The sources and availability of data, and access to the management team, vary significantly deal by deal. However, all of the above could be within the scope of information sought - either through consultants, or through USS's desk based research, or through site visits/ management discussions with the asset.
In many cases, particularly those which are larger or more complex or where we are taking a direct ownership stake, specialist environmental due diligence will be undertaken using external consultants. Legal due diligence is typically commissioned to review employment matters, the regulatory framework and environmental matters for example.
The enhanced due diligence (EDD) process will always include online research into the asset, the potential impacts of the asset (or similar assets) to identify any risks which may be present.
The EDD process feeds into the investment decision making process, with risks and mitigating factors highlighted in a Private Markets Investment Committee (PMIC) investment memo, upon which the final investment decision is taken.