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A further tailwind for increased investment into purpose-driven tech companies comes from the institutional investor layer and LPs. LPs are increasingly focused on environmental, social and governance ('ESG') considerations when deploying capital. In fact, 45% of LP respondents to the survey stated that they require their GPs (i.e. the fund managers they have invested in) to report on the social and environmental impact of their portfolio, while a further 41% are considering implementing this requirement. Established fund managers are also more likely to be required this type of reporting from their LPs in the future with 47% stating this as a requirement and 53% considering this practice. As such, it is becoming an increasingly important part of the LP mandate for VCs in Europe.