Investing
for a sustainable world
ESG & Impact 
Report
2022

Editorial ……….….……..….........……..….......…..….............……..…........................…...................... 3
Our vision: Investing for a low-carbon future….…..…..............…………………………..………..….... 4
Key figures for 2021 ……………..………..………..………..…..….….…….………………………..…………...….5
Viewpoint from Arnaud Leroy ….……...................………..…...........………...……...…………..………. 7
1 | Demeter, pioneer and investment leader in the ecological and energy transition 
sectors ..………………………………………………………………………………...…........................................ 8
Our identity ……………..………………………………………………....….................................................. 9
Our investment sectors ………………………..……………………….……………..……...…..….................. 10
Our investments in 2021 & 2022 ...……………………………….......……………….……......................11
Our 4 new Article 9 funds launched in 2021 ..……………………..……….....……….………………....12
Our contribution to decarbonisation ……………………………………………..……………….………….. 16
Our contribution to biodiversity...……………………………………...………….................................22
Our contribution to the UN’s Sustainable Development Goals……………….....…....………....25
d
2 | Our ESG commitments to our communities …………………………..................................... 27
Demeter, increasing ESG commitments since 2005 …………....……….………………..…….………. 28
Our awards & accolades ………………………………………………………..…..……………………….……….. 29
7 companies supported by Demeter receive the “French Tech” label ……………………….….. 30
Our environmental, social and governance policy……….…..…………………………..…………....... 31
Our commitments at the management company level …………….…..…………...………….…….. 32
Our commitments to our portfolio companies………………………………………………….…….….…. 34
Our commitments to our employees……………………………………….………………………………..….. 35
Our commitment to our investors…………………………………………………………………………………. 36
Our commitments to our ecosystem…………………………………………………………………..…………. 39
Our diversity initiatives ……………………………………….…………………………………….….………….…… 43
3 | Innovative and in-depth impact measures …………….……..……………………….……...……….. 46
Overall ESG performance of our portfolios in 2021……………….………………….……..………..….. 47
Environmental performance of our portfolios in 2021…......……...………………………………..... 48
Social performance of our portfolios in 2021…......……...…………………………………………..…... 49
Governance performance of our portfolios in 2021…......……………………….…...………..……... 50
Paris Green Fund: a detailed and innovative assessment of territorial impact ……............ 51
Our contribution to the introduction of 'climate dividends' …………………………….………….... 56
Innovative impact measures for our new Article 9 funds…………………………………………....... 57
3 Demeter funds receive the GreenFin label ……...…………………………………..……………………. 62
Our achievements in 2021 and our roadmap for 2022 ………..………………………………..…..…. 63 
Appendices ………………..…………………………………………………………………………………………….…… 64
Key ESG performance indicators by fund …………..……………..……….………………....…..…………. 65
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
2
Contents

2021 was an exceptional year for investment in the ecological and energy transition sectors, characterized by a
strong acceleration: record in amounts invested by investment capital in France (€2.3 billion), record in
number of supported companies (125), and record in number of exits (more than 10). These are key
elements revealing the change of scale to be extended in the years to come. Relevant factors for this
acceleration include the concretization in 2021 of the European Green Deal, as the « Fit for 55 » climate
package’s main goal is to enable the reduction of greenhouse gas emissions by 55% by 2030, and the
taxonomy regulation providing a common framework to define “green” activities, thus steering funds. In
addition, France has chosen to support companies’ transition towards low-carbon models through the «
France 2030 » investment plan, resulting in February in the launch of a €5.6 billion program to decarbonize
the industry.
The outlook for 2022 is even more dynamic and the joint support of public and private players together with
commitments from players such as ADEME (cf. including the definition of scenarios to reach carbon
neutrality as described by Arnaud Leroy in his viewpoint page 6) should help to accelerate the development
of companies in the ecological and energy transition sectors as well as the shift from innovation financing to
industrialization financing. Specifically, the year is expected to be fruitful for companies in the circular
economy, sustainable agriculture and energy efficiency sectors.
In this context, Demeter pioneer and leader in investment for the ecological and energy transition, reinforced
its dynamism by successfully investing in 19 new companies and reinvesting in 37 existing portfolio companies.
This noteworthy performance reflects our expertise, the accelerated growth of our markets and the talent,
innovation and know-how of our entrepreneurs.
Our development dynamics accelerates with the launch of four new funds compliant with Article 9 of the
SFDR: VitiRev Innovation, for sustainable wine growing, Fonds d’Amorçage Industriel Métropolitain (FAIM) for
sustainable industry, the Circular Innovation Fund and the Climate Infrastructure Fund. Reflecting our ESG
policy and demonstrating our strong commitment, these four new funds include innovative and in-depth
impact measure methodologies and part of remuneration linked to performance on ESG objectives.
With €1.2 billion in assets under management, we are strengthening our business model, which combines
financial performance with a commitment to demanding ESG standards. Our portfolio companies'
performance indicators are testament to this: in 2021, their activities made it possible to avoid 5.1 million
tonnes of CO2 emissions and 23 TWh of energy consumption.
Along with our ecosystem as a whole, growing assets under management and the launch of new Article 9
funds, we are determined to pursue our purpose: supporting the champions of ecological growth
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
3
Editorial
* Source France CleanTech barometer - 2021
France Invest – EY - GreenUnivers

