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Institutional Research Group

Analysis

PitchBook Data, Inc.

John Gabbert Founder, CEO

Nizar Tarhuni Vice President, Institutional

Research and Editorial

Daniel Cook, CFA Head of Quantitative Research

Contents

Published on September 22, 2023

Publishing

Key takeaways 1

Introduction 2

Financial return potential 3

Environmental and social impact

potential

PitchBook is a Morningstar company providing the most comprehensive, most

accurate, and hard-to-find data for professionals doing business in the private markets.

How transit tech can create a double bottom

line of financial returns and positive social and

environmentalimpact

Emerging Sustainable

Investing Opportunities:

Transit Tech

Key takeaways

• In an effort to boost public transit ridership numbers, governments are

increasingly turning to transit tech to help improve both access to and the

experience of mass transportation.

• The financial return potential of this opportunity is underpinned by a growing

end-user base, government support in the form of partnerships and regulatory

cooperation, and user stickiness.

• Transit tech has the potential to create positive environmental impacts in the areas

of climate change and pollution mitigation and ecosystem harm prevention, as well

as social impacts in terms of human health and economic mobility.

Anikka Villegas

Analyst, Fund Strategies &

Sustainable Investing

anikka.villegas@pitchbook.com

Daa

Alyssa Williams

Senior Data Analyst

pbinstitutionalresearch @pitchbook.com

Insights developed in collaboration with

Jonathan Geurkink, Sr. Analyst, Emerging

Technology at PitchBook Data.

Emerging Sustainable Investing Opportunities: Transit Tech

Introduction

Venture capital, often serving as the incubator of emerging technologies, is well-

positioned to invest with positive social and environmental impact goals in mind.

Venture capitalists can utilize their expertise and resources to foster the businesses

that have the greatest potential for both impact and returns, especially when

keeping an eye to companies for which success necessarily marries the two. This

fact has not gone unnoticed by venture capitalists, which comprise 42.7% of the

total count of impact funds raised since 2007.1 Yet, the landscape of prospective

opportunities is expansive and rapidly evolving, making it difficult to keep track of

which have the greatest financial—and impact—return potential.

Emerging opportunities often go beyond the investment areas traditionally

associated with sustainability, such as solar energy or electric vehicles,

encompassing a host of lesser-known technologies. Even within the familiar

themes, there are niche investment opportunities developing. In this analyst note

series, we surface opportunities across emerging technology verticals such as

foodtech, mobility tech, and carbon & emissions tech that we believe are poised to

perform well within the next decade, from both a financial-return and an impact-

return perspective. In doing so, we hope to help guide venture capitalists pursuing

the “double bottom line” through the complex landscape to the most fruitful

opportunities.

For each analyst note in the series, insights are developed in collaboration with

a PitchBook Emerging Technology Analyst covering the relevant vertical, using

their subject matter expertise and previous research, as well as some external

resources, to inform our perspective on the space. We discuss the return potential

of the opportunity and its major drivers, as well as the investment risks and

obstacles it faces. We also explore its social and environmental impact potential,

how the opportunity fits into various IRIS+ Impact themes,2 and potential metrics

to help quantify those impacts. Ultimately, the aim of this research is to give

venture capitalists and their LPs a better understanding of how the opportunities

align to their return and sustainability goals and provide companies operating

in these spaces a sense of how to optimize and communicate their social and

environmental impact.

This analyst note focuses on transit tech, which encompasses digital dispatch apps

and digital planning, scheduling, and route optimization software, as well as other

tech-enabled solutions created to help address public transportation challenges.3

Mass transit, in the form of buses, light rails, subways, and ferries, among others,

is not a new phenomenon. However, as consumer preferences have shifted toward

single-occupancy vehicles in many metropolitan areas—particularly in the US—

public transit agencies and operators have sought to improve ridership through new

technologies. Since 2013, 61 VC-backed companies have entered the transit tech

space, with $5.3 billion in investment.

1: For more impact fundraising data, check out our Q4 2022 Analyst Note: Impact Investing Update.

