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Oksana Tiedt-.vtt

ENGLISH

{{00:00:05}}
Thank you so much for joining me
here at Superinvestor fresh from the

{{00:00:08}}
Family Office Europe Summit, where
you've been talking about impact and

{{00:00:13}}
investing for good purpose, if you like.

{{00:00:16}}
So what are you seeing in that
space and how well is it going

{{00:00:18}}
and what are the drivers now?

{{00:00:20}}
Yeah, I think what was eye opening for
me preparing this panel and then engaging

{{00:00:25}}
with the families is that a big number of
families still has operating businesses.

{{00:00:31}}
And then they basically took the
operating business and did a full review

{{00:00:34}}
on what climate change could have as
an impact for the operating business.

{{00:00:39}}
And for some of them, impact investing
has become basically like a hedge or

{{00:00:43}}
like an extension of what they're already
working on, but just to make sure that

{{00:00:47}}
the core business is not impacted too
severely or mitigating that impact, right?

{{00:00:52}}
So that's a very important thing.

{{00:00:54}}
operating business driven impact strategy.

{{00:00:57}}
Then, of course, you have family offices
for whom it's just, a doing good with

{{00:01:03}}
their capital, feeling responsible
for the next generation and how

{{00:01:07}}
they involve the rest of the family.

{{00:01:09}}
So there are different ways of
doing it, of course, and people

{{00:01:11}}
have different definitions.

{{00:01:13}}
But I would say this operating
model driver or starting from the

{{00:01:17}}
operating business is getting more
and more traction, which is very,

{{00:01:21}}
interesting, of course, in the
space because families control.

{{00:01:24}}
a significant part of the economy still.

{{00:01:26}}
So two factors, so risk
management almost and purpose.

{{00:01:30}}
So there's two things playing into it.

{{00:01:32}}
So if impact is a, key kind of driver
now, what does that mean in terms

{{00:01:36}}
of manager selection and what are
those family offices looking for?

{{00:01:39}}
Yes.

{{00:01:39}}
So I think there's again
there's, many ways of doing it.

{{00:01:43}}
So there are families who look for really
big bets into big chunks of economy,

{{00:01:49}}
or into big, very polluting industries.

{{00:01:52}}
So be it energy, of course, energy
transition, be it construction,

{{00:01:56}}
transportation, agriculture.

{{00:01:59}}
And then there's, I would say, a
second school of thought that wants to

{{00:02:03}}
create an ecosystem but close to home.

{{00:02:05}}
So local funds, smaller funds, enable
entrepreneurship on kind of basic

{{00:02:10}}
level, almost on the university level.

{{00:02:12}}
So those are, I would say,
two larger themes, right?

{{00:02:17}}
Either you go big scale,
global scale, or you go really

{{00:02:19}}
local and enable creation of.

{{00:02:23}}
And what would you say investors
are most wary of in this space?

{{00:02:26}}
Because obviously there's been a lot
of talk of greenwashing of companies

{{00:02:30}}
not actually walking the walk.

{{00:02:32}}
So what do you think of the measures
that are in place now to prevent that and

{{00:02:36}}
really reassure those investors that the
money is being put where it should be?

{{00:02:39}}
Yeah.

{{00:02:41}}
Very good question.

{{00:02:43}}
So on the one hand, no one really
wants this kind of marginal impact.

{{00:02:48}}
It shouldn't be marginal improvement
of a little bit better, right?

{{00:02:51}}
So the money should go there
where, big kind of big scale impact

{{00:02:57}}
can be achieved and measured.

{{00:02:59}}
I would say that's one topic.

{{00:03:02}}
So this greenwashing, and then the
second topic is dedication of the teams.

{{00:03:06}}
So if it's impact strategy on
another platform and just a few

{{00:03:10}}
people are interested in doing it.

{{00:03:13}}
that's not so compelling, right?

{{00:03:14}}
When the team leaves and breathes impact
with the scientific community together,

{{00:03:19}}
with deep dives into the issues that
sometimes are not even business issues.

{{00:03:23}}
Sometimes they are scientific issues
that you need to have a completely

{{00:03:27}}
different team and diligence around.

{{00:03:29}}
I think that's what's very
compelling for the families.

{{00:03:31}}
And there's been huge growth in that
area in the last 10 years, hasn't there?

{{00:03:34}}
And then we're actually seeing
it's good for the bottom line

{{00:03:37}}
at the end of the day as well.

{{00:03:41}}
If I play it forward, I think this
will be core part of most portfolios

{{00:03:45}}
forward going because this is the trend.

{{00:03:47}}
It's a long term trend and one
election or one government policy

{{00:03:51}}
can impact it, but not change it.

{{00:03:53}}
And those products, those
technologies have an opportunity

{{00:03:57}}
to upgrade industrial stack.

{{00:03:59}}
Of course, you would
invest into that, right?

{{00:04:01}}
So of course, it's increasing the
depths is improving the kind of collab,

{{00:04:07}}
it's more collaborative investing.

{{00:04:08}}
So more.

{{00:04:09}}
Family groups or conglomerates
are being formed around certain

{{00:04:12}}
topics, which hopefully will push
the industry in a positive way.

{{00:04:17}}
And the risk management side is always
going to be there as well, isn't it?

{{00:04:19}}
Correct.

{{00:04:20}}
I think we still, everyone struggles with
the whole Capex funding question and what

{{00:04:24}}
do this first type projects look like?

{{00:04:27}}
And this is complicated.

{{00:04:28}}
It's difficult.

{{00:04:29}}
It's not software SaaS that
everyone has been, investing into.

