Sustainability Report 2022
SEB Private Equity
1

SEB Private Equity Sustainability report 2022
Table of contents
1. Opening remarks
2. About SEB Private Equity
2.1 At a glance
2.2 Sustainability highlights
2.3 Our investment strategies
3. Sustainability at SEB Private Equity
3.1 Our sustainability commitments
3.2 Sustainability investing through active ownership
3.3 Investment themes
3.4 Contribution to the SDGs
3.5 Toolbox to stay ahead of the curve
3.6 Our sustainability journey
4. Our investment programs
4.1 Nordic investment program
4.2 Global investment program
4.3 Listed private equity investment program
22

SEB Private Equity Sustainability report 2022
Our commitment to sustainability is stronger than 
ever, and we have taken several important steps 
during 2022 to raise the bar on sustainability. We 
are now signatories of several important initiatives 
in the financial industry, such as the PRI (since 
2008), Paris Aligned Investment Initiative Private 
Equity Working Group (2021), ILPA ESG Data 
Convergence Initiative (2021) and are part of SEB 
Investment Management’s commitment to net-zero 
emissions across our portfolios by 2040. I also feel 
good about the resources we have dedicated to 
sustainability – a crucial part of an ambitious 
approach to sustainability. Not only do we have a 
team within the investment team that takes 
leadership on sustainability issues, but we also have 
extensive resources to draw on through our close 
collaboration with the rest of SEB and can access 
deep ESG expertise to the benefit of our investors 
and portfolio companies.
I’m also happy with the impressive work of our 
portfolio companies. In 2022, we had our first 
portfolio company, Accedo, submit a Science-Based 
Target. Accedo has taken a very proactive 
approach to sustainability and aims to be a leader in 
sustainability in the media-tech industry, as they see 
the benefits it has on recruiting and employee 
retention, customer dialogues, and reputation 
among stakeholders. We have also seen several 
other portfolio companies take steps to improve 
their governance around sustainability, improve 
their data tracking, and set goals and targets for 
their sustainability work.
SFDR level 2 came into force in yearend 2022. 
During the spring, we have done an extensive job of 
gathering data on our portfolio companies to assess 
their performance on key sustainability metrics. 
This exercise was carried out a year ago for our 
Nordic portfolio, and in this, we have found a good 
working model for supporting our businesses in 
better understanding their environmental and social 
footprints.
While it is easy to find parts of the SFDR and 
Taxonomy to criticise, we believe the new 
regulation will play an important role in driving 
wider adoption in the financial industry to take 
concrete steps in the right direction. This is just the 
beginning of a long journey and I’m optimistic that 
the early uncertainty and misalignment between 
the regulation and what really is material to 
businesses will converge over time.
Victor Lang
CIO and Head of SEB Private Equity
Opening remarks
Our commitment to sustainability is 
stronger than ever, and we have taken 
several important steps during 2022 
to raise the bar on sustainability.
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1. Opening remarks

SEB Private Equity Sustainability report 2022
About SEB Private Equity
At SEB Private Equity, we invest capital 
from leading third-party institutions, 
including endowments and pension funds. 
Founded in 1998, we have since become a 
leading Nordic-based global private equity 
investor. We focus on developing 
companies both operationally and 
strategically by partnering with 
entrepreneurs and managers. By doing so, 
we have managed to build a highly 
experienced team with an excellent 
network, and the skills to source 
proprietary investment opportunities and 
create long-term investor value.
We manage approximately USD 4bn in 
capital on behalf of clients, and our 
Stockholm-based team makes 
investments both across the Nordics and 
globally. Our approach is unique. It is 
different from other private equity firms in 
that we invest directly in majority-owned 
companies in the Nordics, directly 
alongside selected partners globally and 
indirectly through established 
partnerships as primaries and 
secondaries. This investment strategy 
allows us to be flexible and opportunistic 
during market movements to direct our 
attention to where it is most lucrative to 
invest.
1998
SEB PE was founded
100+
Direct investments
9
Funds raised
17
Investment professionals
2008
Became a 
signatory of the UN PRI
$4bn
AuM
1
Dedicated 
sustainability specialist
7 of 9
Funds classified 
as article 8 or 9
>2.5x
Gross MOIC across all 
exited direct investments
At a glance:
4
2. About SEB Private Equity
SEB Private Equity Sustainability report 2022

SEB Private Equity Sustainability report 2022
5
•
First full SFDR reporting cycle, covering >1,200 
portfolio companies across all our portfolios
•
SFDR classification of all our portfolios, of which 
one, Active Owners Impact, is classified as an 
Article 9 fund
•
Launched our Sustainability Playbook for Portfolio 
Companies
•
We have set long-term targets for our three 
strategies: Nordic, Global and Listed. More about 
this on pages 11 and 19
Sustainability highlights 2022
5
2. About SEB Private Equity

SEB Private Equity Sustainability report 2022
Our investment strategies
SEB PE has raised nine funds across three investment programs. We invest directly into majority-owned companies in the Nordics as well as alongside selected 
partners globally, leveraging on the knowledge from our unique global network that we have built over 25 years. In addition, SEBPE has a listed private equity program 
which invests in listed private asset managers as well as operational companies backed by a private equity or activist investor.
Thematic 
approach
Sustainability, healthcare & technology
Investment 
type
Nordic Directs
Global Directs
Listed Private Equity
Global Partnerships
Description
Nordic direct strategy
We are an active partner to our Nordic 
portfolio companies in the lower mid-
market, typically taking board seats and 
joining as the majority owner. We want 
to support founder-led and family 
businesses in realising their full potential 
by adding expertise and resources 
through our extensive network.
Global direct strategy
Through our close relationship with 50+ top 
global investment partners, we have built a 
network through which we source and make 
direct investments on the global stage in a 
diversified set of attractive opportunities 
across geographies, industries, and company 
maturity stages.
Since inception, we have made 100+ direct 
investments outside of the Nordics, at highly 
attractive risk-adjusted returns
Listed direct strategy
Through our global investment approach, 
we identify attractive direct investment 
opportunities, some being traded in the 
public markets. Our listed strategy 
leverages these insights and has the 
explicit strategy to invest alongside 
reputable private market investors in 
public companies with a clear value 
creation plan through strong and active 
ownership. 
Global partnership strategy
Over decades, we have built an established 
network of carefully selected private 
investment partners. 
We invest in partnership structures and directly 
into portfolio companies on a global stage, and 
because of our experience, network, and 
insights in many sectors, we have over 40 LPAC 
and board seats globally. 
Focus
Majority and control investments
Co-control and minority investments
Public market investments showcasing 
private equity-like returns
Partnership investments with 
long-term partners
Strategy
Small to medium-sized companies in 
sectors with attractive value-creation 
opportunities
Exceptional businesses with market-leading 
positions in the venture, growth, and buyout 
phases
Investing in listed private asset managers 
as well as operational companies backed 
by a private equity or activist investor
Top quartile generalist as well as specialist 
partners in mainly North America and 
Europe
Core products
•
Nordic Direct I (2014)
•
Nordic Direct II (2020)
•
Global Direct I (2009)
•
Global Direct II (2017)
•
Global Direct III (2022)
•
Listed Private Equity (2008)
•
Active Owners Impact (2015)
•
Global Partnership I (2006)
•
Global Partnership II (2021)
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2. About SEB Private Equity

