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2016 ANNUAL

TPG GES REPORT


TABLE OF CONTENTS

FOREWORD FROM TPG LEADERSHIP 3

RESPONSIBLE INVESTORS 4

GLOBAL ENVIRONMENT: GLOBAL BUSINESS 6

SOLUTIONS CAPITAL 7

ASSESSMENT AND IMPACT 8

POWER OF THE NETWORK 10

GOVERNANCE 11

ENVIRONMENTAL 12

SOCIAL 15

EXIT CASE STUDY 17

COMMUNITY 19

FORESIGHT 20

TABLE OF CONTENTS 2
FOREWORD FROM TPG LEADERSHIP

The Dynamic Nature of Sustainability and ESG

Sustainability and ESG is a dynamic element of TPG’s substantial progress in learning how ESG due diligence
investment business. Our investment focus spans in the investment process can not only mitigate risk but
the globe, and we work on almost every continent also how it can identify opportunities to create value.
and in every economic sector. Our world and the We are also working both deeper and more broadly
environments, the social contexts, the legal and across our portfolio companies to create greater impact
governance systems within which we and our investors and value, not only by reducing costs and improving
operate, change constantly and change rapidly. resource efficiencies, but also by increasing our focus
Governance is a priority for TPG and, in fact, we on supply chain issues, tapping employee interest and
believe “GES” instead of “ESG” is a more appropriate engagement, and responding to increasing customer
acronym, thus the title of our report. preferences. Case studies are also included to show
how some of the leadership of our portfolio companies,
Sustainability and ESG is an important aspect of our
have helped to address important environmental or
business, and our strong core principles and practices
social issues, and contribute to constructive solutions.
enable us to address these issues in an integrated
way across the Firm. Such decisions are incorporated Looking ahead, we remain focused on our responsibility
into our investment decisions through rigorous due to earn a great return for our investors as well as
diligence, governance, management and operation of aligning with our investors expressed interests and
our portfolio companies. We strive to be systematic to desire to address important issues. We believe that our
measure our results and to be transparent. We engage Sustainability and ESG Program plays an essential role
in active discussions with our investors and limited in fulfilling that mission.
partners to align with their interests in, and perspectives
We are deeply committed to the view that investment
on, Sustainability and ESG.
capital and our ability to deploy it has a critical role
We have a dedicated team of professionals who have to play in addressing challenges, needs and human
the responsibility to advance these principles and aspirations in vital areas such as education, healthcare,
practices within the firm and our portfolio companies. access to capital and economic opportunities,
We recognize the value of the embedded wisdom transportation and communications, energy, adequate
and experience on Sustainability and ESG and we and clean water, clean air, and waste disposal. We
share that knowledge and best practices with all our see a positive opportunity for TPG and our focus on
portfolio companies, with whom we are partners on Sustainability and ESG to have an impact on these
this initiative. issues, and, as we address these dynamic challenges,
we will continue to dedicate and leverage our global
This 2016 TPG GES Report highlights the outcome of
expertise and network.
our activities over the past year. We continue to make

David Bonderman Jim Coulter Jon Winkelried Jonathan Coslet Jack Weingart Jerome Vascellaro
Chairman and Co-Chief Executive Officer Co-Chief Executive Officer Chief Investment Managing Partner, Chief Operating
Founding Partner and Founding Partner and Partner Officer and Partner TPG Funding Officer and Partner

FOREWORD 3
RESPONSIBLE INVESTORS

Since its founding, TPG has focused on responsible investing through the life cycle of our private equity investments. TPG
has dedicated full-time resources to support its long-standing commitment to the Sustainability and ESG Program.

The Firm’s Global Sustainability and ESG Policy (as described below) does not take a one-size-fits all approach. We seek to
be opportunistic where ESG initiatives can assist in creating enterprise value.

TPG’s Global Sustainability and ESG Policy Sustainability and ESG Highlights
TPG’s Sustainability and Environmental, Social, and
Governance (“ESG”) Program supports the Firm’s long-

70 8
standing consideration of environmental, health and
safety practices in due diligence, investment decisions,
and operations. The broad set of Sustainability issues
(including social and governance issues) have material TPG colleagues that Sustainability
sit on non-profit Leadership Council
influence on TPG Capital’s assessments of risk, valuation,
boards summits held
profitability, and opportunity, across the portfolio.

