High Net Purpose

Welcome to the hotseat where Joe McCarthy sits with Sir Ronald Cohen, co-founder of Apax Partners, Chair of the Global Steering Group for Impact Investment, and author of IMPACT.Sir Ronald is widely regarded as the father of both European venture capital and impact investing. He arrived in London as an 11-year-old refugee from Egypt speaking almost no English, made his way to Oxford and Harvard, and went on to build one of the defining venture and private equity firms of its generation before stepping away to devote himself to what he calls the impact revolution.His argument is simple and radical: governments are stretched, inequality is widening, and relying on taxation and philanthropy alone has failed. The answer is to redirect the trillions already moving through capital markets by measuring impact the way we measure profit. In this conversation he explains why 2026 is a watershed year for that idea, and how AI is changing what is possible.In this conversation, Sir Ronald and Joe discuss the following topics:Why optimising for impact is a route to superior returns, not a trade-offThe hidden risks of impact-blind investing: carbon taxes, consumer flight, and talentWhy carbon tax is the single lever that moves the dial on emissionsHow impact-weighted accounting turns tons of carbon and water into monetary valueThe 1929-to-GAAP parallel and why transparency built modern marketsWhat Harry Markowitz and the measurement of risk teach us about measuring impactWhether public market sustainable investing has any real additionalityMeasuring social impact: pay, representation, and the cost of unemployment to a communityWhere AI meets impact, from education at scale to the first AI-derived drugHow families and family offices should build impact at the portfolio levelGovernments shifting from funding inputs to paying for outcomesHis advice to a younger self: start young, think big, stick with it, and bring impact to itFollow us on:YouTube: @HighNetPurposeInstagram: @highnetpurposeTwitter: @HighNetPurposeLinkedIn: high-net-purposeConnect with Sir Ronald Cohen:LinkedIn: Sir Ronald CohenWebsite: sirronaldcohen.orgBooks: IMPACT: Reshaping Capitalism to Drive Real Change (2nd expanded edition, 2025), The Second Bounce of the Ball, ON IMPACT00:00 Introduction and Episode Overview 02:33 Sir Ronald's Sense of Purpose 05:18 Refugee Roots and Early Life 06:44 Oxford Union and Learning to Speak Without Notes 09:14 From McKinsey to Founding Apax Partners 10:38 Building European Venture Capital from Scratch 11:48 Deciding to Leave Apax at 60 13:02 The Government Call That Started the Impact Mission 15:36 The Social Impact Bond - From Idea to Peterborough 17:57 Challenges and Surprises in the Impact Journey 20:03 Why Impact Is Not a Trade-Off for Returns 22:54 Carbon Tax as an Investor Risk 24:52 Consumer Preferences - Cycle vs Long-Term Trend 28:12 Impact Weighted Accounting - Origins and How It Works 33:24 From ESG 1.0 to Rigorous Impact Measurement 35:27 Additionality in Public Markets 38:10 Leaders and Laggards - Sector-Level Impact Transparency 41:36 How AI Is Unlocking Impact Data at Scale 44:00 Monetising Social Impact - Diversity Deficits and Employment 46:58 Impact Lenses Across the Whole Portfolio 51:06 Advice for Families and Entrepreneurs Deploying Capital 55:53 Where to Go for Reliable Impact Information 58:23 Governments, Outcomes Funds and the Systemic Shift 01:03:13 Advice to a Younger Self - and the Second Bounce of the Ball 01:04:07 How Sir Ronald Stays Energised 01:05:29 Closing ReflectionsThis podcast is prepared by Islandbridge Capital Limited who are authorised and regulated by the Financial Conduct Authority.All content on High Net Purpose is provided as general information only. It does not constitute any advice or recommendation or representations, and is not intended to influence listeners or users into making any specific investments or any other decisions.

