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CapMan Plc

PRI reporting framework 2020

Export Public Responses

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


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。

Negative screening is done to rule out investments in certain industries. Otherwise, ESG aspects and risks are assessed after the investment opportunity has been identified and preliminary investment case has been formulated. The scope of due diligence is determined on a case by case basis. In the event of ESG criteria are not met, the opportunity will be discontinued.

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。

Relevant identified risks, opportunities and conclusions are included in the investment memorandum, on which the investment committee makes the decision.

PE 07. Encouraging improvements in investees

07.1. ディールストラクチャリングの際、ディール文書または投資後アクションプランにESG関連考慮事項を統合するためのプロセスは何ですか。


07.2. これらの改善の種類を説明し、報告年度において事例がある場合には、その事例を提供してください。

ESG-related consideration are not typically included in deal closing documentation. Significant ESG enhancement opportunities identified in due diligence are considered in strategy work and business plan discussions and/or documentation that starts right after the deal closing.

As an example, in 2019 CapMan Growth Equity invested in Picosun, a small Finland-based company providing Atomic Layer Deposition (ALD) solutions globally. One of the key findings in due diligence was inadequate HR operations. Immediately after the completion of the transaction, HR Director was hired as a first step to spearhead the establishment of an acceptable HR function.

07.3. 補足情報 [任意]

PE 08. ESG issues impact in selection process

08.1. 報告年度において、ESG問題がプライベートエクイティ投資の選択プロセスにどのような影響を及ぼしたかを明示してください。

08.2. 報告年度において、ESG問題がプライベートエクイティ投資取引にどのような影響を及ぼしたかを明示してください。

08.3. 補足情報 [任意]

During the reporting period, and in line with previous years, there are always few investment opportunities that are rejected due to ESG matters. These are rejected usually at early stage before venturing into full scope due diligence phase. No investment opportunities were rejected due to ESG matters when presented in the Investment Committee for the decision.

ESG issues identified in the completed investments during the reporting period did not impact to deal structuring but CapMan made sure the management takes the issues into account in order for company to operate with high ethics. Any identified ESG issue that creates a liability is considered in pricing and/or SPA clauses.