Business Insider interviewed 14 financiers and recruiters in private-equity firms and hedge funds about recent efforts towards ESG and impact investing.This story is available exclusively on Business Insider Prime.The coronavirus pandemic and the ongoing reckoning of racial justice and equity in the workplace has ESG investing at the forefront of the conversations in the asset management business.
The "socially responsible" investing class has expanded over the past five years, as cases have been made by business leaders that things like energy efficiency and diversity of thought in an organization can lead to better financial performance. In recent weeks, though, the conversation in the investing community around ESG — a term that refers to three factors used to screen potential investments: Environmental, Social and Governance — has ratcheted up.Impact investors try to buy stakes in companies whose products will play a positive role in society and the world, whereas ESG more so refers to the measurement of a company's operations, rather than products.
Benmouffok said that historically, ESG has been staffed by internal professionals, but now, firms are starting to look outside their own walls to tap talent, running searches that can last anywhere between weeks to months. TPG Rise, founded in 2016 in partnership with Bono and Jeff Skoll, has $5 billion in assets under management, and is currently raising its second fund, with a first close marked at $1.7 billion as of October 2019, according to an SEC filing.
"What's happened is, by virtue of being forced to go remote, there has been an acceleration of digital adoption," said Ellis.While these investments held up well throughout the pandemic, private-equity firms are now setting their sights on future deals and using internally harvested data.
Now, she said, 90% of her work time is spent on "offense," meaning looking for deal opportunities rather than putting out fires at portfolio companies."I would say that might not be true with every single strategy in an asset manager," said Goyal, pointing to the resiliency of the sector and the firm's portfolio.
But insiders agreed on one thing: recent months have provided momentum to the "S" component of ESG. And it's not just private-equity firms, either.plans to exit $16 billion hedge fund, ValueAct, and create a new fund focused on environmentally and socially responsible investing
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