This report shows public data only. Is this your organisation? If so, login here to view your full report.

Impax Asset Management

PRI reporting framework 2019

Export Public Responses
Pdf-img

You are in Direct – Private Equity » Fundraising of private equity funds

Fundraising of private equity funds

PE 03. Fund placement documents and RI

03.1. Indicate if your most recent fund placement documents (private placement memorandums (PPM) or similar) refer to responsible investment.

03.2. Indicate how your most recent fund placement documents (PPM or similar) refer to the following responsible investment:

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

We are an Investment Manager dedicated to the environmental and clean-tech sectors and our private equity funds focus on alternative energy. We believe that a thorough understanding of environmental, social and governance issues will enhance our perspectives on both the opportunities and risks of our investments. In these documents we describe how the assessment and mitigation of environmental, social and governance (ESG) risks are an integral and necessary consideration of our due diligence processes for each investment and go beyond simply complying with the applicable environmental laws and other permitting procedures. Our Investment Committee must approve all potential investments against our ESG-parameters and any breach prevents us from making an investment. The firm’s Head of Compliance has oversight of the private equity business and issues presenting a conflict of interest will be referred to the Limited Partner Committee and is listed on the conflict of interests register.

  • Environmental – A throughout environmental impact assessment is required to procure permits necessary to build renewable energy projects in all European jurisdictions where we have our investments. We have undertaken to comply with the EU EIA Directive and apply it to investments in the EU and as applicable outside the EU as well. We are particularly sensitive to potential impacts on the habitat, air and water. Assessments cover issues such as flora and fauna, birds and bats (or other site/ country specific wildlife as appropriate), soil and water and noise.
  • Social - We take due consideration of social issues involved in our investment decisions and management of portfolio companies. Local communities are closely involved in the permitting phase of the projects we invest in and under EU-standard permitting procedures local citizens have a right to participate in the procedure. We tend to outsource operations, which are typically contracted competitively under international, project-finance standard terms. When we outsource operations or engage contractors, we ensure local employees are engaged when possible and as appropriate, for instance in operations and maintenance and security of the projects we invest in. Where investee companies have employees we closely monitor that these companies adhere to applicable employment laws and health and safety regulations.
  • Governance - We seek to address and resolve any material governance issues prior to investing. Investment structures ensure control is maintained in our targets so that we can implement and direct oversight and governance systems. We will abandon discussions over a prospective transaction if we have any doubts over the integrity or practices of a counterparty and we may initiate a forensic review as a safeguard in this regard.

We have committed to our investors to specifically exclude investments in companies whose principle business activities are production of biofuels for resale or include residential or commercial real estate or natural resource (oil and gas, or mining) exploration and other restricted sectors that are not compliant with the definition of responsible investments.


PE 04. Formal commitments to RI

04.1. Indicate whether your organisation made formal commitments to responsible investment in the, Limited Partnership Agreement (LPA) of your most recent fund(s), or through side letters when requested by investors.

If yes

04.2. Additional information. [OPTIONAL]

The investment objective of our private equity funds is to invest in the renewable energy infrastructure sector such as solar, wind and hydro power as well as energy transmission, storage and distribution where the core activities are related to the renewable power sector. Restricted sectors refer to non-responsible investments such as those with negative ethical dimensions, toxic waste processing, oil and gas resource extraction etc. We have undertaken to comply with the EU EIA Directive and apply it to investments in the EU and as applicable outside the EU as well. We are specifically excluded from investing in any activities involving forced labour or destruction of critical habitats (with particular consideration of any negative impacts on Natura 2000 sites).

 


Top