波士顿咨询：2026私募市场可持续发展报告持续进展下AI带来的新风险与机遇

SustainabilityinPrivateMarkets

AsProgressContinues,AlPosesNewRisksandOpportunities

October2026

EXECUTIVESUMMARY

Privatemarketscontinuetoadvancesustainablevaluecreation,whileartificialintelligenceispresentingnewgovernancechallenges

Privatemarketscontinuetodrivemeasurableprogressonsustainability

Privateinvestorsarecontinuingto

advancesustainability,with

meaningfulprogress(oftenaheadofpublicpeers)acrossboth

environmentalindicatorssuchas

decarbonizationstrategiesandsocialindicatorslikeemployeesurveys

Source:BCGanalysis.

Sustainabilityinitiativesaretranslatingintotangible

commercialvalue

GPsestimatethatsustainablevalue

initiativesincreaseportfoliocompanyEBITDAby5%to7%onaverageovertheholdperiod

Thisisgeneratedthroughleversthathaveeitheraclimateimpact(e.g.,

energyefficiency)oranemployeeimpact(e.g.,safety)

TherapidgrowthofAIis

creatingnewgovernance

challengesandopportunities

TheEDCI’snewcybersecuritymetricrevealsthatcybertestingremains

unevenacrossprivatemarkets,evenasthreatsbecomemorematerial

Meanwhile,GPscanmoreactively

supportcompaniesinestablishingAIgovernanceprogramsthatcan

effectivelyprotectandenablevalue

Privatemarketscontinuetodrive

measurableprogressonsustainability

Companieshavemadeprogresssettingdecarbonizationstrategiesandshort-termtargetsbutlessonlong-termcommitments

Decarbonizationstrategyorplaninplace(%)1

+7pp

27

58

15

Yes

No

Notprovided

34

58

8

2024

2025

Short-termemissions

reductiontargetinplace(%)2

+8pp

25

58

17

Yes

No

Notprovided

33

56

12

2025

2024

Long-termpathtonetzero(%)

+3pp

Yes,alignedwithanet-zeropathway

No,wehavealong-termgoalbutitisnotalignedwithanet-zeropathway

No,butweplantoestablishthisinthenearterm(<2years)

No,andnoplantosetone

15

8

16l

47

Notprovided

14

12

8

20

41

19

2024

2025

Sources:EDCIprivatecompanybenchmark,September2026;BCGanalysis.

Note:Includescompanieswithdataforboth2024and2025(N=5,490);totalsshownmaynotaddupto100%duetorounding

1Includescompaniesthathavedecarbonizationstrategieswithandwithoutboardoversight.2IncludesbothParis-alignedandnon-Paris-alignedtargets.

Socialmetrics,too,haveseenprogress,includingemployeesurveycoverageandmorediverseperspectivesamongcompanyleadership

Percentageofcompanieswithemployeesurveycoverage,2022–2025(%)

+11pp

72

67

63

74

2022202320242025

WomenonboardsandinC-suite

%ofprivatecompanieswithatleast1womanonboard

%ofprivatecompanieswithatleast1womanintheC-Suite

+2pp

+4pp

76

56

60

78

<2years≥2years

<2years≥2years

Sources:EDCIprivatecompanybenchmark,September2026;BCGanalysis.

Privatecompaniescontinuetooutpacetheirpublicpeerson

decarbonizationandjobcreation,despiteeconomicheadwinds

MedianchangeinScope1andScope2emissionsintensity,2024vs.2025

Scope1

Scope2

–0.9%

–1.8%

–4.1

–10.1

–3.2pp

–8.3pp

PublicPrivate

Mediantotalnetnewhiresper100FTEs,private1vs.public,22024vs.2025

+3.9

+2.2

2.2

3.9

0.0

0.0

2025

2024

PublicPrivate

Sources:EDCIprivatecompanybenchmark,September2026;LSEG(Refinitiv)publiccompanyESGdatabase,2026;BCGanalysis.

