We are pleased to publish our 2025 Sustainable Investment Report.
Each year, putting this together reminds us how much is happening across our portfolio, within Piper, and in the consumer sector. 2025 was no exception. This report covers a year of real progress: Piper’s B Corp recertification, a consumer shift that is reshaping how we think about sustainability, our commitment to making investment more equitable, and how we continue to support brands who treat people and planet as seriously as profit.
Recertified B Corp
At the end of 2025, we recertified as B Corp, increasing our score to 113.6, up from 88.0 in 2022. That improvement reflects effort across every area of the assessment, not one or two standout actions. It also comes at a moment of change: B Lab has retired the points system with its new V2.1 Standards. We welcome that. The score was always a measure of progress, not the point of it.
The shift in how people buy sustainably
Consumer attitudes to sustainability have been changing since the pandemic. The straightforward “better for the planet” sell has become harder in a sustained cost of living crisis. But a group of brands where personal health and environmental responsibility overlap are defying the wider market. On page 15, we explore what that shift looks like, why it matters, and why the brands sitting at that intersection are some of the most compelling we see.
Investing in women
A real highlight of 2025 was Fund VII, our current fund, becoming gender equal. Of the eight investments we’ve made in this fund, four are all-female founded. Beyond this, across our last Fund VI and the current, Fund VII, we have invested £79m in female-led and co-founded brands. We are preparing to raise our Fund VIII. This time, we are opening the opportunity to more individual investors, with a focus on women and successful female founders looking to reinvest in the brand community. Equitable investment means widening who gets to invest, not just who receives it.
This report also tracks our progress against the Sustainable Development Goals, our decarbonisation pathway, and our annual portfolio ESG KPIs. We publish these year on year, with the same methodology. Consistency and transparency are not just things we ask of our partner brands, they are things we hold ourselves to.
There is always more to do. But this report is also a moment to reflect on what our partner brands and our team have built together in 2025. We are proud of all of it.