Welcome [dkf1ato8y5dsg.cloudfront.net] · Points to Consider • At present return and impact are...
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Welcome
Mark Florman, Time Partners
Keynote: Private equity asset allocation
Nicolas Schellenberg, Cambridge Associates
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SETTING THE COURSE FOR PRIVATE EQUITYAN INVESTMENT CRUISESLIDES AVAILABLE VIA: HTTPS://CAMBRIDGEASSOCIATES.BOX.COM/V/ALLOCATE2019.
JUNE 2019
Keynote panel: Europe in a global private equity context
Allen MacDonnell, TRSMerrick McKay, Aberdeen Standard Investments
Greg Gille, Unquote (moderator)
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Panel: An outlook on long-term capital
Merrick McKay, Aberdeen Standard InvestmentsAnnemarie Dalka, PRFAnamica Broetz, DWSSam Kay, Travers Smith
Ipek Mutlu, Esas HoldingOscar Geen, Unquote
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Panel: Advanced secondaries
Greg Ciesielski, HarbourVestSerge Koniski, Northleaf
Laura Shen Lefranc, Headway Capital PartnersPatrick Knechtli, Aberdeen Standard Investments
Ben Pearce, Campbell LutyensThomas Erichsen, TMF Group
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Panel: Portfolio companies dealing with disruption
Jean-Marc Patouillaud, PartechCarrie-Anne Holt, Acuris
Lisa Edgar, Top Tier Capital PartnersNazo Moosa, v | t partners
Sonya Iovieno, Silicon Valley BankTara Waters, Ashurst
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Panel: Generalist versus specialist funds
Neil Harper, Morgan Stanley Alternative Investment PartnersNarcisa Sehovic, Hayfin
Marco Natoli, EIFIngrid Teigland Akay, Hadean Ventures
Cristina Alcaide, Pinebridge Investments
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Keynote: The human side of disruption, opportunities in a
changing landscape
Frode Odegard, Post-Lean Institute
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Panel: Food consumption
Robin Rowland, YO!Sushi, Caffe Nero, Marstons, Rosa Thai, Rosa Mexicano & Eathos, Trispan
Alastair Cooper, ADM Capital, Cibus FundSpyro Korsanos, Global Venture Partners
Richard Murray, FoodChainDenise Ko Genovese, Unquote
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Keynote: Impact investing
David Wilton, Zheng Partners LLC
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Impact Investing
A Sleeping Radical?
David WiltonCEO, Zheng Partners LLCThe Grove, June 2019
“Impact” is the Most Recent Approach to Sustainable Investing
2007
Term “Impact
Investing” coined
Co-operatives CDC
1970s
IFC
1948 19561900 1989
SRI(S. Africa
exclusions)
ESG(Ceres
coalition)
Triple
Bottom
Line
1998
GIIN
G8
Impact
Task
Force
2013 2018
Impact in the Context of Sustainable Investing
Impact Investing in Perspective
Source: GSIR Review 2018 & Blended Finance Task Force 2018
Investor Interest in Sustainable Strategies is a Trend, Not a Fad
Source: GSIR Review 2018
Sustainably Managed
Assets Local Currency
2018 Billions
Growth in Sustainably
Managed Assets
2014-2018
Percentage of Assets
Under Sustainable
Management
Europe 12,306 24% 49%
USA 11,995 83% 26%
Canada 2,132 111% 51%
Australia/ NZ 1,033 409% 63%
Japan 231,952 27513% 18%
2018 $ Billions % Growth 2016-2018
Screening 26,290 19%
ESG Integration 17,543 69%
Corporate Engagement/
Shareholder Action9,834 17%
Themed Investing 1,017 268%
Impact 444 79%
Total (due to double-use
of strategies)31,000
Wide Adoption of Impact Could Lead to Radical Change
Impact Can be Optimized
Risk + Return +Impact
Risk-Adjusted, Impact-Optimized Returns
The Additional Objective Changes the Optimal PortfolioWith Implications for the Relative Pricing of Assets
40% of assetsre-allocated
Risk + Return + Impact - What is Required?
