Marleen

Marleen Kappert

“Impact is generally made where the risk is greater than ‘the market’ dares to go.”

January 2025

Marleen Kappert (31) invests directly and via funds in innovative future-proof companies. From the age of fourteen, she worked in multiple family companies. She invested her first savings on the stock exchange and built her own impact portfolio. As a risk entrepreneur, she finances and invests, with her family, in the development and construction of affordable and sustainable housing. She hopes to tackle the increasing inequality in the Netherlands whilst aligning with the Paris climate goals. Marleen also has an advisory role at a large private equity fund and the University of Amsterdam Ventures Holding.

How did you get into impact?

In 2018, I met Edwin Backes - the first chairman of PYM - who introduced me to the world of impact investing. I had never heard of ‘impact,’ but we quickly realized that I was basically already doing it. I just had not yet found the infrastructure and community of impact investing.

What does 'impact' mean to you?

I have trouble with the word itself. I am from a small village in Overijssel and grew up in an entrepreneurial family. I fundamentally believe that everyone tries their best to make something of their life and to do what they can; most people have good intentions, even if there are sometimes complicated side effects or unwanted consequences to their actions.

To me, ‘impact’ can come across as a bit paternalistic or elitist. Only time will tell whether my investments actually contribute to a better future world or whether they mainly served to give me a good feeling. I believe where you want to make a difference is personal. Of course, I do use the word ‘impact’ a lot in the end because it is an important concept and can have a lot of meaning. But personally, I am more enthused by words like ‘innovation’ and ‘future-proof.’

Do you have a specific focus?

Not really. I was taught at home not to follow the rest - to continue investing when others won’t or start withdrawing. Impact is generally made where the risk is greater than ‘the market’ dares to go. I invest where the market fails and where I can make a difference. Over the past 10 years, and for at least the next 5 years, my focus has been on ‘housing’ (which I personally find a more humane and preferable word than ‘residential real estate’).

Why the housing crisis in the Netherlands?

I want to stay close to who I am and where I come from. In the Netherlands, we also deal with increasing inequality and plenty of social challenges. At the moment, the average price of a new house is 100,000 euros above what the average family can afford. The increasing inequality that we are facing in the Netherlands will only get worse when an entire generation is deprived of the opportunity to build wealth because they cannot afford a house.

How do you see the future?

There is currently a shortage of 500,000 homes. The housing crisis is complex and very layered, with many secondary and future effects on society as a whole. It is clear that more efficient ways of building homes are needed. That is why I like experimenting with new building techniques, like modular construction. In addition, we are experimenting with alternative financial instruments.

I learned to think counter-cyclically at home. So, in these ‘lean years,’ I will continue to invest to accelerate the building of houses. This is when you can make a difference - when you look further ahead, past the economic cycles.

What inspires you?

The dreams of entrepreneurs. It has always inspired me to create opportunities for people to make their dreams come true. The Paris Climate Agreement also inspires me every day: it gives direction to our shared value system for the future. 

And in terms of investments?

In addition to housing, I have invested in ‘Monumental’ via NP-Hard, which automates the construction site. Other recent investments were ‘Akkolens’; a company that makes an accommodating intra-ocular lens - and ‘To Be,’ which combat bee mortality by placing a smart system in beehives that automatically releases precision medicine against Varroa mites (via CIIC - Catalyst Impact Investment Club). 

To me, the combination of direct investments and funds is the most inspiring and educational because it all cross-pollinates.
Funds allow me to learn about strategy, innovations, and how to make an impact on a large scale. On the other hand, direct investing is enjoyable because I can use my expertise in a more micro and specific way.

What does PYM add to your path?

Meetings at PYM fuel my urgency to do more and prompt me to move even more towards impact entrepreneurship.

With my new venture - using leasehold as a bridging step between rent and full ownership - there is definitely ​​tension. PYM sessions involve honest and open discussions, and some PYM’ers do not agree with my plan to become a 'leaseholder.' For them, leasehold has such bad associations that it can never have an impact, but for me, it is an interesting existing financial instrument with a lot of potential impact. By separating land and houses, more people get the chance to build capital. I want to buy the land to lower the purchase price of homes and allow people to buy the land as soon as they have the means to do so. 2025 will show us whether we can make a product where the home buyer can and actually will benefit. In contrast to my other investments, this is low risk (read: low financial benefit for me). Traditional impact investments are a lot more profitable. But I feel the urge to do it anyway.

How important is return?

Financial return means a company can keep going in the future. Without it, their impact literally stops. For example, if your company makes less than 5% operating profit, you cannot afford to increase wages or invest in innovation. Both are necessary for doing business in the future.

Ultimately, I am a pragmatic person; I invest in the future that I want to see, but at the same time, I also know that everyone sees something different. So, in the end, we decide where we end up together. As we should.

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