Our vision: 
Investing for a low-carbon future
Impact assessment

We implement innovative, in-depth impact
measures tailored to each of our funds.

We showcase the environmental impact of our
portfolio companies.
Intentionality

We invest exclusively in companies with a
positive environmental impact

All our new funds and our Paris Green Fund
growth fund comply with the Article 9 of the
SFDR, while our other funds are Article 8-
compliant.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Alignment of interests

Our commitments and initiatives reflect our
core purpose “Supporting the champions of
the ecological and energy transition”

Performance-based
remuneration
linked
to
impact objectives is a criterion in all of our new
funds.
4

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
(1) Source E-rse.net: a car emits 2 tonnes of CO2 per year 
(2) Source https://prix-elec.com/energie/comprendre/statistiques-consommation-France: 
an average French household consumes 4,710 kWh of electricity per year
€1.2bn
assets under management 
focused on the ecological 
and energy transition
€47m
invested 
in 19 new companies
5
Key figures for 2021
€54m
reinvested 
in 37 portfolio companies
5.1m
tonnes of CO2
emissions avoided
Equivalent to the 
annual emissions of 
2.5 million cars(1)
of energy 
consumption
avoided
Equivalent to the 
electricity 
consumption of 5 
million French 
households (2)
patents registered
by our 
portfolio companies 
23 TWh
150

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
6
Viewpoint
Arnaud Leroy - The inclusion in French law of the objective of carbon neutrality, adopted as a compass at the
European and international level, requires us to rediscuss and review the foundations of our economy and the
organisation of our society.
Yes, we need to decarbonise energy production – and quickly – but it would be dangerous to think that this
will be enough to meet the goal of an average temperature increase between 1.5 and 2 degrees Celsius by
the end of the century.
ADEME, the Ecological Transition Agency, which I have had the honour of chairing, has studied in depth the
various ways to achieve carbon neutrality, identifying four wholly internally consistent scenarios that would
enable France to achieve this famous objective. However, there are many differences between these
scenarios, that would be complicated to explain here. They also include some common lessons, which I will
summarise shortly.
The four paths presented are all challenging and require orchestrated planning of change, involving the
State, regional and local authorities, economic actors and citizens. “The current debate around ecological
planning and the best way to organise it administratively represents an interesting opportunity that we have
to seize to move forward on this subject.
Achieving neutrality depends on pulling off major bets, both on a human level with changes in behaviour, and
in technology, with in particular technological carbon sinks. There are still many unanswered questions about
the costs and energy needed for such sinks to work. All scenarios therefore carry some risk,
and they all require us to act fast: the socio-technical changes to be carried out are of such magnitude that
they will take time to produce their effects. As I have reiterated publicly many times in the past, the 2020-
2030 decade is a crucial one for action, because now is when the planning and the major changes to
consumption patterns are decided, with a new approach to spatial planning, technological solutions and
productive investments.
Carbon neutrality: the end goal of impact finance?
Arnaud Leroy
Director of Sustainable Development, Sphère Group 
Former President of the Sphere French Agency for Ecological 
Transition (ADEME)
▪
“The
current
debate
around
ecological
planning and the best way to organise it
administratively
represents
an
interesting
opportunity that we have to seize to move
forward on this subject. "

