The Nature Conservancy (TNC) was the judges' choice in three categories this year.

TNC's work on Ecuador's pioneering debt-for-nature conversion, a $1 billion transaction that was the first to focus on terrestrial and freshwater ecosystems, was recognised for the Impact project/investment of the year - biodiversity and ecosystems. As well as funding the protection and management of millions of hectares of protected areas, the swap also reduced Ecuador's debt by $527 million and raised $460 million for conservation over 17 years.

For the Impact project/investment of the year - oceans and coastal zones, judges highlighted TNC's groundbreaking work on the Bahamas Debt Conversion Project for Marine Conservation. Underpinned by a $300 million loan from Standard Chartered, the debt swap helped to unlock $132 million for conservation to be channelled to marine conservation efforts in The Bahamas. The landmark deal involved several major innovations in conservation finance, including the involvement of private family office Builders Asset Management and private insurer AXA XL as direct credit enhancement providers.

Altogether, its involvement in six nature bond transactions over the qualifying period helped to refinance more than $3 billion in sovereign debt and mobilised almost $1 billion for conservation, which it said demonstrates "a scalable, mission-driven model that blends financial innovation with measurable environmental and social impact".

Recognising TNC as the NGO/charity/non-profit of the year, one IMPACT Investment Awards judge said: "These transactions are some of the few opportunities for institutional capital to invest for meaningful, direct impact to nature conservation and climate adaptation."