The July 7, 2025 issue of Nikkei Business, a leading Japanese business magazine, featured a cover story on ORIX Group.
Nikkei Business is published by Nikkei Business Publications, Inc. ("Nikkei BP"), a group company of Nikkei Inc., one of Japan’s leading media organizations.
This feature was researched and edited by Nikkei BP with the aim of shedding light on the evolution of ORIX’s diversified businesses, its future strategies, the strength that has enabled the company to remain profitable for 60 consecutive years, and the unique qualities that define ORIX.
To make this story accessible to a global audience, we have translated the article into English and Chinese, and divided it into four parts.
This is the third installment:
Part 3: Answering Market Pressure through Capital Recycling Model
Making Profit through Operation Management Even Post-Sale Improving Low Capital Efficiency
Learn about the bold strategies behind ORIX’s enduring success.
<Sources>
Nikkei Business, July 7, 2025 issue, "ORIX The Shapeshifter: 60 Years in the Black. The Art of Investment through Profit and Hard Work", pp. 10–36
Nikkei Business Online Edition, July 8, 2025 issue, ORIX The Shapeshifter: What Happens After M&A? The Two Rules, Explained by Robeco’s CEO
Part 3: Answering Market Pressure through Capital Recycling Model Making Profit through Operation Management Even Post-Sale Improving Low Capital Efficiency
ORIX’s share price has been languishing with a price to book ratio (PBR) below 1. To address this, the company is aiming to improve profitability by maintaining a stable asset size while recycling assets without exception. However, rather than simply selling the assets, the company is working on a model that will allow it to continue earning revenue through ongoing operation and management of those facilities even after divestment.
In March, ORIX sold the 15-story HOTEL UNIVERSAL PORT VITA, which overlooks Universal Studios Japan (USJ), to ORIX JREIT—its real estate investment trust, J-REIT—for 35 billion yen. Why divest at a time when inbound demand from foreign tourists is rising?
Generation of Revenue by Rotating Assets, Not Expanding Them
The reason lies in ORIX’s strategic shift from expanding its business and assets to a capital recycling (asset replacement) business model, which increases profit by rotating assets to enhance returns rather than expanding them. While this type of asset replacement has long been popular in the United States and other countries, the company has been a pioneer of this model in Japan.
ORIX’s ingenuity is evident in how the company does not merely sell assets like real estate it once owned and operated, but also builds a system for asset management after the sale. In the case of the USJ hotel, operations continue to be handled by ORIX Hotel Management.
By selling to ORIX JREIT, one of its group companies, ORIX can separate the assets and manage them effectively within ORIX Group. ORIX Asset Management engages in management of assets entrusted from ORIX JREIT. The company’s President and Chief Executive Officer (CEO) Ikuya Onda explained, “Our scheme of continuing operational management after transferring assets into ORIX JREIT creates strong Group synergies. The HOTEL UNIVERSAL PORT VITA transaction, in particular, was truly a win-win-win at closing.”
This shift to a model of earning revenue through fees for asset operation outsourced by asset buyers can be seen across other businesses too. For example, in the Environment and Energy business, ORIX currently owns 4.7 million kilowatts of renewable energy facilities and plans to expand capacity to 25 million kilowatts by the fiscal year ending March 2035. While all assets are now owned directly, the company plans to gradually sell them and transition to an operation-fee model, with over half of assets expected to be converted to contract operation.
Emphasis on Balancing Leasing and Ownership
The aircraft leasing business is a prime example of ORIX’s asset management strategy, adjusting the balance between “owned aircraft” and “managed aircraft” owned by other companies according to market demand. While the total fleet remains around 200, owned aircraft were reduced from 100 in the fiscal year ended March 2019 to 54, after divestments made during the steep downturn in air travel during the COVID-19 pandemic. Lost leasing income was partly offset by increased fees for managed aircraft.
