Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Invested $14.6 billion in ESG themes, including renewable and efficient energy, clean water, and others.
• Acquired an interest in a leading provider of energy services in France, implementing sub-metering systems that led to a 20% decrease in energy consumption in multi-unit buildings.

Social Achievements

• Partnered with Basis Investment Group, a Minority and Woman Owned Business, providing $55 million in seed capital and supporting their fundraising efforts.
• Developed a Responsible Contractor Policy promoting fair wages, working conditions, and training opportunities for workers.
• Hosted industry-leading events (Consortium and Small and Emerging Managers Conference) to advance the role of diverse and women investment managers.
• Partnered with Girls Who Invest to increase the pipeline of female investing talent, including internships and speaker series.
• 62% of staff are women and/or ethnically diverse.

Governance Achievements

• Adhered to a Responsible Investment Policy integrating ESG considerations into all investment processes.
• Received the highest possible rating from PRI for approach to strategy and governance, and for ESG integration in private equity manager selection.
• Implemented a robust cyber security program including quarterly penetration testing, incident response exercises, and compliance with GDPR.

Climate Goals & Targets

Environmental Challenges

• Perceived risks in ESG Case Study: Energy Savings investment included exposure to non-infrastructure businesses, materialization of growth potential, debt leverage, management sell-down, and joint governance risks.

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Partnering with subcontractors and vendors that are certified as minority-, women-, or people with disability-owned businesses.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: PRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Addams-Palmer Award by the Civic Federation

Environmental Metrics

ESG Focus Areas

• Diversity, Equity, and Inclusion
• Responsible Investing
• Corporate Governance
• Community Engagement

Environmental Achievements

• 2019 portfolio company's solar and wind projects conserved 6.5 billion gallons of water and avoided 12 million metric tons of carbon dioxide emissions.

Social Achievements

• Received second-highest grade from NABTU for responsible contractor practices and policies.
• Launched Advance Strategy to invest with diverse private equity managers.
• Supported COVID-19 relief efforts globally, with employee donations exceeding 515.

Governance Achievements

• Received highest possible rating from PRI for approach to strategy and governance, and for ESG integration in private equity manager selection, approval, and monitoring for the fifth consecutive year.
• Implemented robust cybersecurity program based on NIST framework.

Climate Goals & Targets

Environmental Challenges

• Global pandemic impacting daily lives and financial markets.
• Significant unaddressed inequality and systemic racism.
• Pipeline execution risk, operational risk, counterparty risk, leverage risk (in renewable energy investment).
• Construction/technological issues, operational execution, feedstock supply, and governmental/regulatory risks (in Bakersfield Renewable Fuels investment).

Mitigation Strategies

• Developed Responsible Contractor Policy in collaboration with NABTU.
• Assembled a dedicated Labor Impact team integrating investment, labor, and government expertise.
• Utilized a consortium of technology, engineering, and construction partners with contractual guarantees (in Bakersfield Renewable Fuels investment).

Supply Chain Management

Responsible Procurement

• Responsible Contractor Policy

Climate-Related Risks & Opportunities

Opportunities

• Investment in renewable energy

Reporting Standards

Frameworks Used: PRI

Awards & Recognition

• Best Places to Work in Money Management by Pensions & Investments

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Invested $85 million in a large-scale hydroelectric generating facility on the Mississippi River.
• Estimated reduction of CO2 emissions by 750,000 metric tons per year from hydroelectric investment.
• Offices are LEED certified (Gold in New York, London, Seoul, and Hong Kong; LEED Certified in Tokyo).

Social Achievements

• Exceeded its objective of committing an additional $2 billion to women and minority investment managers.
• $11 billion AUM with diverse managers.
• Partnered with various organizations to provide internships and employment opportunities for underrepresented groups.
• Supported Cook Elementary School with school supplies, Chromebooks, and other resources.
• Various community investment initiatives including volunteer projects, donations, and holiday gifts.

