Drawing from her cross-sector experience in both non-profit and corporate environments, Marije shares how VP Capital has built a values-led investment strategy that goes beyond ESG metrics — and why storytelling, intergenerational vision, and thinking about root causes are key to scaling real, lasting change.

Marije Rhebergen is Director of Impact & Communications at VP Capital, a single-family office committed to using capital as a force for good. She leads the integration of impact across all investment activities and manages the firm’s strategic communications. Marije brings over two decades of experience across Europe, Africa, and Latin America, having held leadership roles in sustainability, ethical trade, and international development. Her work reflects a strong belief in the catalytic role family offices can play in shaping a more equitable and regenerative future.

You’ve helped position VP Capital as a leading voice in using capital as a force for good. How do you translate a family’s long-term values into a cohesive impact investment strategy that still meets performance goals?

"We don’t hope for a better future – we invest in it." At VP Capital, we’ve translated our family’s long-term values into a focused impact strategy by placing impact at the heart of everything we do. Inspired by Doughnut Economics, we aim to invest within the safe and just space where both people and planet can thrive. Our strategy targets three interconnected challenges: climate, biodiversity, and social equality. 

These reflect both urgent global needs and the deeply held beliefs of our family, from our social legacy at HAVEP to family involvement in social initiatives and NGOs. We use a Theory of Change to guide our decisions, linking investments to long-term outcomes like restored ecosystems and reduced inequality. Impact is embedded in our full investment cycle (risk-return-impact), alongside financial performance. 

Rather than treating financial returns and impact as trade-offs, we view them as parallel goals, and even put impact first. Each investment is assessed not only for its financial performance but even more so for its ability to drive measurable positive change within a certain risk profile. Our framework enables us to make disciplined, future-proof investment decisions that align with both our values and performance expectations. In 2024, we also added venture capital into our new strategy,  to support early-stage innovations that address systemic issues. And across all activities, we aim for impact on three levels: within our organisation, through our capital, and across our broader investment ecosystem. In short, our values drive our strategy, and our strategy drives measurable, lasting impact.

Impact is often talked about, but not always embedded. What are some of the tangible ways you’ve integrated impact thinking across VP Capital’s investment decision-making processes?

At VP Capital, impact is fully embedded in our investment process - from initial screening to exit. Every opportunity is assessed by both investment and impact experts using our Risk, Return & Impact (RRI) rating, where impact carries more weight than financial return. We, for example, prioritise Article 9 funds and early-stage ventures aligned with our six impact solutions. We also measure and engage: we developed a tailored engagement tool to assess and support progress on biodiversity, climate, and social equality. Impact targets are built into exit agreements to ensure long-term positive outcomes, even beyond our ownership. This integrated, structured approach ensures capital truly becomes a force for good.

And, we embed impact thinking not only into our investment strategy, but into the way we operate as an organisation. As a certified B Corp, we translate our values into action -from setting science-based climate targets to integrating biodiversity goals and adopting a formal DEI policy. We lead by example: impact is part of our governance, employee training, and KPIs. As said, our Risk, Return & Impact rating system prioritises impact in investment decisions, while we also support our team’s personal growth, vitality, and inclusive practices. By combining internal transformation with external capital deployment, we ensure that impact is lived, measured, and continuously improved at every level of our organisation.

You bring experience from both non-profit and for-profit worlds, across multiple continents. How has this influenced your approach to driving measurable impact in a family office context?

Working across both the non-profit and corporate sectors - in very different parts of the world, including Europe, Africa and Latin America - has taught me to listen carefully, stay curious, and look at impact from multiple perspectives. It’s given me a sense of how complex real change can be, and how important it is to bridge the gap between ambition and what’s actually feasible on the ground. 

In a family office context, this background helps me translate broader development insights into investment thinking - and vice versa. It’s always teamwork and I try to strengthen the long-term view, a systems mindset, and a sense of empathy into our work, while still staying focused on concrete outcomes. It’s not about having all the answers, but about asking the right questions - and making sure the capital is used thoughtfully, with both people and planet in mind.

Impact investing can involve complex trade-offs between return expectations, timelines, and societal goals. How do you and your team navigate these tensions in practice?

Trade-offs are an inherent part of impact investing - timelines, financial returns, and societal outcomes don’t always move in sync. At VP Capital, we don’t shy away from these complexities, but try to approach them with openness and intention. We start by being clear about what kind of impact we’re aiming for in each investment and donation. Are we trying to drive deep systemic change, support early-stage innovation, or help scale proven solutions? This clarity helps us calibrate expectations - not just around financial return, but also around time horizon, risk, and the type of support we provide. 

