Monitoring of current Mortgage portfolio managers includes ESG factors.
As part of F&C Private Equity's ongoing monitoring of the fund investments BMO Global Asset Management manages on behalf of its clients (e.g. PWRI), they engage with the managers of the funds on their management of ESG issues. In the private equity asset class many managers are at an early stage in terms of explicitly incorporating the management of ESG into their process. Therefore F&C Private Equity, supported by the Governance and Sustainable Investment team within BMO Global Asset Management, is working to encourage progress in this area. We have twice surveyed all the General Partners we invest in to ask specific questions around their management of ESG issues, and are regularly tracking progress.
PWRI invests in a fund of funds which primarily invests in private equity funds and project-focused funds across nine climate change themes: Alternative energy, Energy efficiency, Sustainable mobility, Waste, Advanced materials, Forestry and agriculture, Water, Acclimatisation and Supporting services. The Fund closed to new investment commitments in April 2013 with commitments of €30m. The Private Equity team draws on the in-house expertise of BMO's Governance & Sustainable Investment team as part of the investment due diligence process.