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Force For Good 2024

Using our influence for positive impact is in our DNA.

2023 was a transformative year of growth for Alpine Investors.

We grew our employee headcount at Alpine HQ by 25%, welcomed 170+ businesses into our portfolio, exited two platform companies and grew our assets under management (AUM) to $17 billion.

We achieved this growth while remaining committed to being a Force For Good in the world. At Alpine, we recognize the private equity industry’s potential to create jobs, grow businesses, distribute wealth, increase employee engagement and create positive change in the world.

This report showcases how we lived up to that potential over the past year and how our firm and our portfolio companies continue to drive positive outcomes while producing consistently strong returns for our investors.

Thank you for your partnership.


PeopleFirst is Alpine’s overarching investing and operating philosophy—we drive results by attracting and retaining extraordinary people.

This philosophy shapes how we invest, how we hire, our recipe for growth and our platform for impact– particularly with employee engagement and development.

Alpine PeopleFirst
Pictured: Micaela Keller, Talent & Development Lead

Employee Net Promoter Score (eNPS)

The eNPS1 measures employee engagement in the workplace. According to Bain Consulting, scores from 0–40 are good and scores around 40 are considered great. Alpine HQ and portfolio companies track eNPS to ensure that our employees are engaged and that our workplace cultures are thriving.


of portfolio companies had an increased eNPS score from 2022


Weighted average eNPS for Alpine’s portfolio companies


Weighted average for Alpine’s services companies


Weighted average for Alpine’s software companies


of portfolio companies had a “Great” eNPS


Weighted average for Founders partnering with Alpine

PeopleFirst Case Studies

Stories / Leadership Profile

How Ascend Achieved Clarity and Expedited Engagement Using Alpine’s PeopleFirst Approach

Stories / Leadership Profile

Supporting Our Portfolio with the Alpine Executive Experience

PeopleFirst Coaching Testimonials

We offer PeopleFirst executive coaches to leaders at portfolio companies to help them accelerate progress towards their goals, while transforming critical behaviors to unleash their inner hero and deliver tangible ROI.

We asked our portfolio leaders who engaged with PeopleFirst coaches, “What made the coaching experience valuable?” As they share below, the portfolio leaders believe the coaching creates engaged, supported leaders who drive successful outcomes.

Environmental, Social, and Governance

Alpine’s ESG Approach and Policy

Alpines recognizes the importance of investing responsibly and conducting the firm’s activities and our investment approach in accordance with applicable legal, ethical, and industry standards and consistent with our fiduciary duties to our investors.

Read More About Our ESG Policy
Alpine Environment Social Governance

Alpine’s ESG Approach and Policy

Alpine believes that appropriate consideration of material environmental, social, and governance (“ESG”) factors when making investment decisions and overseeing the management of its portfolio companies is important to investment processes and can contribute to investment returns.2 The firm seeks to ensure its portfolio companies are operated with attention to these concerns and is committed to considering material ESG factors in connection with Alpine’s operations.


Updated B-Corp Score (Link)

Previous Year

2019 Overall B Impact Score 90

Year of Signing



Advance DEI goals in the Private Equity Industry.

Year of Signing

June 2020

First Transparency Report

April 2021

Number of Participants

Over 5300 participating financial institutions as of December 2023. Includes limited partners (LPs), general partners (GPs) and service providers.

Alignment with UN Sustainable Development Goals

Alpine has experience investing in companies that seek to create positive social impact for customers and communities, with reference to the UN’s 17 Sustainable Development Goals (SDGs), such as behavioral health software, healthcare and education.3 Alpine has identified three out of nine Fund VIII platforms4 and one out of six Fund VII platforms5 as being aligned with one or more of the 17 SDGs.6 This is generally defined as when a majority of revenues or business activities advance one or more of these goals or targets.

ESG at Alpine’s Portfolio

Stories / Leadership Profile

Smarter Solutions, Better Communities with Trilon Group and Alta Planning

Stories / Leadership Profile

Supplementing and Supporting the Human Services Industry with Radicle Health

Stories / Leadership Profile

How Ethisphere’s Impact Efforts Create a Ripple Effect Around the World

Diversity, Equity and Inclusion

Diversity, equity and inclusion efforts are at the heart of our PeopleFirst strategy. We strive to take a systematic approach to mobilizing our firm to overcome structural inequities and create the strongest possible workforce—this includes expanding on our inclusive recruiting model, which focuses on hiring for attributes; creating a culture of belonging; working to expand opportunities for underrepresented individuals in the private equity industry;7 and introducing PeopleFirst solutions to our portfolio companies.

