We adopt the same approach as we do for our listed equities. This involves the completion for every investment of an ESG template which encompasses a broad range of ESG metrics. This in turn allows us to place an ESG score on each investment which reflects the risk profile of the companies involved. This allows investment managers to incorporate ESG risk or opportunity into their investment process by way of an enhanced discount factor, adjusted valuation multiple and/or portfolio weighting. Furthermore, the data and scores can be aggregated to the portfolio level to give the individual managers a top down view of their portfolio from an ESG perspective.