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
7
Viewpoint
Reducing energy demand, itself linked to demand for goods and services, is the key factor for achieving
carbon neutrality. Depending on the scenario – each based on a different balance between lower use and
energy efficiency – the reduction compared to 2015 can be anything from 23% to 55%. In all scenarios, in
2050 more than 70% of energy supply will come from renewable sources, and electricity will be the main
energy vector. However, to limit the pressure on resources under no circumstances can this legitimise
wasting energy, as a significant part of the new mix relies on biomass, whether wet or dry.
Industry will also have to change, not only to adapt to a far-reaching shift in demand but also to decarbonise
production. This will require large-scale investment plans and a society-wide effort to support areas
undergoing change and train employees for new jobs. The circular economy will have to become the norm
and a reality in many sectors.
Organic matter is one of the key components in this transition as it makes it possible to act on three strategic
fronts: carbon storage, biomass production and the reduction of greenhouse gases. It is therefore essential to
maintain a balance between the food and energy uses of biomass and the preservation of ecological
functions, such as biodiversity and carbon storage, through a holistic approach to the bioeconomy.
Adapting forestry and farming is therefore becoming an absolute priority in the fight against climate change.
The resilience of ecosystems is all the more crucial as they are subject to impacts of greater and greater
magnitude. The creation of new forests cannot be ruled out – despite the prevailing pressure on land use.
Pressure on natural resources varies considerably from one scenario to another. This is particularly the case for
irrigation water or building materials, for which volumes consumed vary by a factor of two between certain
scenarios.
These scenarios also open up some important questions that will have to be answered democratically, one of
the biggest being how much less will we need to consume? What impacts are we willing to accept through
incentivisation and how many must be imposed by law or regulations? And where does lower consumption fit
in with the announced re-industrialisation targets?. Likewise as regards what we eat: it is accepted that
switching to a plant-based diet is an absolute necessity to lower the carbon impact of eating habits.
These few words sum up the main lessons learned from this exercise – unprecedented in scale in terms of
the areas it covered – on which the Agency and more than a hundred employees have been working for two
years, all under the watchful eye of a scientific advisory board that kept this major project firmly grounded.
To find out more about it you can go to transition(s)2050.fr.

Demeter, 
pioneer and investment leader
in the ecological and energy transition sectors 
1
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH

Demeter invests in companies in the ecological and energy transition sectors at all stages of their
development: innovative start-ups, rapidly growing SMEs and mid-caps and infrastructure projects.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
9
Our identity
3 activities
€1.2bn
37
employees
205
investments
assets under 
management 
PRIVATE EQUITY
INNOVATION
INFRASTRUCTURES
Demeter has offices in Paris, Lyon, Grenoble, Metz, Bordeaux, Madrid and Düsseldorf as well as a key
partnership with the Canadian fund Cycle Capital, which gives it international scope.
Offices in Europe 
and an international partnership
Paris
Grenoble
Metz.
.
.
.
Düsseldorf
.
Madrid
Bordeaux.
Lyon.
Montréal
.

Demeter
supports
innovative
start-ups,
fast-growing
SMEs
and
mid-caps
and
infrastructure projects in the ecological and energy transition sectors.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
10
Our investment sectors
under 
manageme
nt
Mobility
sustainable
Energy 
efficiency
Circular 
economy
Sustainable 
agriculture
Renewable 
energies
Storage
Smart grids
Systems - Infrastructures
Sustainable buildings 
IT
Electric vehicles
Charging terminals
Sustainable logistics
Public transport
IT
Recycling
Water - Soil
Air Quality
Advanced materials
IT
Bio-inputs
Agricultural robotics
Biofuels
Green chemistry
IT
Solar
Wind power
Biomass
Geothermal energy
Hydropower

