Summa Equity: creating value and positive societal impact

The approach, initiative or process 

Summa Equity’s approach to responsible investment is fundamentally rooted in solving global challenges, going beyond conventional environmental, social and governance (ESG) integration to focus on intentional, additional and measurable impact. This strategy is primarily focused on private markets, specifically private equity, where Summa takes a controlling stake in companies. The core of Summa’s innovation lies in its proactive and deeply integrated impact measurement framework, which has undergone substantial evolution, particularly over the last two years.

Summa examines the entire value chain and measures the positive and negative externalities of its investments across lifecycle stages and exceeding standard ESG metrics. This proactive approach is driven by the conviction that deep impact integration informs strategic development, increases sales by highlighting true value to stakeholders and ultimately contributes to better risk-adjusted returns by identifying resilient and growth-oriented businesses. In this way, sustainability factors are integrated as levers for growth, not just as risk mitigants. Summa’s commitment to impact is built on three core principles: intentionality, additionality, measurability.

Intentionality

Summa’s core thesis is to invest in companies whose products or services inherently contribute to solving global challenges. This is not an add-on, but a fundamental driver of asset selection. The intentionality is evident in Summa’s chosen investment themes: circularity, sustainable food, energy transition and tech-enabled resilience. Through deep thematic research, Summa combines academic, industry and investment views on the systemic challenges and how they can be solved in the sectors Summa invests in. Each investment is then mapped to its potential positive contribution through the theory of change framework.

Additionality

Summa seeks to invest in companies where its active ownership can meaningfully accelerate the positive impact. This involves deep sectoral research and partnership with leading experts to identify and scale best practices. Rather than just identifying existing positive impacts, Summa actively works to enhance them. This includes co-creating impact strategies with management teams, introducing sustainability-linked performance targets and improving sustainability practices across supply chains.

Measurability

Unlike some investors who focus solely on sustainability risks, Summa measures and tracks positive impact outcomes as well. Impact measurement is therefore integrated from the very beginning of an investment, using the data to inform strategic decisions and guide development. Crucially, these metrics are not only used for reporting, but insights are also embedded into value creation plans, which can affect exit valuations.

Beginning in 2019, Summa embarked on a journey in impact accounting, piloting the Impact-Weighted Accounts (IWA) project with Harvard Business School. The initial pilot measured climate and employment impacts in monetary terms for a select number of companies in their portfolio. This analysis transforms societal impacts into a ‘single currency’, enabling the identification of critical focus areas and driving strategic insights – a significant departure from traditional sustainability reporting, which often lacks a unified metric for positive impact.

Building on this foundation, Summa now uses impact accounting to measure climate and employment impacts across all of its portfolio companies. In 2024, Summa deepened this work with the consultancy Valuing Impact, conducting case studies on four portfolio companies. The case studies cover not only climate and employment, but all positive and negative impacts across human, natural and social capital across the companies’ entire value chains.

Summa also ensures sustained impact beyond exit. Pagero was acquired by Summa Fund I in 2017. Following four successful years of ownership, the company listed on Nasdaq First North, enabling the company to raise additional capital and deliver on its business plan. Since the Summa acquisition, Pagero has become a global leader within B2B digital communication, more than quadrupling revenues through best-in-class product development and significant geographical expansion. Furthermore, Summa supported the professionalisation of Pagero’s sustainability efforts, including impact accounting and the implementation of science-based targets and robust business conduct policies, this was instrumental in securing key contracts.

Another example is Olink. Summa first invested in Olink in March 2019 and subsequently the business listed in March 2021, following strong performance. During Summa’s ownership, Olink grew from a small niche player with fundamentally good technology to the clear world leader in the field of proteomics. The company has an unparalleled technology, product and market position today, directly addressing the critical challenge of in-depth proteomic analysis and thereby holding the potential to revolutionise discoveries across the life sciences.

Measures to ensure transparency and generate outcomes

• Clear articulation of investment thesis: Summa’s investment thesis is explicitly linked to solving global challenges. This intentionality is underpinned by rigorous systems analysis and communicated clearly to investors and stakeholders, ensuring alignment to the desired societal impact. By investing in companies that address global challenges, Summa positions its portfolio to benefit from strong market tailwinds and growing demand. For example, Summa has found that the circular economy is projected to reach an estimated valuation of EUR 1.5 trillion by 2040, demonstrating significant growth potential for companies like the portfolio company NG Nordic, which handles around 2 million tonnes of waste annually. Similarly, the sustainable food markets where another portfolio company – Nutris – operates, is expected to see a four-fold growth from 2025 to 2035. This expected growth highlights robust market opportunities within the alternative protein sector and regenerative farming.
• Impact-driven asset selection: Summa intentionally selects companies whose products or services inherently contribute to solving global challenges. This proactive approach ensures that investments are aligned with positive outcomes from the outset To provide some examples, Summa has used sector-defining research exploring the theory of change for achieving a waste-free, circular economy in Europe to drive a differentiated deal flow. Summa’s investment in Bollegraaf is directly aimed at increasing recycling and reducing waste, aligning with its vision for change within circularity. Furthermore, investee company, STIIM’s focus on fish health aligns with the opportunities discovered in a report on food system transformation, which explored the future state of salmon aquaculture and its potential to be a positive building block for a sustainable food future.
• Quantifiable impact metrics and generating outcomes: Summa’s focus on generating measurable outcomes is driven by the belief that positive societal impact is not just a desirable side effect of investment but also a core driver of long-term value creation. Summa utilises rigorous impact measurement methodologies to quantify the societal outcomes of their investments. Each portfolio company will report on the progress towards company-specific impact KPIs, progress in areas such as climate action and biodiversity, as well as general sustainability metrics.
• Active ownership and value creation: Summa actively engages with portfolio companies to enhance their positive impact. This includes providing strategic guidance, leveraging their network to scale solutions and supporting innovation in impact measurement and reporting. This work is further supported by an impact community, an interactive space for knowledge-exchange and learning.
• Detailed impact measurement: Summa’s impact accounting methodology, developed in collaboration with Harvard Business School and further refined with Valuing Impact, provides a framework for quantifying societal outcomes. This “single currency” approach allows for clear analysis of impact and action for portfolio companies. These studies revealed insights that were not discoverable through conventional measurements. For instance, one case study showed that a product’s indirect environmental benefits were significantly greater than its operational footprint, which reshaped both company strategy and investor communications.
• Regular reporting and communication: Summa adheres to standardised reporting frameworks such as the ESG Data Convergence Initiative (EDCI) and Sustainability Finance Disclosure Regulation (SFDR), ensuring transparency on sustainability risks and performance. Impact measurement results, case studies and lessons learned are included in the annual portfolio report.
• Stakeholder engagement: Summa actively engages with stakeholders, including investors, portfolio companies and experts, to ensure transparency and accountability in their impact measurement and reporting.
• Continuous improvement and learning: Summa views impact investing and measurement as an ongoing journey. The continuous collaboration with leading academic institutions and willingness to share lessons learned demonstrate our commitment to improve practices and generate even greater outcomes.

PRI disclaimer:This case study aims to contribute to the debate around topical responsible investment issues. It should not be construed as advice, nor relied upon. It is written by a guest contributor. Authors write in their individual capacity – posts do not necessarily represent a PRI view. The inclusion of examples or case studies does not constitute an endorsement by PRI Association or PRI signatories.