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Ambienta SGR SpA

PRI reporting framework 2019

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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]

Our latest DDQ (our PPM is only legal) has Chapter 10 "ESG AND SUSTAINABILITY", 15 pages long, fully dedicated to ESG. It includes the sub-chapters:

  • 10.1 What is the difference between ESG and sustainability? 
  • 10.2 Describe Ambienta’s approach to ESG 
  • ESG in Action
  • GP level
  • Portfolio level
  • ESG in Action results
  • 10.3 Describe Ambienta’s approach to sustainability

In the same document the investment strategy of the fund is declared as "Businesses with a current or planned business focus on products, services and operations that improve Resource Efficiency and Pollution Control"

In the DDQ we also explain our proprietary methodology to quantify environmental impact. We use this methodology in due diligence in order to validate that a claimed impact is actually quantifiable and material. Staying away from green washing is for Ambienta part of a true responsible investment practice. The proprietary methodology in question uses 11 Environmental Metrics to analyse and quantify Environmental Impact; not just carbon emissions or any other single one.

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]

We have voluntarily introduced a binding commitment to responsible investing in the "Investor Protection Provisions" of our most recent LPA. It 2 different places:

  1. "...will exclusively execute Investments in the Environmental Sector ". This commits Ambienta to invest only in companies whose product and/or services have a beneficial impact in terms of Resource Efficiency and/or Pollution Control. This approach is the cornerstone of our investment strategy.
  2. "The Manager shall commit to investing responsibly which shall include i) recognising the importance of, and following, the UNPRI Six Principles for Responsible Investments; ii)  incorporating environmental, social and governance issues (“ESG”) into its investment analysis and decision-making processes; and iii) working alongside Portfolio Companies as active owners to ensure that ESG policies and considerations, in a form inspired by the “ten principles” of the UN Global Impact”, are appropriately integrated"

We included more specific levels or forms of commitment in side letters whenever requested.

Moreover we committed on 100% investments into Eco Innovative companies (as per the European Commission definition) and full governance. The Eco-Innovative definition spells this way: "Any form of innovation aimed at achieving significant and demonstrable progress towards the goal of sustainable development, by reducing its impact on the environment or by achieving a more efficient and responsible use of natural resources, including energy"