Responsible Investment approach
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Real World Impact in Private Equity Driving impact through Private Equity
For our fund investments, we use a multilayered ESG assess- ment approach throughout the investment process, from due diligence to ongoing monitoring and engagement with the General Partner (GP). Core to our ESG integration is through binding ESG side letters that provide assurance against certain sectors and the right to opt- out, both based on our Responsible Investment policy. Each investment undergoes an annual ESG review to monitor progress and advocate for increased transparency and improved ESG reporting. As part of the due-diligence and ongoing monitoring we have de- veloped a proprietary ESG scoring system for the managers, which is built on our more than 30+ years of experience and track-record in the private market and ESG space. By leverag- ing this expertise, NAM aims to promote sustainable practices while potentially enhancing long-term value creation in pri- vate markets. Example Case: Vauban Infrastructure Partners, a Paris- based fund manager focusing on core infrastructure, acquired Coriance in October 2023 as part of a consortium with Caisse des Dépôts (CDC). Nordea Global Infrastructure Fund later made a co-investment in the company. Coriance, founded in 1998, builds, develops, and operates urban heating and cooling networks in France, primarily using renewable and recovered energy sources. Coriance is the third-largest player in the French market, with about 45 networks and a thermal production capacity of over 1.9 GW, supplying heat to more than 250,000 homes. The investment in Coriance is an attractive ESG case for several reasons: • Coriance is the leading provider of green district heating in France, with nearly 70% of its energy mix coming from renewable and recovered sources in 2022 • The company plans to further increase its share of renewable energy under Vauban's ownership. Coriance is a recognized partner for local authorities in decarbonizing building energy consumption. The investment aligns with France's objectives to decarbonize the heating sector • Vauban's consortium partner, CDC, is a long-term public sector investor focused on general interest and local economic development in France • This investment positions Vauban as a key player in the growing sustainable district heating industry, supporting the transition to more environmentally friendly heating solutions in France
In 2024, we launched our first private equity impact fund, NPE Global Future Fund. The objective of the fund is to identify and invest in impact funds which focus on companies that provide solutions addressing two key topics; people and planet. Focusing on finding investment that provides sustain - able prosperity for all and respects the planetary boundaries. For us it is about finding the balance between social and envi - ronmental impact. We strive to address the breach of all 12 of the planetary boundaries while balancing societal needs. We strive to find impact investments which address climate and biodiversity, human health and overall society's needs.
a financial return” ”
Impact investment is defined as “creating measurable social and environmental impact alongside
Impact Investment in private markets is for us about commer- cialization and scaling of impact-driven businesses. To enable green transition on light green/brow activates and to find de - veloping new innovations within our impact themes.
Examples of impact strategies we are invested in:
• Access to quality education via an educational digital tool for underserved children • Life expectancy and quality by improving patient safety, increase quality treatment, provide resilient resource and healthcare infrastructure • Climate change via green building management systems and infrastructure systems • Protect and preserve natural recourses via biodiversity, sustainable agriculture, water management and waste management • With the Global Future fund, we have combined our long and extensive experience in both ESG and Private Equity to make it possible to leverage our in-house expertise and create value for both our clients and to make a positive impact
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