Private Equity Workstream

• Background
• Current Steering Committee and Workplan
• Recent Developments
• PRI Signatories within the Private Equity Sector
• Downloads

Background

The PRI's Private Equity Work Stream brings together Limited Partners (investors), General Partners (private equity firms) and Advisors to raise awareness and support implementation of the Principles in this asset class. For more information on this work stream, including how to get involved, please contact Lauren Miller or Tom Rotherham.

In November 2007, the PRI Board asked the PRI Secretariat to initiate a focused area of work on Private Equity. A meeting in New York in May 2008 brought together over 40 LPs and GPs and helped to define a work programme. A formal Steering Committee was then established in September 2008 to take the work forward. The Steering Committee included 30 LPs and GPs, both PRI signatories and non-signatories. The Steering Committee contributed to the development of the US Private Equity Council's (PEC) Guidelines for Responsible Investment (February 2009).

In July 2009 the PRI published two documents developed by the Steering Committee:

• "Responsible Investment in Private Equity: A Guide for Limited Partners"
• "Responsible Investment in Private Equity: Case Studies"

En Francais

• **New** "Le capital investissement responsable: Guide des investisseurs institutionnels"
• **New** "Le capital investissement responsable: Études de cas"

Current Steering Committee and Workplan

A new Steering Committee was established in October 2009 to develop and implement an expanded set of activities. Membership of the Steering Committee includes an even number of General Partner and Limited Partner signatories from all regions of the world. You may download a list of the membership here. The Steering Committee's work is currently focused on the following items:

1. Review of "Responsible Investment in Private Equity A Guide for Limited Partners"
We will solicit and compile comments on the LP Guide and consider the need for a revision and/or addition of new elements (e.g. a due diligence template).

2. Provide support and guidance for General Partners and their portfolio companies
We will engage with GP signatories to identify and address their specific awareness and implementation needs.

3. Co-host a Conference on Responsible Investment in Private Equity (2010)
Co-hosted with Private Equity International (PEI), the forum will tackle one of the most important themes in private equity today: how to create value by following environmental, social and governance (ESG) best practice in investment strategies. Confirmed speakers include: Ruulke Bagijn- PGGM Investments, Rob Lake- APG, Paul Lee- Hermes Fund Managers (Equity Ownership Services), Joncarlo Mark- CalPERS and others. For more information and to register, please visit: http://www.peimedia.com/RIF10

4. Outreach to Limited Partners
We will continue to raise awareness of ESG issues with LPs, including encouraging use of the LP Guide. This will include within the PRI but also other LP networks.

5. Outreach to General Partners
We will continue to engage with Private Equity associations to help them provide support to their membership, and participate in relevant conferences and events.

6. Engage with the PRI Academic Network
We will identify and disseminate existing research on ESG and Private Equity, and where possible solicit specific research from the PRI Academic Network.

7. Research ESG- issue relevance for trade buyers & IPOs
We will conduct a survey of leading global companies to identify how their M&A teams address ESG issues in the valuation and negotiation process. We will also survey investors to assess information needs at IPO.

8. Webinars & case studies
We will continue to develop webinars and gather case studies on relevant issues within RI in PE. Public case studies will be made available here.

Recent developments in Responsible Investment and Private Equity

• PE News | "Head of Axa PE criticises short-termism"
• 10 June 2010: The PEI Responsible Investment Forum, London, Register Now!
• EDF expands environmental partnerships with Carlyle project
• IIGCC | Guide on Climate Change for Private Equity Investors
• ILPA: Trends in Responsible Investment in Private Equity
• PEI Asia | Time to get engaged
• "Unquote"/Private Equity Europe: Responsible Investment
• Private Equity Europe | Good Business: ESG driven investing winning more advocates
• PE News: UK Industry Secretary Peter Mandelson calls for private equity to embrace CSR
• AVCAL Council recommends GP members become PRI signatories
• PRI article for BVCA: "You're no different, private equity and Responsible Investment"
• Ethical Corporation article: Private equity - Easing the barbarians through the gate
• PE News: "Only responsible firms need apply"
• USS welcomes US Private Equity Council Guidelines on Responsible Investment
• Private Equity Council releases Guidelines for Responsible Investment

PRI Signatories within the Private Equity sector

The following general partners and fund of funds are among some of the PRI signatories with exclusive or significant activities in the private equity asset class:

Downloads

• "Responsible Investment in Private Equity: A Guide for Limited Partners"
• **New edition** "Responsible Investment in Private Equity: Case Studies"
• Private Equity Steering Committee