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Bridges Fund Management

PRI reporting framework 2020

You are in Strategy and Governance » Objectives and strategies

Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]


SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator

          Updated impact assessment to incorporate norms and standards from the Impact Management Project. Train deal/origination teams and IC members on revised methodology.
        

Progress achieved

Bridges' ambition is to align all of Bridges funds’ impact management practices with the principles of the Impact Management Project to drive impact and commercial value. Achievements to date include:

  • Increase clarity and transparency of what we stand for by introducing fund-level outcome goals using the 5 dimensions of impact
  • Improve and expand investment opportunities refining outcome-based sourcing
  • Upgrade existing impact tools to drive efficiency and optimise resources during selection
  • Develop an impact scoring methodology which allows us to classify the impact of an investment into one of the three impact classes: A(void harm), B(enefit stakeholders) or C(ontribute to solutions) impact classes
  • Identify core metrics to be tracked for relevant outcomes we want to achieve across the fund (incl. direct feedback) and collect consistent levels of evidence
  • Manage impact more actively, systematically and effectively, prioritising with our portfolio companies where we see most material risks and opportunities for positive change
  • Engage continuously with investment teams to make sure it is achievable and grounded in current business practice and practical for other parts of the business.
     

Key performance indicator

          As above
        

Progress achieved

As above 

Key performance indicator

          As above
        

Progress achieved

As above

Key performance indicator

          % of companies formally assessed on ESG issues
        

Progress achieved

  • Integrated use of B Impact Assessment in the investment decision process, to assess ESG factors of potential investments and set a plan for improvement post-deal.
  • Introduced a tool to accurately track key environmental indicators including carbon footprint, waste efficiency and water usage across our portfolio companies.
  • Adopted updated portfolio review templates that focus discussions even further on ESG to enable better impact management.
  • Closer engagement with Impact Management team, Bridges' internal impact advisory arm post-investment to help mitigate risk and pursue ESG opportunities

Key performance indicator

          As above
        

Progress achieved

As above

Financial performance of investments

Key performance indicator

          Integration of our data collection platform for environmental, social and governance indicator into performance reporting process
        

Progress achieved

Refinement of 3rd party data platform used to collect impact metrics on an annual basis and store historic data for Sustainable Growth and Social Sector Funds.

 

ESG characteristics of investments

Key performance indicator

          Improvement against key ESG metrics of portfolio companies during period.
        

Progress achieved

ESG metrics incorporated into data platform as part of Impact scorecards and will be used to assess performance in the period.

Other activities

Key performance indicator

          Active participation and facilitation of the Impact Management Project
        

Progress achieved

Bridges’ co-CEO Michele Giddens has long played an active role in driving a more supportive policy environment for sustainable and impact investing, previously as head of the UK National Advisory Board on Impact Investing and now as a member of the Advisory Council of its successor organisation, the Impact Investing Institute. She has been involved in policy discussions at all levels of Government – up to and including the Prime Minister’s office – while also speaking widely on the imperative and the opportunity to build a more inclusive and sustainable economy. In the last year, her speaking engagements have ranged from the Chatham House Conference in June, to the BVCA Summit in October, to the Impact Investing Summit for Asia-Pacific. She has been supported in this market development work by Bridges partner Maggie Loo, who sits on the BVCA’s Responsible Investing Committee – which works to promote this area within private equity and venture capital broadly, including working with policymakers.​

Key performance indicator

          Number of participants involved in the Impact Management Project
        

Progress achieved

The Impact Management Project is by now the voice of 2000 practitioners from across geographies and disciplines to work on:

  1. Shared fundamentals to make it easier to work together to improve our positive impact on people and the planet, and try to prevent negative impact
  2. Make the practice of impact management as easy-to-understand and accessible as possible, moving from conceptual agreement to practical application

Key performance indicator

          Progress of The Impact Management Project
        

Progress achieved

The Impact Management Project team have engaged a wide range of stakeholders since the start of the project in October 2016 across the impact investing value chain to identify, document and reach consensus on best practice for impact management. 

Last year, we adopted the IMP principles across our investment value chain. The updated methodology is data-driven, it allows us to classify and assess investments at an asset and portfolio level. Across our funds, we now use the A, B, C impact classification which helps the communication with investors and external stakeholders.

Please find more details on how we have incorporated the IMP into our own impact methodology in the 2018/2019 Annual Report  https://www.bridgesfundmanagement.com/publications/bridges-annual-report-2018-19/

 

Key performance indicator

          We capture our impact (including ESG) performance each year in a publicly available impact report, sharing quantitative data and case studies.
        

Progress achieved

https://www.bridgesfundmanagement.com/publications/bridges-annual-report-2018-19/

06.2. Additional information.


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