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Gresham House plc

PRI reporting framework 2020

Export Public Responses

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Fundraising of infrastructure funds

INF 03. Fund placement documents and RI

03.1. Indicate if your most recent fund placement documents (private placement memorandums (PPMs) or similar) refer to responsible investment aspects of your organisation.

03.2. Indicate how your fund placement documents (PPMs or similar) refer to the following responsible investment aspects of your organisation:

03.3. Describe how your organisation refers to responsible investment for infrastructure funds in fund placement documents (PPMs or similar). [Optional]

Policy - Within our current Information Memorandum (IM), dating from September 2019, we specify that our investments must deliver positive financial/economic, social and environmental impact. The “Executive Summary” section of the IM highlights as part of the objectives that the focus is to: “Support the UK economy’s need for patient capital” investments into economically and socially beneficial projects and activities to target double bottom line objectives with a view to meeting LPs SRI aspirations”. In practice we regard delivering environmental benefits to be a social impact such that environmental benefit projects are included within the mandate. 

Pre-investment & Post-Investment - Our criteria are set out as job creation, education and training, health and social care, financial inclusion, community-based asset development, environmental benefits and community driven environment. These are not referenced explicitly within the PPM but are explicit within our investment presentations with respect to individual case study slides, which split out the positive impact drivers by asset, highlighting the environmental and social impact of our Investments.

It is our intention that subsequent infrastructure funds will follow a similar approach, but as we move forward and develop our reporting / usage of our bespoke ESG asset management tool, we will be able to be more explicit with investors about the impact their exposure is having as we track formally agreed KPIs with investee companies.

INF 04. Formal commitments to RI (Private)