ORIX Executive Officer Kei Kitagawa explained, “Our ideal model is one-third leasing income from owned aircraft, one-third capital gains from sales of owned aircraft, and one-third fees for managed aircraft.” That balance is what ensures stable profitability. With growing demand for air travel, the company plans to expand to a fleet of 500 (owned and managed aircraft combined) by the fiscal year ending March 2030, further refining its masterfully constructed balancing act.
Recycling of Assets Without Exception
Another defining characteristic of ORIX’s asset recycling model is its willingness to replace assets without exception. For example, in consumer finance, one of the pillars of its financial business, the company sold 66% of the shares in its wholly owned subsidiary ORIX Credit (Minato, Tokyo; now DOCOMO Finance) to NTT DOCOMO for 79.2 billion yen.
ORIX Credit itself had recognized that staying within ORIX Group would cap its growth potential in consumer loans and credit guarantee services, especially because it needed to compete with megabank-affiliated rivals and improve its competitiveness as technology advanced. After considering a variety of survival strategies, NTT DOCOMO, with its strengths in the use of information technology (IT) and digital platform as well as its massive customer base, was determined to be the best partner.
Rather than complacently keeping assets “safe” within the Group, ORIX Credit chose to boldly divest where growth potential can be better realized externally, and ORIX, its parent company, embraced and supported the decision.
The shift to an asset replacement model reflects concerns about capital efficiency. ORIX’s self-funded investment-driven growth has ballooned assets to 17 trillion yen, leaving return on equity (ROE) hovering around 9%. Despite solid performance and a forecast of a third consecutive record high for net income in the fiscal year ending March 2026, the share price remains stagnant due to poor capital efficiency, closing at 3,177 yen on June 27, nearly 20% below the 3,788 yen peak of July 2024. PBR remains at below 1 at 0.88. Major deals, such as the Toshiba investment, also increase the risk of credit rating downgrades.
Three Key Conditions for Raising ROE
SMBC Nikko Securities Senior Analyst Masao Muraki, identifies the conditions for raising ROE as: (1) accelerating asset turnover; (2) utilizing external capital; and (3) selling assets with poor capital efficiency.
In May, ORIX announced its long-term vision, setting an ROE target of 15% for the fiscal year ending March 2035. Interim targets for the fiscal year ending March 2028 were also set for each of the three main categories: for Finance to raise ROE from 8.2% for the fiscal year ended March 2025 to double digits; for Operation to increase from 13.5% to 15%, and for investments to raise from 7.4% to 11% (on a multi-year average basis).
To further enhance capital efficiency, ORIX is also shifting its funding sources. As Muraki pointed out, there are concerns that utilizing external funds will reduce the strength of investing with equity capital, as discussed in Part 2. Still, in order to improve capital efficiency, the company has begun working on raising capital from other companies and investing in companies and businesses using a “fund-like” structure.
Acquisition of Robeco, a Leader in Sustainable Investment
To become a business that generates revenue without increasing its own assets, ORIX has focused on the asset management business, managing investors’ assets. In 2013, the company acquired Robeco, a leading asset management firm in the Netherlands, established in 1929. Robeco’s AUM is 214 billion euros (approximately 36 trillion yen), with strengths in sustainability investments, such as decarbonization, and “quant” strategies leveraging advanced mathematical models for high yields, operating in both global equities and bonds.
In the United States, environmental, social, and governance (ESG) investments are currently facing headwinds, but CEO Karin van Baardwijk comments, “The problem of global warming is not going away. As long as forest fires and floods continue, there will always be risks and investment opportunities.” The global asset management market continues to expand, and according to Boston Consulting Group, total assets under management reached a record high of 128 trillion dollars at the end of 2024, a 12% increase over the previous year.
Reaching 100 Trillion Yen in Assets Under Management
Riding this trend, ORIX is working to improve capital efficiency by maintaining its own assets at the current level of about 17 trillion yen while also attracting external funds. The company plans to increase total assets under management from 74 trillion yen as of March 31, 2025 to 100 trillion yen, with Europe positioned as a core. In addition to Robeco, ORIX Corporation Europe owns asset management firms in London, Chicago, and elsewhere, with total assets under management of approximately 66 trillion yen. For the fiscal year ended March 2025, fees and performance-based income increased, and segment profit rose 7% year-on-year to 44.4 billion yen.
