Madrid, 07/08/2026 – Incus Capital, leading European real assets investment specialist, is pleased to announce the publication of its 2025 Sustainability Report, highlighting the firm’s continued commitment to integrating Environmental, Social, and Governance (ESG) principles across its investment activities and operations.
Since its inception, Incus Capital has focused on asset-backed lending and real assets investing across Europe, recognising the importance of sustainability in long-term value creation. The 2025 report highlights the continued evolution of the firm’s ESG framework, the integration of sustainability considerations throughout the investment lifecycle, the impact generated across its Article 8 and Article 9 strategies, and the firm’s ongoing commitment to responsible investment.
A Holistic Approach to ESG in Alternative Investments
Sustainability has been integral to Incus Capital’s investment ethos since its inception, reflecting the firm’s focus on real estate and infrastructure and their role in shaping environmental performance and social outcomes.
ESG considerations are embedded throughout the investment lifecycle, from origination and due diligence through to asset management, monitoring and engagement. Incus Capital’s most recent funds are classified as Article 8 or Article 9 under the Sustainable Finance Disclosure Regulation (SFDR), with the firm committed to maintaining this approach across future strategies.
The firm’s ESG framework has continued to evolve, with 2025 marking an important step towards greater structure and clarity in the way ESG performance is assessed and monitored across different investment strategies. The report provides a clearer distinction between the requirements and monitoring frameworks applicable to Article 8 and Article 9 funds, supported by investment-level KPIs and portfolio-level assessments.
Incus Capital’s first Article 9 impact fund, the European Renewables Credit Fund II, continues to support renewable energy producers through flexible credit solutions, contributing to Europe’s energy transition. During 2025, Incus Capital also held the first closing of its second Article 8 fund, European Credit Fund V, further demonstrating the integration of ESG considerations across the firm’s newer strategies.
Delivering Impact Through the Incus Foundation
Beyond its investment activities, Incus Capital continues to strengthen its contribution to environmental and social initiatives through the Incus Foundation.
Established in 2024, the Foundation channels Incus Capital’s philanthropic efforts towards initiatives promoting the responsible use of natural resources. In 2025, the Foundation committed €315,000 across five projects, with €130,000 already disbursed.
Key initiatives during the year included:
- Supporting Sustainable Mediterranean Cities with the OLEA Chair: The Incus Foundation committed €160,000 over four years to the OLEA Chair at the Universidad Politécnica de Madrid (UPM). The initiative supports applied research focused on energy transition, water management and nature-based solutions to strengthen the resilience of Mediterranean cities.
- Marine Biodiversity with Hope Zones: The Foundation contributed €20,000 to Hope Zones, an initiative focused on regenerative seaweed farming in Nazaré, Portugal. The project aims to restore marine biodiversity, support natural carbon sequestration and develop sustainable livelihood opportunities for local fishing communities.
- Accelerating Climate Innovation with Team for the Planet: The Foundation contributed €10,000 to Team for the Planet, supporting the development and deployment of breakthrough innovations aimed at reducing greenhouse gas emissions at scale.
- Valencia DANA Flood Relief: Following the severe flooding caused by the DANA storm event in Valencia in 2025, the Incus Foundation contributed €10,000 to the García Peralta Foundation to support an emergency mobility initiative. The programme helped restore access to healthcare, work and essential services for affected communities.
- Marine Conservation with Fundación Oceanogràfic: The Foundation continues to support Fundación Oceanogràfic through a three-year programme focused on ghost-net removal and marine conservation, helping restore local ecosystems and protect marine life.
Through these initiatives, the Incus Foundation seeks to generate measurable impact while supporting the communities and environments in which Incus Capital operates.
Key Highlights from the 2025 Sustainability Report
- €3.4 billion deployed since inception: Incus Capital has deployed more than €3.4 billion across European real assets, including real estate, infrastructure and specialty credit.
- 74 MW of renewable energy capacity: The firm’s Article 9 strategy has contributed to 74 MW of installed renewable capacity and 27 ktCO₂ of emissions avoided.
- Sustainability across Article 8 funds: 100% of energy assets in the firm’s Article 8 funds are renewable energy assets, while up to 63% of real estate assets are certified under recognised sustainability standards, including BREEAM and LEED.
- Enhanced ESG monitoring: Incus Capital has further strengthened its ESG framework through investment-level KPIs, SASB-based portfolio materiality assessments, EU Taxonomy assessments and ongoing sustainability performance monitoring.
- €315,000 committed through the Incus Foundation: The Foundation has committed €315,000 across five projects addressing marine conservation, climate resilience, sustainable urban development and climate innovation.
Looking Ahead: From Framework to Execution
With the foundations of its ESG framework now firmly established, Incus Capital’s focus is shifting towards implementation and measurable outcomes. The firm intends to work more closely with investee companies to translate ESG principles into practical, realistic and measurable actions aligned with their businesses and investment strategies.
Data will play an increasingly important role in this next phase, enabling Incus Capital to better monitor progress, identify challenges and refine its approach over time.
As a credit investor, Incus Capital recognises that its ability to influence ESG outcomes differs from that of equity investors. The firm sees this as an opportunity to support companies, particularly SMEs that may be earlier in their ESG journey, through practical and gradual improvements.
Looking ahead, Incus Capital will continue to identify opportunities within thematic strategies and real assets that can generate positive environmental outcomes while remaining grounded in strong investment fundamentals. At the same time, the Incus Foundation will continue supporting initiatives that translate knowledge into action, particularly around environmental sustainability and the responsible use of natural resources.
The full Sustainability Report 2025 is now available for download.
