PEG’s most recent fund private placement memorandum refers to our commitment to responsible investment. Sustainable investing is an important part of PEG’s investment diligence process. PEG assesses the environmental, social and governance behaviors and practices of the companies and underlying third party private equity managers with which PEG invests. Consistent with PEG’s ultimate objective of providing superior returns, specific companies and investment managers, or types of companies or managers, are not excluded from client portfolios solely on the basis of environmental, social or governance criteria. However, PEG views sustainability issues as important factors that are likely to impact performance and therefore must be carefully considered as part of the investment review process. PEG believes that sustainability considerations must be reviewed holistically, both to account for material risks and also potential opportunities which may make companies or underlying managers more or less attractive for investment. Sustainability considerations are an important component of both the initial due diligence and screening process as well as the ongoing monitoring of investments.