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Older and wiser: Is responsible investment coming - PwC
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www.pwc.com/responsibleinvestment
Older and wiser:
Is responsible
investment coming of age?Private Equity Responsible
Investment Survey 2019
Will Jackson-Moore
Global Private Equity, Real Assets and
Sovereign Funds Leader, PwC UK
Will Jackson-Moore is a Partner with PwC
UK, based in London. He is the Global
Private Equity and Sovereign Investment
Fund Leader.
Will leads our Global Private Equity and
Sovereign Investment Funds team based
out of London. This represents PwC's services across the network to large globalPhil Case is a Director with PwC UK, based
in London. Phil specialises in sustainability work in the private equity sectorPhil has had extensive experience of
working with private equity houses in conducting sustainability assessments of potential acquisitions, and in developing strategy, policy and procedures forEmilie Bobin is a Partner with PwC France,
based in Paris. She has ten years of strong expertise in the Private Equity sector.Emilie works on Environmental, Social and
Governance (ESG) due diligence, PE house
ESG strategy design, portfolio companies'
evaluation of ESG actions and ESG training both for France Invest and PE houses. Emilie has strong experience in sustainability strategy, climate strategy, international ESG reporting, Sustainable Development GoalsJoukje Janssen is a Partner with PwC
Netherlands, based in Amsterdam. She
is responsible for the Sustainability & Responsible Governance team inPwC Netherlands.
Environmental, Social and Governance
(ESG) criteria and the integration of these criteria into investment and lending decisions. Joukje has extensive experience operated in this context since she joinedPhil Case
Director, PwC UKEmilie Bobin
Partner, PwC FranceJoukje Janssen
Partner, PwC Netherlands
About the
authorsContents
Foreword01
Executive Summary02
Results at a glance03
Greater engagement at the top04
Is responsible investment going mainstream?05
Use of KPIs is on the rise06
The relevance of the Sustainable Development Goals (SDGs)07 LPs vs GPs - converging approaches to responsible investment?09Human rights issues are now a bigger concern11
Is responsible investment a young adult?13
Does climate risk affect responsible investment?15What's keeping the PE community awake at night?17
Methodology19
- Approach19 - Participants21Acknowledgements22
Contact us23
The private equity (PE) sector has a vital
role to play in sustainable development.The industry drives progress in sustainable
business practice through the provision ofBoard level decision making.
of private equity as part of the wider alternative investment "responsibility" of certain business practices. Yet one trend remains constant - the growing engagement with responsible investment 1 by PE houses, or General Partners (GPs), and theirLimited Partner (LP) investors.
4 travel. Namely, an increasing focus on Environmental, Social and Governance (ESG) integration at the house level and across the whole investment cycle. Of course, we've only ever been able to elicit responses from those minded to respond to a survey on this subject. So I cannot whole market. But the statistics are persuasive. Engagement is at an all time high and is being elevated to leadership, with 81% of respondents reporting ESG matters to their Boards at least once a year. The approach to the responsible investment agenda is maturing. 81% of respondents have a responsible investment Over the three years since our last survey, progress has been rights, whilst new themes, such as climate risk, have emerged. Much remains to be done, whether it's in monitoring and reporting, climate risk or valuing ESG initiatives. Even so, if the development of the responsible investment agenda can be compared to the seven stages of human development, opportunities on the horizon. ESG matters may become the next multiple arbitrage lever. When implemented effectively, ESG programmes can protect and create value (including for poorer ESG performers), with positive consequences for exit multiples. My thanks go to the increasing numbers of you who participated 16235
145
Note: some respondents are both LPs and GPs 38
1 4
Foreword
Will Jackson-Moore
Global Private Equity, Real Assets and
Sovereign Funds Leader, PwC UK
1PwCThe PE industry's appetite for responsible
investment is steadily growing.Private equity houses and their
investors are increasingly factoring ESG considerations into their investment decisions and portfolio management strategies. Such considerations are becoming embedded in all stages of the deal cycle: from deal selection to engagement during the hold period, to monitoring and reporting. ESG issues have moved from niche to mainstream, with 81% of our respondents having adopted a responsible investment policy and 81% also reporting ESG matters to their Boards at least once a year. The drivers for the PE industry's growing appetite for responsible investment vary, with 'risk management' again driver. This could be a sign that responsible investment is being perceived as the 'right thing to do'.While LP pressure is still one of the driving factors, its highlighting, perhaps, that GPs now largely share the same responsible investment agenda as LPs. There was a higher correlation between concern and taking action on emerging issues than in our previous surveys. Respondents indicate that they are not only concerned about bigger risk factors such as human rights or climate change, long-term. Sustainable Development Goals (SDGs) is on the rise in the increasingly considered a common global language, with the potential to guide and shape investment strategies. While it's clear that the responsible investment agenda is slowly but steadily becoming mainstream, an important point to note is that its uptake seems to be higher in certain parts of the world compared to others. As can be seen from our engaging on responsible investment issues than elsewhere.Executive summary
81%of respondents report
ESG matters to their
Boards at least once
67%and prioritised SDGs that are relevant to their
12PwC Private Equity Responsible Investment Survey 2019
81%of respondents report
ESG matters to their
Boards at least once
67%of respondents prioritised Sustainable
Development Goals
(SDGs) that are relevant to their investments 35%of respondents now have teams dedicated to responsible investment (compared 60%
of concerned respondents have already implemented measures to address human rights 91%
of respondents have already adopted or are currently developing a responsible investment 83%
of respondents are concerned about climate risks in
Results at
a glance 3PwC 89%87%
83%