Our focus on Sustainability and ESG


issues enables:
• Better investment decisions

• Enhanced results for investors, portfolio


48 90
companies, stakeholders and TPG Sustainability and Portfolio companies
ESG Performance engaged on
• TPG companies to be better global citizens Self-Assessment Sustainability
3.0 Participants and ESG initiatives

TPG’s commitment is to:


• Incorporate Sustainability and ESG
considerations into our investment diligence

30% 100+
and decisions

• Ensure that Sustainability and ESG practices


are implemented and that measurable results
are achieved in our companies and Increase in Annual Members on TPG
our operations Self-Assessment Sustainability
participants Leadership Counsel
• Strive for greater transparency from versus 2014 portfolio company
our companies
Yammer web portal

PRE-INVESTMENT OWNERSHIP EXIT

RESPONSIBLE INVESTORS 4
RESPONSIBLE INVESTORS

To further our commitment to responsible investment and support the need for greater transparency within the industry,
TPG became a signatory to the United Nations-backed Principles for Responsible Investment (PRI) in 2013.

How TPG Aligns with the 6 PRI Principles

1 4
We will incorporate ESG issues into investment We will promote acceptance and implementation
analysis and decision-making processes of the Principles within the investment industry

• TPG Global Sustainability and ESG Policy • Regular dialogue with limited partners

• ESG due diligence and Investment • Working with industry bodies


Review Committee
• Public speaking engagements
• Tools, guidelines and training

2 5
We will be active owners and incorporate ESG We will work together to enhance our
issues into our ownership policies and practices effectiveness in implementing the Principles

• Dedicated Sustainability and ESG team • Share best practices

• Portfolio Company engagement • TPG-led annual conferences


and monitoring
• PRI Advisory Committee
• Annual Sustainability and ESG
Performance Self-Assessment

3 6
We will seek appropriate disclosure on We will each report on our activities and
ESG issues by the entities in which we invest progress towards implementing the Principles

• Establish, measure and report on • PRI framework


progress of ESG policies
• TPG website: external and internal
• Report through a TPG portfolio company
• Annual GES report
work plan and framework

• Public disclosure of information

RESPONSIBLE INVESTORS 5
GLOBAL ENVIRONMENT: GLOBAL BUSINESS

A Truly Global Organization

Our extensive network is comprised of well-established teams and long-term, local relationships around the world. We
recognize that the changes in the global environment affect our global business. As we grow and become more diverse,
we will continue to ensure that Sustainability and ESG are integrated into all aspects of our Firm’s business and global
matters of interest, as highlighted below, are addressed and widely understood.

UK: ESOS, CRC, ASIA:


MONTREAL:
MODERN RESPONSIBLE
CARBON PLEDGE
SLAVERY ACT SUPPLY CHAIN

USA:
THE CLEAN
POWER PLAN

PARIS: COP21 TPG AT WORLD


AUSTRALIA:
AGREEMENT ECONOMIC
RENEWABLES
CARBON PLEDGE FORUM IN DAVOS

Shaded areas represent countries in which we have invested Over 475 professionals
17 offices worldwide in 11 countries Over 30 nationalities represented

GLOBAL ENVIRONMENT 6
SOLUTIONS CAPITAL

At TPG, we are investors who provide the capital, expertise, and support our partners need to reach their full potential
and create greater possibilities. We believe great investments and great returns come from building true partnerships
with the leaders, innovators, and companies in which we invest. Integrated into our overall strategy, is our approach to
Sustainability and ESG.

TPG’s Sustainability and ESG – Key Themes and Strategies

Environmental, Social and Sustainability and ESG


Governance Due Diligence Portfolio Company Program

Network and Key External Stakeholder


Community Building Relationships and Reporting

TPG’s Alternative & Renewable TPG Growth


Technologies (ART) growth-equity platform, is
Founded in 2007 to specialize in growth equity and
dedicated to partnering with companies that deploy
middle-market buyout opportunities. As of
novel business models and technologies to reduce
March 31, 2016, TPG Growth manages more than $7
environmental impact and promote resource efficiency.
billion in assets across a variety of sectors including
With approximately $250 million in assets under
media, technology, and industrials.
management as of March 31, 2016, TPG ART looks to
help develop companies in multiple sectors, including
but not limited to renewable power generation, energy
FEATURED
efficiency, environmental services, waste management,
STORY
agriculture, and industrial technologies.
Fortune
highlights
Bono and
FEATURED STORY Anuvia TPG’s Satya