SEB Private Equity Sustainability report 2022
Driving change
SEB PE takes an active role in the ownership of its 
holding companies. We regard this as vital for the 
success in the private equity industry at large and 
allows for faster and more impactful change. 
Especially for sustainability, we regard this as an 
important strength in creating actual impact rather 
than sitting on the side-line and expecting someone 
else to do the work.
Culture
A winning company culture attracts better talent and 
retains that talent. As such, a stimulating culture 
lowers employee turnover and improves the 
collaboration among colleagues, which is always our 
aim. SEB PE also believe that companies with a focus 
on sustainability is better equipped to hire motivated 
and loyal employees that are proud of working at 
their company.
Stewardship
SEB PE aims to build an attractive and well-
functioning governance model which ensures the 
alignment of incentives throughout the company. 
Moreover, SEB PE has experience in setting up a 
strong operating model in their portfolio companies in 
terms of applying best policies & practices, adopting 
sustainability KPI reporting, and starting new 
sustainability initiatives.
Global and local programs creates extensive 
reach
Our global partner network benefits greatly from our 
active engagement in their activities through advisory 
boards, direct ownership, and knowledge of best 
practices in the industry. Actively pushing our 
partners to improve on sustainability allows us to 
have a truly global impact on how business is 
conducted, with exposure to 1,200+ companies. 
This is especially important in markets that have not 
come as far as Europe, such as North America, South 
America, and Asia. SEB PE is also an active voice and 
proponent of sustainability through industry 
organisations, such as the ESG Data Convergence 
Initiative and the Paris Aligned Investment Initiative 
Private Equity Working Group.
As an asset manager, we believe that our goals and 
commitment to Environmental, Social and 
Governance (“ESG”) initiatives are ambitious and 
necessary to stay relevant as the world keeps 
evolving around the ESG topic. Our portfolio 
companies will play an integral part in this journey 
and we are optimistic that we, as active private 
equity owners, can help create a real impact through 
a joint effort with the teams of our portfolio 
companies.
Sustainability at SEB Private 
Equity
Active ownership is in the DNA of 
private equity, and at SEB Private Equity 
we consider engagement as core to 
what we do.
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3. Sustainability at SEB Private Equity

SEB Private Equity Sustainability report 2022
Our sustainability
commitments
SEB Private Equity has been a signatory of 
the UN PRI since 2008 and received an A
rating in 2020.
The Paris Aligned Investment Initiative is a 
collaborative investor-led global forum 
enabling investors to align their portfolios 
and activities to the goals of the Paris 
Agreement. 
SEB Investment Management has 
committed to achieving net-zero GHG 
emissions by 2040 across all portfolios.
The ESG Data Convergence Initiative is a 
partnership between BCG and ILPA to 
harmonise ESG reporting in the private 
equity industry
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3. Sustainability at SEB Private Equity

SEB Private Equity Sustainability report 2022
SEB Private Equity’s sustainability journey
2020
Listed Private 
Equity fund
Global Direct I
Nordic Direct I
Global 
Partnership I
Active Owners
Impact1
Global Direct II
2004
SEB signed the UN 
Global Compact
2008
SEB Investment 
Management 
signed the UN PRI
Starts work on the 
UN's global goals 
for sustainable 
development
2015
Nordic Direct II
Global Direct III
SEB Investment 
Management’s
Sustainability 
team was formally
established
2010
Global 
Partnership II
SEB IM joins the 
Working Group on 
Private Equity 
within the 
framework of the 
IIGCC Paris 
Aligned 
Investment 
Initiative
2017
IM joined the Net 
Zero Asset 
Manager 
initiative – an 
international 
group of asset 
managers 
committed to 
supporting the 
goal of net zero 
greenhouse gas 
emissions by 
2050 or sooner
2021
SEB IM decides on 
a new 
sustainability 
policy and a new 
position on the 
climate issue - SEB 
IM sets the goal 
that the overall 
investment 
portfolio will be 
carbon neutral by 
2040
1 Renamed in January 2022, previously Industrial Opportunities
~$4bn AuM
2022
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3. Sustainability at SEB Private Equity

SEB Private Equity Sustainability report 2022
Leveraging secular trends to tackle societal challenges
Attractive markets, coupled with opportunity to make a 
difference
The interest among investors in sustainability has grown enormously. Simultaneously, 
we have seen consumers both becoming more educated about the effects of their 
consumer behaviour and are increasingly demanding sustainable products. 
We see in front of us a completely new sector being formed under the epithet of 
sustainability, with incredibly large growth potential.
Technology
Technology plays an instrumental role in transitioning society to achieve the set 
targets for the Paris Agreement. Moreover, technology will be important to achieve 
equality through affordable products that level the economic playing field for people 
across the globe. Technology is also the core in many of the circular solutions.  
Healthcare
With an aging population and changing demographics, innovation in healthcare and 
improvement of care will be vital to face the challenges of a larger population in the 
higher age brackets. Safety is similarly an important aspect to prevent injuries, 
hospitalisation, and casualties. Healthcare has lately become more accessible to 
everyone, and an immense trend of telehealth is expanding across the world. 
Sustainable transformation
While technology and healthcare are two important areas for the future from a 
sustainability perspective, there are loads of other businesses which we believe are 
part of the solution. We label these sustainable transformation.
Investment 
themes
TECHNOLOGY
HEALTHCARE 
AND SAFETY
SUSTAINABLE
TRANSFORMATION
Megatrends
•
Smart buildings
•
Shared mobility 
•
Food waste reduction
•
Autonomous vehicles
•
Telehealth
•
Preventive healthcare
•
Genetic modification
•
Robotic surgery
•
Genetic sequencing
•
Recycling raw materials 
•
Green steel
•
Biofuels
•
Solar power
•
Wind power
•
Electrical vehicles
SDGs
Portfolio 
companies
10
3. Sustainability at SEB Private Equity

