Our Impact
Responsible Investing
Capital directed responsibly compounds differently. We believe that good investment practice and good citizenship are the same thing.
Guiding Principles
How We Think About Responsible Capital
1
Do No Harm First
Before we ask what returns an investment will generate, we ask what harm it could cause. We exclude tobacco, cluster munitions, and thermal coal extraction categorically.
2
Stakeholder Capitalism
Returns to our investors are the goal. But the people who work in our portfolio companies, live near our assets, and depend on our infrastructure are also stakeholders. Their outcomes matter.
3
Long-Term Accountability
Short-term extraction destroys long-term value. We hold assets for 7+ years on average because we are accountable for what they become, not just what they sold for.
4
Active Ownership
Voting rights and board representation are not formalities. We use them. On governance, labor standards, and climate risk, we take positions and hold them.
5
Honest Reporting
We report ESG failures alongside ESG successes. A firm that only reports the good is not a firm that takes responsible investing seriously.
Exclusions
What We Don't Invest In
Our exclusion policy is reviewed annually by our ESG Committee and approved by our Investment Committee. The following activities are categorically excluded regardless of financial returns.
- Tobacco manufacturing
- Cluster munitions and landmines
- Thermal coal extraction and coal power generation
- Predatory lending and payday lending
- Private prison operations
- Gambling — casinos and online gambling operations
- Adult entertainment
- Unregulated cryptocurrency operations
Commitments
What We've Signed
UN Principles for Responsible Investment
Since 2014
Signatory to the PRI, the world's leading responsible investment initiative. Annual assessment: A rating.
Paris Agreement Alignment
Since 2021
Committed to aligning our portfolio with the Paris Agreement's 1.5°C pathway by 2030 across all Scope 1 and 2 emissions.
Task Force on Climate-related Disclosures
Since 2020
Full TCFD adoption across all reporting, including scenario analysis for climate-related financial risks.
Net Zero Asset Managers
Since 2022
Member of the NZAM initiative, committing to net-zero emissions across our portfolio by 2050 at the latest.
Get in Touch
Responsible Capital at Work
Contact our ESG team to discuss our responsible investment practices and reporting.