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Swen Capital Partners

PRI reporting framework 2019

You are in Strategy and Governance » Objectives and strategies

Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]

Responsible investment objectives are set, reviewed and monitored during Board meetings each quarter and during Executive committees at least twice a year. These objectives are communicated to the whole team during staff meetings.


SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator

          Perform training on a specific ESG-related issue
        

Progress achieved

In 2018, the investment and middle office teams attended meetings about carbon-related issues. The purposes of the meetings was to present the annual results of the carbon-footprint assessment of the funds managed by SWEN CP or to provide an highlight of the exposure to climate change physical risk of one of its underlying asset. Finally, all SWEN CP’s employees benefited from a specific presentation of the main findings of the study entitled "Integrating Climate Change into Institutional" which had been carried out by the OECD in partnership with SWEN CP.

In 2017, the investment and middle office teams benefited from a specific training on the integration of ESG criteria in the investment process, and, from another training on carbon and greenhouse gas issues. These trainings were conducted respectively by PwC and Carbon 4.

In 2016, the investment and middle office teams benefited from a specific training on greenhouse gas issues and on a specific french reglementation (art. 173 - energy transition law). This training was conducted by OFI AM's SRI team.

Key performance indicator

          Communicate on ESG activities to the whole team
        

Progress achieved

As the integration of ESG criteria is taken into account into throughout the whole investment process, ESG issues are regularly discussed among team members and systematically during investment committees. Quick presentations are also regularly organized to keep informed the investment team on recent ESG updates and evolution of SWEN CP’s responsible investment policy (exclusion policy, monitoring process of ESG incidents, etc.)

Moreover, ESG activities and objectives are communicated to the whole team (back/middle office, front office and support functions) during staff meetings. SWEN CP’s overall ESG approach and strategy is also communicated during job interviews to candidates.

Finally in early 2019, the whole SWEN CP team was involved in process aimed at defining the core values and missions of the company. Further responsible Investment and CSR initiatives were particularly discussed and considered. It was an important occasion to federate SWEN CP’s team around its ESG strategy and ambition.

Key performance indicator

          Link ESG issues to variable compensation
        

Progress achieved

Since 2015, variable compensation of investors is partly linked to the management of ESG issues. These criterai are part of SWEN CP's remuneration policy (AIFM).

Key performance indicator

          Integrate ESG issues in the agenda of all deal flow meetings and within investment memos.
        

Progress achieved

In the course of each deal flow meeting, ESG issues are discussed systematically. Moreover, each investment opportunity benefits from an ESG analysis which is included in investment memos and discussed during pre-investment and investment committees. Since 2017, significant efforts have been made to deepen interactions between investment team members and ESG analysts within SWEN CP. This resulted in the progressive implementation of a new digitalized deal flow process that incorporates several ESG control points, some of them being central to pursue the study of any investment opportunity.

Financial performance of investments

ESG characteristics of investments

Key performance indicator

          Adapt investment commitment to ESG considerations
        

Progress achieved

Prior to investing into a fund, SWEN CP systematically pays specific attention to the ESG profile of the GPs and their underlying portfolio companies. They need to comply with SWEN CP's RI policy otherwise the investment process might be stopped or underweighted.

Other description (1)

          Setting a specific allocation for green assets
        

Key performance indicator

          % of total commitments / investments in green assets
        

Progress achieved

Since Q4 2017, SWEN CP must commit to allocate a part of the fund to « green assets ». The level of this part depends on each fund and is defined during the launching process by SWEN CP ‘s Executive Committee: it’s a strategic decision and it’s part of our governance product process. It is integrated in the by-laws of our funds and part of the communication during the fund raising process.

Other activities

Key performance indicator

          Active participation in RI initiatives (France Invest, Invest Europe, etc.) Join other RI initiatives
        

Progress achieved

SWEN CP actively participated in all RI initiatives it has joined (see SG 09 answers). SWEN CP participated to various meetings and conferences both as speaker or listener. Recently, SWEN CP joined the Climate Initiative 2020 initiative (2016), the PRI Infrastructure Advisory Committee (2017) and the PRI Private Debt Committee (2018).

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Key performance indicator

          Encourage GPs to join the PRI and to become a signatory.
        

Progress achieved

Investment directors are committed to promote the principles of the PRI and to encourage asset managers to adhere to these principles.

Key performance indicator

          Identify and share best practices within the profession.
        

Progress achieved

In 2018, SWEN CP organised the fifth edition of its ESG Best Practices Honours. These honours reward the most outstanding ESG practices from Private Equity and Infrastructure European managers. SWEN CP wanted to give market players a view of outstanding ESG practices in Private Equity and Infrastructure among over 200 management companies, both within its portfolio and across its potential investment universe.

Key performance indicator

          Incorporate case studies within the ESG annual reporting of each fund.
        

Progress achieved

A majority of ESG annual reporting incorporate case studies about outstanding ESG practices of both GPs and portfolio companies.

06.2. Additional information.


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