Selections for our private equity access vehicles must undergo and pass a thorough due diligence process which includes a full operational review alongside an investment review, conducted independently by separate teams. As part of the investment “deep dive”, ESG and/or responsible investment policies of the fund will be considered. Stanhope’s assessment of ESG incorporation within private equity funds is primarily concerned with ensuring an understanding of the approach taken in terms of ESG incorporation at the underlying fund level. With this knowledge, the client team are then able to take a view as to whether investment in the access vehicle (and so the underlying funds) is suitable for a client from this perspective. Notwithstanding, Stanhope recognises that many funds take an active approach on this front and, to this end, have dedicated ESG personnel; Stanhope considers it best practice for funds to have a dedicated ESG team or analyst(s) and to produce annual ESG reports detailing their work in this area and expresses a preference for this in the selection process.