Cathay Capital appoints chief impact officer
Cathay Capital has named Matthieu van der Elst, formerly CEO of France’s Michelin Ventures, as its first chief impact officer.
The private equity firm, which focuses on cross-border investment via funds mandated across China, Europe, and North America, described the move as a response to globalization and a global trend of sustainable transformation. It is part of a broader project to assess and measure Cathay’s impact strategy as well as its environmental, social, and governance footprint.
“Cathay Capital’s fundamental value is to be useful stewards to our ecosystem and society as a whole,” Mingpo Cai, founder and president of Cathay, said in a statement. “While impact has always been core to who we are as an active investor across four continents, it’s critical to ensure we are contributing to sustainable solutions to the world’s pressing challenges from climate change and scarcity of resources to social equity and inclusion.”
Van der Elst joined Michelin Group, a regular LP is Cathay funds, in 2008 and headed several functions across France and China before establishing the firm’s VC arm in 2015. Michelin Ventures targets start-ups that are developing sustainable innovative technologies and new business models in materials and mobility.
Cathay launched its first innovation fund in 2015, raising EUR287 million, and followed up with a $320 million vehicle in 2017. Its most recent innovation fund closed at EUR500 million in May, with support from Michelin. The firm's VC strategy also includes two renminbi-denominated vehicles, including one for automobiles and one for smart energy.
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