CEO Kiyoshi Habiro of ORIX Corporation Europe expects that, “Europe can achieve organic growth, and assets will increase to 80 trillion yen in three years.” ORIX, which recognizes the persistent management issue of improving capital efficiency, sees the asset management business as a solution.
Contribution to Profitability, “Playing a Role in Diversified Management”
Karin van Baardwijk, the CEO of a major Asset Manager Robeco
We have built a close relationship with ORIX. Having been a member of the transition project following ORIX’s acquisition of Robeco, I am always able to exchange information over the phone with Chairman and CEO Makoto Inoue. Two rules that we have always valued are “trust and transparency.” All data, knowledge, and tools are shared openly with ORIX.
What is important is not just sharing knowledge and best practices but also identifying areas where we can mutually support each other. To do this, cross-organizational collaboration within ORIX Group companies is key.
Our sister company, Boston Partners, a U.S. asset management firm, specializes in value investments in undervalued shares. Robeco sells Boston Partners’ investment products and packages value investing strategies into its own fund management. Similar collaborations are underway with Transtrend, a Dutch commodity trading advisor.
While we specialize in asset management, ORIX is a conglomerate. Although we have different DNA, the positioning of asset management within ORIX is highly beneficial, and we feel welcomed by them.
For example, 2021 was Robeco’s most profitable year. While the impact of the COVID-19 pandemic created difficulties for some of ORIX’s businesses such as hotels, leisure facilities, and aircraft, we were able to contribute to profits. We believe we are an integral part of ORIX’s diversified strategy.
Both companies share a long-term perspective. In my view, Japanese culture values decision-making by a long-term perspective, which aligns well with the asset management approach.
The following article, from the Nikkei Business Online Edition, features more with Robeco CEO Karin van Baardwijk in addition to the magazine interview. She shares her insights on the current ESG investment environment and women’s career development.
ORIX’s Two Rules After M&A — Behind the Scenes as Told by the CEO of Dutch Group Company Robeco
Key Takeaways:
1. Netherlands-based Robeco CEO talks about harmonization with ORIX when joining the Group.
2. The two rules that have been important are “trust and transparency.”
3. ESG investment is slowing, but there are investment opportunities so long as global warming continues.
Asset management is the next shift that ORIX will make as it aims to improve capital efficiency. The driving force behind this business is Robeco, a major Dutch asset management firm that became a wholly-owned subsidiary of ORIX Group in 2013. Its strengths are sustainability investments, such as decarbonization, and “quant” strategies leveraging advanced mathematical models for high yields, and total assets under management stand at 214 billion euros (approximately 36 trillion yen). We interviewed CEO Karin van Baardwijk, a well-known female executive in the Netherlands, about harmonization with ORIX and the promotion of women’s empowerment in the workplace.
——Robeco was established in 1929 and has a longer history than ORIX. How have the two companies, which have different countries and cultures, been able to work together?
CEO Karin van Baardwijk (hereinafter “Karin”): We have built a close relationship with ORIX. Having been a member of the transition project following ORIX’s acquisition of Robeco, I am always able to exchange information over the phone with Chairman and CEO Makoto Inoue. Two rules that we have always valued are “trust and transparency.” All data, knowledge, and tools are shared openly with ORIX.
What is important is not just sharing knowledge and best practices, but also identifying areas where we can mutually support each other. To do this, cross-organizational collaboration within ORIX Group companies is key.
Our sister company, Boston Partners, a U.S. asset management firm, specializes in value investments in undervalued shares. Robeco sells Boston Partners’ investment products and packages value investing strategies into its own fund management. Similar collaborations are underway with Transtrend, a Dutch commodity trading advisor.
——What is Robeco’s role in ORIX’s diversified strategy?
Karin: While we specialize in asset management, ORIX is a conglomerate. Although we have different DNA, the positioning of asset management within ORIX is highly beneficial, and we feel welcomed by them.
