For Portfolios

Sustainability reporting

The sustainability reporting standard for unlisted SMEs (VSME) was presented at the end of 2024 and officially recommended for use by the European Commission in July 2025. The aim was to create a proportionate, practice-oriented tool that SMEs could use to communicate their sustainability performance to their stakeholders in a standardised manner and that would cover all requirements for necessary ESG information in the value chain as well as from investors and banks (e.g. including SFDR/PAI indicators) (-> VSME as a ‘data requirement cap’).

The VSME is ideal for medium-sized financial investors – it offers a standardised, recognised framework for establishing sustainability reporting at their portfolio companies and using it on the path to exit readiness.

• Comparable, standardised sustainability reporting across the entire portfolio.

• Identifies gaps in the sustainability processes of portfolio companies and areas for improvement on the path to exit.

• Includes key indicators and information that are helpful for managing ESG measures and achieving climate targets, and provides a basis for further initiatives.

• PAI indicators included in the VSME data points

• Underlines the investor's ESG efforts beyond the minimum requirements

• Option to create a ‘marketable’ sustainability report based on the standardised VSME modules (e.g. expanded to include stakeholder and SDG analysis or statements on defined climate targets)