For Investors

Because ownership matters for investors

Steward-owned companies are structurally designed for independence, purpose, and long-term resilience. For investors who want capital that builds lasting value, this is a different kind of opportunity.

What is steward ownership aligned financing?Read our new investor booklet (coming soon)

Who is this for?

Investors come to steward ownership from many different starting points or reasons why they want to invest. These are some of the most common ones.

The model suits itself well for impact investors and angel investors that want to work closely with a company that’s focused on ecosystem value and wants to solve a problem, and still expect a healthy return – which, of course, is possible.

Marc Rasmussen Impact Investing Principal, DOEN Participaties

Venture capital is basically a hammer, a very big and very strong hammer, and not everything is a nail. I think for a lot of companies, taking venture capital is a mistake.

Albert Wenger Union Square Ventures

With this approach, I try to switch the energy of the capital to be an enabler at the end.

Carsten Reins

I strongly believe that the steward -ownership model, or similar structures, are the most effective way to ensure that companies remain committed to their mission. As impact investors, it is important that we are mindful of our values and make a conscious decision about whether we wish to extract from or protect impactful companies. For those who choose the latter, this model truly adds value.

Deborah Keller Artha Impact, Rianta Capital

Your starting point

Investor booklet: Steward ownership

Are you an investor curious to learn more about steward ownership? Or you are familiar with steward ownership but not sure yet how to create aligned financing structures? Or maybe you would like to have something you can hand to your investors so they quickly understand what this is about?

This is our first ever product dedicated especially to investors and capital providers! We cover the basics from how to why enriched with many practical examples.

Coming soon

Why to invest in steward-owned companies?

Steward ownership is a distinct ownership model with a long track record. Here is why this matters for you as a capital provider:

01

Purpose-driven operations

The company's mission guides how profits are used – reinvested into operations, research, or the communities it serves. This focus on long-term value creation over short-term distribution has proven to be a durable competitive advantage.

02

Continuity of leadership

Decision-making authority stays with those closest to the business. Ownership cannot be transferred through inheritance or acquisition – it passes to the next generation of stewards, ensuring strategic consistency over time.

03

Governance by design

These are not informal commitments. Legal structures – including purpose trusts and special share classes – embed the ownership principles directly into the company's constitution, making them durable and enforceable.

Practised by companies know

Steward-owned companies come in many forms and shapes and are not limited to a specific sector or size. Here are some forerunners:

Engineering

Bosch

Germany
417,900 employees (2024)
Founded in 1886

Healthcare

Novo Nordisk

Denmark
80,000 employees (2024)
Founded in 1923

Outdoor apparel

Patagonia

California, U.S.
3,000 employees (2024)
Founded in 1973

Retail

John Lewis Partnership

United Kingdom
48,100 employees (2024)
Founded in 1864

What steward ownership aligned financing means for investors

In steward ownership aligned financing (SOAF), the quality of the investment (i.e. how the investment is structured) and the relationship with the company are designed in such a way that investors become financing partners of the company, translating to two core principles:

No commodification of the company as a whole

Economic claims are limited in terms of duration, amount, or influence.

Preserving the company’s entrepreneurial autonomy

The entrepreneurial control is never overtaken (bought)

Investors become financing partners, rather than co-owners, while being honoured for their vital and enabling role.

Simply put this means: decisions within the company rest with and are guided by what stewards deem best for its purpose and long-term success, while honouring the vital and enabling role of investors. This turns investors into financing partners rather than co-owners. And while the definition may seem complex at first glance, its practical implementation is not. Steward-ownership-aligned financing builds on existing solutions that have been around for quite some time.

Investing in steward-owned companies

Recent investment cases

Explore how the investments took place, what makes them different and which things stay the same. They chose different solutions from a broad range of available financial tools.

Start-Up

VYLD

A fem health-tech start-up that found a unique way to finance their early growth

Read case study

SME

BuurtzorgT

For a different approach to mental healthcare this company needed patient and aligned capital

Read case study

Crowd-inclusion

Haferkater

Becoming steward-owned through crowdfunding and aligned investors

Read case study

Transition

OGC

How a buy-out of investors can look like in practice. Fair, respectful and with a waterfall structure for payouts

Read case study

Take action

I want to invest

If you are looking for deal-flows, a community that shares learnings and a space where you can invest into steward-owned companies alongside other investors, the SOFIN (Steward Ownership Financing Network) is your place to go.

Find out more about SOFIN