SEB Private Equity Sustainability report 2022
ESG approach –A value creation 
plan
To SEB PE, it is important that the outcome and 
magnitude of each ESG initiative is as profound as 
possible. Therefore, SEB PE has adopted a 
framework to evaluate each decision per the 
following criteria: 
Controllability– i.e. the level of control the company 
has over the outcome when implementing a measure; 
Scalability & effect – i.e. how much of a positive 
impact the initiative has on the sustainability footprint 
of the business and how well it can continue to scale 
as the business grows; 
Commercial angle – i.e. how well does it affect the 
customers’ or other relevant stakeholders’ decision-
making?; 
Measurability– i.e. how easily the desired effect can 
be measured and followed up; and 
Cost– i.e. initial and ongoing costs of implementing 
the measure. 
Upon entry, SEB PE implements the following policies 
and routines in order to adhere to best practices and 
provide insight into the continuous ESG work: 
•
Code of Conduct, which needs to address Anti-
corruption, Human Rights, Anti-money 
laundering, and the environment
•
Trade sanctions screening and GDPR and 
integrity policy
•
Whistle-blowing function
•
ESG KPI tracking
In order to ensure that the most relevant KPIs are 
measured for each individual company, SEB PE 
applies the “six As” approach to determining the right 
set of KPIs for each company: 
•
Aligned – Make sure the KPIs you are choosing 
align with the strategic goals and objectives of 
your organisation 
•
Attainable – The KPIs you choose to measure 
should have data that can be easily obtained 
•
Acute – KPIs should keep everyone on the 
same page and moving in the same direction
•
Accurate – The data flowing into the KPI 
should be reliable and accurate
•
Actionable – The KPI should give you insight 
into the business that is actionable;
•
Alive – Your business is always growing and 
changing. Your KPIs should evolve with it.
Target by year-end 2030: Nordic strategy
All our portfolio companies where SEB Private 
Equity is in a position of influence should have set 
a Science Based Target
* Position of influence means companies in which SEB 
PE has at least one board seat
** Companies that have been in the portfolio less than 
12 months are excluded (grace period)
Nordic investment program
Nordic Direct I
Vintage: 2014
Strategy: Control investments in the Nordic lower mid-market
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, ESG KPI 
tracking
ESG KPIs tracked: EU SFDR PAIs, EU Taxonomy Alignment, UN SDGs
Nordic Direct II
Vintage: 2020
Strategy: Control investments in the Nordic lower mid-market
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, ESG KPI 
tracking
ESG KPIs tracked: EU SFDR PAIs, EU Taxonomy Alignment, UN SDGs
11
4.1 Nordic investments

SEB Private Equity Sustainability report 2022
Overview of Nordic Direct I
FUND
ENTRY
COMPANY
SUB-SECTOR
HQ COUNTRY
STATUS
SCIENCE-BASED 
TARGET1
SDGS PROMOTED
WEBSITE
Nordic Direct I
2018
7A
Co-working/conference
Sweden
Active
No
7a.se
Nordic Direct I
2016
Accedo
Media technology
Sweden
Active
Yes
accedo.tv
Nordic Direct I
2021
Axkid
Child car seats
Sweden
Active
No
Axkid.com
Nordic Direct I
2020
Hightower
Financial services
USA
Active
No
hightoweradvisors.com
Nordic Direct I
2020
Rimes
Software
UK
Active
No
rimes.com
Nordic Direct I
2018
VaccinDirekt
Vaccination clinics
Sweden
Active
No
vaccindirekt.se
Nordic Direct I
2014
Norcospectra
Retail interior
Sweden
Exited
-
norcospectra.com
Nordic Direct I
2016
Tawi
Smart lifting equipment
Sweden
Exited
-
tawi.com
Nordic Direct I
2018
Planday
Workforce management
Denmark
Exited
-
planday.com
Nordic Direct I
2017
Solunobc
Mobile communication 
and collaboration
Sweden
Exited
-
dstny.com
Nordic Direct I
2014
Uniwater
Water and wastewater 
infrastructure
Sweden
Exited
-
Uniwater.se
1) Refers to companies which have submitted a Science-Based Target for validation to the SBTi.
12
4.1 Nordic investments

SEB Private Equity Sustainability report 2022
Overview of Nordic Direct II
FUND
ENTRY
COMPANY
SUB-SECTOR
HQ COUNTRY
STATUS
SCIENCE-BASED 
TARGET1
SDGS PROMOTED
WEBSITE
Nordic Direct II
2021
Many Pets
Pet insurance
UK
Active
No
manypets.com
Nordic Direct II
2021
Eatery
Restaurants & catering
Sweden
Active
No
eatery.se
Nordic Direct II
2021
Matsmart
Surplus food retailer
Sweden
Active
No
matsmart.se
Nordic Direct II
2022
Renall
Waste management
Sweden
Active
No
renall.se
Nordic Direct II
2021
Loviseberg Presseri
Premium juice
Sweden
Active
No
rasaft.se
Nordic Direct II
2022
Sesol
Solar panels
Sweden
Active
No
sesol.se
Nordic Direct II
2021
Smedbo
Bathroom accessories
Sweden
Active
No
smedbo.se
Nordic Direct II
2021
Truesec
Cybersecurity
Sweden
Active
No
truesec.com
Nordic Direct II
2022
Worldfavor
ESG data software
Sweden
Active
No
worldfavor.com
13
1) Refers to companies which have submitted a Science-Based Target for validation to the SBTi.
4.1 Nordic investments

The SEB Private Equity angle
•
SEB PE entered Matsmart as the leading investor 
in a fundraising round of SEK 350m in Q1 2021.
•
We identified the large need to address the food 
waste problem in society, which is especially 
troubling in developed countries. As such, SEB PE 
regarded Matsmart as a business with an 
attractive business model which helps tackle the 
problem and simultaneously lets people buy 
groceries at more affordable prices.
•
SEB PE sees several initiatives to keep building on 
the sustainability journey for Matsmart, such as 
growth outside of existing markets.
•
Other initiatives include broadening the product 
range, especially for the fixed part of the 
assortment, including launching its own brand in 
order to increase customers’ share of wallet and 
thereby their sustainable consumption of surplus 
food.
Environmental
•
Food waste is a huge concern across the globe that 
has led to unnecessarily large GHG emissions. For 
example, nearly 40% of food is discarded in the 
U.S.1
Social
•
By reselling surplus food at a discount, Matsmart 
not only helps the planet but also allows people on 
a budget to buy food at more affordable prices.
Key SEB Private Equity sustainability 
initiatives
As the investment in Matsmart is still young, SEB 
Private Equity is still in the initiation period of the 
ESG value creation plan.
We deem growth itself as a way to create a 
sustainable impact on society for a business like 
Matsmart, as the tonnage of surplus food saved is 
the core of the positive impact that Matsmart
deliver.
Implementation of key policies and processes, 
such as CoC, sanction screening, etc.
Implementation of data tracking of key KPIs
UN SDG contribution
14
SEB Private Equity Sustainability report 2022
4.1 Nordic investments
1) Source: https://www.feedingamerica.org/our-work/reduce-food-waste

The SEB Private Equity angle
•
SEB Private Equity came in during 2014 through a 
corporate carve-out situation in which SEB PE built 
a company around three initial units, and created 
value from the start by achieving a more adequate 
structure for growth.
•
Sustainability was a key part of the investment 
thesis, as SEB Private Equity identified a clear 
need for improving water-use efficiency and 
water quality, as a top priority and part of the 
UN’s Sustainable Development Goals.
•
With virtually no ESG experience upon entry in the 
business, SEB Private Equity has worked 
systematically to make the company aware of the 
important role they play from a sustainability 
perspective.
•
While the main focus has been on strategic 
initiatives to build more efficient and sustainable 
solutions for municipalities, construction 
companies, wholesalers, and pumping station 
manufacturers - SEB Private Equity also saw a 
need for building out best practices with regard to 
corporate policies and routines.
Key sustainability themes
Environmental
•
Aging water infrastructure built in the 1960s and 
1970s, which does not meet the growing demand 
associated with population growth and 
urbanisation
•
Stricter regulation coming into force to ensure 
water quality and sustainability by improving 
resource efficiency, reducing spillage, and more
•
Need to modernise water infrastructure in order 
to mitigate climate change impact from storms, 
elevated sea levels, and floodings
Key SEB Private Equity sustainability 
initiatives
Improved product assortment and solutions that 
improve water-use efficiency
Increased focus on workplace safety through 
updated procedures and policies
Recruited Quality and Sustainability Manager 
tasked with improving the company’s activities, 
including starting to measure the environmental 
footprint 
UN SDG contribution
15
SEB Private Equity Sustainability report 2022
4.1 Nordic investments