For example, 2021 was Robeco’s most profitable year. While the impact of the COVID-19 pandemic created difficulties for some of ORIX’s businesses such as hotels, leisure facilities, and aircraft, we were able to contribute to profits. We believe we are an integral part of ORIX’s diversified strategy.
Both companies share a long-term perspective. In my view, Japanese culture values decision-making by a long-term perspective, which aligns well with the asset management approach.
ESG Headwinds: “As Long as Forest Fires and Global Warming Continue, There Will Be Investment Opportunities”
——With the reelection of U.S. President Donald Trump, there are headwinds blowing in environmental, social, and governance (ESG) investments. How are you overcoming it?
Karin: Over the past few years, there have been significant regional differences in climate change investments. Europe has been at the forefront of sustainability investments. In Asia, net-zero investments are also being maintained. Especially, Singapore is promoting transition investments.
Transition investments are to invest in “gray companies” that have an environmental impact and make them environmentally friendly “green companies.” Green technologies such as renewable energy are important, but they account for only 8% of the global economy. We will fund ordinary companies, introduce cleaner technologies to make them more energy efficient, and make them green over time. To achieve net zero, decarbonization must be progressively advanced across all sectors.
The United States should be looked at separately by State. This is because each State’s political stance on sustainability investments is very different and divided. In California, for example, interest remains high and they are working with companies like us to solve the problem. In the United States, there has been a significant backlash against diversity, equity, and inclusion (DE&I) as well as ESG. But not all States and businesses are turning away from it.
The pace of sustainability investments is steadily slowing. But the world’s problems will not go away from the perspective of climate, biodiversity, or clients. So long as forest fires, floods, earthquakes, and warming continue, there will always be risks and investment opportunities.