In 2021, Demeter invested nearly €47 million in 19 new companies in the various ecological and energy
transition sectors.
Calculation of businesses' carbon 
footprint and support for their 
low-carbon development 
strategy
Smart LED lighting system for 
greenhouse crop optimisation
Production of lettuces and 
herbs using vertical growing
technology
Combines hardware, 
software and artificial 
intelligence to offer a waste 
management solution.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
* Illustrative sample from our portfolio
Public network of charging 
infrastructures for electric 
and hybrid vehicles
PRIVATE EQUITY
INNOVATION
INFRASTRUCTURES
Production of photovoltaic 
energy for electric mobility
Digital and ecological solution 
for reusing new construction 
materials
German designer, 
manufacturer and distributor 
of innovative folding premium 
electric scooters.
Production of innovative 
batteries
11
MaaS platform for public 
authorities' urban mobility 
policies and to facilitate travel
for company employees
Autonomous robots for picking 
soft fruits in greenhouses, to help 
tackle labour shortages and 
encourage local production
Our investments in 2021 & 2022
Construction of buildings using 100% 
recyclable materials

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
12
Missions
Investment sectors
€80 million fund
Venture capital investment
Our 4 new funds classified "Article 9" 
according to the SFDR
VitiRev Innovation
INNOVATING FOR THE ECOLOGICAL TRANSITION OF THE WINE GROWING SECTOR
•
Taking into account ecological issues such as climate change
acceleration,
reduction
of
environmental
impacts,
replacement of inputs and protection of natural resources.
•
Development of digital and biological technologies using
multiple sensors, new tools and artificial intelligence, and
development of more advanced biotech interfaces.
•
New expectations of wine growers and consumers, such as
recognition of the need for sustainable wine growing,
consumer health issues, new consumption habits and new
distribution alternatives.
Note : details on Vitirev impact measure in page 57

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
13
Missions
Investment sectors
€80 million fund
Seed and venture capital investment 
Fonds d’Amorçage Industriel Métropolitain (FAIM)
Lyon / Saint-Etienne 
REGIONAL INVESTMENT FUND FOR SUSTAINABLE INDUSTRY
•
Support
sustainable
industry
solutions
to
respond
to
ecological,
social
and
territorial
economic
self-reliance
challenges
and to create
local, quality and sustainable
employment.
•
Development of innovative industrial technologies such as
carbon dioxide capture and storage, the design of filters for
biogas production, methanization and battery recycling.
•
Encourage industrial change to integrate the challenges of
the ecological transition.
Our 4 new funds classified "Article 9" 
according to the SFDR
Note : details on FAIM impact measure in page 58
o
Clean energy
o
Green chemistry
o
New materials
o
Medical devices
o
Optics and Electronics
o
Textile
o
Food

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
14
Missions
Investment sectors
Fund of more than €150 million managed by Demeter and Cycle Capital - Contribution from L’Oréal as anchor investor
Direct and indirect venture growth capital investments
Regions covered: North America, Europe and Asia
Circular Innovation Fund
DEVELOPING AND EXPANDING INNOVATIVE CIRCULAR SOLUTIONS 
AROUND THE WORLD
•
Develop a large-scale circular economy by supporting
entrepreneurs
developing
innovative
circular
economy
solutions worldwide.
•
Contribute positively to climate change mitigation and the
circular use of resources through technology and innovation
on a global level.
Our 4 new funds classified "Article 9" 
according to the SFDR
Note : details on Circular Innovation Fund 
Impact measure in page 59

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
15
Missions
Investment sectors
€300 million fund
Investment in infrastructure projects in Europe
Biomass & biogas
Hydrogen
Geothermal energy
Heating and cooling 
networks
Waste recovery
Social infrastructure
Industrial processes
Storage
Sustainable cities
Smart grids
Green data centres
Off-grid production
Solar
Wind power
Water networks
Climate Infrastructure Fund
ENERGY EFFICIENCY INFRASTRUCTURES
•
Decarbonise industry, the service sector and local and
regional authorities by focusing on energy efficiency projects,
including in particular energy optimisation of industrial
processes,
heating
and
cooling
networks,
sustainable
buildings, green hydrogen, green data centres and off-grid
production.
•
Promote the integration of renewable energies in innovative
off-grid production and storage systems
•
Facilitate the emergence of second generation biofuel
production projects
Our 4 new funds classified "Article 9" 
according to the SFDR
Note : details on Climate Infrastructure Fund
impact measure in page 60