The SEB Private Equity angle
•
Sustainability was a key consideration in the 
investment thesis of Sesol, as Sesol’s business 
model is highly connected to UN SDG 7 and the 
transition to renewable energy – with the 
installation of solar panels and EV chargers.  
•
SEB PE has identified several ESG focus areas 
going forward to build on Sesol’s sustainability 
journey, such as getting all outstanding policies 
and processes in place, including implementation 
of business ethics and anti-corruption policy, 
Supplier Code of Conduct, implementing the 
whistle-blower function, and continuously 
following-up on employee and customer 
satisfaction. 
Key sustainability themes
Environmental
•
Electrification is a megatrend, that together with 
the prevailing energy shortage, is firing the 
demand for renewable energy solutions.
•
By offering turnkey solar hardware and 
installation services, Sesol has created a win-win 
offering where the customer can decrease their 
energy costs without emissions.
•
Shifting from fossil fuels to a renewable, 
unlimited, and GHG-free power source has a 
positive impact on the environment and creates 
healthier living spaces.
Key SEB Private Equity sustainability 
initiatives
Due to still being early days with Sesol, SEB 
Private Equity is still in the initiation period of the 
ESG value creation plan
Growing Sesol organically and increasing the 
solar energy footprint alone is a way of having a 
sustainable impact on society
Implementation of key policies and processes
Implementation of data tracking of key KPIs
UN SDG contribution
16
SEB Private Equity Sustainability report 2022
4.1 Nordic investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (environmental)
17
#
KPI
DEFINITION
UNIT
NORDIC  DIRECT I
NORDIC DIRECT II
1
Scope 1 - GHG emissions
In-house generated emissions
tCO2e
54
1 316
2
Scope 2 - GHG emissions
Purchased energy
tCO2e
445
195
3
Scope 3 - GHG emissions
Third-party generated emissions
tCO2e
N/A
N/A
4
Scope 1 & 2 GHG emissions
tCO2e
499
1,511
5
Carbon footprint
Emissions intensity of portfolio
tCO2e
16
14
6
GHG intensity
GHG emissions per EURm revenue
tCO2e
37
30
7
Exposure to fossil fuel sectors
Percent of portfolio with exposure
%
0.0%
0.0%
8
Share of non-renewable energy consumption
%
19.3%
43.2%
9
Energy consumption per high impact climate 
sector
GWh per EURm in revenue
GWh
0.02
0.01
10
Impact on biodiversity-sensitive areas
Percent of portfolio having adverse impact
%
0.0%
0.0%
11
Emissions to water
tonnes
0.0
0.0
12
Hazardous and/or radioactive waste ratio
tonnes
0.01
0.14
13
Lack of carbon reduction target
%
36.7%
100.0%
14
EU Taxonomy eligibility
Revenue eligibility
%
40.0%
40.0%
15
EU Taxonomy alignment
Revenue alignment
%
0.0%
29.0%
4.1 Nordic investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (social & governance)
18
#
KPI
DEFINITION
UNIT
NORDIC  DIRECT I
NORDIC DIRECT II
1
Lack of supplier CoC
%
0.0%
8.0%
2
Board gender diversity
Percent of female board directors
%
25.5%
27.4%
3
Unadjusted gender pay gap
Male gross hourly pay / female gross hourly pay
%
3.2%
7.7%
4
Revenue from controversial weapons
Percent of portfolio with exposure
%
0.0%
0.0%
5
Lack of policies & mechanisms to monitor 
and comply with UNGC*
%
20.0%
17.2%
6
Violations of the UNGC*
Percent of portfolio which has reported violations
%
0.0%
0.0%
*) Refers to United Nations Global Compact
4.1 Nordic investments

SEB Private Equity Sustainability report 2022
Global investment program
Global Partnership I (Opportunity I)
Vintage: 2006
Strategy: Partnership investments globally
SFDR classification: Article 6
Approach to ESG: Exclusions
ESG KPIs tracked: N/A
Global Direct I (Opportunity II) 
Vintage: 2009
Strategy: Partnership and direct investments globally
SFDR classification: Article 6
Approach to ESG: Exclusions
ESG KPIs tracked: N/A
Global Direct II (Opportunity IV)
Vintage: 2017
Strategy: Direct investments globally
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, tracking ESG data
ESG KPIs tracked: EU SFDR, EU Taxonomy Alignment, UN SDGs
Global Partnership II
Vintage: 2021
Strategy: Partnership and direct investments globally
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, tracking ESG data
ESG KPIs tracked: EU SFDR, EU Taxonomy Alignment
Global Direct III
Vintage: 2022
Strategy: Direct investments globally
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, tracking ESG data
ESG KPIs tracked: EU SFDR, EU Taxonomy Alignment, UN SDGs
ESG approach –top-tier partners 
with a sustainability focus
Sustainability is integrated into the 
investment processes for all the assets 
managed. In Private Equity, the possibility and 
responsibility to emphasise sustainability is 
great due to the active involvement of the 
team in many of the investments. However, 
with our global investment program, whether 
directly or indirectly through LPACs (Limited 
Partner Advisory Committee), the team’s 
opportunities to monitor and influence the 
management of companies is mainly driven 
by the close relationships with our partners.
Our reputable name in the global private 
equity industry has allowed us to build unique 
relationships across the Private Equity 
sphere. Together with partners, we invest 
directly into portfolio companies on a global 
stage as well as through partnerships. Due to 
our experience, network, and insights in many 
sectors, we have over 40 LPAC and board 
seats globally, which allows us to actively 
push our partners to improve on 
sustainability. 
Target by year-end 2030: Global strategy
All our partners have formally committed on a 
firm level to have net-zero GHG emission 
portfolios by 2040.
4.2 Global investments
19

SEB Private Equity Sustainability report 2022
Strategy
Partnership investment
EU Mid-market
Partnership investment
US Mid-market
Partnership investment
EU & US Mid-market
Overview

Healthcare (SEB PE targeted sector)

Long-time SEB PE relationship (since inception 
2015)

Top-quartile partner

Healthcare (SEB PE targeted sector)

Long-time SEB PE relationship (since 2010)

Top-quartile partner

Close relationship (several touchpoints and 
relationships)

Leading ESG player with deep expertise (SEB PE 
targeted sector)

Strong track record across previous funds 
(showcases value creation potential with an ESG 
strategy)
Main strategy 
applicable to 
UN SDGs:
Top tier partners with a sustainability focus
20
4.2 Global investments

