Social Criteria

The businesses we invest in must combine both the commercial and social objectives of the Fund. The Fund will identify businesses that we believe will bring tangible social benefits as they grow and develop, where:

• the business pro-actively integrates social and commercial objectives; or
• social benefits are delivered by the nature of its commercial success

The assessment of the social impact will start with an Initial Screen where the potential investee will be judged as to whether or not it qualifies under the fund’s social criteria. If it passes, then the social benefits will be identified, measured and assessed for deliverability. There will be a focus on the Fund’s key sectors, i.e. Energy Efficiency & Environment, Health & Wellness, Human Capital and Ethical Consumerism; but the approach and commitment of the management teams to the social objectives will remain a key element of the investment appraisal.

Thereafter, The Fund will monitor the businesses’ social impact through a regular (quarterly) Social Impact Report in a framework that combines both quantifiable (including financial, monetary and non monetary metrics) and qualitative indicators along a spectrum making the appraisal both practical and credible for the management teams and investors.