SOLUTIONS CAPITAL 7
ASSESSMENT AND IMPACT

The 5 D’S of TPG Diligence

DESCRIPTION DATA DISCUSSION DEBATE DECISION

• What kind of deal • What data do • Have we aired all • Who believes • What is the best
is this? we need? important points? what? answer for
the firm?
• What kind of –– Relevant –– Even-handed –– Pressured
company is this? discourse –– All voices heard
–– Concise –– Balanced with respect
• Thoughtful –– Be prepared for
–– Full –– Provocative –– Experiential all outcomes
• Balanced Transparency wisdom
–– Live with it

Dynamic Elements of our ESG Program


While our Sustainability and ESG Program has been in place for many years, our approach and tools remain flexible and
dynamic given our firm’s growth and changing market conditions.

An Annual Sustainability
and ESG Performance
The Investment An ESG Program Summary
Self-Assessment
Review Committee (IRC) that aggregates our Sustainability
consisting of 40 questions,
an inclusive body where all and ESG work together during our
sent to all portfolio companies
persons involved in the investment ownership period
in the Sustainability
process are invited to participate.
Leadership Council ‘SLC’
ESG factors are incorporated into
the TPG due diligence process An ESG Workplan
which is embedded in the An ESG Framework consisting of 3-4 actionable
Investment Review Committee.
highlighting leading practices and opportunities to be implemented
opportunities for value creation in collaboration during TPG’s
ownership period

The Sustainability Leadership Council


made up of representatives of portfolio companies engaged in sustainability
CEO and Portfolio Company
practices: the function of the council is to enable leaders to
Sustainability Awards
share best practices, drive results, reduce costs,
and identify cross-portfolio opportunities

ASSESSMENT AND IMPACT 8


ASSESSMENT AND IMPACT

TPG’s Sustainability and ESG Performance Self-Assessment and Framework Analysis

A systematic process: as a part of TPG’s Sustainability and ESG Program, portfolio companies are asked to:

• Establish ESG policies

• Participate in the TPG Sustainability and ESG Leadership Council

• Complete an Annual Sustainability and ESG Performance Self-Assessment, Framework Analysis and Workplan

• Measure and report on the progress of their goals and action plans

Through the Sustainability and ESG Performance Self- Assessment and Framework Analysis process, we are able to
determine the current state of the program and where we can focus initiatives to drive progress and value.

ANNUAL SELF-ASSESSMENT ESG FRAMEWORK ESG WORK PLAN COMMUNICATION


OBJECTIVES

1 2 3 4
Measure Performance Present Collaborate on Track and Share ESG
and Identify Leading Practices 3-4 Actionable Performance and
Portfolio Trends and Opportunities Initiatives Lessons Learned
INSIGHTS / EXAMPLES1

• Third annual • GES Report


assessment
• Annual conference
• 40 questions
• PC Webinars
in assessment

• 30% increase in
respondents
since 2014

1. The logos displayed are a few examples of the TPG portfolio companies participating in the Assessment and Framework process. Portfolio companies
were selected for non-performance based reasons

Sustainability Assessment Dashboard

The TPG Sustainability Assessment


Dashboard integrates portfolio company
ESG data populated from the annual self-
assessment, alongside financial data and
general company statistics.

ASSESSMENT AND IMPACT 9


POWER OF THE NETWORK

Sponsors for
Educational
Opportunity

TPG LEVERAGE
PROCUREMENT

TPG FEATURED HIGHLIGHT


Veterans Initiative Summit
TPG served as co-host with The Blackstone Group, The Carlyle Group and KKR at a
summit in October 2015 to share best practices of veteran hiring programs including
those of the following TPG portfolio companies: Taylor Morrison, Uber, Enlivant, Ride,
Jonah Energy LLC, and Caesars Entertainment. The Summit convened representatives
from the White House, U.S. Military, the U.S. Departments of Labor and Veterans Affairs,
private equity portfolio companies, and the U.S. First Lady Michelle Obama, to advocate
and advance veteran hiring, retention, and career development.

POWER OF THE NETWORK 10


GOVERNANCE

Governance is a priority for TPG and, in fact, we believe “GES” instead of “ESG” is a more appropriate acronym, as
stated by Jim Coulter in his 2014 keynote at the Private Equity International Responsible Investment Forum.
Governance is critical during our due diligence phase of investment, to the structure of our investments and in the
ongoing management of our portfolio companies.