The Design of Impact Needs to Align
With Current Portfolio Management Practice
Existing Structure of Portfolio Management
Existing Structure of Impact
Designing a General Theory
Rating Assets Using the General Theory
Return and Impact
Source: ‘Implications for Job Creation and Achieving Good Financial Returns in Emerging Markets:An Analysis of Private Equity Funds Backed by IFC (Vintage 2000-2011)’ by David Wilton and WilmotAllen, EMPEA Quarterly Review December 2012
Measuring Impact: How Deep to Go?
27
Points to Consider
• At present return and impact are only correlated for assets in which organic growth plays a rolein returns.
In future, when impact is priced, return and impact will be correlated for all assets.
• Within each asset class, the General Theory provides a guide to those assets most likely to benefit and those most likely to loose from the pricing of Impact.
• With a few exceptions such as Infrastructure, primary impact is likely to provide a good enoughguide to the relative capacity of assets to create impactful outcomes.
• Accounting rules and Stock Exchange Listing requirements need to make the data required forassessing impact available, just as they now make the data required for assessing risk and returnavailable.
• With increasing transparency, using primary impact you can probably model impact at home.
Millenials and Gen Z: Who are they, why do they matter and
how to maximise their value
Check Warner 20th June 2019
Allocate
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Kylie Jenner, Kylie Cosmetics (23)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Ben Francis, GymShark (25)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Sharmadean Reid, MBE, Beautystack (35)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Stephen Bartlett, Social Chain (25)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Check Warner, Ada Ventures (29)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
The language of Millennials and Gen Z
JOMO On Fleek BAE IRL
Regging Slay Cray
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Why should they matter to you?
The best place to look for secrets is where no one else is looking…
The best projects are likely to be overlooked, not trumpeted by a crowd; the best
problems to work on are often the ones nobody else even tries to solve.”
Zero to One
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Millennials vs Gen Z
Millennials (23-38 in 2019) Gen Z (7-22 in 2019)
“Me” Generation “We” Generation
Experiential Generation Sober Generation
Tech Savvy Tech Innate
12 second attention span 8 second attention span (goldfish have 9s)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Things to consider
● 42% say they are always anxious (IPA)
● 3X more likely than others to have sought employment with a sustainably- minded
company (Morgan Stanley)
● Most likely to see their first job as being a stepping stone, and they’re likely to
change jobs as many as ten times between the ages of 18 and 34. (Staffbase)
● 74% of millenial and Gen Z managers have remote team members
● 86% are interested in sustainable investing (Morgan Stanley)
● Diversity matters. 38% of US millennials and 49% of US Gen Z are non-white. (Pew)
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
““For most people our age, we don’t think we’ll ever achieve the same levels of wealth,
or the same milestones such as owning a house. Because of this, we take more pleasure
in simple, everyday achievements rather than setting big goals that will put too much
pressure on us”
Gabriela (23)
How does this impact your investment process?
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Sourcing
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
● Have you innovated in how you source investments or candidates in the last 5
years?
● What are your networks and how are you making sure you are expanding them to
increase exposure to this audience?
● Are you tracking data?
● Do you have a strong employer brand?
Think about..
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Assessment
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
● How do you make investment decisions and do you need to re-evaluate it in light
of this generation?
● Are you still using CVs to assess founders?
● Are you screening candidates out based on where they went to school, their work
experience, rather than looking at what they’ve achieved since?
Think about..
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Nurturing
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
● How are you supporting Millennial and Gen Z founders differently?
● Are you offering them additional services that could help them reduce burnout?
● Are you building a workplace that Millennials and Gen Z would be proud of?
● Are you building a community around your product and or workplace?
Think about..
CONFIDENTIAL, NOT FOR DISTRIBUTION, INSTITUTIONAL INVESTORS ONLY
Conclusion
Keynote: What does political change mean for
business in Europe?
Wolfango Piccoli, Teneo Intelligence
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Strictly Private and Confidential
What does political change mean for business in Europe?
Prepared for Allocate, 21 June 2019
Dr. Wolfango Piccoli
WHAT’S GOING ON
The normalization of the Euroskeptics
Political fragmentation on the rise
Voters becoming “promiscuous”
BREXIT
(Radical) Tories decide
Source: ESRC-funded Party Members Project Source: YouGov 11-14 June
The only deal possible
58
United EU: No incentive to jeopardize single market
Brussels won’t accept “Norway,” “managed no-deal” (Irish border!)
