Climate Change Data

Environmental Metrics

ESG Focus Areas

• Sustainability

Environmental Achievements

• Reduced greenhouse gas emissions resulting from the Group’s energy consumption from 2,812 tCO2e in 2018 to 5,571 tCO2e in 2019. (Note: This represents an increase, not a reduction.)
• Implemented a comprehensive responsible investment approach that integrates Sustainability at all stages of the investment process. Bespoke Sustainability action plans are defined for each portfolio company and their progress is monitored.

Social Achievements

• Antin has targeted investments in social infrastructure, which includes private health clinics, psychiatric care facilities, medical diagnostics, pharmacies, crematoriums and cemeteries and early education and special needs education.
• The team comprises more than 30 nationalities. 38% of the Senior Partners and over 40% of the professionals are female.

Governance Achievements

• Antin has enacted a conflicts of interest policy that seeks to identify, prevent, manage and monitor conflicts of interest that may arise in the course of its business.

Climate Goals & Targets

Environmental Challenges

• Poor performance by the Antin Funds may adversely affect the Antin Group’s brand and reputation and its ability to raise capital for future funds.
• Difficult market conditions may affect the performance of the Antin Funds.
• Changes in trends in the global savings market, the private markets industry or fund investor preferences may adversely affect the Antin Group.
• Fee-paying assets under management may not grow as expected, or may decline, and management fee rates may decrease.
• Investor demand for the asset classes managed by the Antin Group may decrease.
• Implementing the Antin Group’s growth strategy, including expansion into new geographies and new business sectors or strategies, may be unsuccessful.
• A deterioration in the quality of Antin’s brand and reputation could have an adverse effect on competition for Fund Investors and investment opportunities and impair the Antin Group’s ability to raise capital for new funds and attract and retain key talent.
• Increased competition from other market players and inflation in valuations may impair the Antin Group’s investment strategy.
• The ongoing Covid-19 pandemic crisis could adversely affect the performance of the Antin Funds and, consequently, the Antin Group’s assets, revenue and operating results.
• Changing geopolitical conditions may adversely affect the Antin Group.
• The Antin Group carries out analysis and due diligence in respect of its investment opportunities that may not reveal all relevant facts about existing risks relating to the investment.
• The Antin Group is exposed to risk of default by Fund Investors.
• The Antin Group could be exposed to risk of concentration related to the composition of its fund investment portfolio, which is focused on infrastructure assets.
• Infrastructure assets may be subject to competition risk.
• Infrastructure assets, by their nature, are subject to a number of risks such as natural disasters, weather events, uninsurable losses, force majeure events and labour disruptions, as well as to the risk of accidents that may result in serious injury or death.
• The infrastructure businesses of the Antin Fund’s portfolio companies are exposed to environmental risks and regulations relating to environmental protection.
• Some of the operations of the Antin Fund’s portfolio companies depend on continued strong demand for commodities, such as natural gas or minerals.
• The assets and businesses of the Antin Fund’s portfolio companies are subject to regulation and other actions by national, state and local government bodies.
• The Antin Group is dependent on its Senior Management Team, key investment professionals and network of Senior Advisers.
• The Antin Group could be adversely affected by breaches or disruptions to its information and technology systems, in particular its data processing systems, as well as those of third-party service providers.
• The Antin Group is dependent on an effective control system to mitigate operational risks and maintain appropriate procedures for the management of the Antin Funds.
• Fraud or circumvention by employees, counterparties or third parties of the Antin Group’s control and compliance procedures and risk management policies could have an adverse effect on its reputation, performance and financial position.
• The Antin Group must maintain appropriate insurance agreements.
• The Antin Group is subject to significant regulation and supervision.
• The Antin Group may not be able to obtain and maintain requisite regulatory approvals and permits, including licenses for the Antin Group’s operations.
• Regulatory reforms proposed in the European Union and internationally could expose the Antin Group and its Fund Investors to growing regulatory requirements and uncertainty.
• The Antin Group is subject to risks relating to Brexit.
• The Antin Group is subject to risks related to conflicts of interest.
• The Antin Group is subject to litigation risks and may face significant liabilities and damage to the Antin Group’s brand and reputation as a result of litigation, allegations and negative publicity.
• The Antin Group’s tax and financial position could change negatively should the Antin Group’s past or current tax approach turn out to be inaccurate, or if current tax laws change.
• The Antin Group is exposed to the risk of revaluation of certain assets held by the Antin Funds, as well as to the risk of changes in valuation methodologies.
• The Antin Group may be exposed to liquidity risks.
• The Antin Group is subject to foreign currency risks.
• The Antin Group is subject to interest rate risk.
• Changes to applicable accounting standards, or changes to the interpretations thereof could have a material adverse effect on the Antin Group.

