Members of the Private Markets team sit on the boards of directly held assets, or for co-investments the advisory boards of funds where USS invests.
As outlined above, the scheme enhanced the systematic ESG monitoring processes for direct assets during the year. The new process complements the on-going programme of dedicated ESG deep-dive meetings which focus on the specific ESG concerns for each asset. See PE1.1 for further details.
Additionally, the RI team have met with other asset owners who are joint owners of privately held assets and coordinated joint site visits to discuss ESG matters at the scheme's directly held assets in the past. There are plans to repeat such joint meetings in the future.
With regards to co-investments, the RI team also meets regularly with its private equity GP's to discuss co-investments (and fund investments which are reported as indirect investments under the SAM section) and how RI is being implemented. Where ESG issues arise, USS will engage with the GP or management to understand the concerns and ensure they are being addressed by management and/or the GP appropriately. Due to the nature of the GP/LP relationship, USS does not engage directly with co-investment assets.