Cibus Capital, a UK-based private equity investor focused on sustainable agriculture, has reported on the introduction of its theory of change for the first time. Introduced in 2022, the firm has integrated its theory of change across the investment process of its two funds as part of its impact measurement framework. In its second annual sustainability report, Cibus described its theory of change as a “roadmap” connecting investments to desired outcomes including a description of the problem or issue being addressed, the investments being made, the expected short- and long-term outcomes “and the indicators used to measure progress”. “It provides a clear set of indicators that enables Cibus Capital to track progress towards the Cibus funds’ ultimate goal of a reliable and sustainable food system,” the firm said. According to its theory of change, Cibus’ goal is “to reduce the harmful impact of the agricultural industry on both the planet and people, while promoting sustainable, equitable and secure practices for our future food system”. The objectives listed in Cibus’ theory of change – including healthy soils, reduced agrochemicals, sustainable crops and enhanced biodiversity”. are all underpinned by measurable KPIs and the Global Impact Investing Network’s IRIS+ metrics. The firm also said it had also recently adopted the Operating Principles of Impact Management. Cibus’ report also included a case study outline how portfolio company Vive Crop Protection has aligned with the firm’s theory of change, including an assessment of its product and operations, and the development of KPIs to be measured during the investment lifetime.