Mitigation Strategies

• Risk management is at the heart of the investment strategy pursued by the Company and all members of the Antin Group are involved in monitoring and managing risk.
• The Antin Group has implemented measures to monitor the impact of Covid-19 on the operations of the Antin Fund’s portfolio companies on an asset-by-asset basis.
• Affected portfolio companies have implemented strategies aimed at responding to the pandemic crisis, including, where relevant, the renegotiation of bank covenants or key contracts.
• The Antin Group has implemented various measures to manage risks relating to information and technology systems.
• The Antin Group manages the control systems of the Antin Funds through AISL II, an entity owned by the Antin Funds.
• The Antin Group has insurance coverage for various risks.
• The Antin Group has enacted a conflicts of interest policy.
• Antin has made and is continuing to make changes to its legal entity structure and operations in the United Kingdom and the European Union to address the regulatory environment post-Brexit.
• The Antin Group has implemented controls such that any valuation of fund assets is performed impartially with due skill, care and diligence.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN PRI

Environmental Metrics

ESG Focus Areas

• Climate change
• Human capital management
• Community engagement
• Ethics and governance
• Responsible investment

Environmental Achievements

• Reduced energy intensity by 0.06 MWh per m2 from 2021 to 2022.
• 85% of portfolio companies measured their carbon footprint in 2022 (up from 53% in 2021).
• 95% of portfolio companies implemented carbon emissions reduction actions in the past 2 years (in 2022).

Social Achievements

• Increased the proportion of women in the total workforce to 46% (up from 42% in 2021).
• Increased the proportion of women in the investment team to 29% (up from 24% in 2021).
• Launched an Employee Stock Purchase Plan (ESPP) with 89% of eligible employees participating.
• Created a global DEI champions group.
• Enhanced processes for incorporating DEI criteria during recruitment.
• Promoted two female employees to Partner.

Governance Achievements

• Maintained 57% independent Board members.
• Maintained 43% women Board members.
• Reduced the percentage of employees clicking on phishing links or providing sensitive data.

Climate Goals & Targets

Environmental Challenges

• Poor performance by Antin Funds could affect fundraising, FPAUM, carried interest, management fee rates, revenue, and earnings.
• Unsuccessful implementation of Antin's growth strategy.
• Deterioration in brand and reputation.
• Decline in FPAUM or decrease in the Effective Management Fee Rate.
• Changes in global savings market trends and investor behavior.
• Changing geopolitical conditions.
• Concentration risk in the Antin Funds' investment portfolio.
• Risks associated with infrastructure assets (natural disasters, weather events).
• Fluctuations in commodity prices.
• Changes in the legal and regulatory environment.
• Loss of key personnel.
• Breaches or disruptions to information systems.
• Conflicts of interest.
• Operational risks.
• Non-compliance with legal and regulatory requirements.
• Regulatory reforms.
• Inability to obtain or maintain regulatory approvals.
• Changes in tax laws and regulations.
• Revaluation of assets held by Antin Funds and changes in valuation methodologies.
• Liquidity, credit, and counterparty risks.
• Financial market risks (foreign currency and interest rate risks).
• Changes in accounting standards.

Mitigation Strategies

• Consistent investment performance.
• Rigorous investment framework.
• Active asset management.
• ESG integration into investment processes.
• Robust risk management and internal control systems.
• Business Continuity and Disaster Recovery Plan.
• Cybersecurity Policy.
• Crisis Management Plan.
• Procedures for managing conflicts of interest.
• Process for obtaining and maintaining regulatory approvals.
• Succession planning.
• Information security measures.
• Compliance and internal control program.
• Insurance policies.
• Regular liquidity forecasting.
• Monitoring of credit and counterparty risk.
• ESG-linked debt instruments.
• Annual ESG survey.
• ESG materiality assessments.
• ESG action plans for portfolio companies.
• Antin ESG Club.
• Collaboration with external climate consultancy.
• Science-based emissions reduction targets (SBTs).
• Reforestation project.
• Employee training and awareness-raising sessions.
• DEI policies and initiatives.
• Charity and academic partnerships.
• Industry engagement.

Supply Chain Management

Responsible Procurement

• Sustainable travel guidelines
• Initiatives to reduce waste generation

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters, weather events

Transition Risks

• Changing regulations and carbon pricing mechanisms

Opportunities

• Operational cost savings
• Improved ability to anticipate and adapt to climate change
• Corporate reputation protection
• Stakeholder trust protection
• Reduced portfolio companies' operational costs
• Enhanced portfolio companies' resilience to physical risks

Reporting Standards

Frameworks Used: GRI Standards, SASB, TCFD, UN PRI, EU SFDR, EU Taxonomy

Third-party Assurance: Deloitte

UN Sustainable Development Goals

• Goal 4
• Goal 6
• Goal 7
• Goal 8
• Goal 9
• Goal 11
• Goal 13
• Goal 16
• Goal 17

Antin's activities contribute to these goals through economic impact and environmental and social solutions.