1Analysisincludesbuyoutcompaniesonly.2AnalysisofnetnewhiresforprivateandpublicmarketsincludesimpactfromM&Atransactions,asthereisnobreakoutofinorganicnewhiresinthepublicmarketdata.

Sustainabilityinitiativesaretranslatingintotangiblecommercialvalue

GPsreportthatsustainabilityvaluecreationisdrivinghigherrevenuesandlowercostsacrossarangeofleversovertheholdperiod

CategoryLeverDescription

Impactmagnitude

(estimatedbyGPs)

Revenuegrowth

Greengrowth

Revenuegrowthfromsustainabilityfocusedproductsandservicestargetingnewmarketsegments

Improvedrevenueretentionandgrowththroughthedeliveryofvalueforcustomersforwhomsustainabilityisameaningfulprocurementcriteria

1.4pphigherrevenues

Customersustainabilitypositioning

Employeeproductivitybenefits

Productivitygainsthroughimprovementoftheemployeevaluepropositionandenablingstrongeremployeeattraction,

engagement,andretention

1.4pphigherrevenues

1.7pplowercosts

EmployeeproductivityLoweroperatingcoststhroughreducedenergyandmaterialsbenefitsuseandmoreefficientprocesses

1.5pplowercosts

Loweroperatingcoststhroughreductionsininjury-relatedexpensesincludingtheneedtohireandtrainreplacements

Ownershipmodel

Cost

reduction

Sources:EDCIannualmembersurvey2026(N=220),dataasofApril22,2026.

Companiesareunlockingnewsourcesofgrowthbyenteringandscalingupnewgreenmarketsegments

Examplesofeffectivegreengrowthstrategies

Greenrevenuecan

Integrated

GreenEnergyBusiness

Low-CarbonChemicals

Green

ConstructionBusinessLine

supportvaluationuplift

•Achemicalscompany

launchedalow-carbon

productlinewithcertifiedemissionsverification

•Doingsosecuredmajor

customeranddistributiondeals,creatinganew,

scalablerevenuestream

•Anenergycompany

combinedbiomethaneandrenewable

technologiesinto

integratedlocalenergysystems

•Doingsoscaleda

lower-carbonbusiness

whilereducingemissionsandstrengthening

energysecurity

•Aconstructioncompanybuiltagreenbusiness

spanningmaterials,

design,construction,andoperations,from

3D-printedlow-carbonconcretetoeco-districtdesign

10%

Companieswithgreen

revenuesabove10%tend

toachievehighermarket

•Thebusinessline’s

revenuegrewfrom€6Bto€13Binfiveyears

valuations,accordingto

BCGanalysis

Sources:TheValuationBoostthatComeswithGreenGrowth,

BCG.com

,2025;BCGexperience.

Enhancedsustainabilityperformanceprovidessignificantopportunitiestodriverevenuegrowth

Customersustainabilitypositioning

Year-over-yeargrowthin

sustainability-relatedcustomerReportedbyanEDCImember

20%

requests

EDCImembersnotethattheirportfoliocompanycustomersare

Forexample

Sustainableproductcertificationasadifferentiator

Apackagingmanufacturerembeddedsustainableproduct

certificationintoitscommercialstrategy,growingcertified

revenuefrom30%to70%ofsalesandboostingrevenueabove$1billionascustomersincreasinglyvaluedvalidated

sustainabilitycredentials

increasinglyembeddingsustainabilityrequirementsintopurchasingprocesses,makingsustainabilityperformancekeytoprotectingandgrowingrevenue

Employeeproductivitybenefits

Higherrevenuegrowthwith

satisfiedemployees

EDCImembercompaniesintopthirdofemployeesatisfactionvs.bottomthird

7pp

EDCImembersreportthatcompaniesareusingemployee

Forexample

Buildingemployeeengagement

Apersonalcarecompanyfacinglowemployeesatisfaction

launchedtargetedpeopleinitiatives,increasingtheEmployee

NetPromotorScore,ameasureofsatisfaction,bymorethan30percentagepointsinoneyearandsupportingasix-figureannualproductivitybenefitwithlowongoingcosts

engagement,flexibility,upskilling,andretentionleverstostrengthenworkforcecontinuity,motivation,andproductivity

Sources:EDCIprivatecompanybenchmark,September2026;BCGanalysis.

