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Paine Schwartz Partners

PRI reporting framework 2020

You are in Direct – Private Equity » Pre-investment (selection)

投資前(投資対象の選定)

PE 05. Incorporating ESG issues when selecting investments

05.1. デューデリジェンスで組織がプライベートエクイティ投資先を選定する際、通常ESG問題を組み入れているかどうかを記載してください。

05.2. ESG問題をプライベートエクイティ投資の選定に組み入れる際のアプローチを説明してください。

ESG has been integrated into the "PSP Way", which is an effort to codify Paine Schwartz Partners' approach to delivering successful outcomes in investments and includes an aspiration for how portfolio companies operate, and how the Firm's various stakeholders work together to achieve common objectives. ESG is included in one of PSP's core “Principles for Success”, and as one of its “Portfolio Foundational Elements.” While each portfolio company will have its own unique agenda, the Portfolio Foundational Elements seek to promote execution of each of PSP’s core principles.

To ensure the integration of ESG considerations in the pre‐investment phase, and subject to the Firm's determination of what is reasonable and appropriate for each transaction, the Firm will undertake ESG due diligence screening to conduct an initial assessment of potentially material ESG risks and value creation opportunities that may have an impact on the investment decision‐making process. This screening is typically done in concert with a third‐party expert and the use of industry standards such as the Sustainability Accounting Standards Board (SASB). The Firm uses peer benchmarking, industry standards (e.g., SASB), and expert third-party judgement to identify material ESG focus areas for its portfolio companies. Over the years, the Firm has evaluated several such areas, including greenhouse gas (GHG) emissions, energy use, water, waste, fair labor practices, and others. When material ESG issues are identified, they will be included in discussions with the Investment Committee, and external advisors may be engaged to carry out additional ESG‐related due diligence as needed.

05.3. 補足情報 [任意]


PE 06. Types of ESG information considered in investment selection

06.1. プライベートエクイティの投資選択プロセスにおいて組織が通常どのような種類のESG情報を考慮するかを記載してください。

06.2. 投資委員会または類似の委員会において、この情報がどのように報告・検討・文書にまとめられているかを記載して下さい。

ESG has been integrated into "The PSP Way", which is an effort to codify Paine Schwartz Partners' approach to delivering successful outcomes in investments and includes an aspiration for how portfolio companies operate, and how the Firm's various stakeholders work together to achieve common objectives. ESG is included in one of the Firm's “Principles for Success”, and as one of its “Portfolio Foundational Elements.” While each portfolio company will have its own unique agenda, the Portfolio Foundational Elements seek to promote execution of each of PSP’s core principles. When material ESG issues are identified, they will be included in discussions with the Investment Committee (IC) (including IC memos), and external advisors may be engaged to carry out additional ESG-related due diligence as needed. In IC memos, ESG is included as a separate slide in the opening "Deal Scoping Overview" template. This slide provides an overview to the IC of the investment, including diligence findings, and classifies risk associated with findings (in a red, yellow, green construct). This provides the IC with an executive summary of the proposed investment. Additionally, ESG is included in PSP's Driving Five "Gotta Believes", which describe the primary reasons and rationale for proceeding with an investment.


PE 07. Encouraging improvements in investees (Private)


PE 08. ESG issues impact in selection process (Private)


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