2: The Impact Reporting and Investing Standards (IRIS+) framework, created by the Global Impact Investing Network (GIIN), is an industry-leading

methodology aiding investors in sorting impact investments by the different types of impact they are targeting. You can learn more about the IRIS+

categories, what they include, and what they do not, in “IRIS+ Thematic Taxonomy,” Global Impact Investing Network, April 2023.

3: Read more about transit tech opportunities in our Q1 2023 Analyst Note: Transit Tech Transforms Public Transportation

Emerging Sustainable Investing Opportunities: Transit Tech

Financial return potential

In some geographies, particularly in the US, single-occupant vehicles have become

the standard mode of transportation. Riders are prioritizing comfort, convenience,

reliability, and privacy, and the tradeoffs they must make to use public transportation

seemingly outweigh its direct benefits. For cities and their occupants, this is a

problem, as higher numbers of single-occupant vehicles contribute to heavy traffic,

carbon emissions, and higher accident rates, among other undesirable outcomes. As

public transit ridership numbers have failed to fully recover following the peak of the

COVID-19 pandemic, local governments and constituents are looking to transit tech to

improve access to and the experience of mass transportation.

The return potential of transit tech is moderate to high at present, but will likely

improve further in the next decade. There are three central factors contributing

to its return potential. First, it has a growing end-user base, which will continue to

scale. The number of public transportation users worldwide is predicted to amount

to 4.5 billion by 2027.4 In the US, where ridership is lagging compared with other

developed countries, younger, climate-conscious constituents are coming of age and

are more likely to use public transit now and in the future. Generation Z Americans

are getting their driver’s licenses later and later,5 and millennials are driving fewer

miles than members of Generation X and baby boomers.6 Furthermore, on the global

scale, an increasing proportion of the population has grown up with the internet and

mobile phone apps, making them more tech savvy and receptive to tech used for

digital multimodal booking, trip planning, and rideshares. As a shorter-term boon, a

potential recession and loosening of the labor market is likely to benefit ridership, as

both variable-route passenger pooling technologies and fixed-route services such as

traditional bus routes are more economical for riders.

4: “Public Transportation – Worldwide,” Statista, August 2023.

5: “The Oldest (and Youngest) States and the Shrinking Number of Teenagers with Licenses,” The Washington Post, Andrew Van Dam, January 13, 2023.

6: “Generational Travel Patterns in the United States: New Insights from Eight National Travel Surveys,” ScienceDirect, Ming Zhang and Yang Li,

February 2022.