Our contribution to decarbonisation
Case study - Deepki 
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Making real estate more virtuous on a large scale
Founded in 2014, Deepki has developed a SaaS solution that uses smart data to
help real estate players transition to carbon neutrality. Deepki combines its
technology and expertise to design effective strategies covering all ESG
dimensions – energy, water and waste consumption, social impact and best
governance practices – to accelerate positive impact and help its customers
improve their wealth's performance and maximise the value of their assets.
Having penetrated the French market Deepki has now expanded its business in
Europe, with offices in the UK, Spain, Italy, Germany and soon the Netherlands.
In Europe, the real estate sector is responsible for 40% of energy consumption and accounts for 37% of
CO2 emissions.
The sector grows every year, which represents an environmental and economic risk for investors.
Deepki allows investors to position themselves on a zero-carbon trajectory to limit their obsolescence
and depreciation risk while combating global warming. Deepki currently operates in more than 39
countries, helping leading companies such as Generali Real Estate, Allianz Real Estate, SwissLife AM,
Unibail Rodamco, BNP Paribas RE, Primonial and public players such as the French State and the City of
Paris to make their real estate assets more virtuous on a large scale.
16

Created in 2014

160 employees

Founders: Vincent Bryant & Emmanuel 
Blanchet

Offices in Paris, Milan, Madrid, London & Berlin

Emertec 5 investment in 2015
180k
tonnes of CO₂ savings 
detected
+400m
sqm surface area 
monitored for more 
than 300 customers 
in 2021
+39
operated 
countries

Our contribution to decarbonisation
Case study - Ynsect 
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Delivering low carbon impact food production
Ynsect, a Next40, Bcorp certified company, is the world's leading producer and
processor of insects Corp for food use. Ynsect converts insects into premium,
high value-added ingredients for animals, fish, plants and, in the future,
humans. Its ecological, healthy and sustainable solution meets the growing
global demand for protein and plant consumption.
17

Created in 2011

200 employees

Founders: Antoine Hubert, Jean-Gabriel 
Levon, Fabrice Berro & Alexis Angot

Offices in Paris, Dole, Evry, Amien, Ermelo & Nebraska

Demeter 3 and Emertec 5 investment  
in 2014
6,400
tonnes of CO2 avoided 
per 81,000 tonnes of 
ingredients produced * 
< 0.5
kg of CO2 per kg of 
Ynsect product vs. 
35.8 kg of CO2 per kg 
of beef
BCorp
certified in 2021
One of the agricultural sector's main problems is the sustainability of its system. The aim is to adapt
production and breeding methods in order to preserve the ecosystem's balance while meeting human
needs.
Ynsect's worm flour allows it to promote and contribute to the agricultural system's sustainability
through three key channels: reducing the environmental impact of food production for a lighter carbon
footprint, reducing input quantities and improving the nutritional benefits of foods.
* Source: Ynsect carbon audit carried out in July 2021

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Measuring
carbon
footprints
to
encourage
the
implementation of GHG reduction action plans
Plan A has developed an innovative digital platform enabling
companies to measure, monitor and reduce their environmental
footprint in order to improve their business and ESG performance.
Since the 2015 Paris Agreement, numerous measures and regulations have been put in place to combat
global warming. However, a difficulty remains for a large number of economic players: measuring their
impact so that they can propose the most effective decarbonisation plans.
Berlin-based Plan A responds to this challenge using proprietary technology and software that makes it
possible to collect and centralise all a company's data, measure its impact and propose solutions to
bring it more into line with the latest environmental regulations. Plan A then provides further concrete
support to the company in the form of defined, measurable objectives based on the different scopes (1,
2 & 3) taken into account, as well as assistance with communication on its sustainable development
effort.
18
Our contribution to decarbonisation
Case study – Plan A 
400k
tonnes of carbon 
under management 
via the Plan A platform
+150
companies assisted
42%
reduction in the 
company's energy 
consumption by 
2025