Two-time Pulitzer finalist on the scientist who won the Nobel Prize and may not be able to stop what he started.What if the person trying to make artificial intelligence safe is also one of the people racing to build it?In this episode of High Net Purpose, Joe McCarthy sits down with Sebastian Mallaby, bestselling author and two-time Pulitzer Prize finalist, whose latest book explores Demis Hassabis, Google DeepMind and the quest for superintelligence.Over the course of the conversation, Sebastian unpacks the extraordinary story behind DeepMind: why it was built in London, how Demis held onto a mission formed in childhood, and why the race for AI sits at the intersection of science, ambition, safety and power.From AlphaGo’s victory over Lee Sedol to the battle for AI safety oversight inside Google, this is a conversation about what happens when human purpose meets machine intelligence. It asks whether AI will deepen human potential, undermine it, or force us to redefine what purpose means altogether.Along the way, we explore the role of founders, family offices and capital allocators in a world where the technology changes faster than the rules around it.This is the story of the AI paradox, and the man trying to understand the people building the future.00:00 Introduction and Episode Overview02:31 Sebastian Mallaby on Purpose and His Career05:34 Diplomacy, Complexity and the Economist06:46 How Mallaby Gets Access to Exceptional People09:24 Research as Therapy: The 360 Method10:41 Finding the Central Paradox in Every Subject11:50 First Encounters with Demis Hassabis14:46 Hassabis as Authentic Entrepreneur: The 1993 Vision17:44 Mustafa Suleiman, Geoffrey Hinton and the Co-Founders19:48 Safety Baked In: DeepMind's Founding Tension22:22 Leaked Documents and the Fight with Sundar Pichai25:39 Can Governments Actually Control AI Risk?26:51 The Innovator's Dilemma and the ChatGPT Moment29:35 Hassabis as Leader: Science, Likability and Scale30:32 AlphaGo vs Lee Sedol and What It Revealed33:31 Human Purpose in an AI World35:19 Hassabis on Consciousness and the Meaning of Being Human36:18 AI Investment Framework for Capital Allocators39:27 Health, Writing Discipline and Final Advice

For the past two years, High Net Purpose has been a series of conversations about other people’s purpose.What we didn’t expect was how much those conversations would change us. In this episode, we’re taking a break from the usual format to look back at the moments from the first 26 episodes that most influenced our thinking - and ultimately shaped Islandbridge’s journey to becoming the Purpose Driven Multi-Family Office. This isn’t a highlight reel. It’s a reflection on the ideas that challenged our assumptions, sharpened our values, and changed how we think about allocating financial, human, and intellectual capital. Along the way, we revisit lessons from guests including: Martha Lane Fox, Diego Piacentini and David Miliband. This episode is for anyone asking what purpose really looks like in practice - and how listening carefully can shape the way you lead.

The most enduring companies aren’t just built on strategy, they’re built on culture. For over two decades, Ric Lewis, founder of Tristan Capital Partners, has been showing what that really looks like. His firm has grown into one of Europe’s leading real-estate investment platforms, managing over $16bn in assets. Ric was also ranked #1 on the Powerlist 2019, recognising him as the UK’s most influential person of African or Afro-Caribbean heritage . In this episode, Ric reveals the cultural architecture behind Tristan: the balance between what he calls the “Ministry of Science” and the “Ministry of Magic” - the discipline to execute and the imagination to differentiate . In this episode, you will learn:How to build a culture that becomes a competitive advantage.Why authenticity and integrity can unleash high performance.Insights into some of Ric’s most important leadership principles.Ric's golden rule for managing time efficiently.Why radical candour is the most important thing in mentorship. If you want to understand what it really takes to build high-performance culture, this conversation is essential listening.Chapters:01:33 Building Tristan Capital Partners02:11 Ric's Personal Philosophy and Purpose10:03 Lessons from Competitive Sports12:04 The Journey to Building a Real Estate Empire17:55 Creating a Unique Company Culture25:42 Challenges and Strategies in Real Estate Investment27:56 Balancing Time and Saying No29:19 The Importance of Self-Care30:09 Finding Time to Think31:38 The Journey of Philanthropy40:21 Challenges in Mentorship42:11 Staying Authentic and Honest49:57 Next Generation and Succession52:55 Maintaining Health and Wellness