Company description
After more than 30 years in the market, Renaissance 
Learning has built one of the strongest platforms in 
the digital learning solutions sector with a reach 
covering a third of all U.S. K-12 schools, a >80% 
brand recognition among decision-makers, and a 
stable customer base with 70% of customers on 
board for more than 10 years.
Sustainability angle
K-12 education has been a laggard with regard to 
modernisation and digitalisation – despite digital 
tools proving to be an increasingly important way 
to ensure a pedagogic learning experience and 
improve resource efficiency in the education 
sector.
We believe that scalability, universal access, and 
high quality of education will follow from 
digitalisation, as was the case during the Covid-19 
pandemic. By leveraging top-level teachers and 
learning material that can be distributed widely, 
and to schools with lower budgets, we will 
hopefully see a shift in the quality of education in 
areas that historically have been underprioritized.
UN SDG contribution
21
SEB Private Equity Sustainability report 2022
4.2 Global investments

Company description
Innovyze, established in 1996, is the leading global 
provider of water infrastructure modelling and 
simulation software for utility companies, government 
agencies, and engineering consultants​. The company's 
modelling, simulation, and predictive analyses 
solutions enable more cost-effective and sustainably 
designed water distribution networks, water 
collection systems, water and wastewater treatment 
plants, and flood protection systems. The company 
has a competitive product portfolio offering mission-
critical software to the global water and wastewater 
market with clear market drivers supporting growth.
Sustainability angle
Innovyze enables the implementation of integrated 
water resources management and creates 
resilience to flooding from natural disasters or 
extreme weather, which is going to become more 
important going forward. Part of Innovyze’s 
offering targets this requirement in their Storm, 
Sewer and Flood Modelling segment.​
We believe that Innovyze will play an important 
part in helping to secure our future water 
availability by providing solutions for the ongoing 
water challenges, such as clean water delivered 
safely and continuously, wastewater transmitted 
and treated to be used again, and stormwater 
runoff managed to limit waste and reduce 
flooding.
22
SEB Private Equity Sustainability report 2022
UN SDG contribution
4.2 Global investments

The UN Sustainable Development Goals (SDGs) call on the 
private sector to help fill the financial gap, since governments 
themselves will not be able to financially achieve the SDGs on 
their own. Yet, global progress on the SDGs has been weak, 
and this awareness has shown that more forceful and direct 
investments in the SDGs are needed from investors and 
corporates.
As a key part of the EU’s Sustainable Development Policy 
Agenda, SFDR is intended to increase transparency on 
sustainability among financial institutions and market 
participants. The regulation consists of disclosure 
requirements on the organisational, service, and product levels 
to standardise sustainability performance, hence preventing 
“greenwashing” and enabling comparisons for sustainable 
investment decisions.
By integrating sustainability in all our investment processes, 
SEB PE can contribute to the SDGs. We work to identify the 
sectors and companies where we can make an economic 
profit, and at the same time provide solutions to environmental 
problems and create a positive social and environmental 
change.
This may be achieved, for instance, by investing in 
infrastructure, such as renewable energy, power generation, 
and fossil-free transportation. Companies active within 
electricity and power, that are working to transform their 
business models to become more sustainable, are identified 
when we analyse potential transition companies.
We map all our investments against the 17 UN Sustainability 
Goals (“SDGs”) to understand if and how the portfolio 
companies contribute to achieving one or more of the UN 
SDGs. We do this work by identifying which businesses are 
clearly linked to the detailed UN sub-SDGs through their core 
business model.
23
SEB Private Equity Sustainability report 2022
Unrealised global direct investments 
as of year-end 2022
58
Companies aligned with 
one or more UN sub-SDG
35
23
35
No alignment
1+ SDG aligned
# of SDGs aligned with on average for companies 
which are aligned with one or more UN sub-SDG
1.14x
31
3
1
0
5
10
15
20
25
30
35
1 SDG
2 SDGs
3+ SDGs
# of companies
Aligning our global directs 
strategy with the UN SDGs
4.2 Global investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (environmental)
24
#
KPI
DEFINITION
UNIT
GLOBAL 
DIRECT II
GLOBAL 
DIRECT III
GLOBAL 
PARTNERSHIP II
1
Scope 1 - GHG emissions
In-house generated emissions
tCO2e
3,134
264
185
2
Scope 2 - GHG emissions
Purchased energy
tCO2e
3,929
47
128
3
Scope 3 - GHG emissions
Third-party generated emissions
tCO2e
27,781
329
988
4
Total GHG emissions 
tCO2e
34,844
640
1,301
5
Carbon footprint
Emissions intensity of portfolio
tCO2e
101
45
70
6
GHG intensity
GHG emissions per EURm revenue
tCO2e
215
251
207
7
Exposure to fossil fuel sectors
Percent of portfolio with exposure
%
2.4%
0.0%
0.0%
8
Share of non-renewable energy consumption
%
61.3%
93.6%
78.7%
9
Energy consumption per high impact climate 
sector
GWh per EURm in revenue
GWh
0.12
0.12
0.08
10
Impact on biodiversity-sensitive areas
Percent of portfolio having adverse impact
%
N/A
N/A
N/A
11
Emissions to water
tonnes
N/A
N/A
N/A
12
Hazardous and/or radioactive waste ratio
tonnes
N/A
N/A
N/A
13
Lack of carbon reduction target
%
N/A
N/A
N/A
14
EU Taxonomy eligibility
Revenue eligibility
%
N/A
N/A
N/A
15
EU Taxonomy alignment
Revenue alignment
%
N/A
N/A
N/A
Global Direct funds
Global Partnership 
funds
Note: GD II was previously known as Private Equity Opportunity IV.
4.2 Global investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (social & governance)
25
#
KPI
DEFINITION
UNIT
GLOBAL 
DIRECT II
GLOBAL 
DIRECT III
GLOBAL 
PARTNERSHIP II
1
Lack of supplier CoC
%
N/A
N/A
N/A
2
Board gender diversity
Percent of female board directors
%
24.8%
23.9%
23.3%
3
Unadjusted gender pay gap
Male gross hourly pay / female gross hourly pay
%
0.5%
0.0%
-1.0%
4
Revenue from controversial weapons
Percent of portfolio with exposure
%
N/A
N/A
N/A
5
Lack of policies & mechanisms to monitor and comply 
with UNGC*
%
N/A
N/A
N/A
6
Violations of the UNGC*
Percent of portfolio which has reported violations
%
N/A
N/A
N/A
4.2 Global investments
Note: GD II was previously known as Private Equity Opportunity IV.
Global Direct funds
Global Partnership 
funds

