The Apax investment sectors are not focused on heavy industries but predominantly on services, retail, technology and digital businesses. As such, the Apax Funds’ portfolio consists of a large number of “asset light” businesses which do not have a significant ESG impact.
Only a few companies have a large Enviromental footprint. From a Fund perspective, a small number of companies influence the ESG footprint to a large degree. For example in 2018, 82% of electricity kWh was reported by six portfolio companies and the remaining 18% accounted for by the other 15 reporting companies
Based on this information the Apax portfolio is not as exposed to climate related risks as other more asset intensive portfolios.