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Reporting Tool REPORT 2018ESG ANNUAL REVIEW OF HARBOURVEST’S ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACTIVITIES CONTENTS 3 14 MESSAGE FROM THE EXECUTIVE SUPPORTING EMERGING AND MANAGEMENT COMMITTEE DIVERSE-LED MANAGERS IMPACT INVESTING, FEMALE-LED VC FUNDS 4 We’re driven by the APPROACH AND GOVERNANCE 20 belief that strong PROGRAM OVERVIEW, GLOBAL ESG COMMITTEE CORPORATE RESPONSIBILITY financial returns and DIVERSITY, COMMUNITY, TALENT DEVELOPMENT, positive social change 6 OPERATIONAL HIGHLIGHTS COMMITTED TO RESPONSIBLE INVESTING can be accomplished ESG INVESTMENT PROCESS, PRI ASSESSMENT, 24 in tandem. GP ESG RANKINGS OUTREACH AND EVENTS HARBOURVEST 2018 ESG REPORT / 1 MESSAGE FROM THE “ESG factors are becoming EXECUTIVE MANAGEMENT COMMITTEE more prominent in the We are pleased to present HARBOURVEST PARTNERS’ Perhaps our most gratifying highlight came in the form of an external investment decision-making 2018 ESG REPORT, our annual review of the initiatives validation of the progress we have made. Our ESG efforts are assessed process and will only grow in and activities we undertook in 2018 to support our independently each year by the PRI, and our most recent results across importance in the years ahead.” longstanding commitment to being conscientious three core categories—Strategy and Governance (A+), Indirect Investments investors and engaged corporate citizens. (A+), and Direct Investments (A)—were our best ever and placed us in the As a leading private markets manager and investor, as well as a proud top quartile of private equity managers (see p. 7). signatory to the Principles for Responsible Investment (“PRI”), we have a dual None of these achievements would be possible without our incredibly responsibility to continuously strengthen our own ESG capabilities, and to dedicated people. We may be biased, but our team cares a great deal look for ways to drive increased awareness and adoption across our industry. about giving back. To further support their generosity, we introduced a In 2018, these efforts included providing deeper ESG training to more of our matching gift program in 2018, and held two Global Volunteer Weeks global staff and strengthening our post-investment monitoring protocols. where staff based in our nine global offices performed community service In terms of influencing awareness and adoption, we used our proprietary activities during business hours (see p. 24). These community-focused manager scorecard to rank the ESG programs of 178 general partners, activities also serve to reinforce the team-building culture that is pervasive and plan to share these results with them in 2019 so they can see how across the firm. they perform relative to their peers (see p. 12). Through this benchmarking we hope to drive further improvements in ESG policies and practices among We hope you enjoy reading the report and learning more about ESG at our top-performing managers. HarbourVest. While these three important letters mean different things to different investors, most agree on this: ESG factors are becoming more We also continued to be a leading global voice in the ongoing conversation prominent in the investment decision-making process and will only grow around diversity and inclusion in our industry. Diverse and inclusive teams, in importance in the years ahead. Through it all, we will remain steadfastly as numerous studies have shown, make faster decisions and deliver better committed to delivering strong financial results, adhering to our ESG overall outcomes for their clients. Diversity is especially important in private values, and being responsible stewards of the capital you have entrusted equity, where it serves as a major catalyst for innovation—the main engine us to manage. of value creation. We have been building and cultivating diverse teams at HarbourVest for more than three decades, and as a result have — Peter Wilson and John Toomey above-average diversity statistics relative to many of our peers (see p. 21). PETER WILSON (left) AND JOHN TOOMEY In 2019, we will deepen our commitment by establishing an internal EXECUTIVE MANAGEMENT COMMITTEE HARBOURVEST PARTNERS Diversity & Inclusion Council. 