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First Sentier Investors (including First State Investments)

PRI reporting framework 2020

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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]

Our fund raising documents explicitly note our commitment to responsible investing. In the Private Placement Memoranda ("PPM") for the European Diversified Infrastructure Fund III (EDIF III) and the Global Diversified Infrastructure Fund, (GDIF) our approach and commitment to ESG is highlighted on the very first page and then further explained in various sections of the document. For example, the documents include comments such as:

“The Fund aims to achieve attractive, sustainable, risk-adjusted returns over the Long-Term through the combination of proactive asset management focussed on long-term value creation through ongoing incremental improvement within an evolving and recognised market leading ESG framework…” (GDIF)

“The Infrastructure Team aims to achieve superior, sustainable, risk-adjusted returns over the long term through the combination of: …. Proactive asset management focussed on long-term value creation through continuous incremental improvement within an evolving and comprehensive ESG framework; …….” (EDIF)

The fund raising documents have a dedicated section outlining our Integrated Approach to Responsible Investment. In this section we further espouse our commitment to responsible investment and approach to managing ESG matters in pre and post investment phases of the investment lifecycle.

The documents also includes note specific ESG risks and opportunities in the outline of overall key risks for investing in the relevant fund. These include environmental risks, climate change, political, regulatory and social risks etc.


INF 04. Formal commitments to RI

04.1. Indicate whether your organisation makes formal commitments in fund formation contracts, Limited Partnership Agreements (LPAs) or in side letters relating to responsible investment in infrastructure when requested by clients.

04.2. Additional information.

Our commitment to responsible investment is embodied in the disclosure documents (e.g. Information Memorandum, Private Placement Memorandum) of the relevant Fund, or included in our formal responses to 'Requests for Proposal' for separately managed accounts or fund reviews etc. Our ESG approach is also included in the Due Diligence Questionnaire ("DDQ"), our ESG Statement and data room. This is made available to potential and existing clients.

Whenever clients have a specific query or focus on a particular ESG issue, we are happy to engage. This includes clarifying our approach and addressing the specific client queries, ensuring it is consistent with our approach, and including it in any side letters or specific documentation when requested by clients. Given our approach is relatively advanced in the market place clients are usually comfortable with us leading the discussion and adding/addressing any specific client requirements.


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