Divided UK: Polarization, divided parties, close referendum
Second referendum, early elections very risky (parties internally split)
No deal is no alternative
Remain-leaning parliament rejects disorderly Brexit
End game – (a version of) the only possible deal
Changes to language and trade in future relationship declaration?
POLITICS AND ECONOMICS IN THE AGE OF POPULISM
From global cooperation to strategic competition
Source: Financial Times
Recession in the age of polarization
1. Reform momentum gone
2. More polarized domestic politics and acrimonious
international relations (trade & currency wars)
3. Usual recession fighting tools not as available/effective:
a.Constrained monetary policy
b.QE → politically contentious, effectiveness uncertain
c.Governments with limited fiscal space (debt/GDP ratios
still very high)
61
Navigating populism
• Populists are here to stay
• Populists bring new people into the policy-making process (and a healthy dose of unpredictability)
• They tend to improvise – improvisation as the hallmark of working outside the mainstream
• Populists tend to distrust institutions
• Populism is based on binary convictions (bad and good)
• Populism ➔ political fragmentation ➔ policy paralysis
• Long-standing political-business alliances might crack under the rise of populists.
Notice and disclaimer
This presentation on Teneo Holdings LLC, and its affiliates (collectively, “Teneo”) is confidential and may contain privileged information, or may otherwise be
protected from disclosure. Any unauthorized disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is
strictly prohibited. Nothing contained in this disclaimer shall be construed in any way to grant permission to transmit confidential information or as a waiver
of confidentiality or privilege.
These materials are for informational purposes only. Nothing herein should be construed as an attempt to effect any transaction in, or induce or attempt to
induce the sale of, any security, or as a promise to undertake or solicit business. Investment banking services are provided solely by Teneo Capital LLC,
including securities transactions by its subsidiary Teneo Securities LLC, a member of FINRA and SIPC. Offers or solicitations for purchases and sales of
securities, including investments in any funds managed by Teneo, would be made only through a final private placement memorandum or prospectus,
subscription agreement and other related documents with respect to a particular investment opportunity and would be subject to the terms and conditions
contained in such documents and applicable law, including the qualifications necessary to become an investor.
Teneo does not provide tax, accounting or legal advice. This presentation is not intended or written to be used, and cannot be used or relied upon, by any
taxpayer for the purpose of (i) avoiding U.S. tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein. Each person should seek advice based on its particular circumstances from independent legal, accounting and tax advisors regarding the
matters discussed in this communication.
Information contained herein with respect to Teneo includes transactions during engagements by previous employers and investment funds.
Keynote: Building a more inclusive economy – the
challenge for policy makers
Nicky Morgan MP, Chair of Treasury Select Committee
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Keynote: Investing in solutions
Michele Giddens OBE, Bridges Fund Management
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Investing in solutions
Driving enduring value by turning challenge into opportunity
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“…just as any revolution eats its children, unchecked market fundamentalism can
devour the social capital essential for the long-term dynamism of capitalism itself ”
Mark Carney
Source: Inclusive capitalism - creating a sense of the systemicSpeech by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, 27 May 2014
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Top 1% owns >50% of global wealth
Social challenges…
69 ǀ Strictly Private and Confidential
…environmental challenges…
Climate change1 Fish stocks2
Carbon emissions from fossil fuels need to fall close to zero
by 2050 to mitigate risk of serious climate change 1
90% of fish stocks are overfished or fully depleted 3
7 million people die globally each year from air pollution exposure 2
1.8 billion people globally use a source of drinking water that is contaminated with human waste 4
Sources and notes: 1) Le Quéré, C. et al. (2016) based on Rogelj et al, (2016) 2) WHO, March 2014 3) FT, 28 March 2017 4) Sustainable Development Goals
Climate change Fish stocks
Air Pollution Access to Clean Water
70 ǀ Strictly Private and Confidential Source: The Guardian; Benetton admits link with firm in collapsed Bangladesh building; Rebecca Smithers; 29
Apr 2013
24 April 2013 24 April 2013 27 April 2013
29 April 2013
“None of the companies
involved are suppliers to
Benetton Group or any of its
brands”
“A one-time order was
completed and shipped out of
one of the manufacturers
involved several weeks prior
to the accident. Since then,
this subcontractor has been
removed from our supplier
list.”