SEB Private Equity Sustainability report 2022
Active Owners Impact –ESG 
approach
The investment team strives to find companies that 
actively contribute to the fund’s sustainability 
objective “Sustainable Communities” and aims to 
solve global sustainability challenges. Our strategy is 
to find companies that contribute towards 
sustainable goals, such as significantly reducing 
carbon emissions in line with the objective of the Paris 
Agreement, and/or the contribution to one or more of 
the UN SDGs. 
The fund has sustainable investing as its goal and 
strives to achieve this through the integration of 
environmental, social, and corporate governance 
factors (ESG) into the investment process and 
investment decisions. Through an active ownership 
approach, The investment team seeks to influence 
portfolio holdings on sustainability issues, risks, and 
opportunities throughout the holding period.
Active Owners Impact fund 
objective
The fund is targeting an average 2% YoY increase 
over a five-year period of the main KPIs as listed 
below (on a like-for-like basis since the start of KPI 
measurements).
Environment
•
Total amount of GHG emissions avoided per 
year 
•
MW of renewable energy created
•
Total amount of resources saved (e.g. land, 
water, energy)
Social
•
Number of lives positively impacted 
(e.g. healthcare, number of jobs created)
•
People connected to electricity / broadband / 
mobile signal
Listed private equity investment 
program
26
4.3 Listed investments
Active Owners Impact
Vintage: 2015
Strategy: Actively managed fund, that invests globally in listed equities that seek to 
create an environmental or social impact with an active and engaged private equity 
owner that is driving operational value creation
SFDR classification: Article 9
Approach to ESG: Exclusions, all investments meets the fund’s sustainable 
objective, ESG KPI tracking
ESG KPIs tracked: UN SDGs, EU SFDR, EU Taxonomy Alignment, company 
engagement
Listed Private Equity
Vintage: 2008
Strategy: Actively managed fund, that invests globally in listed equities with a 
private equity angle and/or listed companies with a private equity minority owner
SFDR classification: Article 8
Approach to ESG: Exclusions, promoting sustainable practices, ESG KPI tracking
ESG KPIs tracked: EU SFDR, EU Taxonomy Alignment

SEB Private Equity Sustainability report 2022
Sustainability is at the core of Active Owners 
Impact’s investment philosophy. The fund uses a 
fundamental sustainability analysis approach to 
each new investment opportunity before 
investment decisions are taken and throughout the 
holding period of each portfolio company. The 
analysis is built on data obtained by SEB’s 
proprietary sustainability model, external data 
providers, company data, and the investment 
team’s own analysis and projections. 
The investment team assesses the data to ensure 
whether a company fulfils certain parameters and 
falls into the sustainable investment universe for 
the fund. These parameters include, but are not 
limited to, a company’s work towards significantly 
reducing carbon emissions in line with the objective 
of the Paris Agreement, or the contribution to one or 
more of the UN Sustainable Development Goals. 
Investments can be divided into three focus areas 
(with non-exhaustive lists of examples given):
•
Environmental impact: investments in 
companies that focus on lowering emissions, 
nurturing healthy ecosystems and promoting 
renewable energy
•
Social impact: investment in companies that, 
promote healthcare, offer quality education, 
enable financial security or promote healthy 
foods
•
Sustainable technology: investments that, 
promote technology for solving climate-related 
issues, innovation for resource efficiency, or to 
produce and consume more efficiently
Active Owners Impact
27
4.3 Listed investments

SEB Private Equity Sustainability report 2022
10 largest investments in the Active Owners Impact portfolio
Entry
Name
Sub-Sector
HQ country
Market Cap1
SDGs promoted
Website
March 17
Green school buses
U.S.
600
blue-bird.com
June 21
Renewable energy
Sweden
2,100
ox2.com
March 22
Renewable energy
U.S.
3,000
arraytechinc.com
May 19
Sustainable and organic food
U.S.
900
sunopta.com
July 22
EV charging infrastructure
U.S.
3,300
chargepoint.com
Oct 21
Space-efficient Warehouse 
automation
Norway
7,300
autostoresystem.com
July 20
Energy-efficient construction
UK
600
sigplc.com
March 20
Renewable energy
Germany
1,100
pne-ag.com
March 22
Cyber security enterprise 
software
U.S.
15,400
splunk.com
March 22
Clean electrification
U.S.
800
altuspower.com
1)
Rounded data as per year-end 2022 in USD millions
28
4.3 Listed investments

SEB Private Equity Sustainability report 2022
10 largest investments in the Listed Private Equity portfolio
Name
Sub-Sector
HQ country
Market Cap1
Dedicated ESG team
Website
Asset Manager
U.S.
35,300
apollo.com
Listed PE Portfolio
France
1,100
altamir.fr/en
Asset Manager
U.S.
43,400
kkr.com
Green school buses
U.S.
600
N/A
blue-bird.com
Business Development Company
U.S.
9,800
arescapitalcorp.com
Asset Manager
U.S.
98,000
blackstone.com
Listed PE Portfolio
U.K.
20,500
3i.com
Renewable Energy
U.S.
3,000
N/A
arraytechinc.com
Renewable Energy
Sweden
2,100
N/A
ox2.com
Asset Manager
U.S.
10,800
carlyle.com
1)
Rounded data as per year-end 2022 in USD millions
29
4.3 Listed investments

Company description
SunOpta is a leading global pioneer that is fuelling the 
future of sustainable, plant-based, and fruit-based 
food and beverages. The company is a contract 
manufacturer focused on organic foods with an 
ingredient sourcing platform. The company was 
founded close to 50 years ago and manufactures 
natural, organic and specialty products sold through 
retail and food service channels. SunOpta operates as 
a manufacturer of leading natural and private label 
brands and produces its own brands, including SOWN, 
Dream, Westsoy (rebranding to West Life in 2022), 
and Sunrise Growers.
Sustainability angle
SunOpta is focused on healthy, sustainability-
oriented beverages and foods, using organic 
ingredients. The company’s plant-based 
beverages, ingredients, and foods are inherently 
sustainable compared to dairy-based alternatives. 
The crops grown for plant-based foods require 
less land and water and produce less GHG 
emissions than animal-based proteins. 
SunOpta sources ingredients and packaging 
materials from suppliers focused on sustainability 
and requires certifications from their suppliers. 
Examples of certifications are Organic, Non-GMO 
and Rainforest Alliance compliance.
UN SDG contribution
30
SEB Private Equity Sustainability report 2022
Innovative provider of organic ingredients and healthy food
0
1
Dairy
Rice
Soy
Oat
Almond
Emissions (kg)
0
5
Dairy
Rice
Soy
Oat
Almond
Land use (sq m)
0
200
Dairy
Rice
Soy
Oat
Almond
Water use (L)
ENVIRONMENTAL IMPACT OF ONE DRINK (200ml)1
Its focus is on non-dairy beverages:  
consuming oat milk as compared to cow’s milk 
results in less greenhouse gas emissions, less 
land usage, less energy consumption, and less 
water consumption.
1)
SunOpta Investor Day presentation
4.3 Listed investments

