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Pathway Capital Management, LP

PRI reporting framework 2019

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets (Not Applicable)


OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

During Pathway’s extensive due diligence process, a due diligence questionnaire is sent to the general partner requesting information pertinent to Pathway’s analysis of the investment opportunity. The request addresses, among other things, how the general partner has incorporated ESG issues into its investment decision-making process and the effect that such incorporation has had on its decision to invest. Pathway seeks to understand the general partner’s operational capabilities, transparency, and sustainability; the governance practices of a fund or portfolio company; and the industry focus and geographic operation, as well as other social or environmental impacts of a fund’s investments. Pathway also considers (a) a general partner’s stance regarding UNPRI; (b) the extent to which ESG issues are incorporated into the general partner’s policies and into its investment analysis and decision-making processes; (c) the extent to which the general partner addresses ESG issues with the companies in which it invests; and (d) the guidance given by the general partner to its portfolio companies. Their responses are viewed and analyzed based on their investment strategies, and any material concerns are discussed with the general partner for clarification and corrective action. If a material ESG issue arises, it is presented to the Investment Committee to determine further action.

During the due diligence process, Pathway works to address material ESG issues that were revealed during its due diligence and also works to set appropriate ESG measures with the general partner. Pathway’s in-house counsel and deal team discuss the relevant material ESG issues and seek to set appropriate terms with general partners. Pathway requests that the general partner communicate any material ESG issues that arise in the investment partnership portfolio during the life of the partnership.

Pathway makes a concerted effort to be aware of a general partner’s ESG practices through monitoring. The Company seeks to monitor and influence the behavior of an investment partnership on a range of matters, including ESG factors. Pathway interacts with general partners throughout the year to better understand the general partner’s consideration of ESG issues. If requested, Pathway will provide to the general partner materials related to ESG issues, with the goal of expanding the general partner’s knowledge of ESG practices within the private market industry.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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