Development of Female Leaders: “Choosing a Right Partner Is Important”
——You were awarded Best Dutch Female Leader of the Year in 2024. How can we increase the number of female leaders?
Karin: If we want to increase the number of female executives, we first need to make female leaders more visible. I am not just a CEO, but also have a family and am a mother of two boys. I think it is important to be a role model and talk about how I overcame the challenges I have faced. This will encourage other female leaders to think, “I can do it too.”
Despite doing the same job, there is still a problem regarding a certain amount of difference in the remuneration received by men and women. While there is no gender pay gap at Robeco, other industries and companies often still struggle with it. It is not something that can be solved by having companies pay compensation. We need to give women the confidence to say “yes” to working full-time and taking the next step in their careers.
I tell a lot of women, “who’s going to be your partner?” This is one of the most important things because when you love someone and choose to spend your life with them, if they don’t want you to work, it stops everything. If faced with a choice between work and love, most people would choose love. It is very important to choose a partner who will support you on your life’s journey.
Part 3：资本效率改善刻不容缓，以资本循环模式回应市场压力
欧力士的股价表现乏力，市净率（PBR）持续低于1。在此背景下，公司计划在保持资产规模稳定的同时，通过全面资产置换来提升盈利能力。然而，其策略并非简单地出售资产，而是要建立一种新模式，即使资产剥离后，仍能通过持续的运营管理获取收入。
今年3月，欧力士将可俯瞰日本环球影城（USJ）的15层酒店"HOTEL UNIVERSAL PORT VITA"以350亿日元的价格出售给了其旗下的不动产投资信托基金——欧力士不动产投资法人（ORIX JREIT）。为何在入境游需求高涨，市场环境一片利好时选择出售？
通过资产置换而非扩张来创收
原因在于欧力士的战略已从业务和资产扩张，转向资本循环（资产置换）的商业模式。该模式通过资产置换提升回报，而非依赖资产扩张来增加利润。虽然此类资产置换在欧美国家已流行多年，但欧力士是日本这一模式的先驱。
欧力士的独到之处在于，它不仅出售曾持有并运营的不动产等资产，还建立了一套继续参与售后资产管理的运营模式。以USJ酒店为例，其运营管理继续由欧力士酒店管理公司负责。
通过出售给集团旗下的基金，欧力士既可以实现资产剥离，又可以在集团内部进行有效管理。ORIX JREIT的基金管理公司——欧力士资产管理公司社长恩田郁也表示："我们将资产转入ORIX JREIT后继续负责运营管理的模式，创造了显著的集团协同效应。HOTEL UNIVERSAL PORT VITA的交易尤其如此，最终实现了三方共赢。"
这种将资产出售后，通过为买方提供运营管理来赚取管理费的模式转变，在其他业务中也有所体现。例如，在环境能源领域，欧力士目前拥有470万千瓦的可再生能源设施，并计划到2035年3月财年将容量扩大至2500万千瓦。虽然目前所有资产均为直接持有，但未来将逐步出售已投运的设施，预计超过一半资产将转为受托运营，以收取管理费的方式实现收益。
