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这是我们在仔细研究了 500 多份私募市场投资者或非公开交易证券投资者的调查问卷后得出的结论
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.
我们从 PitchBook 第五次年度可持续投资调查中得出的主要结论是,对于可持续投资者来说,这种看法并不现实,而且无论头条新闻可能让您相信什么,ESG 仍然存在且运转良好。
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.
大多数投资者可能都意识到 ESG 在美国的政治化,尽管那些认为这只是美国问题的人可能会感到惊讶,一些非美国受访者也对 ESG 发表了一些相当负面的看法。然而,在某种“陷阱”时刻,39% 的受访者表示,他们没有将 ESG 因素纳入投资决策过程,但事实上,他们出于对 ESG 的担忧而拒绝进行投资。因此,即使是受访者对自己的看法也与现实不符。当人们认为 ESG 只是根据个人价值观进行投资或围绕绿色目标进行试金石时,他们忽略了框架中有助于更丰富的勤勉实践的方面。
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.
我们想要探讨的另一个看法是,影响力投资等同于优惠的或低于市场的回报。我们曾与不愿被贴上影响力基金标签的基金经理进行过交谈,因为他们担心潜在投资者认为这意味着他们被要求接受低于标准的业绩并迅速拒绝。然而,我们的调查显示,55% 进行影响力投资的受访者在评估潜在投资机会时将市场回报率作为首要目标。只有 7% 的人表示优惠回报是首要任务,其余人表示他们会同时考虑市场利率和优惠回报影响机会。虽然优惠回报策略确实存在,但在评估影响力基金时,不应假设每个此类基金都是优惠的。
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.
由于媒体普遍持有的观点是“如果流血,就会领先”,随着记者纷纷报道贝莱德放松 ESG 相关承诺、某些州的反 ESG 立法或欧洲私募基金,ESG 的新闻报道变得极其负面。管理者决定不承诺遵守 SFDR 第 8 条或第 9 条规则。三年前围绕气候承诺、美国证券交易委员会反对洗绿行动以及最新的缔约方会议的庆祝文章越来越少。根据头条新闻,人们可能会认为 ESG 已经结束,那些将这些原则纳入投资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!
无论看法如何,事实并非如此。我们询问了我们的资产管理人(通用私募股权语言的普通合伙人)和我们的分配者(有限合伙人或通用私募股权语言):1)他们是否增加或减少了对可持续投资的关注;2)他们认为对方的行为如何。很明显,大多数已经成为 ESG 或影响力投资实践者的人都坚持他们的方法。相当多的人正在日益关注这一领域。但对许多人来说,双方都认为对方正在下降,这无疑是受到负面新闻报道的影响。事情并不像看上去的那样!
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.
我们讨论的另一个有争议的话题是多样性、公平和包容性,这也是最近经常出现的目标。自从美国最高法院裁定大学招生中的平权行动违宪以及随之而来的数十起诉讼以来,我们与基金经理进行了交谈,他们担心如果将多元化作为其战略要素进入市场,就会被起诉。尽管他们拥有多元化的投资团队,以及与多元化创始人进行识别和投资的联系,但这些联系被许多基金经理忽视,或者投资于提供多元化或包容性产品的企业。我们想知道私募市场生态系统中的其他人在 2020 年大力努力为投资领域带来更好的多样性之后是否正在退缩。
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.
在我们的调查中,我们询问了那些表示之前已将 DEI 纳入投资决策的人,他们对美国法院裁决有何看法。美国和世界各地的绝大多数受访者选择“DEI 举措仍然是必要的,并将在我们的整个组织和/或投资组合中实施和/或倡导。”很少有人表示不再需要 DEI 举措。
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,我们的资产管理公司更加坚定地遵守 DEI 计划,尽管人们认为配置者最有可能以价值视角进行投资。
For more on how investors are navigating the sustainable investment landscape globally, please read our recently released report here.
有关投资者如何驾驭全球可持续投资格局的更多信息,请阅读我们最近发布的报告。
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