As part of our annual portfolio company Sustainability and ESG Self-Assessment, we also dedicate a section to
Governance. This allows us to understand our portfolio companies’ most important governance issues, determine
their levels of transparency and stakeholder engagement, and helps us actively manage risk and opportunity.

“There are two reasons for companies to “If you don’t get the governance
operate sustainability. One is economical right, then you don’t even get to
– because it can help you reduce costs – really talk about the environmental
the other is business ethics – because you and social.”
want to do business in a positive way.”
Charles Bouaziz Beth Lowery
Ontex CEO, 2015 TPG Capital’s ESG Head, 2016

“The way private equity works, with the


governance structure, we can push things
down into our supply chains – so not just our
investments but the entire ecosystem within
which we operate. If we do so, the noise we’re
making today, which is beginning to permeate
the industry, will transform into truly deep
impact for years to come – and differentiate
the industry as one that cares.“
Jim Coulter: think GES, not ESG
TPG Co-CEO and Founding Partner, 2014

GOVERNANCE 11
ENVIRONMENTAL

COLLABORATIVE, GREEN SPACE DESIGN


Helping Cushman & Wakefield clients integrate sustainability and creativity into corporate
spaces to maximize collaboration and wellness

Energy Foundation Frog Design Recology

Results:
• Supporting a cohesive corporate sustainability strategy
• Creative material reusage
• Potential impact on strong client relationships

• Health and wellness in the workspace

FEATURED HIGHLIGHT
Ride’s Ann Fandozzi on Carpooling – Bloomberg

• T
ransforming employee commuting to a sustainable
green solution
• Reduced CO2, less waste, lower pollution
• Long term vision to change the face of commuting in
America – aiming to take 1 million cars off the road

Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons

ENVIRONMENT 12
ENVIRONMENTAL

PROACTIVELY ENGAGING WITH STAKEHOLDERS


Collaborating with governmental officials and NGOs to protect
wildlife and reduce emissions while driving business value
Results:
• Reduction of fugitive methane emissions from operations

• Wildlife protection and collaboration with the U.S. Department of


the Interior, Wyoming, and NGOs – approval of new development
plan while protecting sage grouse
Jonah’s Paul Ulrich with U.S. Secretary
• Investing in local communities and creating resource solutions of the Interior Sally Jewell

HEALTHY PEOPLE, HEALTHY COMMUNITIES,


HEALTHY PLANET
Using innovation to reduce the corporate footprint,
while building and maintaining smart facilities

Results:
• Water: 20% reduction beyond code for clubs

• Energy efficiency: 20% improvement on a per club basis versus 2010 baseline

• 56% reduction in lighting W/sq ft; $2.75M annual savings

• Renewables: solar system installation offsetting 20% electricity load

Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons

ENVIRONMENT 13
ENVIRONMENTAL

SOLAR STANDARD
Integrating solar panels as part of a standard build package for new homes in select
California communities
Results:
• Created solar energy relationships with leading solar providers

• Offsetting each new home’s energy usage with renewables, and enabling thousands of dollars of cost
savings for each new home buyer

• Potential brand differentiation

MAKING RENEWABLE ENERGY MORE AFFORDABLE “One of our Environment


Securing Large-scale Generation Certificates (LGCs), and Community Policy
under Australia’s Renewable Energy Target commitments is the ‘systematic
Results: identification’ investigation,
• Solar This Summer Program gives residential customers evaluation and reporting of
the option to buy or lease a solar system (between 1kW
and 5kW) at attractive discounts
natural resource reduction
and energy efficiency
• Transitioning company towards a lower carbon economy
through development of additional retail solar products improvement opportunities.”
• Growing business through creating and capturing growth Alinta Sustainability Report
opportunities in the Western Australian market
2014-2015
• Development of public sustainability reporting

Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons

ENVIRONMENT 14
SOCIAL

SHOP, REUSE, REIMAGINE


Improving lives through the power of reuse

2015 Results:
• Diverted more than 650 million lbs of reusable goods from entering the waste stream
• Paid 120 non-profit partners (e.g. Epilepsy Foundation, Big Brothers Big Sisters) more than $140M
• Sold quality goods at affordable prices: nearly 96% of retail items sold at Savers stores are under $10

• Published a Community Impact Report

Uber raised over half a million dollars for No Kid Hungry through the app, donated over $200,000 to the
American Red Cross to aid disaster relief efforts, and ran hundreds of campaigns in cities across the world –
including collecting gently-used clothing for Goodwill, delivering free flu shots with trusted medical partners,
and donating time and funds to local charity organizations.

