Inside Purpose Capital’s 2025 Impact Report

Purpose Capital has just released its third annual Impact Report, marking another milestone in their journey as one of Aotearoa’s leading impact investors. We caught up with Bill Murphy, Matt Currie, Nick Pacey, and Claire Hahnhaussen, the team behind it all, to hear what stood out in this year’s report, the lessons they’ve learned along the way, and what’s next for 2025.

What are you most excited to share from Purpose Capital's recent FY2024/2025 Impact Report?

We were probably most excited to share the estimated tonnes of CO₂ equivalent emissions (tCO₂e) displaced by Lodestone Energy’s solar power generation. Lodestone conservatively estimates ~14,625 tCO₂e was displaced in FY 2025 alone. This figure will rise as more solar farms come online. 

We were also excited to share that Cool Group removed 1,356.5 kg of refrigerant from farms. These refrigerants, equivalent to 9,110 tCO2e, were safely destroyed in partnership with CoolSafe. While we introduced the metric of tCO₂e displaced by Cool Group last year, it’s very satisfying to see the numbers tick up this year. In a more nuanced development, while the jobs created by Whakatōhea Mussels Ōpōtiki ticked up by 20% year on year, those at or above the Living Wage decreased as the Living Wage increased with inflation.

Finally, we try to do something a bit different each year and this year we interviewed a few team members. It was nice to be able to share the stories of what drives some of the people behind our work.

Looking back over this reporting period, what are some of the biggest lessons or reflections that stand out?

There are lots of lessons of course, but an overall theme would be “Impact takes time – but it also accumulates and magnifies over time – so be patient and keep going.” To other impact fund managers, I’d say to just get started with publicly reporting a few metrics for each investment and then add to or refine these overtime. It’s not about getting perfection the first time, it’s about transparency and accountability.

What impact insights surprised you or made you pause this year?

When you ask impact related questions, you see the companies and projects from angles that you don’t see when you only look at the numbers. For example, when we look at the data and calculations behind certain metrics, we often get operational insights that we would not have gotten if we only asked about financial performance.

How do you see the impact investing landscape evolving—both in Aotearoa and globally—and what gives you confidence about its future?

We often get asked how “ESG pushback” in the US is affecting impact investing. The reality is that this work is needed now more than ever, and those of us in this field are even more determined to use money as a force for good. In some cases, the language and key words are evolving, but far from a set-back, this can be taken as a sign that this style of investing is becoming more mainstream. On top of that, younger generations care about purpose and having a positive impact – not to mention their future. We expect investing for purpose and profit to continue to grow from strength to strength over the next decade.

One of the strengths of your reports is how you balance numbers with narrative. What have you learned about the value (or limits) of impact metrics over time—and how do you approach telling the full story of impact?

Thanks! We’ve been doing a public impact report for three years, and that’s really quite a short period when it comes to creating, and more so to measuring, long term impact. That’s one reason why narrative is important – it provides a glimpse into  areas where there isn’t necessarily hard data yet. Stories are also relatable and give a fuller picture – not to mention being easier to remember. At the same time, hard numbers can be important for accountability, comparability, and transparency. In terms of approach, attention spans are short these days, so we aim to include both numbers and narrative in a way that is accessible to a wide audience. 

Can you tell us about Purpose Capital's recent B Corp certification?

Working to generate a positive impact alongside financial returns is our bread and butter so B Corp certification was a natural fit! While we were already doing many of the things required of B Corps, and would continue doing these things regardless (like our carbon foot printing), the certification is another piece of accountability and validation.

Last year, you shared your experience becoming a signatory to the Operating Principles for Impact Management. Now a year in—and having just published your second Disclosure Statement—how has this shaped the way you view, communicate, or enable impact across your work?

Our signatory status with the globally recognised Operating Principles for Impact Management (Impact Principles) is a reflection of our commitment to best practice and another layer of transparency and accountability. The disclosure statements have been useful in documenting our practices and providing nudges for continuous improvement. Most importantly, our alignment with the Impact Principles has been independently verified by The Lever Room. This provides confidence to the market of our rigour in impact management, and we hope other New Zealand Impact Fund managers will join us as signatories!

What’s next?

Keep your eyes peeled: we'll be launching the capital raise for Purpose Capital Impact Fund 2 in September!

A big thank you to the Purpose Capital team for sharing their reflections with the Impact Investing Network community. To dive deeper into the full Purpose Capital 2025 Impact Report, click here.

Purpose Capital Impact Report 2025