"Private markets increasingly catching the investment radar"

Investors are increasingly discovering the advantages of private debt and equity. These are typically investment projects in the real economy with attractive return and impact potential. Whereas shares in the major public markets were dominated by AI euphoria, high valuations and rapid rotation in 2025, Bos sees fewer signs of a bubble forming in private markets. "In the sectors in which we operate, there is no sign of this at all."

A focus on the long term 

According to Bos, this is due to the nature of the underlying investments. "We really invest for the long term and in long-term solutions, not short-term trends. That's why you don't see huge shifts in our portfolios based on short-term reflexes. Of course, we see what's happening in the financial markets, but our focus is on the real economy."

Bos does share the current concerns about the secondary market in private debt and equity, the market where projects are resold. "If people want to get rid of investments quickly, you can run into valuation problems." Triodos Investment Management (Triodos IM) therefore consciously opts for a buy-and-hold approach. "For example, we invest in the development of energy projects and hold on to them until end-of-life," explains Bos. 

Energy sector under pressure from low prices

In the renewable energy sector, one of Triodos IM's most important private market segments, valuations have recently come under pressure. Bos: "This is mainly due to the current low energy prices." In the Netherlands, renewable energy generation has taken off to such an extent that it is now cheaper than fossil energy. "However, the large supply is causing problems, such as grid congestion, which means that solar parks and wind farms occasionally have to be shut down," explains Bos, but such shocks are characteristic of a transition and certainly not unexpected. "Private individuals in the Netherlands are already facing feed-in costs for their excess rooftop solar panels. This will also be an issue for large-scale projects, naturally leading to downward pressure on valuations. However, this does not detract from the long-term perspective; demand for renewable energy will only increase."

Triodos IM has therefore opted to invest in the next step in the energy transition. "Less in energy generation and more in battery storage and other technologies that help solve the problems of fluctuating production and grid congestion." Concrete applications of AI also play a role here, for instance in battery storage. "The batteries we invest in are so advanced that they can trade on energy markets themselves. They can either charge or supply when the energy price is low or high. AI technology is behind this."

Access to projects

According to Bos, the fact that pension funds and insurers are increasingly discovering private markets requires specific knowledge and expertise to select the right projects to invest in. "Thanks to our many years of experience, we are well placed to advise on this. For several years in a row, we have been named the leading clean energy deal generator," says Bos. "The reason is that we are not involved in large-scale projects, but rather in the segment below. This segment is too large for small developers and too small for the largest investors. Parties know where to find us and are happy to rely on our expertise. We still see plenty of investment opportunities without having to compromise on impact or quality."

Looking ahead to 2026: biodiversity and financial inclusion

Bos expects the flow of capital to private markets to continue to grow in 2026. "This movement is visible in all sectors," she says. "For us, it is important to stick to our own ambitious long-term agenda within that growth: energy transition, financial inclusion and biodiversity."

She expects more initiatives, particularly in the latter area. “Biodiversity remains an important theme. Triodos Bank, including Triodos IM, has committed itself to investing at least EUR 500 million in nature-based solutions by 2030, as part of our biodiversity goals. This will cover areas such as land regeneration in agriculture and nature restoration, but also the establishment of new ecosystems in urban areas.” In 2026 we are planning to launch two new thematic funds that will invest in Nature-based Solutions projects.”

When it comes to biodiversity, measuring impact is one of the biggest challenges, but Bos sees progress there too. "Thanks to AI, it is already possible to use sound recordings to distinguish which species can be found in a forest, even insects," she says. "Standards are also being developed intensively. But you don't have to wait until everything is perfect. The loss of biodiversity is happening so fast that we cannot afford to wait."

Bos sees many opportunities for financial inclusion in emerging markets in 2026, offering financial services to people without a bank account or access to credit, for example. Emerging economies will generally show a solid macroeconomic picture in 2026, with economic growth of around 4%. Many countries will see their strategic importance increase due to the presence of crucial raw materials for the energy transition and the rise of AI.

Funds that are active in financial inclusion took a significant hit at the beginning of 2025 due to volatility in currency markets following the uproar over international trade tariffs. Bos: "As a result, we had to absorb losses. However, performance has improved to such an extent that these funds are still among our best performers this year. We are witnessing an upward trend."

Bos: "We have made a number of successful exits in private equity this year, for example at a bank in Georgia that started out as a microfinance institution and is now among the top ten banks in the country. This shows how fast and successfull you can grow with financial inclusion."

For Bos, financial inclusion touches on the core of what impact investing should be. "People in emerging markets are extremely entrepreneurial, but often lack access to financial resources," she says. "We ensure that people can develop themselves and contribute to the real economy."