What if the only way to save nature was to run it like a business?In this episode, we sit down with Peter Fearnhead, CEO and co-founder of African Parks, the organisation protecting more of Africa’s wild landscapes than any other. Under his leadership, African Parks now manages 24 national parks across 13 countries, covering over 20 million hectares - a model that proves conservation can be financially sustainable, socially empowering, and ecologically transformative.Peter shares how he’s built one of the most ambitious conservation networks on Earth - from turning near-bankrupt parks into thriving ecosystems, to uniting governments, investors, and local communities behind a single mission. Along the way, we explore why conservation may hold the key to tackling wider economic, humanitarian, and climate crises, and what true leadership looks like in some of the world’s most hostile environments.This is the story of how business strategy is saving the wild. Chapters:00:00 Introduction to High Net Purpose00:42 Meet Peter Fern: CEO of African Parks02:17 Peter's Early Life and Passion for Nature04:51 Founding African Parks and Early Challenges07:17 The Public-Private Partnership Model11:35 Conservation Strategies and Law Enforcement14:25 Community Engagement and Economic Impact18:10 Restocking Wildlife and Park Success Stories24:07 Scaling African Parks and Future Goals26:09 Competition and Collaboration in Conservation29:12 The Importance of Authenticity in Leadership30:44 Inspiring Individuals in Conservation33:16 Challenges in Selecting the Right People34:43 Managing Media and Mistakes in Conservation36:57 Complex Trade-offs in Conservation Efforts47:51 Translocation and Conservation Strategies56:00 Personal Reflections and Advice

The next wave of billion-dollar companies aren’t being built in Silicon Valley – but everywhere else.For nearly three decades, Linda Rottenberg co-founder and CEO of Endeavor, has been at the centre of that shift. Known as “The Entrepreneur Whisperer,” she’s backed over 350 companies (64 of them unicorns), created “mafias” of founders paying it forward, and built a global movement that’s reshaping economies across 45+ countries.In this episode, recorded at Trinity College, Cambridge, Linda shares:How to scale a business while staying true to your mission.The secret underestimated multiplier behind entrepreneurship.Why the next generation of entrepreneurs will become more women dominant. What makes female founders different.The inside view on emerging frontiers and regions to watch.Linda shows how purpose-driven founders everywhere can scale big - without losing sight of their people or their values.If you want to understand how high-growth entrepreneurship is being redefined beyond Silicon Valley - and why it matters for the future of innovation - this conversation is a must-listen. 

What if compassion wasn’t just a virtue, but a science that could rewire your brain, reduce stress, and even extend your life expectancy?This conversation is one of our earliest recordings, now released for the first time, with the late Dr. James Doty: Stanford neurosurgeon, New York Times bestselling author, entrepreneur, and founder of Stanford’s Center for Compassion and Altruism Research and Education (CCARE).Recorded in our early days but never shared until now, this conversation captures Dr. Doty’s extraordinary wisdom on the science and practice of compassion. He explains how compassion rewires the brain, simple self-compassion techniques to silence the inner critic, and why compassionate organisations consistently outperform those built on fear.Along the way, he reflects on his own journey - from losing $80 million at the height of success to finding true fulfilment in service, and the role the Dalai Lama played in shaping his work at Stanford.Dr. Doty’s life was devoted to proving that compassion is not soft, but the foundation of human flourishing. We’re honoured to share this conversation from our archives as a tribute to his enduring legacy.To learn more about Dr Doty's life and legacy, visit: https://www.jamesrdotymd.com/Follow High Net Purpose on Instagram: https://www.instagram.com/highnetpurpose

