Asset managers from BlackRock Inc. to Amundi SA have said they are steering cash to firms that emphasize ESG criteria. Some big investors, like the New York State Common Retirement Fund, are even threatening to pull out of companies that don't do enough. For years, many heavy hitters in private equity reacted to such pressures by edging away from industries, like coal or certain gun manufacturers, blamed for harming the planet or society. A number of firms issued ESG reports, showing the positive ways their holdings stack up. The latest approach is much more active, tailoring deals to a company's progress on ESG metrics — such as the financing for Jeanologia — or pursuing strategies with a broad impact theme. "You're looking at sectors that do well and align with sustainable development goals, like water and renewables," said Anna West, an independent consultant in Denver focused on ESG issues. "But firms are still prioritizing returns."