In some cases, we deliberately choose patient capital or accept longer timelines because we believe the potential impact justifies it. In other cases, we look for scalable models that can deliver both strong returns and meaningful outcomes. What matters is staying aligned with our strategy and values, and being transparent - both with ourselves and with our portfolio partners. We’ve found that open dialogue is key. By having honest conversations early on, and by remaining flexible in how we structure investments, we can navigate tensions in a way that feels responsible - both for the companies we invest in and the broader systems we hope to strengthen. It is not always easy and we are learning on a daily basis, but we do our utmost to create positive impact and transparently manage the tensions.

You also lead communications at VP Capital. How important is storytelling in building credibility and momentum for impact initiatives, especially within the private wealth ecosystem?

Storytelling is essential but not as a branding tool or marketing tactic. It’s about communication. In the context of private wealth, where impact often unfolds over long timelines and doesn’t always show up neatly in dashboards, storytelling becomes a way to build shared understanding, foster trust, and create real momentum. Storytelling is not about promotion, it’s a way to share isnights and increase open discussions to evolve. It connects the ‘why’ behind the numbers and grounds us in the lived realities of people and planet. 

At VP Capital, we believe credibility comes from transparency; not just about what we aim to achieve, but about what we’re still learning. That includes being open about trade-offs and tensions, and using our platform to amplify the voices of those driving change on the ground. We're already doing this to some extent, but we know we can -and should- go further.  Within a family office context, storytelling/ communication plays a strategic role in bridging generations and perspectives. Impact goals can only be sustained if they resonate across the family, and stories help bring abstract strategies to life in a personal and relatable way. Especially across generations, this creates a shared sense of purpose and ownership. 

More broadly, I believe communications can help shift norms within the private wealth space. By showing that capital can be deployed thoughtfully, rigorously, and with humility, we help make visible that impact is not a compromise but a catalyst. To support that shift, we go beyond ESG checklists, focusing on outcomes, contribution, and long-term value. When combined with honest storytelling, that approach becomes a powerful driver of cultural and systemic change.

What role do you believe families (and family offices) can uniquely play in catalysing systemic change that institutional investors or governments cannot?

Impact creation requires listening, co-creating solutions, and rethinking how we define value - not just in financial terms, but also in terms of equality, resilience, and long-term wellbeing. In that context, family offices have a unique opportunity to act differently. Unlike institutional investors, they aren’t bound by rigid mandates or short-term reporting cycles. They can move with more flexibility, respond to nuance, and invest with intergenerational patience. This enables them to back early-stage innovations, fund complex or “unproven” ideas, and stay the course where others might pull back. But more than that, families can help reframe the conversation around capital itself. 

At VP Capital, we believe we're entering a new era - one where the focus is shifting from isolated projects to systemic value creation. Do we have all the answers? No, not at all, we are exploring this new era and love to learn with others. But it means looking beyond direct outputs to ask: What structures are keeping these problems in place? How do we address the root causes? That mindset calls for courage and humility. 

It means being willing to unlearn traditional investment logic, embrace ambiguity, and take seriously the role of capital in shaping future systems. Whether that’s through rethinking ownership, reimagining governance, or funding collaborative models that transcend sectors. Furthermore, as public and philanthropic funding declines in some of the areas where it’s most needed, private wealth can step in - not to replace it, but to complement it, and to do so in a way that is catalytic, values-driven, and regenerative. Ultimately, capital alone won’t transform systems, but how we use it, with whom we partner, and how we define success absolutely can. Families have the relational trust, the long-term horizon, a heritage, and the freedom to act boldly. If they choose to, they can help shift the narrative: from wealth as something to preserve, to wealth as a tool for structural, positive change.

How do you approach measuring impact beyond ESG checklists or carbon metrics? What frameworks or indicators do you find most effective in capturing real progress?

At VP Capital, we see impact measurement not as a compliance exercise, but as a learning journey. While ESG checklists and carbon metrics have their place, they rarely capture the full story, nor other topics like biodiversity or social equality, and even less when you're aiming for systems-level change. 

We focus on outcome-based indicators and always start by asking: What is the change we hope to see, and how will we know we’re contributing to it? That often leads us beyond standardised tools to more tailored approaches. We work with a mix of qualitative and quantitative frameworks, including The Impact Management Project (IMP) for assessing depth, scale, and contribution; And bespoke KPIs, developed with strong input from our investees practices, that reflect the specific dynamics of their business and the communities they serve.  Importantly, we also assess factors like intentionality and additionality. 