Everyone’s talking about ChatGPT—but what if the real threat from AI is happening elsewhere?Kristian Rönn is the co-founder of Lucid, a company helping governments track the movement and usage of AI chips globally. He previously founded Normative, the carbon accounting platform that helped shape EU and UK climate disclosure rules—and began his career researching existential risk at Oxford’s Future of Humanity Institute.He’s also the author of The Darwinian Trap, a bestselling book that explores how misaligned incentives—and short-term thinking—can push systems toward catastrophic outcomes. It’s a framework he now applies to AI, arguing that without global coordination, the very infrastructure powering this technology could spiral out of control.In this conversation, he explains why AI’s biggest risks aren’t in the models—but in the chips, supply chains, and silent diffusion happening behind the scenes.We explore:• Why frontier models are a distraction from the real governance challenge• The one global policy move governments must make before it’s too late• What a chicken sandwich teaches us about AI’s hidden complexity• And what carbon accounting taught Kristian about building systems that actually scaleIf you care about who’s really in control of AI—and how we avoid losing the plot—this is essential listening.Chapters00:00 – Intro: Welcome to High Net Purpose00:29 – Kristian Rönn: From Philosopher to AI Safety Pioneer01:31 – Early Life: What Shaped Kristian’s Worldview04:29 – The Impact of Peter Singer and Utilitarian Thinking08:31 – Exploring Existential Risks and the Road to AI13:20 – Building Normative: The Startup That Changed Carbon Accounting21:29 – Why Kristian Left Climate Tech for AI Governance23:22 – The Darwinian Trap: Why Good Incentives Lead to Bad Outcomes25:36 – Darwinian Demons vs. Cooperative Systems34:47 – The Challenge of Global AI Governance35:23 – Centralization vs. Decentralization in AI Control37:33 – The Chicken Sandwich Analogy: AI and Hidden Value Chains39:28 – Can Decentralized Governance Actually Work?40:49 – Enlightenment Thinking and Biological Drives45:11 – AI Assurance, Risk Management, and Value Chain Complexity48:27 – Who Should Govern AI? Security, Policy, and Global Standards53:09 – What the Future of AI Regulation Could Look Like01:05:18 – Final Thoughts: Purpose, Power, and What Comes Next

What if the most powerful secrets shaping our world were hidden in plain sight?Annie Jacobsen is America’s most fearless investigative journalist. A seven-time bestselling author and Pulitzer Prize finalist, she’s spent decades uncovering the truth behind the CIA, covert military operations, nuclear war planning, and the government’s deepest classified programs - from Area 51 to assassination missions you were never meant to know about.Annie pulls back the curtain on stories that challenge what we think we know about power, secrecy, and war. She shares what it’s like to earn the trust of the world’s most dangerous men - and why the truth is often stranger, and scarier, than fiction.You’ll learn:How Annie went from earning $0 as a writer to breaking into national security reportingThe advice that changed her life — and how it led to bestselling investigationsWhat it takes to gain the trust of CIA operatives and intelligence insidersWhy “alpha individuals” survive — and what their psychology reveals about resilienceHow secrets stay buried despite being technically declassifiedWhy U.S. ICBMs don’t have the range to hit North Korea without flying over RussiaThe chilling truth behind the 72-minute nuclear war scenarioHow a single miscommunication between the U.S. and Russia could trigger World War IIIChapters:00:00 Welcome to High Net Purpose00:24 Meet Annie Jacobsen: Master of Government Secrets02:45 Annie’s Purpose: Telling Astonishing True Stories05:13 From Struggling Writer to National Security Reporter09:31 Billy Waugh: The CIA’s Most Legendary Spy16:31 Inside the Shadow World of Espionage22:02 The Secrets Behind Intelligence and Covert Ops25:49 The CIA’s First Hunt for Bin Laden26:23 Clinton, Bin Laden, and the Mission That Didn’t Happen27:59 Disguises, Deception & Espionage Tactics Revealed29:05 From Field Reporting to Bestseller Author29:53 The Lucky Break That Led to Area 5130:58 Nuclear War Planning: Too Real to Ignore36:56 NATO, Russia, and the Future of Global Security42:12 Writing About Dangerous Truths: The Personal Risks45:56 Staying Grounded in a World of High-Stakes Secrets49:51 Final Words for Future Truth Tellers