Company description
Allego, a leading European EV charging network 
provider, was founded in the Netherlands in 2013 
where it is still headquartered. The company operates 
one of the largest pan-European EV public charging 
networks and is a provider of high-value add EV 
charging services.
Sustainability angle
Allego has a proprietary energy platform that is 
sourcing green energy from multiple suppliers and 
even directly from renewable energy sources. 
Every KWh that is supplied by Allego’s charging 
stations is 100% renewable (83 GWh of clean 
renewable energy to EV drivers in 2021).
This is not only attractive from a sustainability 
point of view, but it also allows the company to 
choose more optimal sourcing for charging stations 
as they can secure long-term PPAs with utility 
companies, and also reduces the volatility from the 
energy market.
31
SEB Private Equity Sustainability report 2022
European EV charging infrastructure provider 
The EU parliament 
and nearly 30 
major governments 
have announced 
plans to ban 
internal 
combustion engine 
(“ICE”) vehicles 1
EU has voted to 
support the ban 
of all ICE vehicle 
sales by 2035
UN SDG contribution
1)
October 2022 Investor presentation
4.3 Listed investments

Company description
PNE Group is a German wind power pioneer operating 
internationally and is one of the most experienced 
project developers of onshore and offshore wind 
farms. The company focuses on the development and 
operation of renewable energy projects and is also 
progressing in the storage of renewable energies and 
power-to-X technologies. PNE is working towards the 
goal of a secure, sustainable and profitable energy 
supply generated 100% from renewables.
Sustainability angle
Sustainability is a major part of PNE's core 
business model and is firmly anchored in the 
company ethos. The company is a clean energy 
solution provider, and as such, makes an important 
contribution to climate protection and promotes 
the use of renewable energies. The company has 
an aspiration to have a sustainable business model 
in the areas of wind energy, photovoltaics, storage 
solutions, and power-to-X technology with a focus 
on hydrogen.
Renewable-sourced electricity is key for 
decarbonisation, and PNE has embarked in a 
strategic direction that will include the entire 
renewable energy value chain and the processing 
of electricity.
UN SDG contribution
32
SEB Private Equity Sustainability report 2022
European renewable energy producer
1)
PNE Capital Market Day presentation 2022
World electricity generation (GWh/yr)1
4.3 Listed investments

Company description
OX2 develops and sells wind and solar farms and has 
taken a leading position in large-scale onshore wind 
power over the last 19 years. The company was 
founded in 2004 to be at the forefront of the 
transition to renewable energy, contributing to a 
sustainable future for people and the planet. OX2 was 
founded to develop sustainable and profitable large-
scale energy solutions, with the final goal of 
contributing to a 100% renewable energy 
ecosystem. 
Sustainability angle
OX2’s sustainability approach is based on four 
strategic focus areas: i) Foundation for good 
governance, ii) Climate and nature contribution, iii) 
Sustainable Leadership, and iv) Local engagement. 
Together these focus areas help the company 
reach its long-term sustainability targets and 
accelerate access to renewable energy. The 
company’s long-term sustainability targets aim to 
increase renewable energy production, be a leader 
in health and safety, and create nature-positive 
wind and solar farms.
The renewables market is poised for further 
structural growth due to the combination of 
several megatrends, namely decreasing 
technology costs, strong political and societal 
support, ever-increasing investor interest, phasing 
out of legacy power generation capacity and 
repowering of installed capacity, as well as robust 
demand supported by the ongoing electrification 
of end-uses for energy.
UN SDG contribution
33
SEB Private Equity Sustainability report 2022
Nordic pure play renewable energy project developer
TARGETS, RENEWABLE ENERGY OF TOTAL (%)1
32%
33%
21%
51%
65%
20%
23%
15%
38%
49%
20%
17%
11%
41%
55%
EU
France
Poland
Finland
Sweden
2030
2020
2019
EU members have established national targets for renewable energy sources 
as a share of total energy consumption
1)
OX2 company material
4.3 Listed investments

Company description
Array Technologies is one of the world’s largest 
providers of utility-scale solar tracker technology. 
Engineered to withstand the harshest conditions on 
the planet, Array’s high-quality solar trackers and 
sophisticated software maximise energy production, 
accelerating the adoption of cost-effective and 
sustainable energy.
Sustainability angle
Sustainability is the essence of Array’s business, 
which has allowed the company to create 
products that improve the efficiency of solar 
photovoltaic (PV) arrays and enable the transition 
to a low-carbon renewable energy future
Array’s solution is designed for simplicity, and the 
trackers use 167 times fewer components than 
their competition, translating into fewer problems, 
quicker installations and zero scheduled 
maintenance over the typical 30-year product 
lifecycle. The trackers are also driven by durable 
motors instead of lithium batteries, with one 
motor controlling 24 or more modules – an 
arrangement that both saves cost and reduces 
both maintenance and waste. 
UN SDG contribution
34
SEB Private Equity Sustainability report 2022
Global provider of utility-scale solar tracker technology
Array increases production 
during the evening hours when 
electricity is most valuable 1
1)
Array August 2022 investor presentation
4.3 Listed investments

Company description
Blue Bird is the leading designer and manufacturer, 
and recognised as a technology leader and innovator, 
of school buses since its founding in 1927. The 
company design, engineer and manufacture school 
buses with a focus on safety, reliability and durability. 
The company is the proven leader in low- and zero-
emission school buses with more than 20,000 
propane, natural gas, and electric powered buses in 
operation today. Blue Bird is transforming the student 
transportation industry to cleaner energy sources.
Sustainability angle
Alternative powered bus leadership. In our opinion, 
Blue Bird is the market leader in electric, propane, 
gasoline, and CNG powered buses, having sold 
approximately 65% of all alternative powered 
school buses between 2013 through 2022. In 
2022, the company sold 3,974 propane, gasoline, 
CNG, and electric powered buses, which is an 
increase of 18% when compared with the prior 
year as market demand for alternative powered 
buses remained robust. 
To maintain their leadership position, they 
continue to expand the available features 
requested by customers, and during 2022, added 
a hydraulic braking system with electronic 
stability control and fuel-fired heaters for cold-
weather markets.
UN SDG contribution
35
SEB Private Equity Sustainability report 2022
Leader in electric and low-emission school buses
26%
48%
65%
100%
FY2016
FY2020
FY2024E
FY2030E
By 2030, expected to be “virtually all” 
zero-emissions
ALTERNATIVE POWER LEADERSHIP 1
1)
Blue Bird Investor presentation June 2021
4.3 Listed investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (environmental)
36
#
KPI
DEFINITION
UNIT
ACTIVE OWNERS 
IMPACT
LISTED PRIVATE 
EQUITY
1
Scope 1 - GHG emissions
In-house generated emissions
tCO2e
724
495
2
Scope 2 - GHG emissions
Purchased energy
tCO2e
394
379
3
Scope 3 - GHG emissions
Third-party generated emissions
tCO2e
26,811
19,515
4
Total GHG emissions
tCO2e
27,928
20,389
5
Carbon footprint
Emissions intensity of portfolio
tCO2e
584
271
6
GHG intensity
GHG emissions per EURm revenue
tCO2e
1,111
677
7
Exposure to fossil fuel sectors
Percent of portfolio with exposure
%
0%
0%
8
Share of non-renewable energy consumption
%
N/A
N/A
9
Energy consumption per high impact climate sector
GWh per EURm in revenue
GWh
N/A
N/A
10
Impact on biodiversity-sensitive areas
Percent of portfolio having adverse 
impact
%
0%
0%
11
Emissions to water
tonnes
N/A
N/A
12
Hazardous and/or radioactive waste ratio
tonnes
N/A
N/A
13
Lack of carbon reduction target
%
92%
88%
14
EU Taxonomy eligibility
Revenue eligibility
%
17%
8%
15
EU Taxonomy alignment
Revenue alignment
%
8%
4%
4.3 Listed investments

