responsAbility to manage private equity impact fund in emerging markets for Stella

Zurich, 29 January 2026 – Stella Vermögensverwaltungs GmbH, the investment entity of the Heinz Hermann Thiele Family Foundation and Julia-Thiele Schürhoff, has appointed Swiss impact asset manager responsAbility Investments AG to manage a EUR 200 million mandate for impact-focused private equity fund investments in emerging markets.

The bespoke mandate will invest over the long term in growth-oriented companies in Africa, Asia and Latin America that contribute to the UN Sustainable Development Goals (SDGs). Capital will be deployed in regions where the opportunity to create impact is greatest and where private sector capital can help close critical funding gaps.

The strategy targets a triple bottom line of profit, people and planet. The fund aims to improve living standards by backing companies that support formal, good-quality jobs and that provide essential goods and basic services. These investments help to protect livelihoods and reinforce social outcomes. Additionally, there is an objective to support environmentally sustainable business models. The exclusive structure enables Stella to deploy capital in a targeted, impact-driven way with a long-term investment horizon and attractive returns. 

Stella mandate underlines long-term commitment to impact investing

For Stella, impact is an important pillar of its investment strategy. A substantial portion of its private market allocation is dedicated to growth equity impact investments. The majority is invested in emerging markets where the impact per Euro invested is deemed higher than in developed markets and the financial return can be attractive if investments are sourced and evaluated carefully. The mandate implements this approach with an experienced partner and contributes to sustainable development in those regions where financing gaps are most acute.

Julia Thiele-Schürhoff said: “As an entrepreneurial family, we are committed to managing our wealth responsibly and with a long-term perspective. By focusing on emerging markets and the UN Sustainable Development Goals, this mandate allows us to deploy a meaningful share of our assets to where the need for impact investments is greatest. With responsAbility, we have an experienced partner who shares our values and can help turn this vision into reality.”

Stephanie Bilo, Chief Client & Investment Solutions Officer, responsAbility, said: “We are proud to have been entrusted with this mandate from Stella. It reflects our belief that dedicated emerging market investments can generate strong financial returns while delivering meaningful impact for people and the planet. This is a significant milestone for responsAbility as we continue to mobilize private sector capital at scale for sustainable development in emerging markets.”

Long-standing experience and proven track record in fund investments

responsAbility brings over 20 years of experience in emerging markets. Its fund investments team combines deep local market knowledge with strong relationships with leading private capital managers. This expertise is further underpinned by responsAbility’s exclusive mandate from SIFEM, the Swiss development finance institution, for whom it manages a global portfolio of private equity and private capital funds in emerging markets.

Ralph Keitel, Head of Fund Investments at responsAbility, said: “Our track record and long-standing experience show how disciplined fund investment programmes in emerging markets can deliver resilient financial returns and tangible impact. We welcome the private capital from an entrepreneurial family to support entrepreneurs in emerging markets.”

The partnership with Stella highlights responsAbility’s capability to structure and manage tailored impact solutions for professional and institutional investors and to mobilize private sector capital at scale for people and planet in emerging markets.

Christoph Schlegel, Managing Director Stella Vermögensverwaltungs GmbH, said: “When selecting responsAbility as a partner, we were attracted by the threefold combination of M&G acting as a commercial parent entity supporting future growth, the first-class, truly global investment team that Ralph Keitel had assembled, and the long-term institutional stability provided by the SIFEM mandate avoiding potential future impact drift. I am deeply convinced we will achieve our goals of deep social impact in emerging markets as well as investment return in line with our mainstream investment portfolio.”

About Stella Stella is the investment entity of the Heinz Hermann Thiele Family Foundation and Julia Thiele-Schürhoff, based in the Munich area. For its investment portfolio Stella follows a long-term investment strategy comprising liquid and private asset classes. A substantial portion of its private market allocation is designated to impact investments across a broad range of social, climate and environmental impact themes. The focus there lies on growth equity in emerging markets, where win-win situations of tangible impact and attractive investor returns can be achieved.