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Apax Partners Sustainability Report Apax Partners 02 Sustainability Report Releasing potential sustainably Apax Partners Sustainability Report Apax Partners 02 Sustainability Report Apax Partners Contents Chief Executives’ introduction 03 Releasing Sustainable investing and portfolio monitoring 04 potential A global portfolio 60 sustainably Environment 07 Social impact 08 Governance 09 ESG performance data 10 Case study: Tivit 12 Apax Foundation 13 Our values 15 Conclusion 6 1 Apax Partners 03 Sustainability Report Chief Executives’ introduction Long term commitment The Firm has made sustainability one of the key Committed to Apax Partners has been committed to sustainable layers in the Apax strategy and requires that its investing for many years. Sustainability is embedded investment professionals focus on sustainability delivering value in our investment process, to help release the full issues as one of the standard modules in potential of the businesses in which our funds invest. due diligence. sustainably This means that issues relating to sustainability are Sustainable returns raised in the early stages of any potential investment We believe that the firms which are most proactive opportunity and are monitored throughout Apax’s in their wider responsibility will deliver the best stewardship of the company. economic returns. Economic returns are not a contradiction to social and sustainable investing; it is Sustainability leadership In 2009, we adopted the Private Equity Council’s the way leading private equity firms will deliver value. guidelines for responsible investment and became Sustainable investment is not only the right thing to a signatory to the UN-backed Principles for do, it also delivers measurably better returns. Responsible Investment (UNPRI) in 2011. Sustainability Report The Apax Partners Sustainability Report showcases Mitch Truwit Andrew Sillitoe The Firm aims to lead the private equity sustainability Co-CEO, Apax Partners Co-CEO, Apax Partners movement, not only by supporting these principles, the progress our investment team and our portfolio but more importantly, by putting them into practice. companies have made in our ESG journey. We will measure our success by the degree to which we will We believe that the firms At the heart of our strategy have passed on our responsibility and duty as Sustainable investing is vital to Apax Partners’ shareholders to ensuring that our portfolio which are most proactive in success and it has become an integral part of companies embrace the integration of corporate their wider responsibility will the investment team’s approach. responsibility into their day to day business activities. deliver the best economic returns. Andrew Sillitoe Mitch Truwit Co-CEO, Apax Partners Co-CEO, Apax Partners Apax Partners 04 Sustainability Report Sustainable investing... What we do Active ownership Pre-investment Post-investment Apax Partners has a well-defined Corporate Pre-investment activity focuses on the Following the successful roll out of the pre- Responsibility policy which is guided by its identification of ESG risks, the company’s investment ESG diligence into the Firm’s fundamental values (Integrity, Stewardship, ability to manage ESG considerations and its processes, portfolio company specific ESG Community, People and Relationships – performance related to ESG in the past. issues are managed on a day-to-day basis by see page 08). the companies themselves, using an innovative software system proprietary to Apax (see overleaf). Since adoption of the PRI Principles (see below), sustainability has been The Apax investment team undertakes standard pre-investment The proprietary software facilitates key KPI data collection across embedded in Apax’s investment process as a tool to help release the full Environmental, Social and Governance (ESG) due diligence for each new ESG areas for each portfolio company. Once established, the system potential of the businesses in which Apax funds invest. This means that investment made by the funds. The due diligence is based on a detailed is designed to be self-sustaining and self-governing on the part of the issues relating to sustainability are raised at an early stage in any potential questionnaire which has been drawn up to cover the ESG areas which portfolio companies, allowing each to take full responsibility for their investment opportunity and are monitored throughout Apax’s ownership Apax believes are key to understanding the ESG profile of the company respective ESG policies. of the company. in which the funds are considering an investment. Apax investment team members are involved in ESG matters when The Firm coordinates its sustainability efforts through a sustainability The outcome of the ESG due diligence review is presented to and reviewed they are tabled during Board meetings for the companies for which they committee consisting of five members from different functions within by the Apax Investment Committee prior to each new commitment and are responsible. In addition, Apax investment partners are required to sign the Firm. The committee meets on a monthly basis and reviews all areas of risk and opportunity are highlighted by the respective investment an annual Statement of Representation attesting that the portfolio company matters relating to Apax’s internal and external sustainability related teams. The objective is to create a high degree of awareness upfront with complies with its local regulatory framework and there is no awareness of activities; the committee ensures that implementation of sustainability regards to potentially relevant ESG issues which can contribute to value any sustainability issues. Apax reports to its LPs on a semi-annual basis matters is achieved across the investment team, the Apax portfolio creation at a very early stage of ownership of the company. in a detailed manner and includes a section on latest sustainability and the Firm. developments for each company. Incorporate ESG issues into investment Seek appropriate disclosure on ESG issues Work together to enhance our effectiveness UNPRI 1 analysis and decision-making processes 3 by the entities in which we invest 5 in implementing the Principles Principles for Responsible Investment Be active owners and incorporate ESG Promote acceptance and implementation of the Report on our activities and progress 2 issues into ownership policies and practices 4 principles within the investment community 6 towards implementing the Principles Apax Partners 05 Sustainability Report Portfolio monitoring... How we do it Proprietary software solution Portfolio implementation The focus of the Apax sustainability effort has been In mid-2013 the Apax Partners portfolio companies on the implementation of a proprietary software across Funds V, VI, VII and VIII were asked to provide solution to monitor, track and report on the input via the proprietary software platform on 80 environmental, social and governance performance KPIs, based, amongst others, on the Global of the Apax Partners portfolio companies. Reporting Initiative (GRI) guidelines, the leading international benchmark for sustainability reporting. A key feature of this programme is an Once this bespoke software is The Apax ESG Group Media Group, Trader Canada, Capio, annual data collection cycle designed implemented, each Apax portfolio With a response rate of over 80% of Travelex and Epicor. The Apax ESG to highlight each portfolio company’s company is able to maintain, track the eligible (majority owned and not group generated approximately performance in its key areas of risk and record its own ESG data and planning an exit) Apax portfolio US$ 21 billion (€16 billion) in global and opportunity. A set of general key to additionally tailor specific KPIs, companies, combined generating revenues and US$ 4 billion (€3 billion) performance indicators (“KPIs”) across if needed. For Apax Partners, the almost 90% of the 2012 revenue pool, in EBITDA and employed 166,000 FTE environmental, social and governance key benefit of this project is that it Our proprietary we are very pleased to have collected by year-end 2012. It represents a cross software system areas has been developed, which affords significant visibility and relevant a dataset that represents a very large section of the key Apax investment allows Apax to gather qualitative and data capture which in turn drives proportion of the overall Apax portfolio. sectors: Consumer, Healthcare, Services, quantitative data from its portfolio improvement of the ESG footprint Tech & Telco. Throughout this report the group of companies; in so doing, Apax is able to across the overall Apax portfolio, as companies that provided KPI data is The scale of the ESG group puts us on provide transparency on the portfolio’s well as within each individual portfolio referred to as the Apax ESG group a par with many of the world’s largest ESG footprint to the Firm’s investor company; critically, the Firm is able consisting of: Psagot, KCI, Takko, Tivit, companies, so a proactive focus on base. The proprietary software to provide this information to LPs Sophos, Garda, Tnuva, Sisal, Unilabs, sustainability is a fundamental part of facilitates and streamlines the data on an ongoing basis. Orange CH, New Look, our wider corporate responsibility. capture of the KPI information and Farmafactoring, GHG, iGate, Paradigm, additionally functions as a central Golden Jaguar, Plantasjen, Trader Releasing repository for ESG information and potential sustainably its related supporting documentation Apax Partners Sustainability Report across the portfolio.
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