Source: PitchBook • Geography: Global

*As of August 21, 2023

$0.0 $0.0 $0.2

$0.4 $0.5 $0.3 $1.0 $0.5 $1.7 $0.5

$0.2

22 25 25

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*

Deal value ($M) Deal count

Transit tech VC deal activity

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1InstitutionalResearchGroupAnalysisPitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialDanielCook,CFAHeadofQuantitativeResearchContentsPublishedonSeptember22,2023PublishingDesignedbyChloeLadwigKeytakeaways1Introduction2Financialreturnpotential3Environmentalandsocialimpactpotential5PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.HowtransittechcancreateadoublebottomlineoffinancialreturnsandpositivesocialandenvironmentalimpactEmergingSustainableInvestingOpportunities:TransitTechKeytakeaways•Inanefforttoboostpublictransitridershipnumbers,governmentsareincreasinglyturningtotransittechtohelpimprovebothaccesstoandtheexperienceofmasstransportation.•Thefinancialreturnpotentialofthisopportunityisunderpinnedbyagrowingend-userbase,governmentsupportintheformofpartnershipsandregulatorycooperation,anduserstickiness.•Transittechhasthepotentialtocreatepositiveenvironmentalimpactsintheareasofclimatechangeandpollutionmitigationandecosystemharmprevention,aswellassocialimpactsintermsofhumanhealthandeconomicmobility.AnikkaVillegasAnalyst,FundStrategies&SustainableInvestinganikka.villegas@pitchbook.comDataAlyssaWilliamsSeniorDataAnalystpbinstitutionalresearch@pitchbook.comInsightsdevelopedincollaborationwithJonathanGeurkink,Sr.Analyst,EmergingTechnologyatPitchBookData.2EmergingSustainableInvestingOpportunities:TransitTechIntroductionVenturecapital,oftenservingastheincubatorofemergingtechnologies,iswell-positionedtoinvestwithpositivesocialandenvironmentalimpactgoalsinmind.Venturecapitalistscanutilizetheirexpertiseandresourcestofosterthebusinessesthathavethegreatestpotentialforbothimpactandreturns,especiallywhenkeepinganeyetocompaniesforwhichsuccessnecessarilymarriesthetwo.Thisfacthasnotgoneunnoticedbyventurecapitalists,whichcomprise42.7%ofthetotalcountofimpactfundsraisedsince2007.1Yet,thelandscapeofprospectiveopportunitiesisexpansiveandrapidlyevolving,makingitdifficulttokeeptrackofwhichhavethegreatestfinancial—andimpact—returnpotential.Emergingopportunitiesoftengobeyondtheinvestmentareastraditionallyassociatedwithsustainability,suchassolarenergyorelectricvehicles,encompassingahostoflesser-knowntechnologies.Evenwithinthefamiliarthemes,therearenicheinvestmentopportunitiesdeveloping.Inthisanalystnoteseries,wesurfaceopportunitiesacrossemergingtechnologyverticalssuchasfoodtech,mobilitytech,andcarbon&emissionstechthatwebelievearepoisedtoperformwellwithinthenextdecade,frombothafinancial-returnandanimpact-returnperspective.Indoingso,wehopetohelpguideventurecapitalistspursuingthe“doublebottomline”throughthecomplexlandscapetothemostfruitfulopportunities.Foreachanalystnoteintheseries,insightsaredevelopedincollaborationwithaPitchBookEmergingTechnologyAnalystcoveringtherelevantvertical,usingtheirsubjectmatterexpertiseandpreviousresearch,aswellassomeexternalresources,toinformourperspectiveonthespace.Wediscussthereturnpotentialoftheopportunityanditsmajordrivers,aswellastheinvestmentrisksandobstaclesitfaces.Wealsoexploreitssocialandenvironmentalimpactpotential,howtheopportunityfitsintovariousIRIS+Impactthemes,2andpotentialmetricstohelpquantifythoseimpacts.Ultimately,theaimofthisresearchistogiveventurecapitalistsandtheirLPsabetterunderstandingofhowtheopportunitiesaligntotheirreturnandsustainabilitygoalsandprovidecompaniesoperatinginthesespacesasenseofhowtooptimizeandcommunicatetheirsocialandenvironmentalimpact.Thisanalystnotefocusesontransittech,whichencompassesdigitaldispatchappsanddigitalplanning,scheduling,androuteoptimizationsoftware,aswellasothertech-enabledsolutionscreatedtohelpaddresspublictransportationchallenges.3Masstransit,intheformofbuses,lightrails,subways,andferries,amongothers,isnotanewphenomenon.However,asconsumerpreferenceshaveshiftedtowardsingle-occupancyvehiclesinmanymetropolitanareas—particularlyintheUS—publictransitagenciesandoperatorshavesoughttoimproveridershipthroughnewtechnologies.Since2013,61VC-backedcompanieshaveenteredthetransittechspace,with$5.3billionininvestment.1:Formoreimpactfundraisingdata,checkoutourQ42022AnalystNote:ImpactInvestingUpdate.2:TheImpactReportingandInvestingStandards(IRIS+)framework,createdbytheGlobalImpactInvestingNetwork(GIIN),isanindustry-leadingmethodologyaidinginvestorsinsortingimpactinvestmentsbythedifferenttypesofimpacttheyaretargeting.YoucanlearnmoreabouttheIRIS+categories,whattheyinclude,andwhattheydonot,in“IRIS+ThematicTaxonomy,”GlobalImpactInvestingNetwork,April2023.3:ReadmoreabouttransittechopportunitiesinourQ12023AnalystNote:TransitTechTransformsPublicTransportation3EmergingSustainableInvestingOpportunities:TransitTechFinancialreturnpotentialInsomegeographies,particularlyintheUS,single-occupantvehicleshavebecomethestandardmodeoftransportation.Ridersareprioritizingcomfort,convenience,reliability,andprivacy,andthetradeoffstheymustmaketousepublictransportationseeminglyoutweighitsdirectbenefits.Forcitiesandtheiroccupants,thisisaproblem,ashighernumbersofsingle-occupantvehiclescontributetoheavytraffic,carbonemissions,andhigheraccidentrates,amongotherundesirableoutcomes.AspublictransitridershipnumbershavefailedtofullyrecoverfollowingthepeakoftheCOVID-19pandemic,localgovernmentsandconstituentsarelookingtotransittechtoimproveaccesstoandtheexperienceofmasstransportation.Thereturnpotentialoftransittechismoderatetohighatpresent,butwilllikelyimprovefurtherinthenextdecade.Therearethreecentralfactorscontributingtoitsreturnpotential.First,ithasagrowingend-userbase,whichwillcontinuetoscale.Thenumberofpublictransportationusersworldwideispredictedtoamountto4.5billionby2027.4IntheUS,whereridershipislaggingcomparedwithotherdevelopedcountries,younger,climate-consciousconstituentsarecomingofageandaremorelikelytousepublictransitnowandinthefuture.GenerationZAmericansaregettingtheirdriver’slicenseslaterandlater,5andmillennialsaredrivingfewermilesthanmembersofGenerationXandbabyboomers.6Furthermore,ontheglobalscale,anincreasingproportionofthepopulationhasgrownupwiththeinternetandmobilephoneapps,makingthemmoretechsavvyandreceptivetotechusedfordigitalmultimodalbooking,tripplanning,andrideshares.Asashorter-termboon,apotentialrecessionandlooseningofthelabormarketislikelytobenefitridership,asbothvariable-routepassengerpoolingtechnologiesandfixed-routeservicessuchastraditionalbusroutesaremoreeconomicalforriders.4:“PublicTransportation–Worldwide,”Statista,August2023.5:“TheOldest(andYoungest)StatesandtheShrinkingNumberofTeenagerswithLicenses,”TheWashingtonPost,AndrewVanDam,January13,2023.6:“GenerationalTravelPatternsintheUnitedStates:NewInsightsfromEightNationalTravelSurveys,”ScienceDirect,MingZhangandYangLi,February2022.Source:PitchBook•Geography:GlobalAsofAugust21,2023$0.0$0.0$0.2$0.4$0.5$0.3$1.0$0.5$1.7$0.5$0.212162722252530254026820132014201520162017201820192020202120222023Dealvalue($M)DealcountTransittechVCdealactivity4EmergingSustainableInvestingOpportunities:TransitTechSecond,companiesinthetransittechspaceofteneithergeneratebusinessthroughgovernmentpartnerships—similartothewayprivate-marketinfrastructuredevelopersdo—orbenefitsignificantlyfromregulatorycooperation.Forexample,ViaTransportationhaspartneredwithTransportforLondon,7KingCountyMetroinSeattle,8andTransportforNewSouthWalesinAustraliatoprovideitstransittechservicestoresidents.9Governmentappetitefortransittechpartnershipisconsiderableandlikelytoremainso,inlargepartbecauseimprovedridershipwillbeneededtoaccomplishclimate-change-relatedgoals.Ascompetitionforminedandnonrenewableelectric-vehivle(EV)batterymaterialsincreases,productionwillbecomemoreexpensive,likelyprohibitivelyso,makingafulltransitiontoEVsimprobableinthenextfewdecades.Governmentsareexpectedtoincreasinglyinvestinpublictransit,whichhasunmatchedresourceefficiency,toreducecarbonemissions,thusbolsteringdemandfortransittech.Forexample,thepassageoftheUSBipartisanInfrastructureLawinlate2021authorizedupto$108billionforpublictransportationinvestmentintheUS,withfourkeyprioritiesofimprovingsafety,modernization,sustainability,andequity.10Third,forthemainplayers,whichwilltypicallybethosethathaveestablishedgovernmentpartnerships,userstickinesswillnotonlybesubstantialbutwillincreaseastimegoeson.Inpart,thisisbecausecontinuedtrendsofdigitizationandprogresstowardsmartcitieswillimprovethequalityoftransittechthroughmoreabundantandbetter-qualitydataandinterconnectedness,improvinguserexperience.Transittechmayalsobecomepartofcityorcountyplanning,withsomeruralareasalreadyintegratingit,enablingresidentstoliveinpreviouslycar-centriccommunities,suchasthoseinSummitCounty,Utah,withoutavehicle,asmentionedinourQ12023AnalystNote:TransitTechTransformsPublicTransportation.Shouldtransit-tech-enabled,car-freecommunitiesbecomemorepopular,providerswouldbesupplyingindispensableservicesforresidentswhootherwisewouldnothavetransporttowork,school,orhealthcarefacilities,makingthemfirmlyentrenched.Ontheothersideoftheequation,therisklevelofthisopportunityismoderatebutexpectedtodecreaseslightlyoverthenext10yearsaswinnersemerge.Therearetwokeyriskscontributingtothisassessment.Thefirstiscompetitiverisk.Thefactorsthatmakeforuserstickinessandcreateentrenchedplayersalsomakeitdifficulttodisruptthemarketoncekeyplayersdomaterialize.Plus,marketentrantshavetocontendnotonlywithotherstartupsbutalsowithestablishedfirmslikeAppleorGoogleiftheychoosetodevelopcompetingproducts.Assuch,businessesenteringthemarketwillneedtofocusondifferentiatingtheirproductsandestablishingcustomerand/orend-userrelationshipsearlyon.Thelongerstandingtheserelationshipsare,thelesslikelythecompanyistobedisplaced,soriskshoulddecreaseinthenextdecadeforexistingplayers.7:“TransportforLondonAwardsViawithMulti-YearContracttoTransformAccessibleTransport,”Via,August7,2023.8:“ViatoTransitCelebratesThreeYearsofProvidingKingCountywithEfficient,EquitableOn-DemandPublicTransportation,”Via,April28,2022.9:Ibid.10:“BipartisanInfrastructureLaw,”FederalTransitAdministration,July24,2023.5EmergingSustainableInvestingOpportunities:TransitTechThesecondriskisvulnerabilitytopoliticaloreconomicshiftsreducinggovernmentwillingnesstospendontransittechanddiminishingregulatorycooperativeness.ThisriskismostmaterialincountriesliketheUSthatarepronetolargeswingsfromoneendofthepoliticalspectrumtotheother,whichcaninfluencefederalfunding,aswellasthosewithlesscapitaltocommittopublicworksprojectsingeneral.Still,intheUS,therecentspendingenvironmentandpoliticalclimatehavebeenfriendlytothesetechnologiesandrelatedsectors,withbountifulfederalfundingformobilityandinfrastructure.Furthermore,evenifgovernmentspendingslows,mostmetropolitanareasindevelopedcountrieshavealreadymadeinvestmentsinpublictransportationinfrastructure;so,thefundamentalstructuresuponwhichtransittechcompaniesoftenrelytooperatetheirbusinessesorprovidetheirservicesalreadyexist,eveniftheyarenotstate-of-the-art.Thisscenarioislessriskythanoneinwhichcompaniesbroadlyrelyongovernmentstobuildthosestructurestomaketheirproductsorservicesviable.EnvironmentalandsocialimpactpotentialRelevantIRIS+Categories11AirClimateDiversity&inclusionEducationHealthPollutionTransittechhasamoderatepositiveenvironmentalimpactpotentialatpresent,whichwilllikelyexpandtoamoderate-to-highlevelofpotentialimpactwithinthenextdecadeasadoptionincreasesandtechnologyisrefined.Therearetwocentralenvironmentalimpactopportunitiesthatarisewithinthespace.First,byreducingthenumberofsingle-occupantvehiclesonroadsandintraffic,transittechcanhelpalleviateecosystemharmduetopoorairquality.Automobilesproduceandreleasesulfurdioxideandnitrogenoxidesintotheatmosphere.Bothcontributetotheprecipitationofacidrain,andnitrogenpromotestheeutrophicationofbodiesofwater.1211:“IRIS+ThematicTaxonomy,”GlobalImpactInvestingNetwork,April2023.12:“Health&EnvironmentalEffectsofAirPollution,”DepartmentofEnvironmentalProtection,n.d.,accessedSeptember8,2023.6EmergingSustainableInvestingOpportunities:TransitTechAirpollutionfromvehiclesalsoincreasestheambientlevelsofairtoxics.Thiscancausecancersaswellasneurological,cardiovascular,respiratory,reproductive,andimmunesystemdamage,notonlytowildlifebutalsotohumans.13Assuch,transittechtiesintoasocialhuman-healthimpactaswell.Plants,includingcrops,canalsobeharmedbyairpollution,whichcanclogleavesandaffectphotosynthesis.14Morecities,includingLondon,Stockholm,andMilan,havebeenimplementingcongestionpricingtoimproveairqualityandmitigateotherenvironmentalimpactsoftrafficandpollutioninrecentyears.15Asinitiativeslikethesepopularize,theenvironmentalandsocialeffectsofimprovedairqualitycomingfromtransittechwillbeamplifiedaswould-bedriversareincentivizedtousepublictransit.Second,transittechcanhelpmitigateclimatechange.Approximately40%oftheglobalcarbondioxideemissionsproducedbythetransportationsectorcomefrompassengercars.16Persinglepassenger,carsemitbetween57and322gramsofcarbondioxideequivalent,whilebusesemit22to92grams,andtrainsemitsixto118grams.17Masstransitisnecessarytocurbtransportationemissions,andimprovingridershipisintegraltothatgoal.Transittechsolutionsspecificallyfocusedonlow-carbontransportation,suchasEVvanpoolingridesharesolutions,magnifythesepositiveenvironmentaleffects.Asthenumberofcarbon-neutralvehiclescomingtothemarketclimbs,theenvironmentalimpactpotentialofthisopportunitywillincrease.Technologicaldevelopmentswillalsoplayarole.Whileelectricbusescurrentlyexist,theyfacerangeandbatterylimitations,aswellasotherperformanceissues,whichhaveresultedinsomecitiesadopting,thenretiring,them.18Inthesamevein,route-optimizationsoftwareandmultimodalbookingplatformswillworkinconcerttomaketravelmoreefficient,maximizingpositiveenvironmentalimpact.19Intermsofsocialimpact,therearethreedimensionstotransittech’spositiveeffects.Itspresentsocialimpactpotentialismoderatebutwillincreaseslightlyinthenext10yearsduetomoreusersandbettertechnology.First,therearetheaforementionedpositivehealthimpactsassociatedwithimprovedairquality.Thesecondsocialimpactopportunityalsorelatestohumanhealth,andspecifically,vehicleaccidentprevention.Researchhasfoundthatbusesareapproximately10timessaferpermilethantravelbycar,whilerailis18timessaferbytrafficcasualtyrate.20So,gettingdriversoffthestreetandontobusesandtrainsbenefitsnotonlythoseindividualsbutalsopedestrians.Thisimpactmaybediminishedifdangerouslast-milemobilitysolutionslikee-scootersarebeingusedmorefrequentlyduetotransittech.2113:“ResearchonHealthEffects,Exposure,&RiskfromMobileSourcePollution,”EPA,February22,2021.14:“ReviewingtheImpactofVehicularPollutiononRoad-SidePlants—FuturePerspectives,”ProQuest,MuthuManikandan,etal.,May3,2021.15:“5CitieswithCongestionPricing,”SmartCitiesDive,JoePeach,n.d.,accessedSeptember8,2023.16:“DistributionofCarbonDioxideEmissionsProducedbyTheTransportationSectorWorldwidein2021,bySubsector,”Statista,IanTiseo,August29,2023.17:“GHGIntensityofPassengerTransportModes,2019,”IEA,May27,2020.18:“EVFutureinPittsburghCloudedbyProblems,BothMechanicalandRiders,”TheCenterSquare,AnthonyHennen,September28,2022.19:“DigitallyDrivenMultimodalityCanSuperchargeSustainableGrowthofEuropeanPassengerMobility,”Kearney,PabloEscutiaLopezandJoseCantera,November28,2022.20:“DangerousStreets?TaketheBus,”Bloomberg,AndrewSmall,September11,2018.21:“InjuryRatesPerMileofTravelForElectricScootersVersusMotorVehicles,”NationalLibraryofMedicine,KevinRix,etal.,October27,2020.COPYRIGHT©2023byPitchBookData,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedinanyformorbyanymeans—graphic,electronic,ormechanical,includingphotocopying,recording,taping,andinformationstorageandretrievalsystems—withouttheexpresswrittenpermissionofPitchBookData,Inc.Contentsarebasedoninformationfromsourcesbelievedtobereliable,butaccuracyandcompletenesscannotbeguaranteed.Nothinghereinshouldbeconstruedasinvestmentadvice,apast,currentorfuturerecommendationtobuyorsellanysecurityoranoffertosell,orasolicitationofanoffertobuyanysecurity.Thismaterialdoesnotpurporttocontainalloftheinformationthataprospectiveinvestormaywishtoconsiderandisnottoberelieduponassuchorusedinsubstitutionfortheexerciseofindependentjudgment.7EmergingSustainableInvestingOpportunities:TransitTechThefinalsocialimpactopportunitycomesfromthesocioeconomicimpactsofpublictransit.Techthatfacilitatesflexible,on-demandridershipimproveslow-incomeandunderservedcommunities’connectednesstobetter-payingjobsinwealthierareas,schools,andcommunityorganizations,aswellashealthcareservices.Accesstothoseopportunitiesandresourceshasintergenerationaleffectsonhealthoutcomesandeconomicmobility,which,whiledifficulttocalculateindirectrelationtotransittech,arefarfromnegligible.Implementationoftransittechsolutionsinlow-income,historicallyunderservedneighborhoodswouldthenhavegreatersocialimpact.Theonlyothermajorthreatstothesepositiveoutcomesareadoptionrisk,ascost-prohibitivepricingofservicesmayprecludetheintendedeffectofincreasingridership,andrisksrelatedtogovernmentwillingnesstospendontransittech,asdiscussedintheFinancialReturnPotentialsection.Potentialimpactmetrics22•Numberofridersorusers•Numberofridersoruserslocatedinlow-incomecommunities•TonsofCO2emissionspreventedbyridestakenorbookedbyridersoruserscomparedwithstandardcartransit•TonsofCO2emissionspreventedbyridestakenorbookedbyridersoruserscomparedwithstandardpublictransitofferingsabsenttheserviceprovided•Numberofridesprovidedorbookedusingservicesthatuseelectricvehiclesorothersustainabletransportationalternatives22:AsdiscussedinourQ12022AnalystNote:ESG,Impact,andGreenwashinginPEandVC,someGPsandLPsconsidermeasurementanecessarycomponentofanimpactinvestmentprogram.Thefollowingmetricscanbeusedtoquantifythepositivesocialandenvironmentalimpactsdiscussedinthereport,includingbycompaniespitchingtheirpositiveimpactstosustainability-orientedGPsandGPscollectingimpactmetricsontheirportfoliosforinternaltrackingandmonitoring,amongothers.Ofnote,thesemetricsaretailoredtothespecificopportunitydiscussed,andassuch,someofthemwillnotaggregatemeaningfullyattheLPportfoliolevel.Youcanreadmoreabouttheuseofcustomizedversusstandardizedmetricsin“AssessingComparability:TheIndicatorsDilemma,”EVPA,GianlucaGaggiottietal.,September12,2023.

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