Alpine Diversity Equity Inclusion
Pictured: Portfolio leaders at Alpine’s annual Growth Summit
DEI at Alpine
We aim to be the greatest private equity firm of our generation in part by creating an environment in which all people feel included, supported and celebrated.

Employees at Alpine HQ

Women Employees



Alpine Womens Summit
CIT Program
Our CEO-in-Training (CIT) program develops and places aspiring leaders from MBA programs into CEO and senior executive roles at our portfolio companies.
Read more about our CEO-In-Training Program here.

CEOs-In-Training Currently in Program

Are Women



CITs turned CEO since inception of program

Are Women


Hiring and Talent Partnerships

Employee Resource Groups

We launched the first set of Employee Resource Groups (ERGs) in 2022, with leaders from across the firm playing key roles in ensuring the groups’ successes.

  • Black, Latiné, and Indigenous ERG
  • Women on Investing ERG
  • New and Expecting Birthing Parents ERG

Working Toward a More Equitable Workforce with AirDNA

Alpine Social Ventures Foundation

Alpine Social Ventures Foundation runs a program, Alpine Social Ventures (ASV), to foster the development of organizations that are focused on delivering an educational or social benefit. ASV aims to support the next generation of social-impact leaders by providing capital and insights to help them successfully launch their businesses. Built upon practices learned through Alpine Investors’ CEO-In-Training and talent programs, ASV leverages Alpine’s playbooks and practices derived from 20+ years of private equity investing.

Alpine social Ventures foundation
Pictured: Investing team members Jonah Moroh and Conor O’Meara

Annual Giving Week

Each November, Alpine Investors organizes an annual “Giving Week,” a targeted effort to inspire employees to donate personal dollars to nonprofits with missions that span in scope from our local communities to global needs.

All donations made to charities by our team were matched 2:1 or greater by the ASV Foundation during our third annual Giving Week.

Donated to 120 nonprofits around the world in 2023
Alpine Service Day

Service Days

As part of our ongoing effort to positively impact our communities, we spent a day volunteering locally alongside our colleagues in November.

On the East Coast, Alpine’s New York-based team volunteered with GrowNYC to help with gardening, bench building and maintenance at McCarren Park in Brooklyn. On the West Coast, the San Francisco-based team volunteered at the San Francisco-Marin Food Bank. They assembled bags of fresh produce, canned goods and other food products for families seeking food assistance. Our office volunteers each packed 24 pounds, for a total of 710 bags and 17,745 pounds of food that were then hand-delivered to people in need around San Francisco.

Closing Statement

For all of us at Alpine, being a Force For Good means having a positive impact that spans from our local communities to the world at large. It is a goal that unites and inspires us. We are dedicated to creating thriving businesses in which every employee can live a more purpose-driven life; supporting our communities by giving back and investing responsibly; building workforces that are diverse, equitable and inclusive; and aiding our communities through volunteering and charitable donations.

As we grow, we continue to pursue a deeper understanding of what it means to make an impact. We know how much work is ahead, yet we remain unwavering in our commitment to advancing a culture in which all of our people thrive.

Alpine Investors Growth Summit
Alpine Force For Good 2024 Cover
2024 Force For Good Report
Our annual Force For Good report looks back at the previous year to capture the positive impact we’ve had as a firm.

Disclosures & Endnotes


This report includes information on Alpine’s program for incorporating ESG considerations. Such program is subject to Alpine’s fiduciary duties and applicable legal, regulatory, and contractual requirements and is expected to change over time. Case studies presented herein have been provided for illustrative purposes only. Descriptions of any ESG or other achievements or improved practices or outcomes are not necessarily intended to indicate that Alpine has substantially or directly contributed to such achievements, practices or outcomes. Case studies presented contain the opinions of past and present Alpine portfolio company executives. Alpine makes no representation or warranty as to the accuracy or completeness of the information presented here. It should not be assumed that the portfolio companies discussed in these case studies were profitable or that future portfolio companies or experiences will be comparable. Past performance is not necessarily indicative, or a guarantee, of future results. Under no circumstances should these case studies be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Alpine. Please see Alpine’s Terms of Use on Alpine’s website for disclosures.

Any awards and recognitions presented herein are the opinion of the respective parties conferring the award or recognition and not of Alpine. None of the awards or recognitions herein relate to Alpine’s abilities as an asset manager or are indicative of any asset management client’s experience or prior investment performance. Alpine paid a fee to participate in certain of the awards and recognitions. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or recognition. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing.