FEATURED HIGHLIGHT
Initiative: Social / Philanthropy
FIGHTING HUMAN TRAFFICKING
Example: Sabre® signature corporate responsibility
programPassport
Sabre’s implemented, ‘Passport
to Freedom to Freedom’
Program initiative
unites the travel to
and
end human
tourism trafficking.
industry against human trafficking and slavery

Results:
• Survivor Scholarships program implemented (new application process re-opened January 2016)
• Increase awareness and education through online training course
• Advocate for legislation change, and provides opportunities for leaders to collaborate
• Collaborating with leading organizations (e.g. Marriott, UNESCO) to educate travelers on human
trafficking through Be a Responsible Traveler.

Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons

SOCIAL 15
SOCIAL

DONATION PARTNERSHIP WITH SAVERS


Providing LifeStorage customers the opportunity to donate
storage items to Savers nonprofit partners
Results:
• Turning costs at LifeStorage into revenue stream at Savers

• LifeStorage customers are given coupons to Savers and donation slips

• Benefits: cost savings; client donation and business differentiator

FOUNDATION AND INGREDIENT TRANSPARENCY

• Non-GMO ingredients; committed to transparency


and supports GMO labeling effort

• Works with farmers who share its values and


10%
of total Chobani profits are
sense of community; local sourcing from nearly
900 local farmers from Chenango County,
New York, to Twin Falls, Idaho donated to charities through
• 10% of profits are donated to the Chobani
Foundation; focused on democratizing food and the Chobani Foundation
empowering local communities

Note: case study examples are TPG portfolio companies. Portfolio companies were selected for non-performance based reasons

SOCIAL 16
EXIT CASE STUDY

TPG and Ontex management worked together on identifying efficiency opportunities and Ontex identified and shared best
practices with TPG’s Sustainability Leadership Council

TPG invests Ontex Ontex Ontex receives ESG Summary¹:


in Ontex and adopts first presents at Green Brand Award
• More than 90% off fluff
underwrote sustainability 2012 TPG - Moltex (diapers)
pulp eco-labelled
meaningful charter, first Sustainability & Environmental
ops occupational Leadership Product • 53% manufacturing plants
improvement health Council Development PEFC or 27% FSC chain-of-
case and safety Summit, certificate for custody certificates
policy and sharing best product life cycle
• ‘Lean and Green’ award
introduces practices and transparency
for commitment to
PEFC1 ecolabel goals -‘Serenity’ product
reduce CO2 emissions of
logistical activities by 20%
in Europe from 2013-17

MARCH 2014

JULY 2010

• Multi-site • First plant • Roll out of • ISO 14001 TPG exits the
certification to certified to ISO 50001 certification Ontex investment
ISO 140012 ISO 500013 certified Istanbul and at an approximate
in place energy Ortona plants 50% increase in
• Environmental
management EBITDA multiple
• Environmental Department • First Report under
system and approximately
policy in place renamed Global Reporting
25% higher
Sustainability Initiative guidelines
• Introduction of earnings
Department
FSC ecolabel • Ontex task
with broader
in place force ranks
focus
most material
sustainability
issues

1. PEFC – Sustainable Forest Management Certified


2. ISO 14001 – Environmental & Energy Management systems
3. ISO 50001 – Environmental & Energy Management systems
Note: Case study facts publicly available through Ontex Sustainability report

Product innovation, certification, recycling and reduction in energy costs were


significant in unlocking value and contributing positively to value creation
EXIT CASE STUDY 17
EXIT CASE STUDY

TPG and Petco management worked together to establish Petco sustainability initiatives and identify
leadership opportunities.