Created in 2017

68 employees

Founders: Lubomila Jordanova
Nathan Bonnisseau & Oliver Spragg

Offices in Berlin, Paris and London

Demeter 6A  investment in 2021

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Optimising waste management
Lixo offers solutions that increase the efficiency and transparency of the
waste management and recovery industry. Its comprehensive package
for refuse managers is based on a hardware brick, AI and a software
platform.
On the large scale, the circular economy is an industry lacking innovation. For decades, countries have
exported or buried their waste. While such practices are behind us, there is still a lack of circular
economy solutions at the local and industrial levels.
Lixo provides high-tech solutions to the waste management and recovery industry. Using a combination
of sensors and image recognition algorithms, it enables all types of waste management players
(collectors, sorting centres, recyclers, etc.) to analyse and thus better recover, sort and manage waste
flows. Lixo’s ultimate goal is to ensure that recycled materials can finally compete with virgin raw
materials on price and quality.
19
Our contribution to decarbonisation
Case study - Lixo 
1.8
tonnes of waste 
processed in 2021
7
Initiatives put in 
place to reduce its 
environmental 
impact 
BCorp
certification due at 
end-2022

Created in 2019

16 employees

Founders: Marjorie Darcet & Olivier Large

Offices in Paris

Demeter 6 investment in 2021

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Constructing sustainable and recyclable buildings
Construcía is a Spanish construction company specialising in innovation
and the construction of green and circular economy buildings. It has
developed its own methodology (Lean2Cradle) based on a combination of
lean manufacturing methodology applied to the construction sector and
cradle-to-cradle principles. This methodology allows it to design and build
spaces and buildings that are 100% recyclable.
Aware of the need to integrate sustainability criteria into construction – one of the sectors that
generates the most waste – Construcia made the bold decision to rethink the model to make the
circular economy a building trade reality. In 2018, it created the Lean2Cradle® Construcía circular
construction methodology,
which applies circular economy principles to building and almost entirely eliminates waste emissions
from deconstruction without increasing project cost or duration. It makes this possible by combining
cradle-to-cradle principles with lean construction methodology.
In addition to circularity, Construcia designs workspaces that improve employees' health and comfort
and positively influence their well-being, which in turn is beneficial for the working environment and
productivity.
20
Our contribution to decarbonisation
Case study - Construcia 
104,000
tonnes of CO2eq 
emissions avoided in 
2021
8,421
tonnes of waste 
avoided in 2021
100%
sustainable: reuse of 
resources

Created in 2002

303 employees

Founders: Arturo Fernández Vidal & Pablo 
Sainz de Baranda

Offices in Madrid, Barcelona and Lisbon

Paris Green Fund investment in 2021

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Deploying low-carbon mobility
Verkor is responsible for one of France's three current planned
battery plants. Launched in 2020, the company aims to build a battery
production gigafactory in France at an innovation centre in Grenoble.
Verkor’s shareholders include leading industrial companies such as
Renault, Arkema, Tokai Cobex, Schneider, IDEC and Capgemini.
Faced with the rise in climate issues associated with the mobility industry, Verkor was born of the
desire to make Europe a key manufacturer of the next generation of batteries. In 2020, in the
extraordinary context of a global health crisis accompanied by the realisation of the need for
profound change, six change management players from different backgrounds came together to
create Verkor.
The company’s ambition is to scale up the production of low-carbon batteries to meet growing
demand for electric vehicles. Verkor’s mission is to accelerate the large-scale industrialisation of
batteries in Europe and to deploy smart and sustainable production processes in its first French
gigafactory.
21
Our contribution to decarbonisation
Case study - Verkor 
+100
experts from 19 
different countries 
make up the team
16 GWh
equivalent of lithium-
ion cells per year by 
end- 2024
300k
electric vehicles 
equipped by end-
2024

Created in 2020

45 employees

Founders: Benoit Lemaignan, Christophe Mille  
& Sylvain Paineau

Offices in Grenoble

FMET investment in 2021

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
22
* Illustrative sample from our portfolio
Our contribution to biodiversity (1/2)
Investments in companies that take initiatives to preserve biodiversity 
Focus on biodiversity preservation in our infrastructure projects

We are very careful to ensure that the renewable energy generation projects we finance do not have
a significant negative impact on wildlife.

For the H2air project, we have introduced monitoring to measure turbine noise and assess the wind
farm's impact on birds and bats. Back in 2019, Demeter and H2air began monitoring the nesting of
local harriers to safeguard their reproduction.