Photos taken at the site
circulate online1,134 people died when a
building containing clothing
factories in Bangladesh
collapsed
The building's owners ignored
warnings to avoid using the
building after cracks had
appeared the day before
Online reactionCorporate responseRana Plaza disaster
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What concerns Millennials and Gen Z’s?
Source: The Deloitte Global Millennial Survey 2019
Based on survey of 13,416 millennials across 42 countries and territories and 3,009 Gen Z’s from 10 countries
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And what do they expect of business?
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“ESG” investing“Impact” investing
Impact Management Across the Spectrum of Capital
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Dutch institutions committed to invest in line with the SDGsLarge asset managers entering
the space
Institutional Investors are taking note and large asset managers are creating
impact product
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EQT's Stahlberg
launches
sustainability fund
Entrants to impact investing can be broadly categorised into three groups by
timeline…
Original pioneersLarge mainstream
entrantsNew specialist entrants
78 ǀ Strictly Private and Confidential
The Impact Management Project
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Sustainable Development Goals
Sources and notes: Sustainable Development Goals
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Bridges sources investments using the UN Sustainable Development Goals as a shared framework of challenges
Clear Societal Challenges
Spanning 17 Goals…
And 169 Objective Led
Targets
The SDGs are a set of goals to end poverty, protect the planet and ensure prosperity for all by 2030 as agreed by the 193 United Nations Member States in 2015
15.1 by 2020 ensure conservation, restoration and sustainable use of terrestrial and inland freshwater ecosystems and their services, in particular forests, wetlands, mountains and drylands, in line with obligations under international agreements
15.2 by 2020, promote the implementation of sustainable management of all types of forests, halt deforestation, restore degraded forests, and increase afforestation and reforestation by x% globally
15.3 by 2020, combat desertification, and restore degraded land and soil, including land affected by desertification, drought and floods, and strive to achieve a land-degradation neutral world
15.4 by 2030 ensure the conservation
of mountain ecosystems, including
their biodiversity, to enhance their
capacity to provide benefits which are
essential for sustainable development
15.5 take urgent and significant action to reduce degradation of natural habitat, halt the loss of biodiversity, and by 2020 protect and prevent the extinction of threatened species
15.6 ensure fair and equitable sharing
of the benefits arising from the
utilization of genetic resources, and
promote appropriate access to
genetic resources
15.4 15.5 15.6
15.1 15.2 15.3
15.c enhance global support to efforts to combat poaching and trafficking of protected species, including by increasing the capacity of local communities to pursue sustainable livelihood opportunities
15.b mobilize significant resources from all sources and at all levels to finance sustainable forest management, and provide adequate incentives to developing countries to advance sustainable forest management, including for conservation and reforestation
15.a mobilize and significantly increase from all sources financial resources to conserve and sustainably use biodiversity and ecosystems
15.9 by 2020, integrate ecosystems and biodiversity values into national and local planning, development processes and poverty reduction strategies, and accounts
15.8 by 2020 introduce measures to prevent the introduction and significantly reduce the impact of invasive alien species on land and water ecosystems, and control or eradicate the priority species
15.7 take urgent action to end poaching and trafficking of protected species of flora and fauna, and address both demand and supply of illegal wildlife products
15.a 15.b 15.c
15.7 15.8 15.9
We identified the 37 that were most relevant and investable through our UK funds strategies
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Sustainable LivingHealth & Well-being Education & Skills Underserved Markets
Bridges Sustainable
Growth Capital Funds
Bridges Evergreen Holdings
Bridges Social Outcomes
Funds
Bridges approaches this through a platform of private funds focused on investable solutions to societal challenges
Bridges Impact Insights: Impact Investment Field Building
Bridges Impact Foundation: Strategic Grant-maker and Guarantor of Bridges’ mission
Bridges Property
Alternatives Funds
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Viva GymA low-cost, high-quality gym group, improvingaccessibility to exercise facilities in underservedcommunities in Spain and Portugal
6x increase in D2C sales since investment
15k tonnes of CO2e being averted (12% increase)
Bridges Sustainable Growth Case Study
A market leading ‘circular economy’ business for the resale of used books
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Viva GymA low-cost, high-quality gym group, improvingaccessibility to exercise facilities in underservedcommunities in Spain and Portugal
The protein shift: 41% of UK consumers actively looking
to reduce meat consumption
£75bn UK food service industry historically poor in
provision of plant-based menus
A specialist plant-based food ingredient supplier to the UK food service sector
Bridges Sustainable Growth Case Study
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• A fourth joint venture with HUB - GDV £180m
• >513 lower-cost residential units
• Delivering 4x more affordable housing (50%) than
previous proposals
• The development will provide local training and
employment and reduce CO2e by 40% p.a.
