Private Equity’s Sustainability Revolution

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Private equity is waking up to the idea that returns and responsibility can go hand in hand. But what does it actually look like to put ESG at the centre of your investment thesis without compromising performance?

In this conversation, Aurore Gil, Investment Director at Grosvenor Food & AgTech, shares what she’s learned after moving from UBS to a purpose-driven investment role in food and agtech. With experience across M&A, growth equity, and operational strategy, Aurore brings a grounded view on how private equity can create long-term value by investing in sustainability the right way.

From M&A to impact: A different kind of investing

Aurore Gil didn’t set out to be a sustainability investor. She spent over a decade in investment banking at UBS, working on M&A deals in the TMT sector. It was high-intensity, high-stakes work. But it wasn’t until she took a step back, first for maternity leave, then for reflection, that she found herself questioning what kind of impact her work was really having.

“I was working very long hours and didn’t necessarily have grasp of what was happening in the world,” she said. “I didn’t know how important recycling was, or buying local food.”

That realisation led her to a sustainability course at Cambridge and then to her most recent role: Investment Director at a purpose-led private equity fund focused on food and agriculture.

ESG isn’t just policy. It’s practice.

Talk of ESG often stays theoretical. Aurore’s experience brings it down to earth. In food and agriculture, she’s seen how regulation and investment intersect.

“We invested in technologies and solutions that help produce better food, save resources, increase yield. But a lot of those innovations can’t reach market without regulatory approval,” she explained. “And the more regulatory barriers there are, the slower adoption happens.”

It’s why she believes the transition to a more sustainable economy needs action from all sides, not just the private sector.

“Banks and financial institutions have a big role to play,” she said. “You’re seeing more ESG-linked financing now, whether it’s green bonds or blue bonds. But governments and regulators also need to fast-track change.”

The real work begins post deal

Aurore also spoke about the value of taking time out, a theme that often gets overlooked in high-performance industries. After leaving UBS, she didn’t immediately jump into her next role. Instead, she paused, took a course in sustainability at Cambridge, and gave herself space to reflect. “I think a career is not linear. You go through ups and downs, and having a bit of time off to reflect is really helpful.” For her, that reflection helped solidify her shift into purpose-led investing.

For Aurore, the shift from banking to private equity was also a shift in mindset.

“In M&A, you work on a project, but you don’t own it. You don’t see it through,” she said. “In investing, the hard work starts once you’ve made the investment. That’s when you work with management to develop strategy, shape the business, and create value.”

That operational involvement means having a clear point of view, but also knowing how to build relationships.

“Private equity used to underestimate soft skills. But great investors can identify and partner with the right team,” she said. “That requires trust and an ability to bond with people. You need curiosity, financial skills, and people skills.”

What’s next for private equity and ESG?

Looking ahead, Aurore sees positive signs.

“There’s a lot of dry powder that needs to be deployed,” she said. “We’re seeing more activity picking up, and interest rates coming down will help.”

She’s particularly optimistic about innovation in areas such as AI and agri-tech, with climate-focused technology also showing strong momentum. And she sees Europe stepping up.

“Europe needs to invest more in its companies and entrepreneurs. The momentum is there.”