强调租赁与自持的平衡
飞机租赁业务是欧力士资产管理策略的典型范例，其根据市场需求调整"自有飞机"与"代管飞机"（为其他公司所有）之间的平衡。尽管机队总数维持在200架左右，但自有飞机已从2019年3月财年的100架，因新冠疫情航空业低迷期间的出售，减少至54架。自有飞机减少导致的租赁收入损失，部分通过代管飞机服务费的增加得到弥补。
欧力士集团执行董事北川庆表示："我们的理想结构是三分之一的收入来自自有飞机的租赁，三分之一来自出售自有飞机的资本利得，三分之一来自代管飞机的服务费。"这种平衡确保了盈利的稳定性。随着航空旅行需求增长，公司计划到2030年3月财年将机队规模（自有与代管飞机合计）扩大至500架，进一步优化这一精心构建的平衡策略。
无一例外的资产循环
欧力士资本循环模式的另一个显著特点是敢于无一例外地进行资产置换。例如，在其金融业务支柱之一的消费金融领域，公司将其全资子公司欧力士信贷（现为DOCOMO Finance）66%的股份以792亿日元出售给了NTT DOCOMO。
欧力士信贷意识到，在个人贷款和信用担保业务方面，若继续留在集团体系内，增长空间将逐渐受限。面对大型银行系竞争者的压力，以及数字化技术快速发展的挑战，该公司主动探索出路。在考虑了多种策略后，拥有信息技术和数字化应用优势以及庞大客户基础的NTT DOCOMO被确定为最佳合作伙伴。
欧力士信贷没有将资产"安全"地留在集团内部，而是选择大胆剥离，以在外部更好地实现增长潜力，其母公司欧力士也接受并支持了这一决定。
向资本循环模式的转变，源于对提升资本效率的迫切需求。欧力士以自有资金驱动的投资增长已使其资产规模扩张至17万亿日元，但股本回报率（ROE）仅维持在9%左右。尽管业绩稳健，且预计在2026年3月财年将实现净利润连续第三年创历史新高，但由于资本效率低下，股价依然停滞不前——6月27日收盘价为3,177日元，较2024年7月的峰值3,788日元下跌近20%。PBR仍低于1，为0.88。东芝投资等大型交易也增加了信用评级被下调的风险。
提升ROE的三个关键条件
SMBC日兴证券高级分析师村木正雄指出，提升ROE的条件包括：（1）加速资产周转；（2）引入外部资本；（3）出售资本效率低的资产。
5月，欧力士公布了长期愿景，设定了到2035年3月财年ROE达到15%的目标。同时为截至2028年3月财年的三大主业类别设定了中期目标：金融业务ROE从2025年3月财年的8.2%提升至两位数；运营业务从13.5%提升至15%；投资业务（按多年平均值计算）从7.4%提升至11%。
为进一步提高资本效率，欧力士也在调整其资金来源。正如村木所指出的，引入外部资金可能会削弱以自有资本投资的力量（如Part 2所述），但势在必行。为此，公司已开始从其他企业筹集资金，并采用"类基金"的结构对企业和业务进行投资。
收购可持续投资领军者Robeco
为了建立不增加自身资产即可创收的业务，欧力士专注于资产管理业务。2013年，欧力士收购了成立于1929年的荷兰领先资产管理公司Robeco。Robeco的管理资产规模达2140亿欧元（约合36万亿日元），在可持续投资（如脱碳）和利用先进数学模型实现高收益的"量化"策略方面实力雄厚，业务覆盖全球股票和债券。
目前，环境、社会和治理（ESG）投资在美国面临阻力，但Robeco CEO Karin van Baardwijk评论道："全球变暖的问题并未消失。只要森林大火和洪水持续发生，风险和投资机会就会并存。"全球资产管理市场持续扩张，根据波士顿咨询公司的数据，截至2024年底，全球管理资产总额达到128万亿美元的历史新高，同比增长12%。
100万亿日元资产管理规模目标
顺应这一趋势，欧力士致力于在将自身资产规模维持在目前约17万亿日元水平的同时，吸引外部资金以提高资本效率。公司计划将总管理资产规模从2025年3月底的74万亿日元增加至100万亿日元，并将欧洲定位为核心市场。除Robeco外，ORIX Corporation Europe还拥有位于伦敦、芝加哥等地的资产管理公司，总管理资产约66万亿日元。在2025年3月财年，管理费和业绩报酬收入增加，该业务板块的利润同比增长7%，达到444亿日元。
ORIX Corporation Europe CEO羽廣洁预计："欧洲可以实现有机增长，资产规模将在三年内增至80万亿日元。"认识到提升资本效率这一长期管理课题的欧力士，将资产管理业务视为关键解决方案。
Robeco CEO Karin van Baardwijk采访
为盈利做出贡献——成为多元化经营的一环
我们与欧力士建立了密切的关系。我曾是欧力士收购Robeco后过渡项目组成员，并且我随时可以与井上亮CEO通话交流。我们一直重视两大原则："信任与透明"。所有数据、知识和工具都与欧力士共享。
但重要的不仅是分享知识和最佳实践，还要找出能够相互发挥协同效应的领域。因此，在欧力士集团内部实现跨组织协同至关重要。
我们的“姐妹公司”——美国资产管理公司Boston Partners专注于低估股票的价值投资。Robeco一方面销售Boston Partners的投资产品，另一方面也在自身基金运作中引入价值投资策略。与荷兰商品交易顾问公司Transtrend也有类似合作。