Taberner HouseLow-cost Housing
Bridges Property Funds Case Study
Providing much-needed lower-cost housing and commercial regeneration in the heart of Croydon
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Challenge: undersupply of quality, affordable care
• 2,000 beds, 3,200 staff, £94m sales, £11m EBITDA
• Ethos of “care you would want for your loved ones”
• Growth capital including material investment in
front-line staff and activation of employee ownership model
• Structured primarily as convertible and non-convertible preference shares
A top 10 employee-owned business in the UK providing residential and nursing care for the elderly
Bridges Evergreen Holdings Case Study
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A market-leading ‘circular economy’ technology business, which has pioneered the reuse and recycling of used books that might otherwise go to landfill
Challenge: Nearly 800,000 16-24 year-olds are now
Not in Education, Employment or Training’
Total cost to society could be almost £30bn in next
decade
Our programmes help children improve resilience and engagement at school
To date we have supported 7 outcomes contracts
£16.0m outcomes achieved so far
✓ 4,262 improvement in school behaviour
✓ 3,849 improvement in attitude at school
✓ 8,752 qualifications achieved
Bridges Social Outcomes Fund Case Study
Supporting schoolchildren to help them improve attendance, behaviour, academic attainment and entry into employment/further education
Educational Support outcomes contracts
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Opportunity
“We are the first
generation that
can end
poverty, the last
that can end
climate change”
Ban Ki-Moon
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This presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (Restrictions on Financial Promotion) of the FinancialServices and Markets Act 2000 (as amended).
This presentation is only directed at, and may only be distributed to, persons who are “investment professionals” (being persons having professional experience in matters relating to investments) within the meaning ofarticle 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or who are persons to who many of paragraphs (2)(a) to (d) of article 49 (high net worthcompanies, unincorporated associations etc.) of the Financial Promotion Order apply or who are persons to whom distribution may otherwise lawfully be made (“Permitted Recipients”).
Any investment, and investment activity or controlled activity, to which this presentation relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professionalexperience should not rely or act upon this presentation unless they are Permitted Recipients. The content of this presentation is confidential and should not be distributed, published or reproduced, in whole or in part,nor should its contents be disclosed by a recipient to any other person other than their professional advisers.
Bridges Fund Management Limited (“Bridges”), which is authorised by the Financial Conduct Authority (“FCA”), with its registered office at 38 Seymour Street, London W1H 7BP United Kingdom, has taken all reasonablecare to ensure that the facts stated in this presentation are true and accurate in all material respects as at the time of writing. Permitted Recipients must rely, however, on their own assessment of the informationpresented herein.
Certain of the information contained in this presentation has been obtained from published sources prepared by other parties. Neither Bridges nor any other person assumes any responsibility for the accuracy orcompleteness of such information. Other than as set out above, no representation made or information given in connection with the Fund may be relied upon as having been made or given with the authority of Bridgesand no responsibility is accepted by Bridges, its subsidiaries or associates or any of their directors, officers, employees, agents or any other person in respect thereof. The delivery of this presentation does not imply thatthe information herein is correct at any time subsequent to the time of writing of this presentation.
