The ESG team has developed several tools, such as a GP ESG questionnaire, ranking system and deal breaker catalogue or "Exlcusion List", to analyze the ESG policies of the GPs during the investment due diligence process. For private equity investments, the result of this analysis is included in the written Investment Proposals that are submitted to the Investment Committee for approval. The "Exclusion List" is updated periodically to ensure it is in alignment with the excluded activities contained in the Fund's limited partnership agreement. The existence and robustness of a GP's ESG policy is an important factor in the evaluation of the GP and the overall investment. In addition, HQ Capital conducts semi-annual portfolio reviews, which consist of detailed update calls with GPs covering their ESG policies and any changes or improvements in their methods. This information serves to help shape our own practices as we implement the principles, and also provide useful insight into the portfolio company ESG practices.