Last year, LGT announced its intention to transform its three business units into three autonomous companies. The Private Banking and Asset Management group under the ownership of the Princely Family of Liechtenstein has now put this plan into action in the area of impact investing activities. According to a press release issued by LGT, all direct impact investing activities will be grouped under a newly established entity by the name of Lightrock.
The new entity has been organized as a platform for private equity capital under which the LGT Group’s investment portfolios in Europe, Latin America, India and Africa have been bundled. Investments are made in sustainable, fast-growing companies that contribute to the implementation of the UN’s Sustainable Development Goals.
Lightrock is headquartered in London, the LGT Group writes in the press release. The company has hired Pal Erik Sjatil, former Managing Partner of McKinsey & Company Europe, as CEO. The Board of Directors at Lightrock will be chaired by LGT Chairman Prince Max von und zu Liechtenstein.
“We aim to establish Lightrock as a leading global impact investor and to offer our clients a fairly unique exposure to high growth businesses with strong positive societal returns”, explains Prince Max von und zu Liechtenstein in the press release, adding: “I’m convinced that with Pal Erik Sjatil as Lightrock's CEO and his very strong team, we are on track to build a very valuable and attractive investment business that has a compelling strategy in the context of the world's broader challenges and opportunities”.