All statements of opinion and/or belief contained in the presentation and all views expressed and all projections or statements relating to expectations regarding future events or the possible future performance of anyfund referred to in this presentation represent Bridges’ own assessment and interpretation of information available to it as at the date of this presentation. This document does not purport to be complete and does notnecessarily contain all the information which a prospective investor would consider material. No undertaking, representation, warranty or other assurance is given on, and none should be implied as to, and no relianceshould be placed on, the accuracy, completeness or fairness of the information or opinions contained in this document. Permitted Recipients must determine for themselves what reliance (if any) they should place onsuch statements, views or projections and no responsibility is accepted by Bridges in respect thereof.
This is a draft document. It does not constitute an offer or invitation to subscribe or purchase interests in any fund and the information contained herein is subject to updating, amendment and verification. It should notbe relied upon by any persons for any purpose. Interests in any fund will only be offered pursuant to an offering memorandum which should be read carefully by potential subscribers and their advisers.
The attention of each recipient is drawn to the fact that Bridges Sustainable Growth Fund IV (the “Fund”) is likely to be committing its funds to investments of a long term and illiquid nature in companies whose sharesor debt instruments are not quoted or dealt in on any stock exchange. Such investments may be difficult to value and are likely to involve an above average level of risk. Similarly, there is not anticipated to be anyavailable public market for interests in the Fund and no such market is expected to develop in the future.
Nothing described herein has been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority, including the Securities and Exchange Commission. Furthermore, the foregoingauthorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offence.
This presentation is being furnished only to those investors within the U.S. (or U.S. persons that are outside the U.S.) that are “accredited investors” as defined in the U.S. Securities Act of 1933, as amended. Each U.S.person receiving this presentation, and each non-U.S. person receiving this presentation in the U.S., must be an “accredited investor” and this presentation is strictly for their sole benefit.
The Fund has appointed Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva, Switzerland, as its Swiss Representative. Banque Heritage SA, 61 Route de Chêne, CH-1208 Geneva, Switzerland is the Swiss Paying Agent.In Switzerland interests shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from theRepresentative. The place of performance with respect to interests distributed in or from Switzerland is the registered office of the Representative.
Disclaimer
89 ǀ Strictly Private and Confidential
A THREE YEAR STRATEGY TO ENABLE ALL ENTERPRISES AND INVESTORS TO…
Use impact-weighted financial accounts to integrate monetary value of impactsinto financial accounting statements
Assess and assure standard of implementation
Use transparent ratings to score performance in relation to science-based and SDG targets
Use impact management guidelines to implement those principles
Adopt generally accepted principles of impact management
PR
AC
TIC
EP
ER
FO
RM
AN
CE
BE
NC
HM
AR
KIN
G
Measure their positive and negative impacts that matter most to people and the planet (including ESG risk) and…Disclose data on those impacts in a comparable way, whenever possible and appropriate, so that they can…
Compare impacts to understand where they could be better, with the result that they…
Improve performance by mitigating/minimising negative impacts and increasing positive impacts
All enterprises and investors have processesto…
VISION
Use valuation techniques to estimate relative values of impacts, expressed in monetary terms.
Contextualise data in science-based targets and local SDG priorities to determine impact on global goals
Use the framework to measure and disclose performance using universal, thematic and bespoke data standards
Use a generally accepted conceptual framework for impact accounting, endorsed by governments globally
B. The IMP Structured Network
Contact us
Bridges Fund Management Limited
38 Seymour Street 505 Eighth Avenue, Suite 1805London W1H 7BP New York, NY 10018UK USA
+44 (0) 20 3780 8000 +1 212-784-6030www.bridgesfundmanagement.com www.bridgesfundmanagement.com/us
Maggie Loo, Partner, Investor Relations & Business [email protected]
Printed on 100% recycled paper
Bridges Fund Management Ltd. is authorised and regulated by the Financial Conduct Authority. Registered in England No 10401079. Bridges Fund Management Ltd. is registered with the Securities and Exchange Commission as an Exempt Reporting Adviser
Panel: The journey to ‘impact’, the end-game for ESG
Natasha Buckley, UNPRICai Rees, SEI
Veronique Courlier, Racines PartnersErin Sarret, StepStone Global
Denise Ko Genovese, Unquote
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