Governance Achievements

• Formal ESG policy guides actions.
• Strong compliance program designed to ensure compliance with applicable regulations.
• Dedicated operational due diligence team to mitigate risks.

Climate Goals & Targets

Environmental Challenges

• Significant challenges and uncertainty for the industry, society, and planet.

Mitigation Strategies

• Leaning further into responsibilities to clients, employees, communities, the environment, and society.
• Implementing ESG and impact investments through sustainably themed, socially constructive, and impact strategies.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN PRI, TCFD, GRESB, SFDR

Certifications: LEED

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Diversity, Equity, and Inclusion
• Social and Economic Impact
• Corporate Governance

Environmental Achievements

• Achieved Carbon Neutral® company certification from Climate Impact Partners
• Reduced emissions and financed select carbon offset projects

Social Achievements

• 64% of employees hired in 2022 are women and/or ethnically diverse
• Sustained philanthropic efforts supporting 330 non-profit organizations
• Launched multiple custom programs for clients seeking incorporation of environmental and social factors

Governance Achievements

• Published inaugural TCFD report outlining climate action strategy and reporting progress
• Expanded employee education on ESG and Impact

Climate Goals & Targets

Environmental Challenges

• Measuring and reporting on ESG data across diverse investment strategies and geographies
• Ensuring consistent application of ESG standards across investment managers

Mitigation Strategies

• Partnering with ESG advisory firms and technology providers to enhance data collection and analysis
• Developing standardized ESG questionnaires and scoring systems
• Providing training and resources to investment managers on ESG best practices

Supply Chain Management

Responsible Procurement

• Responsible Contractor Policy (Infrastructure Advantage Strategy)

Climate-Related Risks & Opportunities

Opportunities

• Clean energy and energy transition investments

Reporting Standards

Frameworks Used: TCFD, SFDR, UN PRI

Certifications: Carbon Neutral®

Awards & Recognition

• Pensions & Investments’ Best Places to Work in Money Management

Environmental Metrics

ESG Focus Areas

• Energy Transition/Climate Solutions
• Labor Impact Strategies
• Essential Social Services (healthcare, education, affordable housing, and urban regeneration)
• Investing with underrepresented managers and asset owners
• Diversity, Equity, and Inclusion

Environmental Achievements

• Achieved carbon neutrality for the second year for corporate operations
• Began buildout of new office space in New York City with a focus on reducing environmental footprint
• Began collecting portfolio carbon footprint data

Social Achievements

• Launched Elevate Seeding Strategy and completed the strategy’s first investment
• Continued to volunteer time with organizations supporting communities
• Women and/or ethnically diverse individuals comprise 62% of staff, 52% of management, 33% of executive management, and 53% of investment professionals.

Governance Achievements

• Implemented a multi-layered sustainability governance structure for accountability and oversight
• Developed and implemented a Sustainable & Impact Investing Policy
• Continued to measure carbon footprint

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions
• Cost inflation
• Regulatory risk
• Market saturation
• COVID-19 impact
• M&A execution risk
• Key people risk
• Growth equity track record
• Fundraising risk

Mitigation Strategies

• Developed alternative sourcing strategies
• Robust Responsible Contractor Policy
• Negotiated appropriate governance rights and Board observer seats
• Strong partnerships with experienced managers
• Focus on downside-mitigated investments
• Operational due diligence
• Risk management processes

Supply Chain Management

Responsible Procurement

• Responsible Contractor Policy (Infrastructure Advantage Strategy)
• Partnering with diverse vendors

Climate-Related Risks & Opportunities

Opportunities

• Carbon reduction processes and products
• New offerings to aid climate solutions
• Replacing high emissions products and processes with low emissions alternatives

Reporting Standards

Frameworks Used: PRI, TCFD, SFDR, SASB, GRESB

Certifications: CarbonNeutral®

Awards & Recognition

• Pensions & Investments Best Places to Work in Money Management (three times)