TPG invests • VP – • EPA • Founding ESG Summary


in Petco and Sustainability ENERGY member
• Solar System at Petco San
identifies and Energy STAR Pet Industry
Diego HQ
opportunities manager hired leader; Sustainability
for efficiency first LEED1 Coalition • Decrease of energy use of 10.2%
• Operational
and industry store as a % of sales since 2008
improvements: • Leading role
leadership in
recycling, • Expanded in Retail • 40% waste diversion rate
sustainable
logistics, paper water, Sustainability in stores
partnerships
and packaging waste, Initiative
• 100% of coral and live rock and
reduction energy, of RILA2
33% of marine species sold in
recycle
Petco stores are aqua-cultured
programs
• Named to World’s Most Ethical
Companies list 2012-2016

MARCH 2016

DECEMBER
2009

Planet PETCO • 1% for the Planet • 2011 – hosted TPG’s Collaboration TPG exits
launched to donating 1% of gross Fourth Annual with WWF4 the Petco
offer natural sales from Planet Sustainability bringing together investment
products for Petco products to Leadership Council manufacturers, at an
the LOHAS3 environmental causes in San Diego HQ retailers, NGO’s and approximate
eco-conscious other stakeholders to 19% increase
• Growth of natural, • Supply chain
customer address pet in EBITDA
organic product line – accountability
food sustainability multiple
integrate consumers audits initiated
ESG requirements

1. ‘LEED’ – Leadership in Energy and environmental Design I


2. ‘RILA’ – Retail Industry Leaders Association
3. ‘LOHAS’ – Lifestyle of Health and Sustainability I
4. ‘WWF’ – World Wildlife Fund

Sustainable products, energy efficiency and supply chain focused


on natural resource conservation contributed to value creation
EXIT CASE STUDY 18
COMMUNITY

TPG Culture
At TPG, our Founders have created a culture of making long-term value that benefits all stakeholders. Included
the right choices, throughout TPG’s investment in our values is a sense of shared responsibilities and
cycle and by actively engaging with our portfolio commitment to the environment. As individuals, TPG
companies. We make it about personal choices, rather employees serve on several governing and advisory
than corporate responsibility, encouraging everyone to boards of local, national and international non-profit
become personally involved. organizations dedicated to environmental effort. TPG
also provides grant funding to local and national
Social Impact is a TPG global initiative focused on
nonprofits supporting our employees
enabling TPG employees to make a tangible difference
active engagement.
in their local communities while creating growth and
leadership opportunities. At TPG we invest in building

2015 Impacts

Leadership and Engagement Grants Random Acts of Kindness

23 grants in support of 70 boards memberships across the firm, 11 Acts nominated by 15


including organizations focused on: people including:

• Education • Public policy • Myanmar flood disaster


• Health • International aid • Nepal earthquake
• Social services • Diplomacy • Remembrances of friends
• Environmental issues and family of the firm

TPG-in-Action Events

220 participants in volunteer events, examples include:

East Harlem Tutorial Program Care Packages Swords for Plowshares


in New York for Troops Care Package Backpacks for Veterans

COMMUNITY 19
FORESIGHT

Following TPG’s 2015 ‘GES’ report, we wanted and framework process. We will strive for
this year to provide further information regarding greater transparency though reporting and
our Sustainability and ESG program, as well disclosure, including submitting TPG’s annual
as highlighting some of the more innovative PRI framework report, along with our own ‘GES’
aspects of our strategy. We hope that this report report. And we will continue to work across the
provides you with meaningful insight. TPG’s platforms and geographies.

In 2016, the Sustainability and ESG team TPG is committed to our work within the private
continues to work with our Firm’s Leadership equity industry, driving responsible investment
to broaden and deepen the integration of the to create measurable business value. We
Sustainability and ESG program across TPG understand the importance of Sustainability and
Global, as part of the overall Firm strategy ESG for the Firm, for our portfolio companies,
and long standing commitment to responsible and for our limited partners. As the industry
investing. As the firm continues to grow, we also collaborates on global issues such as climate
continue to harness strong internal awareness change, we will also continue to collaborate,
through ESG training, document templates, Firm leveraging our knowledge, skill set and global
updates, a new sustainability dashboard and network to encourage long-term ESG integration.
regular dialogue.
As we firmly believe that the richness of the work
Looking forward, we will continue to create we do is often best shared through dialogue,
ESG value for our investors, through both the the team welcomes the opportunity to further
Firm’s and our portfolio companies’ global discuss any of the topics covered in this report.
ecosystems. We will continue to proactively
“Private equity is nothing but investing with a
work with deal teams on ESG due diligence
really interesting toolkit…ESG has a special place
and with our operating professionals and
in the toolkit and has to be absolutely core to
leverage procurement team on portfolio
what we do.”¹
company sustainability performance and
initiatives, through our systematic assessment 1. Jim Coulter, TPG Founding Partner, June 19, 2014, PEI Conference, London

William Reilly Elizabeth Lowery Edward Norton Emily Croft-Baker Kirk Hourdajian

FORESIGHT 20

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