{{00:04:34}}
So it's, a different way of thinking.

{{00:04:36}}
It's way more patient.

{{00:04:37}}
It's complicated.

{{00:04:39}}
If these family offices are looking
at purpose, some people have said

{{00:04:42}}
is there a slotting together here of
impact investing with sort of family

{{00:04:48}}
philanthropy, but your view is they're
quite two quite different things still.

{{00:04:52}}
I think so.

{{00:04:53}}


{{00:04:54}}
I think a lot of families use both to get
the next gen engaged and involved, right?

{{00:05:02}}
So if you have a very traditional
business, Somebody was giving me an

{{00:05:05}}
example yesterday that they asked 16
cousins and no one said they wanted

{{00:05:09}}
to work in a traditional business.

{{00:05:11}}
But once they put a charity or
nonprofit next to it and this kind

{{00:05:16}}
of green angle, all of a sudden
the family got involved, right?

{{00:05:19}}
So for some, it's a way to keep the
next gen very engaged in this, topic.

{{00:05:25}}
But I think consensus is keep it What
you do in the charitable side is great.

{{00:05:30}}
Keep doing it.

{{00:05:31}}
but don't mix investing into it, right?

{{00:05:33}}
Investing is for returns, should have
a business purpose, and then it's a

{{00:05:38}}
little bit easier to manage, I would say.

{{00:05:41}}
So thinking about your conversations
you're having here at Superinvestor,

{{00:05:44}}
both what you're imparting and what
you're taking away, what would you

{{00:05:47}}
hope that somebody would take from a
conversation with you here this week?

{{00:05:50}}
And what have you What are you going to
be taking back to your office with you?

{{00:05:54}}
That's a good question.

{{00:05:55}}
I think people who are beginning to think
how to do impact investing, there's lots

{{00:06:00}}
of tools, there's lots of networks, we
had some of them present at the conference

{{00:06:04}}
so start the dialogue, ask questions,
like no one needs to recreate the KPIs

{{00:06:09}}
and the strategy in house, there's
some strategies available on the table.

{{00:06:14}}
So that's great.

{{00:06:16}}
And for me, of course it's just
people just do amazing things.

{{00:06:19}}
You hear about some businesses,
you hear about some things they're

{{00:06:22}}
doing, you want to co invest, you
want to get involved with them.

{{00:06:26}}
I think for network it's brilliant,
of course, for deal sourcing.

{{00:06:29}}
This is a fantastic environment
to hear those new innovations.

{{00:06:32}}
Yes, It gives you a bit of hope.

{{00:06:34}}
Great to hear your perspective.

{{00:06:35}}
Thank you so much, Oksana.

{{00:06:36}}
Thank you for talking to me.

Thank you so much for joining me
here at Superinvestor fresh from the

Family Office Europe Summit, where
you've been talking about impact and

So what are you seeing in that
space and how well is it going

Yeah, I think what was eye opening for
me preparing this panel and then engaging

with the families is that a big number of
families still has operating businesses.

And then they basically took the
operating business and did a full review

on what climate change could have as
an impact for the operating business.

And for some of them, impact investing
has become basically like a hedge or

like an extension of what they're already
working on, but just to make sure that

the core business is not impacted too
severely or mitigating that impact, right?

operating business driven impact strategy.

Then, of course, you have family offices
for whom it's just, a doing good with

their capital, feeling responsible
for the next generation and how

So there are different ways of
doing it, of course, and people

But I would say this operating
model driver or starting from the

operating business is getting more
and more traction, which is very,

interesting, of course, in the
space because families control.

So two factors, so risk
management almost and purpose.

So if impact is a, key kind of driver
now, what does that mean in terms

of manager selection and what are
those family offices looking for?

So I think there's again
there's, many ways of doing it.

So there are families who look for really
big bets into big chunks of economy,

So be it energy, of course, energy
transition, be it construction,

And then there's, I would say, a
second school of thought that wants to

So local funds, smaller funds, enable
entrepreneurship on kind of basic

So those are, I would say,
two larger themes, right?

Either you go big scale,
global scale, or you go really

And what would you say investors
are most wary of in this space?

Because obviously there's been a lot
of talk of greenwashing of companies

So what do you think of the measures
that are in place now to prevent that and

really reassure those investors that the
money is being put where it should be?

So on the one hand, no one really
wants this kind of marginal impact.

It shouldn't be marginal improvement
of a little bit better, right?

So the money should go there
where, big kind of big scale impact

So this greenwashing, and then the
second topic is dedication of the teams.

So if it's impact strategy on
another platform and just a few

When the team leaves and breathes impact
with the scientific community together,

with deep dives into the issues that
sometimes are not even business issues.

Sometimes they are scientific issues
that you need to have a completely

I think that's what's very
compelling for the families.

And there's been huge growth in that
area in the last 10 years, hasn't there?

And then we're actually seeing
it's good for the bottom line

If I play it forward, I think this
will be core part of most portfolios

It's a long term trend and one
election or one government policy

And those products, those
technologies have an opportunity

Of course, you would
invest into that, right?

So of course, it's increasing the
depths is improving the kind of collab,

Family groups or conglomerates
are being formed around certain

topics, which hopefully will push
the industry in a positive way.

And the risk management side is always
going to be there as well, isn't it?

I think we still, everyone struggles with
the whole Capex funding question and what

It's not software SaaS that
everyone has been, investing into.

If these family offices are looking
at purpose, some people have said

is there a slotting together here of
impact investing with sort of family

philanthropy, but your view is they're
quite two quite different things still.

I think a lot of families use both to get
the next gen engaged and involved, right?