Originally published here.

We’ve just wrapped the fourth edition of Impact/Return at Norrsken House Barcelona – our annual gathering where the world’s top LPs and GPs swap stories, share lessons, and debate how to drive both profit and purpose. What started as a small event has evolved into the go-to gathering for LPs and GPs driving the impact investing movement.

This year, more than 300 investors joined us for deep LP insights, hands-on masterclasses, and the kind of candid conversations you rarely get on main stages. Like last year, we co-hosted the event with Obvious Ventures, and this was easily our most international – and arguably most electric – edition yet. Across four stages and 50+ speakers, we tackled everything from LPs’ advice for emerging GPs navigating today’s fundraising climate to bold ideas for unlocking systemic change. 

Here are a few moments that stood out:

We kicked off the day with Peter Carlsson, founder and former CEO of Northvolt, in a refreshingly open conversation moderated by Tove Larsson (Norrsken VC) – it covered the wins, the stumbles, and the scars that come with building one of Europe’s boldest cleantech bets. Peter shared hard-earned lessons on everything from avoiding overly complex capital structures to how investors can simplify the capital stack – and why Europe needs to get better at backing big, ambitious industrial projects.

In a conversation that mixed pragmatism with long-term optimism, Michael Dymond (APG), Keimpe Keuning (LGT), and Tom Mitchell (Cambridge Associates) shared how institutional investors are navigating an increasingly volatile climate market. Moderated by Agate Freimane (Norrsken VC), the panel called for more conviction, disciplined capital allocation, transparency, and the patience to back solutions that balance short-term risk with long-term systemic change. Successful investing comes down to staying the course when it counts.

With U.S. climate policy in flux, an all-American line-up with Anup Jacob (Activate), Veery Maxwell (Galvanize), Rahul Advani (SER Capital), and Andrew Beebe (Obvious Ventures) dug into how investors keep momentum when the political winds turn. Their advice was refreshingly grounded: build resilient strategies, diversify, and collaborate across borders. Data already shows U.S. capital is increasingly turning to Europe – and if the conversations on the floor were any indication, that trend is just getting started. The mood was truly optimistic as markets and innovation are proving far more resilient than politics.

To make sense of Europe’s own policy landscape, Willem Vriesendorp from Norrsken House Brussels gave founders and investors a practical look at how Brussels really works, and how to navigate the dynamics shaping the future of regulation and opportunity in Europe.

David Gowenlock (Cambridge Associates) brought the numbers, joined by David Helgerson (Hamilton Lane) and Christian Roehle (KfW Capital), to show where impact funds are really heading. The data spoke clearly: impact and return are converging fast. The conversation that followed revealed just how far the field has come, with LPs now laser-focused on measuring impact and maintaining strong financial performance. In short: the “impact vs. return” debate is getting old.

Despite a turbulent six months, the energy in the house said it all. From buzzing side conversations to new collaborations taking shape, it’s clear: the appetite for meaningful capital is stronger than ever. And with real breakthroughs happening in healthcare, industrials, and energy, impact is where the real solutions are being built right now.

We can’t wait to do it all again next year.