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Albright Capital Management LP

PRI reporting framework 2018

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

Starting in 2017, we have incorporated an annual review of the UN Sustainable Development Goals for all portfolio companies in which we have an ongoing, active role (i.e., certain legacy assets have been excluded from this review because of lack of ongoing governance rights or nearly complete exit of the original investment).  This will be applied to all new investments, as well.  We have retained an outside specialist to conduct this annual assesment, and the results are shared with our investors.   

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

ACM believes that, in EM private investments, fulfillment of fiduciary duty and generation of attractive risk-adjusted returns can only be achieved through integration of ESG risk and opportunity variables.  ESG factors have a material impact on financial results.  In ACM’s case, among other processes, Secretary Albright aligns her reputation with Limited Partners in the Fund through her right to veto any proposed Special Situation investment on political risk, ethical or reputational grounds.  ACM’s priority is fulfillment of fiduciary duty.  ACM believes that principled and pragmatic integration of ESG considerations into an EM investment process is essential to accomplish that goal by mitigating political and other risks associated with an investment.  ACM also knows that difficulties, and criticism, are part of working in emerging markets.  The bedrock of our approach is to seek investments that have sustainable, positive economic benefits for all stakeholders.  For all investments, ACM looks to identify potential adverse impacts. With certain exceptions, ACM avoids a prescriptive approach, opting instead to apply its ESG guidelines in a principled and pragmatic fashion, based on all facts and circumstances, while recognizing that some risks and adverse impacts cannot be mitigated or justified and must be avoided. 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。


02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。


02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

As a registered investment adviser, ACM has adopted a Conflicts of Interest Policy that sets forth policies and procedures to implement ACM’s legal and ethical requirements as a fiduciary for its investment advisory clients. ACM's policy identifies various circumstances that could potentially be deemed a conflict of interest, and provides for associated procedures intended to address the conflict of interest in a manner that is fair and equitable for ACM and its clients while ensuring that clients are not disadvantaged relative to ACM, including the disclosure of the same to its clients.  Most of these are disclosed and agreed with investors in ACM's funds at the time of investment, with the balance to be disclosed and resolved with the Advisory Committee of investors in the fund if they arise.  In addition, ACM's Policy covers the following specific matters:  (1) placement agency costs, if any; (2) size of capital raise; (3) transaction fee offsets;  (4) resolution of conflicts arising from conflicting mandates; (5) investment allocations; (6) follow-on rounds; (7) co-investments; (8) fees derived by affliated parties; (8) shareholder-directorship appointments to portfolio companies (conflict in fiduciary duties); and (9) divestment timing of assets held by multiple funds of different vintages.  


03.3. Additional information. [Optional]

We would be happy to submit the Conflicts of Interest of Policy, which is too large to be included in these responses.

SG 04. Identifying incidents occurring within portfolios (Private)