RI TRANSPARENCY REPOR T 2020 StepStone Group LP An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the 2020 reporting cycle. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is a Principles index which highlights where the information can be found and summarises the indicators that signatories complete and disclose. Understanding the Principles Index The Principles Index summarises the response status for the individual indicators and modules and shows how these relate to the six Principles for Responsible Investment. It can be used by stakeholders as an ‘at-a-glance’ summary of reported information and to identify particular themes or areas of interest. Indicators can refer to one or more Principles. Some indicators are not specific to any Principle. These are highlighted in the ‘General’ column. When multiple Principles are covered across numerous indicators, in order to avoid repetition, only the main Principle covered is highlighted. All indicators within a module are presented below. The status of indicators is shown with the following symbols: Symbol Status The signatory has completed all mandatory parts of this indicator The signatory has completed some parts of this indicator This indicator was not relevant for this signatory - The signatory did not complete any part of this indicator The signatory has flagged this indicator for internal review Within the table, indicators marked in blue are mandatory to complete. Indicators marked in grey are voluntary to complete. 1 Principles Index 2 Organisational Overview Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 OO TG n/a OO 01 Signatory category and services Public OO 02 Headquarters and operational countries Public Subsidiaries that are separate PRI OO 03 Public signatories OO 04 Reporting year and AUM Public Asset mix OO 05 Breakdown of AUM by asset class disclosed in OO 06 How would you like to disclose your asset OO 06 Public class mix OO 07 Fixed income AUM breakdown n/a OO 08 Segregated mandates or pooled funds Private OO 09 Breakdown of AUM by market Public Active ownership practices for listed OO 10 n/a assets OO 11 ESG incorporation practices for all assets Public Modules and sections required to OO 12 Public complete Breakdown of listed equity investments OO LE 01 n/a by passive and active strategies Reporting on strategies that are <10% of OO LE 02 n/a actively managed listed equities Breakdown of fixed income investments OO FI 01 n/a by passive and active strategies Reporting on strategies that are <10% of OO FI 02 n/a actively managed fixed income Fixed income breakdown by market and OO FI 03 n/a credit quality Breakdown of externally managed OO SAM investments by passive and active n/a 01 strategies Breakdown of private equity investments OO PE 01 Public by strategy Typical level of ownership in private OO PE 02 Private equity investments OO PR Breakdown of property investments Private 01 OO PR Breakdown of property assets by Private 02 management OO PR Largest property types Private 03 OO INF Breakdown of infrastructure investments Private 01 OO INF Breakdown of infrastructure assets by Private 02 management OO INF Largest infrastructure sectors Private 03 Breakdown of hedge funds investments OO HF 01 n/a by strategies OO End Module confirmation page - 3 CCStrategy and Governance Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 SG 01 RI policy and coverage Public SG 01 CC Climate risk Private Publicly available RI policy or guidance SG 02 Public documents SG 03 Conflicts of interest Public Identifying incidents occurring within SG 04 Private portfolios SG 05 RI goals and objectives Public SG 06 Main goals/objectives this year Private SG 07 RI roles and responsibilities Public SG 07 CC Climate-issues roles and responsibilities Private RI in performance management, reward SG 08 Private and/or personal development SG 09 Collaborative organisations / initiatives Public SG 09.2 Assets managed by PRI signatories Private SG 10 Promoting RI independently Public Dialogue with public policy makers or SG 11 Private standard setters Role of investment consultants/fiduciary SG 12 Public managers SG 13 ESG issues in strategic asset allocation Public SG 13 CC Private Long term investment risks and SG 14 Private opportunity SG 14 CC Private Allocation of assets to environmental and SG 15 Private social themed areas ESG issues for internally managed SG 16 Public assets not reported in framework ESG issues for externally managed SG 17 Public assets not reported in framework SG 18 Innovative features of approach to RI Private SG 19 Communication Public SG End Module confirmation page - 4 Indirect – Manager Selection, Appointment and Monitoring Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 SAM 01 ESG incorporation strategies n/a SAM 02 Selection processes (LE and FI) Public Evaluating engagement and voting SAM 03 practices in manager selection (listed n/a equity/fixed income) Appointment processes (listed SAM 04 Public equity/fixed income) Monitoring processes (listed equity/fixed SAM 05 Public income) Monitoring on active ownership (listed SAM 06 n/a equity/fixed income) SAM 07 Percentage of (proxy) votes n/a Percentage of externally managed assets SAM 08 Private managed by PRI signatories Examples of ESG issues in selection, SAM 09 Public appointment and monitoring processes SAM End Module confirmation page - Direct – Private Equity Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 PE 01 Description of approach to RI Private PE 02 Investment guidelines and RI Public PE 03 Fund placement documents and RI Public PE 04 Formal commitments to RI Private Incorporating ESG issues when selecting PE 05 Public investments Types of ESG information considered in PE 06 Public investment selection PE 07 Encouraging improvements in investees Private PE 08 ESG issues impact in selection process Private Proportion of companies monitored on PE 09 Public their ESG performance Proportion of portfolio companies with PE 10 Public sustainability policy Actions taken by portfolio companies to PE 11 Private incorporate ESG issues into operations Type and frequency of reports received PE 12 Private from portfolio companies PE 13 Disclosure of ESG issues in pre-exit Private ESG issues affected financial/ESG PE 14 Private performance Examples of ESG issues that affected PE 15 Private your PE investments PE 16 Approach to disclosing ESG incidents Private PE End Module confirmation page - 5 Direct - Property Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 Responsible Property Investment (RPI) PR 01 Public policy PR 02 Fund placement documents and RI Public PR 03 Formal commitments to RI Private Incorporating ESG issues when selecting PR 04 Public investments Types of ESG information considered in PR 05 Private investment selection PR 06 ESG issues impact in selection process Public ESG issues in selection, appointment PR 07 and monitoring of third-party property n/a managers PR 08 ESG issues in post-investment activities Public Proportion of assets with ESG targets PR 09 Public that were set and monitored Certification schemes, ratings and PR 10 Private benchmarks Proportion of developments and PR 11 refurbishments where ESG issues were Public considered Proportion of property occupiers that PR 12 Public were engaged with Proportion of green leases or MOUs PR 13 Private referencing ESG issues Proportion of assets engaged with on PR 14 Private community issues ESG issues affected financial/ESG PR 15 Private performance Examples of ESG issues that affected PR 16 Private your property investments PR End Module confirmation page - 6 Direct - Infrastructure Principle General Indicator Short description Status Disclosure 1 2 3 4 5 6 INF 01 Description of approach to RI Private Responsible investment policy for INF 02 Public infrastructure INF 03 Fund placement documents and RI Public INF 04 Formal commitments to RI Private Incorporating ESG issues when selecting INF 05 Public investments ESG advice and