SEB Private Equity Sustainability report 2022
Adverse impacts analysis (social & governance)
37
#
KPI
DEFINITION
UNIT
ACTIVE OWNERS 
IMPACT
LISTED PRIVATE 
EQUITY
1
Lack of supplier CoC
%
43%
58%
2
Board gender diversity
Percent of female board directors
%
28%
30%
3
Unadjusted gender pay gap
Male gross hourly pay / female gross hourly pay
%
N/A
23%
4
Revenue from controversial weapons
Percent of portfolio with exposure
%
0%
0%
5
Lack of policies & mechanisms to monitor 
and comply with UNGC*
%
76%
68%
6
Violations of the UNGC*
Percent of portfolio which has reported violations
%
0%
0%
*) Refers to United Nations Global Compact
4.3 Listed investments

SEB Private Equity Sustainability report 2022
Disclaimer
Important information
General
Full details of the objectives, investment policies and risks for the fund(s) are included in the prospectus which is available with the key information documents in English and in an official language of the 
jurisdictions in which the fund(s) is/are registered for public distribution.
This marketing material is provided for informational purposes only, and has been prepared by Skandinaviska Enskilda Banken AB (publ) (“SEB”) and contains general information in relation to financial 
instruments marketed, sold or promoted by SEB. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The 
material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. The material has 
not been reviewed by any regulatory authority in any jurisdiction. 
Neither this material, nor the fund(s) described herein are intended for distribution or sale in the United States of America, or to any resident of the United States of America (“US Persons”) and any such use 
would be unlawful or unauthorized.  Further, this material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material or which would subject SEB, SEB 
Investment Management AB or any of their affiliates to any additional registration requirements, and in certain countries the material is provided upon specific request. Not all fund(s) are available in all 
countries. An investor’s eligibility for a particular fund is subject to the laws and regulations applicable to such investor.
Although the information herein has been based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information nor for any loss, damage or claim arising 
from the use of this material. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future 
returns are not guaranteed, and a loss of principal may occur. Investors may not recover the full amount invested. For more detailed information regarding the fund(s),  please refer to its fact sheet, Key 
Information Document, management regulations  (or articles of association) and prospectus, which materials can be obtained free of charge from www.sebgroup.lu. 
Information on taxes (if any) has been based on sources believed to be reliable, and may be subject to change. It should also be noted that information on tax (if any) has not been tailored on any individual 
circumstances of any individual potential investor and in order for an individual potential investor to understand the tax treatment of an investment the potential investor should obtain tax advice. 
Prospective investors should also inform themselves as to any applicable legal requirements and exchange control regulations in the countries of their citizenship, residence or domicile which might be 
relevant. 
While the investment manager seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark, if applicable. The portfolio 
risk management process includes an effort to monitor and manage risk, but does not imply low risk.
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SEB Private Equity Sustainability report 2022
The strategy may include use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a 
disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor 
is made.
If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds 
whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. 
The portfolio composition may change by the time you receive this material. The financial instruments described do not represent all of the portfolio's holdings and may represent only a small percentage of 
the strategy’s portfolio holdings. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics for the strategy used by the fund(s). It is 
recommended to read the most recent annual financial statement in order to be better informed about the investment policy of the fund(s). A complete list of securities in the portfolio is also available to 
investors upon request.
This information may not be current and SEB has no obligation to provide any updates or changes. The recipient is fully responsible for any decision to invest in the fund(s), and this material should not be 
deemed to be investment advice nor any form of recommendation to the recipient to invest in the fund(s). 
For investment advice tailored to individual circumstances, you are kindly requested to contact your investment adviser within SEB or your local investment advisor. You are fully and solely responsible for 
your investment decision.
The information in this material and any views expressed herein are as of the date indicated on the front cover, and may have changed since that time.
SEB Investment Management AB is a management company supervised by the Swedish Financial Supervisory Authority, and has its registered office at SE-106 40 Stockholm, Sweden. SEB Investment 
Management AB is a wholly-owned subsidiary of Skandinaviska Enskilda Banken AB (publ).
Disclaimer
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SEB Private Equity Sustainability report 2022
Additional information relevant to certain jurisdictions is included below. Note that this information applies only if the fund is registered for marketing in the respective jurisdiction and to investors in 
such jurisdiction.
For investors in Switzerland: 
The fund(s) is/are domiciled in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 
Zurich, acts as Swiss preventative and as Swiss paying agent of the fund(s).  The prospectus and the key information documents for Switzerland, the management regulations, the annual and semi-annual 
reports can be obtained, free of charge, at the offices of the Swiss representative.
For investors in Spain:
The fund(s) have been registered with the Securities Market Commission (Comisión Nacional del Mercado de Valores). A copy of the prospectus and key investor information document, the fund rules or 
instrument of incorporation as well as the annual and semi-annual reports of the fund(s) may also be obtained from the Spanish distributors of units in the fund(s). A complete list of the Spanish distributors 
of the fund(s) is available on the website of the Securities Market Commission (Comisión Nacional del Mercado de Valores) at www.cnmv.es.
Units in the fund(s) are sold in Spain in accordance with the marketing memorandum (memoria de comercialización), a copy of which should be provided by the relevant distributor to the investor prior to a 
purchase of units in the fund(s).
For investors in Italy:
Further information is provided in the Prospectus in English and in the Key Information Document in Italian, which have been published with Consob. The offering documentation is available, free of charge, 
from the Distributors and on the website www.sebgroup.lu. The updated list of distribution agents in Italy is available from the distributors themselves, at the Italian paying agents and on the website 
www.sebgroup.lu.
Read the Prospectus before subscribing. Potential investors are also encouraged to read the most recent annual financial statement in order to be better informed about the investment policy of the fund(s). 
Past performances are not indicative of future results. Past yields are shown gross of taxation.
For investors in France:
The Prospectus and the Key Information Document for the fund(s)  are available at the centralizing correspondent BNP Paribas Securities Services, 66, rue de la Victoire, 75009 Paris, telephone +33- 1 42 
98 10 00.
For investors in Sweden:
This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, 
Key Information Document, fund regulations and prospectus. These are available on www.seb.se/fonder. 
Disclaimer
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SEB Private Equity Sustainability report 2022
Disclaimer
Investors in Germany
This material is not intended for or suitable as the sole basis for investment decisions. SEB AB 
Frankfurt Branch does not offer investment advice. Instead, you should base your decision on the 
information in the prospectus, the key investor information documents and fund regulations as well 
as the annual and semi-annual reports. These documents can be obtained free of charge from the 
information agent and are available on the website www.sebgroup.lu
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SEB Private Equity Sustainability report 2022
SEB Private Equity
42
Telephone number +46 771 621 000
sebgroup.se