Privatecompanieshavefoundmeaningfulcostreductionopportunitiesfromenvironmentalinitiativesandimprovedemployeeoutcomes

Environmentalcostsavings

Higherrenewable-energyshare

AmongEDCIPortCosthathavebeenheldfor4+years,relativetothosethatarenewlyacquired

7pp

EDCImembersreportthatcompaniesarecreatingcommercialvaluefromopportunitiesacrossenergy,materials,waste,andcircularity,

Forexample

Scalingoperationalefficiency

Amanufacturercombinedgreateruseofrecycledinputswith

energy-efficiencyandproductionimprovements,including

greaterscraputilization,tounlockaround$60millioninannualrun-rateEBITDAsavings

usingintegratedprogramsthatquantifyimpact

Employeecostsavings

Loweremployeeturnoverwithsatisfiedemployees

EDCImembercompaniesintopthirdofemployeesatisfactionvs.bottomthird

3pp

Forexample

Retention-ledcostsavings

Awastecollectioncompanymaderetentionanexecutivepriority,combiningturnovertargets,frontlinemanagertraining,strongerrecruiting,andemployee-experienceinitiativestocutturnoverby10pointsandavoidaround$2millionayearinreplacementcosts

EDCImembersreportthatcompaniesareusingsafety,engagement,upskilling,inclusion,andretentionleverstoreducehiring,training,replacement,injury,absenteeism,andinsurancecosts

Sources:EDCIprivatecompanybenchmark,September2026;BCGanalysis.

AI’srapidgrowthiscreatingbothnewgovernancechallengesandopportunities

AIistransformingvaluecreationforprivatecompaniesbutalsoamplifyingcyberrisksandcreatingnewgovernancechallenges

AIismakingcybersecurityrisksmorefrequentandmaterial…

Asurveyof300CISOshighlightsthatAI-enabledcyberriskisnowpervasiveandmaterial

•89%oforganizationsexperiencedAI-enabledattacksinthepast12months,including35%thatledto

significantoperationalorfinancialimpact

•80%to90%ofCISOsrankAI-poweredmalware,exploits,andfraudasurgentrisks

•Organizationsreportanaverageof25leaksofsensitivedatafromGenAItoolusage

•Cybersecurityspendingisup11%onaveragein2026(with83%offirmsincreasingspend),outpacing

forecasts

…whileunmanagedAIgovernanceriskscanrapidlyerodevalue

•Lackofintegrationintostrategy

Under-investmentinorover-relianceonAI,andfragmentedusecases

•Informationsecurityrisks

Exposureofconfidentialdata,unauthorizedaccess,dataleakage,weakcontrols

•Riskandcomplianceconcerns

IPownership,copyright,privacy,regulation,bias,explainability,auditability,contractualobligations

•Operationalchallenges

Hallucinations,unreliableoutput,dataquality,modeldrift,poorhumanoversight,failuretoembedAI

effectivelyintoworkflows

Sources:BCG&GLGCISOSurvey4.0(March2026,TotalN=302);BCGanalysis.

CYBERSECURITY

HalfofEDCIcompaniesareperformingvulnerabilityscansand

penetrationtesting,while26%ofcompaniesconductall3criticaltests

Percentagewithtestingactivities

Threetypesoftesting

Twotypesoftesting

OnetypesoftestingNotesting

Notreported

19

11

4

39

26

Percentagetestingeachtype

Vulnerabilityscans

501139

Penetration

testing481339

SDLCtesting1322839

YesNoDidnotrespond

Sources:EDCIprivatecompanybenchmark,September2026;BCGanalysis.1SoftwareDevelopmentLifeCycleTesting.