The impact study concluded that the farm only generates a minimal impact on birds and bats and is
therefore compatible with biodiversity preservation requirements.
Production of lettuces and 
herbs using vertical growing
technology
Autonomous robots for picking 
soft fruits in greenhouses, to help 
tackle labour shortagesand 
encourage local production
Natural and sustainable 
optimisation of functional 
ingredients from insects, for 
human and animal health
Reduction of water and energy 
consumption in agricultural and 
wine-growing irrigation. Uses 
connected sensors to optimise 
remote irrigation.

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
23
Our contribution to biodiversity (2/2)
Engagement with foundations and programmes that promote the protection of 
biodiversity
Biodiversity-focused impact measurement for the VitiRev Innovation fund

VitiRev Innovation invests in innovations for sustainable wine growing and wine making. Biodiversity
preservation is crucial for this industry.

VitiRev Innovation has designed an analysis covering the entire investment life cycle based on audits
of the environmental and territorial impact of these companies' activity, using financial and non-
financial criteria. This analysis is carried out by GreenFlex, a consulting firm.

The indicators measured relate specifically to the use of inputs such as phytosanitary products and
nitrogen fertilisers that deplete the soil and militate against biodiversity preservation.
Note : details on Vitirev impact measure in page 57

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Optimising water consumption
Around 70% of the world's water is used to irrigate farmland and vines.
Telaqua seeks to use its big data and IoT expertise to improve water
management.
“We enable our customers to use connected sensors and a simple, intuitive
application to control and monitor their irrigation system remotely. It is a
solution providing more smart and in some cases fully automated
management of their activities. "
The analysis of the data we collect and the increasingly detailed
management of operations mean that the product is constantly evolving.
The issue of water use in farming has become a global priority and Telaqua aims to become the key
partner for winegrowers and farmers to help them optimise their resources simply and efficiently.
Telaqua intends to continue expanding in France and Europe by offering a comprehensive irrigation
management solution for farming and wine growing in particular. The start-up is continuing its
technological development to provide its customers with ever more functionality, always based on the
principle of ease of use. To do this, it relies on collaborations with laboratories or universities to
continue its work in artificial intelligence. This will enable it to develop more advanced predictive
decision-making tools and further its use of blockchain for traceability.
24
reduction in use of 
high-carbon vehicles 
(quads, tractors, etc.)
50%
reduction in water 
use by farms and 
vineyards
Our contribution to Biodiversity
Case study - Telaqua

Created in 2018

20 employees

Founders: Sébastien Demech & Nicolas 
Carvallo

Offices in Marseille and Aix-en-Provence

VitiRev Innovation investment in 2022
recycled plastic 
used in the 
manufacture of 
products
> 30%
35%

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Demeter contributes to the UN’s Sustainable Development Goals as an investor by investing in 
companies that create value for the environment and society. 
Every single one of our portfolio companies contribute to the UN’s Sustainable Development Goals.
* Illustrative sample from our portfolio
25
Our contribution to the UN’s sustainable 
development goals (1/2)
GROWTH
INNOVATION
INFRASTRUCTURES
Smart cities
Sustainable agriculture
Eco-innovation
Ecological transition 
of cities
Eco-industries
Eco-energies
Renewable energies
Energy efficiency
Eco-mobility
Highly nutritious 
insect-based products 
with strong 
environmental 
credentials
Agricultural robots 
that reduce 
environmental impact
Smart LED lighting 
system for greenhouse 
crop optimisation
Calculates companies’ 
carbon footprint and assists 
them with their low-carbon 
strategy.
Optimised 
management of 
construction site 
waste
Software for 
collecting data from 
smart meters
Photovoltaic equipment 
and off-grid production 
solutions 
Fault diagnosis, spare 
parts sales and repair 
support services system
Construction and 
development of a 
wind farm
Designer of filling 
stations for carbon-
free mobility
Production of 
photovoltaic energy for 
electric mobility
Combines hardware, 
software and artificial 
intelligence to offer a waste 
management solution
Autonomous robots for 
picking soft fruits in 
greenhouses: tackle labour 
shortages and encourage 
local production
German designer of 
folding premium 
electric scooters
Sustainable construction 
methodology for 100% 
recyclable buildings.
Public network of 
charging infrastructures 
for electric and hybrid 
vehicles
Production of 
innovative batteries
Personal electric 
scooter long-term 
rental service

