Advanced Drainage Systems (ADS) is a leading manufacturer of thermoplastic corrugated pipe in the United States. ADS's products are designed to manage the entire lifecycle of a raindrop; from capturing and conveying stormwater runoff to storing and treating the water. Its core products are high-density polyethylene and polypropylene pipes, which are lighter, more durable, more cost effective, and easier to install than alternatives made with traditional materials like concrete and steel. Via its pipes, ADS ensures water conservation and the provision of safe and affordable water management solutions. In addition, ADS provides products adjacent to pipes, such as leach field chambers, storm chambers, septic tanks, and water quality filters.

Impact narrative

About 60% of ADS’s pipes are made from recycled material, making ADS the second largest recycling company in the US. The company owns and operates several plastic recycling facilities. ADS recycles nearly 250,000 tons of household and industrial plastics annually, saving it from ending up in landfill. Through this recycling programme, ADS saved almost a billion litres of water in 2020 and prevented 330,000 tonnes of CO2 equivalent from being released into the atmosphere, which is equivalent to taking 70,000 cars off the road.

ADS fits with our Circular Economy theme and contributes to UN Sustainable Development Goals:


Strategic Education is a for-profit tertiary education provider (post high school) at its university campuses in the United States, and worldwide via its online offering. It provides associate, bachelor’s and master’s degrees in areas such as business, education, health services administration, public administration, and criminal justice. Its students are mainly working adults who have not been able to complete a college degree before. In addition, students are often from minority groups. The company is active in three segments: Strayer University, Capella University and non-degree programmes. Strayer University offers undergraduate and graduate degree programmes in a variety of fields and operates through 77 US campuses and online. Capella University offers various bachelor’s, master’s and PhD programmes, primarily targeting working adults and mainly operating online. Its offerings include a software development school and a software engineering school for women. Non-degree programmes primarily target workers and their employers and offers self-paced learning courses. The company was founded in 2018 after the merger of Strayer University (founded in 1892) and Capella (founded in 1993).

Impact narrative

Strategic Education fits our Social Inclusion and Empowerment impact theme. The company is a for-profit university, mainly serving minority groups, working adults and non-traditional students, providing them with the flexibility required to advance their education. The company is a leader when it comes to providing online education. COVID-19 has accelerated the acceptance of this way of providing education. We believe this combination puts the company in a strong position to gain market share and grow its top line accordingly. It also opens an opportunity for a new revenue stream derived from supporting other education institutions with their development of online offerings. The main criticism of for-profits education relates to the high fees, which results in high debt-burdens for students. Over the past few years Strategic Education has embarked on a path to make its programmes more affordable for students, while also striving for better student outcomes. With a focus on improving college affordability, student engagement and workforce readiness, Strategic Education supports the growing number of non-traditional students and ensures that its graduates have the skills required to succeed in today’s jobs.

Strategic Education contributes to UN Sustainable Development Goals:


Sweden-based Millicom is an international telecommunications and media company. The company offers traditional fixed and mobile telephony, internet, cable TV services, and a wide range of digital services, such as mobile financial services. Millicom has more than 51 million customers primarily under the Tigo brand in 11 markets in Africa, Central America and South America. The company plays an important role in providing basic telecom and internet services that are fundamental to the socio-economic progress of the countries where the company operates.

Impact narrative

As the world becomes more digital, many people in the countries where Millicom operates still have no access to bank accounts or to the digital payment methods that would allow them to access the digital world. Millicom is leveraging its mobile financial services to promote both digital and financial inclusion. By using its Tigo Money platforms to disburse state salaries or monetary aid on behalf of NGOs, the company gives its beneficiaries a powerful first experience of digital technology. Beneficiaries can also pay bills, pay for digital and physical goods, access insurance products, and apply for credit through partnerships with financial institutions. In Latin America, the company empowers several million unbanked people with a mobile wallet through Tigo Money. Millicom also works towards greater inclusion in its markets by tightening the gender gap in digital technology and increasing digital literacy skills, for example by the launch of a mobile internet skills training toolkit and by training women on how to use smart phones, create mobile money wallets and set up social media profiles to market their products.

Millicom fits with our Social Inclusion and Empowerment theme and contributes to several of the UN Sustainable Development Goals:


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Explore our Impact Equities and Bonds impact report ‘Making waves where it counts’ to find out more about our role as impact investor. The report presents our 2020 results in a context of numbers and stories and showcases our mission to make money work for positive change.