我们专精于资产管理，而欧力士是综合性企业集团。尽管基因不同，但资产管理在欧力士内部的定位十分关键，我们感受到了充分的重视。
例如，2021年是Robeco盈利最佳的一年。尽管新冠疫情给欧力士的酒店、休闲设施和飞机等业务带来了困难，但我们能够为集团盈利做出贡献。我们相信自己是欧力士超多元化战略不可或缺的一环。
两家公司都秉持长期视角。在我看来，日本文化重视基于长期视角的决策，这与资产管理的理念高度契合。
以下内容来自《Nikkei Business》电子版，收录了更多Karin van Baardwijk CEO的采访内容，她在其中详细阐述了对当前ESG投资环境及女性职业发展的看法。
Robeco CEO解读欧力士并购后的两大原则
要点：
1. 专访Robeco CEO，回顾并入欧力士后的融合经验。
2. 一直奉行的两大原则是"信任与透明"。
3. ESG投资遇冷，但只要全球变暖持续，就会有投资机会。
为提高资本效率，欧力士下一步的着力点是资产管理业务。此业务的驱动力是荷兰大型资产管理公司Robeco，它于2013年成为欧力士集团的全资子公司。其优势在于可持续投资（如脱碳）和利用先进数学模型实现高收益的"量化"策略，管理资产总额达2140亿欧元（约合36万亿日元）。我们就与欧力士的融合以及推进女性职业发展问题，采访了荷兰知名女性企业家Karin van Baardwijk CEO。
——Robeco成立于1929年，历史比欧力士更悠久。两个国家和文化不同的公司是如何顺利合作的？
Karin van Baardwijk CEO（以下简称"Karin"）：我们与欧力士建立了密切的关系。我曾是欧力士收购Robeco后过渡项目组成员，并且我随时可以与井上亮CEO通话交流。我们一直重视两大原则："信任与透明"。所有数据、知识和工具都与欧力士共享。
但重要的不仅是分享知识和最佳实践，还要找出能够相互发挥协同效应的领域。因此，在欧力士集团内部实现跨组织协同至关重要。
我们的“姐妹公司”——美国资产管理公司Boston Partners专注于低估股票的价值投资。Robeco一方面销售Boston Partners的投资产品，另一方面也在自身基金运作中引入价值投资策略。与荷兰商品交易顾问公司Transtrend也有类似合作。
——Robeco在欧力士的超多元化战略中扮演什么角色？
Karin：我们专精于资产管理，而欧力士是综合性企业集团。尽管基因不同，但资产管理在欧力士内部的定位十分关键，我们感受到了充分的重视。
例如，2021年是Robeco盈利最佳的一年。尽管新冠疫情给欧力士的酒店、休闲设施和飞机等业务带来了困难，但我们能够为集团盈利做出贡献。我们相信自己是欧力士超多元化战略不可或缺的一环。
两家公司都秉持长期视角。在我看来，日本文化重视基于长期视角的决策，这与资产管理的理念高度契合。
ESG投资受阻："只要森林大火和全球变暖持续，就会有投资机会"
——随着美国总统特朗普的再次当选，ESG投资正面临阻力。你们如何应对？
Karin：近几年，全球在气候变化领域的投资出现了明显的地区差异。欧洲始终走在可持续投资的前列；在亚洲，实现温室气体“净零”排放的相关投资也保持稳定，其中，新加坡正在大力推动转型投资，加快脱碳进程。
所谓转型投资，是指向那些对环境造成负担的“灰色企业”提供资金，帮助其逐步转型为更加环保的“绿色企业”。可再生能源等绿色技术固然重要，但它们仅占全球经济的8%。要实现“净零”目标，必须为一般企业注入资金，引入更清洁的技术提高能源效率，逐步实现绿色转型。这意味着脱碳必须在所有行业、所有环节逐步推进。
在美国，这一问题需要分州来看。由于政治立场的差异，不同州对可持续投资的态度截然不同，呈现明显分化。例如，加利福尼亚州兴趣依然很高，他们正与我们这样的公司合作推进问题解决。但与此同时，美国国内针对ESG的反对声浪高涨，DE&I（多样性、公平性与包容性）同样面临阻力。但并非所有州和企业都因此选择回避或退出。
可持续投资的推进速度确实有所放缓。但从气候变化到生物多样性，再到客户需求，全球性问题并不会因此消失。只要森林火灾、洪水、地震和全球变暖持续存在，风险与投资机会就将同时并存。
女性领袖的成长：“伴侣选择至关重要”
——2024年您被评为荷兰“年度最佳女性领袖”。在您看来，应如何增加更多女性领导者？
Karin：如果想增加更多女性领导者，首先要让更多女性领袖“被看到”。我不仅是一名企业家，也有家庭，是两个男孩的母亲。我认为，树立榜样并分享自己如何克服挑战尤为重要。只有这样，更多女性才会由衷地相信：“我也能够做到。”
尽管从事同样的工作，男性与女性在薪酬上仍存在一定差距。在Robeco，公司内部已实现不同性别之间同工同酬，但在其他行业和企业，这一问题依然普遍。要解决这一问题，绝非仅靠企业支付报酬就能完成，更需要赋予女性信心，让她们敢于选择全职投入工作，并有勇气在职业生涯上迈向更高的台阶。
我常对许多女性强调一个问题：“你会选择谁作为伴侣？”这是人生最重要的决定之一。因为当你选择去爱一个人，并决定与之共度一生时，如果对方不希望你继续工作，那你的职业道路很可能会因此中断。当不得不在工作与爱情之间做出选择时，大多数人会选择爱情。因此，找到一个愿意支持你人生旅程的伴侣，显得尤为关键。