Certain statements about Alpine made by portfolio company executives herein are intended to illustrate Alpine’s business relationship with such persons, including with respect to Alpine’s facilities as a business partner, rather than Alpine’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Alpine-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein. Results may vary materially and adversely. Please see Alpine’s Terms of Use for additional disclaimers.

AB-1305 Disclosure

Alpine’s carbon footprint, for FY2022, includes three office locations (San Francisco, New York City, and Salt Lake City) and remote employees as of 12/31/2022. The emissions inventory was conducted by the third party Bridge House Advisors in accordance with the World Resource Institute’s GHG Protocol Corporate Standard, reviewing Scopes 1 and 2 (emissions from Alpine’s own operations and electricity consumption) and select Scope 3 emissions (including emissions from employee business travel, employee commuting, purchased goods and certain categories of waste). Alpine’s carbon footprint includes Alpine Operating Group and excludes Alpine’s portfolio companies (“financed emissions”). While Alpine seeks to mitigate its GHG emissions, for the avoidance of doubt, Alpine makes no claims of carbon neutrality or of having achieved significant emissions reductions.

As a part of Alpine’s efforts to help mitigate the climate impact of its operations, Alpine purchased ex ante, nature-based carbon removal credits from the third party Working Trees’ Brazilian carbon project (the “Project”), which is intended to fund the planting of ~28,000 trees across ~300 acres of degraded pasturelands in the Brazilian Amazon. The Project involves a practice called silvopasture, or the planting of trees on pasture with the intent to store carbon, improve pasture productivity, and provide for other ancillary benefits. Pursuant to Alpine’s purchase of ex ante carbon credits, the Project expects to generate carbon credits that will be verified according to the methodology for GHG emissions reductions or removals approved by a third-party carbon standards body and issued through a registry authorized by and in accordance with the rules of such voluntary standards body. Alpine is relying on the representations of Working Trees and makes no independent claims regarding verification or validity of the Project and/or the carbon credits.

Alpine has provided Working Trees with financial and professional development resources through the Alpine Social Ventures program. For the avoidance of doubt, Alpine does not market or sell carbon credits on behalf of Working Trees or any other entity.

  1. Employee net promoter score (eNPS) is a survey that seeks to measure employee engagement and satisfaction. There can be no assurance that survey results will generate positive returns or outcomes. eNPS is measured by asking employees on a scale of 0 to 10, how likely they are to recommend their organization as a place to work. It is calculated as (Promoters – Detractors) / Total Respondents, where Detractors score 0–6, Neutrals score 7–8, and Promoters score 9–10. The above is a weighted average eNPS that considers the entire Alpine Portfolio, and weights each company score by the number of respondents. Simple average eNPS is calculated as the average of eNPS across all companies in the Alpine Portfolio. Weighted Average Retention weighs each company’s retention rate by the number of respondents. Simple average is average retention across all companies in the Alpine Portfolio.
  2. Alpine implements the ESG Policy with consideration for materiality, which we define as those ESG issues that the Firm determines have – or have the potential to have – a material impact on an organization’s go-forward ability to create, preserve, or erode economic value for that organization and its investors. Alpine does not use such terms “material” or “materiality” as they are used under the securities or other laws of the U.S. or any other jurisdiction, or as they are used in the context of financial statements and financial reporting.
  3. Adopted by all UN Member States in 2015, the SDGs provide a global blueprint for dignity, peace, and prosperity for people and the planet, now and in the future. They are a call to action to end poverty and inequality, protect the planet, and ensure that all people enjoy health, justice, and prosperity by 2030.
  4. Fund VIII investments include Trilon Group, FEV Tutor and Wilson Language Training.
  5. Fund VII investments include Innovative Systems.
  6. The SDGs are aspirational in nature. The analysis involved in determining whether and how certain initiatives may contribute to the SDGs is inherently subjective and dependent on a number of factors and may not be completed prior to the decision to make an investment or at all. There can be no assurance that reasonable parties will agree on a decision as to whether certain projects or investments contribute to a particular SDG. Accordingly, investors should not place undue reliance on Alpine’s application of the SDGs, as such application is subject to change at any time and is in Alpine’s sole discretion. Further, statistics and metrics relating to ESG matters are estimates and may be based on assumptions or developing standards (including Alpine’s internal standards and policies).
  7. Alpine defines underrepresented individuals within our industry as women, BIPOC, LGBTQIA+, and those who identify as first-generation college students, or those who are low-income.