Unwritten, the climate risk platform for private markets, hosted its inaugural New York roundtable for sustainability leaders in US private markets. The session brought together sustainability and investment heads from global asset managers, private credit funds and infrastructure investors, alongside specialised advisors, to examine whether the current climate capital stack is fit for purpose. The discussion was framed by forthcoming research from Dan Firger, based on interviews with more than 100 stakeholders including allocators, general partners (GPs) and policymakers.

Key takeaways

1. Global GPs face a 'tale of two markets'. European limited partners (LPs) are driving stringent climate requirements, while the US market is increasingly focused on immediate fiduciary returns.
2. Value creation can bridge the two markets. Participants debated how GPs can navigate the transatlantic divide by shifting the focus of climate work from compliance-heavy reporting to genuine value creation.
3. AI load growth can be a new test for grid capacity. The group discussed whether AI will act as an accelerator of the energy transition or as a stressor on infrastructure.
4. Climate intelligence needs to be operationalised. Participants focused on how abstract climate risk data must be translated into granular, decision-useful insights for investment committees and portfolio operations.

How can private market investors navigate diverging US and European climate expectations?

The roundtable focused on two themes that shape how GPs can manage climate risk across both markets.

Shift from compliance to value creation

With European LPs and US investors asking for different things, compliance-led reporting alone satisfies neither. Participants discussed framing climate risk in terms of returns and resilience so that it is relevant on both sides of the Atlantic.

Operationalising climate intelligence

The session closed by looking ahead to 2026 and the need to put climate intelligence to work. That means moving from high-level risk scores to granular insights that investment committees and portfolio operations teams can act on.

About Unwritten

Unwritten is a London-based climate risk platform for private markets. Its platform, Unwritten AI, helps private equity and infrastructure investors assess physical, transition and nature risk at fund, portfolio company and site level.

The platform uses artificial intelligence to automate complex climate risk data workflows and drive value-creation opportunities for private markets investors, asset managers and corporate risk leaders. Unwritten helps leaders move beyond minimum compliance to actively manage risk and build operational resilience that creates value at the PortCo level.