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Access Capital Partners

PRI reporting framework 2019

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Access is member of the PRI's working group on LP due diligence.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Access is a member of France Invest Commission ESG (ex AFIC Club de Développement Durable) created in February 2013. The mission of the Commision ESG is to promote Responsible Investment within French Private Equity industry.

The Commission ESG is intended to (i) be a plateform of discussions about the best way to integrate ESG criteria into fund's management, (ii) coordinate exchanges with PRI, BVCA, Invest Europe and all the French and international private equity stakeholders on ESG subjects and (iii) gather together all the AFIC members involved in the awareness of extra-financial ESG aspects.

Besides, during 2018 Access has joined the "group 3" of the ESG Commission of France Invest, the one in charge of producing the annual ESG report. 

          France Invest ESG workshops
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

The ESG workshop dedicated to share best practices in order to improve communication between GPs and LPs.

          Invest Europe
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Every year, Access' team members attend events organised by Invest Europe and are regularly involved in the debates/discussions as panellist or panel moderator.

          IC 2020
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Access has committed to IC 2020 launched by French private equity players. IC20 is the first collective and long-term commitment by the French private equity industry in favour of the responsible and transparent management of greenhouse gas emissions by the companies of which they are shareholders. The IC20 signatories have pledged to take action to contribute to the COP21 objective of limiting global warming. Engagement consists in :

  • Measuring the direct and indirect carbon footprint (scopes 1, 2 and 3) based on a sample of 30 portfolio investments using an accessible and effective estimation methodology.
  • Including the climate issue in their investment process as of 2016, so as to gradually extend a climate strategy to all the companies they control.
  • Publishing the carbon footprint of these same companies as of 2020.
  • Access is currently implementing the carbon footprint assessment with an external ESG advisor.

SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Through ongoing dialogue and interaction, commitment to ESG related initiatives, Access can provide investment managers with the resources, tools, information and updates they need to manage ESG risks and opportunities in the most efficient way. Access has formalized this approach through internal policies and processes that track ESG integration and its extensive experience, deep knowledge and expertise, and ongoing dialogs are all essential ingredients in ensuring that its strategy succeeds in reducing risks and enhancing value creation wherever possible. When necessary, external advisors may be engaged to carry out additional ESG-related due diligence.
Communication takes the form of formal meetings. Work sessions are organized regularly on specific subjects such as the review of the due diligence questionnaire as the assessment of the GP ESG commitment, and an ESG committee which monitors Access’ ESG commitment and defines new projects is set up once to twice a year.
        

Frequency of contribution

Description

          Access serves in the ESG workshop dedicated to share best practices in order to improve communication between GPs and LPs.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Access has redefined its ESG process through the following actions:

  • Total overhaul of its ESG due diligence and annual questionnaires and a sector-focused questionnaire for its infrastructure activity.
  • Implementation of a web-based ESG platform.
  • Promotion among its General Partner community of structured ESG tool and practices.

Access’ initiatives to promote responsible investments include:

Due diligence

Under due diligence, the Investment team conducts a thorough ESG analysis. An SRI questionnaire is sent to each General Partner to find out whether and how they take ESG risks and opportunities into account in their decision-making process.

Each fund manager / co-lead investor is provided with Access’ own score reflecting the level of integration of ESG criteria and the companies’ actions and new initiatives with regards to ESG issues. Access recognises three levels for assessment:

  • Level1: the fund manager / co-lead investor fully meets responsible investment principles
  • Level 2: the fund manager / co-lead investor essentially meets responsible investment principles
  • Level 3: the fund manager / co-lead investor barely meets responsible investment principles

Further, in the legal documentation, Access seeks a written engagement from the underlying fund manager to use reasonable best efforts to incorporate ESG criteria in the management of its portfolio companies and to report annually on the ESG performance and progress in a portfolio company.

Lifetime of the underlying funds

Board seat at Advisory Committees: systematic presence of Access’ investment Partners and Directors at the Advisory Committees of the investee funds: Access maintains an ongoing dialogue with portfolio companies on their ESG initiatives, Access has the opportunity to:

  • Question on how the GP has integrated ESG issues into their investment decisions
  • Ensure adequate governance structure is in place
  • Encourage GPs to report on ESG performance of underlying companies

GP meetings: every year, Access gathers its funds managers to exchange views on the current state of the market. On this occasion, Access reiterates its commitment to UNPRI and encourages GPs to report on the application of their own ESG principles.


SG 11. Dialogue with public policy makers or standard setters (Private)


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