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Rothschild & Co Merchant Banking

PRI reporting framework 2020

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]

Direct – Private Equity

Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer	% of asset under management (AUM) in ranges
Fund management	0% <10% 10-50% >50%
Fund of funds, manager of managers, sub-advised products	0% <10% 10-50% >50%
Other	0% <10% 10-50% >50%
Total 100%

Further options (may be selected in addition to the above)

Hedge funds

Fund of hedge funds

01.2. Additional information. [Optional]

Merchant Banking is the investment arm of Rothschild & Co. It deploys the firm’s capital, alongside that of a select group of leading institutional and private investors. Merchant Banking manages a series of funds dedicated to corporate and secondary private equity, multi-managers funds and co-investments, as well as senior and junior credit.

Corporate private equity: Pan-European and US mid-market buyouts

Five Arrows Principal Investments (FAPI): Pan-European mid-market buyouts
Five Arrows Capital Partners (FACP): US lower mid-market buyouts

Multi-Strategies: Five Arrows Multi-Strategies (FAMS) is a specialist global private equity multi-strategies platform

Secondaries: Five Arrows Secondary Opportunities (FASO) is a specialist in European mid-cap secondary transactions
Multi-managers funds: Five Arrows Private Equity Programme (FAPEP) is a global multi-managers private equity platform investing across the private equity asset class: primary fund investments, secondaries and direct co-investments
Co-investments: Five Arrows Minority Investments (FAMI) is a global co-investment specialist

Direct Lending: provides bespoke and flexible debt financing solutions to privately-owned businesses across the European mid-market

Five Arrows Credit Solutions (FACS): European junor credit
Five Arrows Direct Lending (FADL): European unitranche lending
Five Arrows Debt Partners (FADP): European direct lending

Credit Management: Rothschild & Co Credit Management (R&Co CM) is a senior secured loans and CLO specialist

Oberon: European and US unlevered senior secured credit
Elsinore: Europe senior, subordinated and CLO credit
Global Loan Investments: European/US CLO Equity
Contego/Ocean Trails: European and US CLOs

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

France

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

150 FTE

02.4. Additional information. [Optional]

5 offices: Paris, London, Luxembourg, New York and Los Angeles.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

Five Arrows Managers is 100% owned by the Rothschild & Co Group.

Rothschild & Co Wealth Management (UK) Limited and Rothschild & Co Asset Management Europe are also signatories of the UN PRI.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we are in the fund-raising process

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

Not applicable as we do not have any assets under execution and/or advisory approach

04.5. Additional information. [Optional]

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

	Internally managed (%)	Externally managed (%)
Listed equity	0 0	0 0
Fixed income	>50% 55	0 0
Private equity	10-50% 45	0 0
Property	0 0	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Fund of hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	0 0	0 0
Money market instruments	0 0	0 0
Other (1), specify	0 0	0 0
Other (2), specify	0 0	0 0

as broad ranges

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Yes

06.5. Indicate whether your organisation uses fiduciary managers.

Yes, we use a fiduciary manager and our response to OO 5.1 is reflective of their management of our assets.

No, we do not use fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Private Equity AUM comprises Corporate Private Equity (FAPI & FACP), Multi-Strategies (FASO, FAPEP & FAMI)

Fixed Income AUM comprises our Private Debt strategies: Direct Lending (FACS, FADL & FADP) and Credit Management (Oberon, Elsinore, GLI, Managed Accounts & CLOs)

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets

0 Emerging Markets

0 Frontier Markets

0 Other Markets

Total 100% 100%

09.2. Additional information. [Optional]

Merchant Banking focuses its investment activities in Europe and the US.

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