Awards & Recognition

• A2 Sustainability Rating from Moody's ESG Solutions
• Low Risk rating from Sustainalytics
• Five-star rating from UN PRI (Direct - Infrastructure)
• Four-star rating from UN PRI (Investment & Stewardship Policy)
• Sustainability-Linked Loan of the Year award from GlobalCapital (Eurofiber)

Environmental Metrics

ESG Focus Areas

• Climate change
• Human capital management
• Corporate citizenship
• Ethics and governance
• Responsible investment

Environmental Achievements

• Achieved a 42% reduction in scopes 1 and 2 market-based greenhouse gas (GHG) emissions between 2022 and 2030 (corporate-level target).
• Procured renewable energy across all offices (London and Luxembourg by end of 2023).
• 99% of capital invested in portfolio companies measured their carbon footprint.
• 12% of capital invested in portfolio companies have SBTi-approved SBTs.

Social Achievements

• Launched workstream to improve HR data management.
• Rolled-out new employee induction programme.
• Provided key soft skills training to investment professionals.
• Maintained and/or established partnership with five charity organisations and four academic institutions.
• Organised multiple charity events across Antin’s offices.
• Zero employee injuries in 2023.

Governance Achievements

• Continued rolling-out comprehensive compliance programme.
• Provided cybersecurity training to all employees.
• Continued implementing responsible investment protocol across Antin Funds.
• Onboarded all portfolio companies acquired in FY22 onto Antin’s ESG programme.
• Provided sustainability training to all investment professionals.
• Launched development of portfolio-level ESG scoring system.

Climate Goals & Targets

Environmental Challenges

• Poor performance by Antin Funds could adversely affect Antin’s ability to raise capital for future funds.
• Implementation of Antin’s growth strategy could be unsuccessful.
• A deterioration in the quality of Antin’s brand and reputation could have an adverse effect on Antin’s ability to raise capital for new funds, attract and retain key talent and invest capital.
• Antin’s revenue could be adversely affected by a decline in FPAUM and/or a decrease in the Effective Management Fee Rate.
• Changes in trends in the global savings market and, within said market, in the private market investments industry, and/or in investor behaviour could adversely affect Antin.
• Changing geopolitical conditions could adversely affect Antin.
• Defaults by Fund Investors could adversely affect Antin.
• The composition of the Antin Funds’ investment portfolio could expose Antin to concentration risk.
• Infrastructure assets, by their nature, are subject to a number of risks or events (such as natural disasters, weather and force majeure events) which, if they were to occur, could affect the activities of the Antin Funds’ portfolio companies.
• Changes in the price of commodities, such as natural gas or minerals, could affect some of the activities of the Antin Funds’ portfolio companies.
• The legal and regulatory environment and various government initiatives could affect the activities of the Antin Funds’ portfolio companies.
• The loss of one or more key persons could affect the proper functioning of Antin’s activities.
• Breaches of or disruptions to information systems could adversely affect Antin, as could deliberate breaches by certain employees, partners or third parties.
• Conflicts of interest could adversely affect Antin.
• The complex legal and regulatory environment exposes Antin to a risk of non-compliance.
• Regulatory reforms proposed in the European Union and internationally could expose Antin and its Fund Investors to growing regulatory requirements and uncertainty.
• Antin may not be able to obtain and/or maintain regulatory approvals required for its activities.
• Antin’s tax and financial position could change negatively should Antin’s past or current tax approach turn out to be inaccurate, or if current tax laws change.
• Risk of revaluation of assets held by the Antin Funds and risk of changes in valuation methodologies.

Mitigation Strategies

• Robust ESG score of 54/100 from Moody's ESG Solutions.
• Strong, above-average management of material ESG risk from Sustainalytics.
• Five-star rating in the “Direct Infrastructure” and “Confidence Building Measures” categories and a four-star rating in the “Policy Governance and Strategy” category from PRI.
• MSCI ESG Ratings upgraded from BBB to A.
• Comprehensive responsible investment approach that integrates sustainability at all stages of the investment process.
• Bespoke sustainability action plans are defined for each portfolio company and their progress is monitored carefully on a quarterly basis by Antin.
• Implementation of various measures to manage the risks associated with breaches or disruptions to information and technology systems.
• Procedures for managing conflicts of interest.
• Regular liquidity forecasting.
• Access to a Revolving Credit Facility.
• Monitors credit and counterparty risk on a regular basis.
• Periodic hedging of interest rate risks related to the financing of the Antin Funds’ portfolio companies.
• Regular review and reassessment of the compliance and internal control programme.

Supply Chain Management

Responsible Procurement

• Integrating carbon emissions into its sustainable procurement requests for proposals (RFPs).

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters, weather events, and force majeure events

Transition Risks

• Changes in the price of commodities
• Existing and new and more stringent laws, regulations, and government initiatives

Opportunities

• Operational cost savings
• Improved ability to anticipate and adapt to climate change-related issues or disruptions
• Corporate reputation protection
• Stakeholder trust protection
• Improved ability to anticipate and adapt to changing market conditions, infrastructure and investment trends, and stakeholder expectations
• Increased investment returns
• Corporate reputation protection
• Stakeholder trust protection
• Social license to operate protection

Reporting Standards

Frameworks Used: SASB, GRI, IRIS, TCFD

Third-party Assurance: Deloitte

UN Sustainable Development Goals

• Goal 8
• Goal 13
• Goal 16
• Goal 17

Antin's activities contribute to these goals by effectively managing key risks and leveraging opportunities.