CYBERSECURITY

Portfoliocompanybestpracticesinclude…

Werecommendthat

GPsestablisha

minimumcyber

resiliencebaseline

acrossportfolio

companies,tailoredbysector,size,andrisk

profile

Thisbaselineshould

includerecurringcybertesting,evaluationof

threats,andtrackingofcoreKPIs

Privateequityinvestorsshouldtreatcybersecurityasahighlymaterialportfoliovalue-protectionpriority

Prioritizingcontrolsbymaterialrisksandeffort

•Prioritizevalue-threateningrisks(includingdata

leakage,socialengineering,third-partyexposure,and

ransomware)while

ensuringaminimumbaseline

•Addressoperational-systemandthird-partysoftware

dependencyriskfor

operationallysensitivecompanies

Modernizingdefenseandresponsecapabilities

•Strengthencorecapabilitiesacrossthecycle,includingproactiveawareness,

testing,andresponse

•DeployAIselectivelyto

acceleratedetection,withhumansintheloop

•Developthreatintelligenceandeffectivelyprioritize

andtranslateitintopracticalaction

Directcybersecurity

spendingtowardvalueatrisk

•Prioritizeinvestmentin

thedata,systems,and

businessprocesseswhosecompromiseordisruptionwouldcreatethegreatestvalueimpact

•Establishatieredvendormanagementprogram

basedonvendorrisk

exposureandpotentialbusinessimpact

Sources:BCG&GLGCISOSurvey4.0(March2026,TotalN=302);ReframingCybersecurityasBusinessDiscipline,

BCG.com

,2025;CybersecurityattheSpeedofAIRequiresSynchronicity,

BCG.com

,2026;ASynchronizedApproachtoDigitalRisk,

BCG.com

,2025;WhyCybersecurityIsaBoard-LevelTopic,

BCG.com

,2025;BCGanalysis.

AIGOVERNANCE

JusthalfofEDCIGPsassessAIrisks,andfewerprovideriskguidance—eventhoughengagementiscorrelatedwithfasterrevenuegrowth

50%

ofGPsarecurrently

assessingAIrisksattheir

portfoliocompanies,with

afurther30%planningto

doso

46%

ofGPsarecurrently

providingtheirportfolio

companieswithrisk

managementorguidance

ontheuseofAI

+6pp

higherrevenuegrowth

inportfoliocompanies

whoseGPsareactively

monitoringrisks

Sources:EDCIannualmembersurvey2026(N=220),dataasofApril22,2026;EDCIprivatecompanybenchmark,September2026;BCGanalysis.

AIGovernanceneedstobecomeacorepartofthePEvaluecreationplaybook,fromdiligencethroughownership

…enablingGPstoengageportfoliocompaniesonthebuildingblocksthatscaleAIsafelyandacceleratevaluecreation

AIgovernanceisanewvaluecreationmuscle…

•ProactivelyassessAIrisksandgovernancecapabilitiesduringduediligence

•PartnerwithportfoliocompaniestoensurethattheyhaverobustAIgovernance

programs

Governance

Ownership,decisionrights,reviewforums,rolesandresponsibilities,accountability,KPIstotrackeffectivenessandefficiency

Processesandcontrols

Approval,proactivetesting,monitoring,humanoversight,incidentresponse

Technologyandtools

,controls,vendorstandards,lifecyclemanagement,defensemonitoring/alerting

Cultureandcapabilities

Training,responsibilities,adoptionguardrails

AIStrategyandPolicy

AIprinciples,riskappetite,approvedusecases,escalationthresholds

2

3

4

5

Securearchitecturedata

1

Source:BCGanalysis.

TheEDCIandourresearch

EDCIisoperatingatscalewith~10,000portfoliocompanies,anemissionsfootprintandworkforcecomparabletothoseoflargecountries

EmissionsofentireUK1

330milliontonsofCO2eannually

14

FTEs2

WorkforceofAustralia

million

Sources:DepartmentforEnergySecurityandNetZero,2025UKGreenhouseGasEmissions:ProvisionalFigures,publishedApril2,2026;AustralianBureauofStatistics,LabourForce,Australia,May2025;BCGanalysis.

1UKterritorialgreenhousegasemissionswereprovisionallyestimatedat367MtCO2ein2025.2Australia’stotalemployedworkforcewasapproximately14.7millionasofMay2025(AustralianBurea