Paul Ramsay Foundation 2025 Sustainable Impact Report

PRF’s Investment Policy Statement (IPS), approved in 2023, launched our journey towards a Total Impact Approach – the consideration of all ways in which a charitable foundation can create positive impact, as opposed to targeting impact through a small percentage of total assets for grant making.

The IPS established core commitments to investment sourcing, selection, management and reporting. 2024’s Responsible Investment Report was our first. The Report provided a transparent view of the way in which our endowment - focusing exclusively on the Koda Capital investment mandate - is invested.

This report, to June 2025, goes beyond 2024’s publication thanks to the inclusion of data from PRF’s Endowment Impact Fund – an allocation to impact funds seeking risk-adjusted financial returns alongside demonstrable positive impact. At 30 June 2025, the Endowment Impact Fund accounted for 16.4% of PRF’s Investment Portfolio (excluding our holdings in Ramsay Health Care).