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Cinven

PRI reporting framework 2017

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Fundraising of private equity funds

PE 05. Fund placement documents and RI

05.1. Indicate if your most recent fund placement documents (private placement memorandums (PPMs) or similar) refer to responsible investment aspects of your organisation.

05.2. Indicate how your fund placement documents (PPMs or similar) refer to the following responsible investment aspects of your organisation:

05.3. Describe how your organisation refers to responsible investment in fund placement documents (PPMs or similar). [Optional]

Responsible investment is a key priority for Cinven. Cinven is in business to create stronger, more profitable companies, thereby creating competitive returns for our investors. Cinven believes that a responsible approach towards the companies that the Cinven Funds own, their employees, suppliers and local communities, the environment and society is an essential part of our success.


Cinven is fundamentally committed to building long term, sustainable businesses which will grow, provide employment and generate economic benefit in an environmentally and socially responsible manner, both during and after the Cinven Funds’ ownership. Responsible investment and ownership require proper analysis, judgement and mitigation of risk. We aim to invest in companies that take a responsible approach towards environmental, social and corporate governance (‘ESG’) risk. Cinven’s core ESG principles are as follows:


 Always seek to invest in companies which comply with current ESG legislation; and furthermore, to have proposals to address defined future legislation. Cinven seeks to comply not just with the letter, but also the spirit of all applicable ESG laws, regulations, industry guidelines and best practices, including industry-specific codes of conduct.
 Ensure that Cinven’s investment process takes a responsible approach to investing, and recognises the potential impact of businesses on the environment, workers, communities and society.
 Seek to ensure that we and the Cinven Fund investee companies always respect human rights and avoid exploitation of child labour.
 Seek to ensure there is no bribery or corruption in any of our dealings.
 Act with integrity at all times in all our dealings.
 Always be non-discriminatory and seek equality and diversity in our employment practices.
 Act responsibly with respect to the environment, aiming for a sustainable approach to the use of resources, avoiding irresponsible disposal of hazardous products and unnecessary waste.
 Ensure that our management structures and policies reflect the need for transparency, accountability, equality and probity in the management of our businesses.
 Seek to comply with ESG guidelines and best practices, and actively manage ESG issues and risks effectively.


Cinven requires all of the Cinven Funds’ investee companies to take a responsible approach towards ESG matters. In order to achieve this, and as part of its broader ‘active ownership’ approach, Cinven works closely in partnership with our management teams at board level to ensure appropriate, relevant and adequate ESG processes and procedures are in place at each portfolio company to ensure proper analysis, judgement and mitigation of ESG risks. Investment team members are fully accountable for working with their respective portfolio company boards on all ESG related matters. ESG issues are regular agenda items at our Investment Committee and Portfolio Review Committee meetings, and Cinven has a firm-wide ESG Steering Committee to oversee our ESG initiatives and reporting requirements.


Cinven has a formal ESG policy, together with a set of guidelines for the Cinven Funds’ portfolio companies. Our ESG policy sets out our embedded ESG processes throughout all stages of our involvement in an investment and provides ESG guidelines for pre-acquisition, post-acquisition and exit. Our portfolio company guidelines are sent by the Investment team to each newly acquired portfolio company early during the post-acquisition period and discussed at board level. The guidelines set out Cinven’s recommendations for the development and/or refinement of a company’s ESG policy and reporting process and provides guidance on ESG-specific KPIs and reporting guidelines. All portfolio companies are asked to comply with the guidelines and Cinven works with portfolio companies to provide support on the development or refinement of each portfolio company’s ESG approach.
A clear and appropriate focus on ESG issues in our investments is driven by a proper approach to risk management, increasing accountability to our investors and broader stakeholders, and, in many cases, specific regulation or legislation. It also reflects the fact that improving ESG performance is a value-enhancing management lever in its own right. 


The Firm has in place a bespoke Code of Ethics relating to anti-bribery and corruption, regulatory systems and controls and environmental, social and governance matters. The policies and procedures provided in the Code are drafted with specific reference to the UK Bribery Act 2010, the Market Abuse Directive and The Code of Market Conduct and the Principles for Responsible Investing (PRI), to which Cinven is a signatory.


PE 06. Formal commitments to RI (Private)


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