2 / HARBOURVEST 2018 ESG REPORT HARBOURVEST 2018 ESG REPORT / 3 APPROACH AND GOVERNANCE GLOBAL ESG COMMITTEE HARBOURVEST’S ESG COMMITTEE is responsible INTEGRATED ESG PROGRAM for overseeing the firm’s ESG Policy, recommending modifications, and ensuring overall implementation across the organization. REFLECT ESG VALUES IN POLICIES AND PRODUCTS KATHLEEN BACON MARK REALE INTEGRATE ETHICS INTO Where possible, we strive to ensure that our internal policies Managing Director, Investments; ESG Committee Managing Director, Global Head of Human Resources INVESTMENT PROCESSES and investment products embody the spirit of the PRI and Chairperson; Member, Global Investment Committee Mark oversees corporate and employee engagement in the HarbourVest is committed to incorporating ethical business properly reflect our core values. ALIGNED As the Chair of the Committee, Kathleen focuses on setting areas of resource conservation, corporate giving, community standards into all of its investment-focused activities. INTERESTS ESG strategy firm-wide and ensuring implementation. engagement, and diversity and inclusion. He is also GOVERN FIRM-WIDE EFFORTS responsible for our talent management efforts globally. FOSTER GP ADOPTION TRANSPARENCY THROUGH ESG COMMITTEE AND SUPPORT PERFORMANCE A group of senior executives from across the firm assesses We encourage general partners (GPs) to increase their current progress on ESG-focused initiatives and sets the JULIE EIERMANN LAURA THAXTER own commitment to responsible investing by incorporating strategic vision for future projects and enhancements. Managing Director, Chief Data Officer Principal, Global Head of Client Service ESG principles into their investment processes. Julie and her team work to provide the tools and data Laura works with our investment and investor relations PROVIDE TRANSPARENCY necessary to help our investment teams incorporate teams to ensure that ESG initiatives and key updates are TO STAKEHOLDERS ESG considerations into their diligence and communicated in a timely fashion to prospects and clients. We align our interests with those of our investors, investment investment processes. partners, and employees by providing all stakeholders, including clients, with transparency into our decision-making. JAMES KASE JOHN TOOMEY For more than 35 years, HarbourVest Managing Director, Global Head of Investor Relations Managing Director, Investments; Member, Executive Jamie solicits and delivers key market feedback from Management Committee (“EMC”) and Global has sought to align its interests with clients on ESG initiatives and deliverables to ensure Investment Committee those of our investors, investment that the Firm’s activities are aligned with prevailing As a member of the EMC, John provides senior-level ESG concerns and considerations. executive support to the Committee and holds it partners, and staff around the world. accountable to firm-wide goals and objectives. Doing so on a consistent basis has For additional information regarding ESG at HarbourVest, allowed us to proudly build and DIANA McEACHERN CHRISTOPHER WALKER please visit our dedicated web page at www.harbourvest.com. Office Manager, Operations Principal, Primary Investments maintain a culture of ethical behavior, For specific requests or questions, please send an e-mail to Diana and her team focus on ESG best practices As the lead investment representative on the Committee, transparency, and social responsibility [email protected] and we would be happy and driving related efficiency improvements across Christopher focuses on coordinating ESG-focused activities in both our investments and operations. to assist you. HarbourVest’s global operations footprint. and initiatives across HarbourVest’s global primary, secondary, and direct co-investment teams. 4 / HARBOURVEST 2018 ESG REPORT HARBOURVEST 2018 ESG REPORT / 5 COMMITTED TO RESPONSIBLE INVESTING Every primary fund, secondary transaction, and direct co-investment often requires more resources and negotiation. For traditional opportunities, 2018 ASSESSMENT opportunity we consider undergoes a thorough review of potential ESG risks we verify whether the manager has an existing ESG policy and if they do not, and benefits before being approved. These opportunities go through the encourage them to consider doing so. Our teams also examine the existing filter of our ESG manager scorecard, which allows us to assess GPs’ overall portfolio of assets to identify any ESG concerns. For complex deals, we take a compliance and gives us a framework for providing objective, actionable more proactive approach that closely tracks the manager evaluation process feedback on areas where they can strengthen and improve. Our investment utilized by our Primary team. professionals also hold seats on numerous fund advisory boards, and we utilize DIRECT CO-INVESTMENTS these forums to further engage GPs and LPs in dialogue around ESG issues. Our Direct team actively monitors ESG risks at the company level, focusing PRIMARY FUNDS on the investment opportunity itself, and at the GP level, where we analyze the lead sponsor. Lead sponsors are measured using our ESG scorecard, In the process of conducting diligence on new primary funds, our investment which gives us a view into how the lead sponsor might approach advising a teams utilize our proprietary manager scorecard to assess GPs
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