In the second half of this two part series, Veris Co-founder Michael Lent shares some of his most important lessons learned and contributions to the field of impact investing and offers his vision for the future.
By Maya Zamir
In early February 2025, one month after returning from maternity leave, I joined Convergence XXI, a month-long global convening led by Criterion Institute dedicated to envisioning the next era of gender lens investing.¹ Practitioners from around the world, each of us bringing different experiences and perspectives on gender lens, met bi-weekly to discuss the state of the field and share our ideas about what might come next. Through these sessions we explored five possible “futures,” each representing a different way finance could advance gender equity.
Returning from maternity leave, conversations about equity, care, and systems resonated. And yet, deciding which future felt most aligned with my perspective proved surprisingly difficult. Throughout the month, I found myself reflecting on the tension between ambition and practicality, and how visionary change might take shape within the current US political and economic context.
The five futures presented a spectrum of possibilities for this work, from one where gender considerations become fully integrated across all sustainable finance to another where deep, niche, and locally grounded funds lead innovation through bold, context-specific approaches. Some futures envisioned universal standards and shared metrics that could bring scale and credibility, while others emphasized shifting power toward regional ecosystems and locally led capital strategies. The last vision imagined gender lens investing evolving into a movement for systemic change – one that redefines how capital flows, who holds power, and what kinds of value finance is designed to create.
By Jane Swan, CFA and Roraj Pradhananga, CIMA & CPA
Amidst ongoing US policy unpredictability and signs of a softening labor market, the US economy and markets have continued to demonstrate notable resilience. A long-awaited Federal Reserve interest rate cut, and strong corporate earnings supported equity and credit markets – yet policy shifts, elevated stock valuations, and ongoing geopolitical tensions continue to pose potential headwinds. Looking back on the third quarter and ahead to the remainder of 2025 and the new year, several trends seem to be emerging.
The One Big Beautiful Bill Act (OBBBA), which President Donald Trump signed into law on July 4th, introduces a myriad of tax law changes and makes permanent many tax provisions previously scheduled to sunset or expire in 2025.¹ Note that “permanent” remains a misnomer in the world of tax regulations, as Congress holds the power to make changes in the future.
In this article, we will look at some of the most significant changes the bill will bring for high income earning and high-net-worth taxpayers, as well as suggestions for action steps that readers may wish to consider in light of these shifts.
By Roraj Pradhananga, CIO of Veris
This is the third installment of a multi-part series by Veris CIO Roraj Pradhananga exploring the State of Impact Investing in 2025.
At Veris, we believe lasting change in public markets is achieved not by exclusions, but through active shareholder engagement. Shareholder resolutions – when strategically applied – can prompt corporations to implement meaningful improvements in governance, policy, and transparency. But today, shareholder advocacy is facing significant regulatory and political headwinds. Recent regulatory shifts, particularly from the Securities and Exchange Commission (SEC) and state-level restrictions, are reshaping the rules of engagement and altering the landscape for sustainable investors.
By Jane Swan, CFA and Roraj Pradhananga, CIMA & CPA
After considerable volatility from late February through April, markets have stabilized and have reached new record highs, seemingly unaffected by persistent uncertainty. Although unpredictable tariff policy, unprecedented executive actions, and a budget bill projected to dramatically expand the federal deficit remain ongoing concerns, market volatility in response to these developments has diminished.
Firings of senior officials – including those responsible for overseeing the collection and reporting of key economic and statistical data – could threaten the integrity and reputation of the organizations along with the financial market’s confidence in the data they provide. Even before these dismissals, we believe there was a noticeable decline in the quality of inflation statistics, with the Bureau of Labor Statistics increasing its use of estimates from a historical average of 10% to 30%.¹ As we examine the economy and markets, we note that the relationship between data and market responses may be evolving.
