also strengthened in the area of investment decisions through specific due diligence measures.
Due diligence helps to anticipate, prevent or mitigate adverse events. In some cases, due diligence can help decide whether or not to continue activities or investments as a last resort, either because the risk of a negative impact is too high, or because mitigation efforts have not been successful.
Considering that due diligence must be proportionate to the risk and appropriate to the circumstances and context of a particular company, the following principles are followed in Impact Bridge's investment decision-making process:
- Identify the main actual or potential negative impacts
- Take steps to stop, prevent, or mitigate these negative impacts
- Monitor the implementation and results of such measures
- Report on how major adverse impacts are being addressed
In this regard, the Management Company has implemented a specific procedure in order to adequately monitor compliance with these principles on arecurring basis. In practice, the due diligence process is continuous, iterative,and not necessarily sequential, as several stages can be developed simultaneously with results that feedback into each other.
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