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這是我們在仔細研究了 500 多份私募市場投資者或非公開交易證券投資者的問卷後得出的結論
Our key takeaways from PitchBook’s fifth annual Sustainable Investment Survey are that perceptions aren’t reality for sustainable investors and that ESG is alive and well despite what the headlines might have you believe.
我們從PitchBook 第五次年度永續投資調查中得出的主要結論是,對於永續投資者來說,這種看法並不現實,而且無論頭條新聞可能讓您相信什麼,ESG 仍然存在且運作良好。
Most investors are probably aware of the politicization of ESG in the US, though those who think that it’s only a US-based issue might be surprised that a few non-US respondents also had some pretty negative things to say about ESG. In something of a “gotcha” moment, however, 39% of the survey respondents who said they don’t incorporate ESG factors into their investment decision-making process have in fact declined to make an investment owing to ESG concerns. Thus, even respondents’ perceptions about themselves don’t align with reality. When people think ESG is just about investing according to one’s values or about having a litmus test around a green objective, they ignore the aspects of the framework that assist in richer diligence practices.
大多數投資者可能都意識到 ESG 在美國的政治化,儘管那些認為這只是美國問題的人可能會感到驚訝,一些非美國受訪者也對 ESG 發表了一些相當負面的看法。然而,在某種「陷阱」時刻,39% 的受訪者表示,他們沒有將 ESG 因素納入投資決策過程,但事實上,他們出於對 ESG 的擔憂而拒絕進行投資。因此,即使是受訪者對自己的看法也與現實不符。當人們認為 ESG 只是根據個人價值觀進行投資或圍繞綠色目標進行試金石時,他們忽略了框架中有助於更豐富的勤勉實踐的方面。
Another perception we wanted to explore was that impact investing equates to concessionary, or less than market, returns. We’ve spoken to fund managers who don’t want to be labeled as impact funds because they are concerned that potential investors think that means they are being asked to accept subpar results and jump to a quick “no.” Our survey shows, however, that 55% of respondents who make impact investments prioritize market-rate returns as the primary objective when evaluating a potential investment opportunity. Only 7% said that concessionary returns are a top priority, with the remainder saying they’ll consider both market-rate and concessionary return impact opportunities. While concessionary return strategies do exist, when evaluating impact funds, the assumption shouldn’t be that every such fund is concessionary.
我們想要探討的另一個看法是,影響力投資等同於優惠的或低於市場的報酬。我們曾與不願被貼上影響力基金標籤的基金經理人進行過交談,因為他們擔心潛在投資者認為這意味著他們被要求接受低於標準的績效並迅速拒絕。然而,我們的調查顯示,55% 進行影響力投資的受訪者在評估潛在投資機會時將市場報酬率作為首要目標。只有 7% 的人表示優惠回報是重中之重,其餘人表示他們會同時考慮市場利率和優惠回報影響機會。雖然優惠回報策略確實存在,但在評估影響力基金時,不應假設每個此類基金都是優惠的。
Because of the commonly held view in media that “if it bleeds, it leads,” press coverage of ESG has turned extremely negative as reporters jump on BlackRock easing off ESG-related commitments, anti-ESG legislation in some states, or European private fund managers deciding not to commit to complying with SFDR Article 8 or 9 rules. Fewer are the celebratory articles that were abundant three years ago around climate pledges, SEC moves against greenwashing, and the latest COP gathering. Based on the headlines, one might think that ESG is finished, that people who were incorporating these principles into their investment processes were quietly backing away.
由於媒體普遍持有的觀點是“如果流血,就會領先”,隨著記者紛紛報道貝萊德放鬆ESG 相關承諾、某些州的反ESG 立法或歐洲私募基金,ESG 的新聞報道變得極其負面。三年前圍繞氣候承諾、美國證券交易委員會反對洗綠行動以及最新的締約方會議的慶祝文章越來越少。根據頭條新聞,人們可能會認為 ESG 已經完蛋了,那些將這些原則納入投資流程的人正在悄悄退出。
That isn’t the case, whatever the perception. We asked our asset managers (general partners in common private equity language) and our allocators (limited partners or in common private equity language) 1) whether they were increasing or decreasing their focus on sustainable investment and 2) how they thought the other was acting. It was clear that most who are already practitioners of ESG or impact investing are sticking with their approach. And a decent number are increasing focus there. But for many, the perception on each side, no doubt fed by the negative news coverage, is that the other was decreasing. Things are not as they appear!
無論看法如何,事實並非如此。我們詢問了我們的資產管理人(通用私募股權語言的普通合夥人)和我們的分配者(有限合夥人或通用私募股權語言):1)他們是否增加或減少了對永續投資的關注;2 )他們認為對方的行為如何。很明顯,大多數已經成為 ESG 或影響力投資實踐者的人都堅持他們的方法。相當多的人正在日益關注這一領域。但對許多人來說,雙方都認為對方正在下降,這無疑是受到負面新聞報導的影響。事情並不像看上去的那樣!
Another controversial topic we covered was diversity, equity, and inclusion, which has also been a frequent target of late. Since the US Supreme Court’s ruling that affirmative action in college admissions is unconstitutional and the dozens of lawsuits that have followed, we have spoken with fund managers that are afraid of being sued if they go to market with diversity as an element of their strategy. That’s despite their having a diverse investment team and the connections to identify and invest with diverse founders ignored by many fund managers or into businesses with diverse or inclusive offerings. We wondered whether others in the private-market ecosystem, after significant efforts in 2020 to bring better diversity into the investment landscape, were backing away.
我們討論的另一個有爭議的話題是多元、公平和包容性,這也是最近經常出現的目標。自從美國最高法院裁定大學招生中的平權行動違憲以及隨之而來的數十起訴訟以來,我們與基金經理進行了交談,他們擔心如果將多元化作為其戰略要素進入市場,就會被起訴。儘管他們擁有多元化的投資團隊,以及與多元化創辦人進行識別和投資的聯繫,但這些聯繫被許多基金經理人忽視,或投資於提供多元化或包容性產品的企業。我們想知道私募市場生態系統中的其他人在 2020 年大力努力為投資領域帶來更好的多樣性之後是否正在退縮。
In our survey, we asked those who said they have previously incorporated DEI into their investment decisions what their perspective is in light of the US court rulings. The vast majority of these respondents, in the US and around the world, selected “DEI initiatives are still necessary and will be implemented and/or advocated for throughout our organization and/or portfolio.” Very few said that DEI initiatives are no longer necessary.
在我們的調查中,我們詢問了那些表示先前已將 DEI 納入投資決策的人,他們對美國法院裁決有何看法。美國和世界各地的絕大多數受訪者選擇“DEI 舉措仍然是必要的,並將在我們的整個組織和/或投資組合中實施和/或倡導。”很少人表示不再需要 DEI 措施。
Interestingly, our asset managers were more steadfast in keeping to DEI initiatives, despite perceptions that it is allocators who are most likely to invest with a values lens.
有趣的是,我們的資產管理公司更堅定地遵守 DEI 計劃,儘管人們認為配置者最有可能以價值視角進行投資。
For more on how investors are navigating the sustainable investment landscape globally, please read our recently released report here.
有關投資者如何駕馭全球可持續投資格局的更多信息,請閱讀我們最近發布的報告。
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