For example, is this initiative filling a gap that others are overlooking? Is it shifting power, improving resilience, or addressing root causes?  We’ve also developed an internal maturity scale for biodiversity, climate, and social equity. This allows us to engage with companies not just on performance, but on progress - tracking how their thinking, governance, and impact strategies evolve over time. For us, measurement is as much about accountability as it is about continuous improvement. That’s why we openly share results, acknowledge what’s still in progress, and prioritise dialogue over perfection. Ultimately, we want to stay curious, stay grounded, and make sure we’re asking the right questions, not just ticking the right boxes.

Across your career—from SNV and Fairtrade to DLL and VP Capital—what’s a key lesson about driving impact that you believe more investors need to hear?

One key lesson I’ve learned is that real impact requires proximity to the people, the context, and the systems you’re trying to influence. Whether I was working in rural development, ethical trade, or financial services, I saw that the most meaningful progress happened when we listened carefully, engaged with complexity, and made space for local ownership. For investors, that means moving beyond a top-down approach. Capital is a powerful enabler, but it can unintentionally reinforce the very imbalances we’re trying to solve if we’re not thoughtful about how we deploy it and with whom. Impact is not just about what we fund, but how we show up in the process: are we collaborative and co-creating? Another lesson is the importance of staying humble and staying curious. The problems we face - climate breakdown, inequality, biodiversity loss- are deeply interconnected and resistant to simple solutions. We need more investors who are willing to embrace uncertainty, listen, and treat impact as a long-term commitment rather than a short-term achievement.

You’ve worked closely with multiple generations. How do you ensure the vision for impact is sustained and evolves as leadership within the family transitions?

Sustaining an impact vision across generations starts with inclusive governance and active engagement. Guus van Puijenbroek and his wife Astrid Leyssens had the vision and perseverance to start this 6-7 years ago within VP Capital. And that resulted in a strong family commitment to the strategy and the way to create impact. At VP Capital, we’ve created platforms for intergenerational dialogue. We invest in impact education, onboarding, and shared learning experiences; not just to transfer knowledge, but to cultivate a sense of ownership. Because for impact to endure, it needs to be more than a strategy; it has to become a shared story. 

That means creating space for each generation to see themselves in the journey- anchored in the family’s core values, but open to new insights, questions, and convictions. It is important to understand what motivates younger family members, what concerns them, and where they feel they can make a difference. Storytelling plays an important role here translating abstract goals into something tangible and personal through real-world examples, impact data, and lived experience. Whether through site visits, investment discussions, or informal conversations, we encourage engagement. Ultimately, it’s not about preserving a fixed legacy, but about nurturing a sense of responsibility, purpose, and curiosity that can evolve over time and carry the vision forward in their own voice, and on their own terms.

What excites you most about the future of impact investing? And what do you think will define the next wave of innovation in this space?

What excites me is the shift from niche to norm. Impact is no longer a fringe concern, it’s becoming a lens through which a growing number of investors view the world. We’re seeing a new generation demand that impact is the baseline, not the exception, and that shift is creating real momentum. The next wave of innovation will be defined by systems thinking: investing not only in individual solutions, but in the infrastructure, governance models, and field-level dynamics that enable lasting change. 

That includes exploring new ownership models, redistributing power in decision-making, embedding equity and climate justice into investment frameworks, etc. I believe catalytic capital, blended finance, and outcome-based structures will all play a key role in enabling this evolution. Most of all, I’m encouraged by the growing alignment between values and value creation proving that doing good is no longer a trade-off, but a driver of long-term success. I’m also hopeful about how younger generations are reshaping the conversation: they ask bold questions, challenge legacy thinking, and bring an urgency that the field needs. We need an impact-first mindset shift for real innovation to begin.

Conclusion: From Intention to Implementation

As this conversation with Marije Rhebergen illustrates, embedding impact at every level of a family office requires clarity of purpose, the courage to ask difficult questions, and the discipline to align strategy with long-term values. VP Capital’s approach offers a powerful example of how capital - when deployed with humility, structure, and heart, can become a tool for regeneration, not just return.

By anchoring its strategy in intergenerational dialogue, systems thinking, and real-world outcomes, VP Capital is helping to reframe the role of wealth in today’s most urgent challenges — from climate to equity to biodiversity. And while the journey is ongoing, their commitment to transparency, learning, and collaboration sets a strong precedent for what impact can look like when it’s not just an initiative, but an organisational ethos.

To explore how this is being translated into practice (from investment frameworks to portfolio engagement) you can read VP Capital’s latest Impact Report 2024 here:
👉 https://vpcapital.eu/impact-report-2024