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Calculates companies’ carbon 
footprint and assists them with their 
low-carbon strategy.
Combines hardware, software and 
artificial intelligence to offer a waste 
management solution.
Digital and ecological solution for 
reusing new construction materials
Intelligent LED lighting system for 
greenhouse crop optimisation
Proprietary methodology for building 
100% recyclable buildings.
German designer, manufacturer and 
distributor of innovative folding 
premium electric scooters.
Natural and sustainable optimisation of 
functional ingredients from insects, for 
human and animal health
MaaS platform for public authorities' 
urban mobility policies and to facilitate 
travel for company employees
Production of innovative batteries
The investments made by our funds in 2021 are aligned with the United Nations' Sustainable 
Development Goals
* Illustrative sample from our portfolio
26
Our contribution to the UN’s sustainable 
development goals (2/2)

Our commitments 
to our communities
2
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH

2005
Creation of pioneer funds in the environmental sector
2006
First ESG survey for our subscriber Robeco
2008
France Invest Charter
signatory
Co-founder of AFIC with Elles
Co-founder of AFIC's Club Cleantech
First Sustainable Development Plan 
integrated into Demeter’s procedural guidelines
2009
2012
Signatory of the PRI
2013
Signatory of the
Carbon
Disclosure Project
Carbone 2020 
initiative
signatory
2016
D4 INFRA receives the 
TEEC label
Special ESG training 
offered to our 
companies
2017
IC20 becomes 
Climat 2020
Founding 
member
Signatory of the 
manifesto to 
decarbonise 
Europe
FMET receives 
the TEEC label
2019
“Best ESG Investment 
Company 2019” award 
"ESG Best Practices 
Honours" award from 
SWEN 
A+, highest 
possible rating 
UN PRI
"Coup de cœur” at the e5t 
awards
2018
Paris Green Fund 
receives the TEEC 
label
Assessment of 
contribution 
to the UN's SDGs
Environmental and 
territorial impact 
assessment
Crowdfunding 
partnership
Signatory of France 
Invest's Diversity Charter
Commitment to the Billion 
Dollar Fund for Women
SISTA Charter
signatory
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
2020
"ESG Best Practices 
Honours" award from 
SWEN 
A+, highest possible 
rating 
UN PRI
Best Sustainable 
Equity Investor 
2021
Demeter feature in the 
Stafford report
2015
French Impact 
2021 banner 
member
Leaders for 
Climate Action 
signatory
2021
Finance for 
Biodiversity 
signatory
28
2022
Contribution to the 
launch of the 
Climate dividends
New ESG 
reporting 
tool
Demeter, growing commitments since 2005
Private Equity 
Magazine –
ESG Sustainable 
Development 
award

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
“Best management company for ESG practices - small caps”
UN Principles for Responsible Investment A+ rating
2 March 2021 - London
This award recognises Demeter’s leading role in integrating sustainability
into
its
investment
strategy,
implementing
innovative
impact
measurement and extensively integrating the United Nations Sustainable
Development Goals into its Impact and ESG strategy.
26 November 2020 – Paris
For the second consecutive year, Demeter received the top Best Practices
Honours prize in the small cap category. The award marks the consistency
of our investment strategy with the UN's SDGs and ESG values in the
reporting
of
our
investments'
non-financial
performance.
The
methodology
for
measuring
environmental
and
territorial
impact,
developed with Carbone 4 and implemented over the last two years, lies
behind the innovative proposals that we make to investors in our new or
existing venture capital and infrastructure funds.
1 September 2020 – Paris
A signatory to the PRI since 2012, Demeter received the highest rating, A+,
for the second consecutive year, in recognition of its overall responsible
investment strategy and commitment. The PRI is the world's most
prominent initiative to promote responsible investment. It has been
signed
by
some
2,300
organisations
committed
to
considering
environmental, social and governance (ESG) factors as key to sustainable
performance.
“Best Sustainable Equity Investor 2021”
Private Equity Magazine 2022 ESG and Sustainable Development award
29
First prize at the e5t regional innovation awards ceremony in 2021
25 August 2021 - La Rochelle
Demeter's VitiRev Innovation fund received the first prize for regional
innovation for its initiative to select the most advanced technologies and
companies to transform the wine growing and wine making businesses of
the Nouvelle Aquitaine region, known worldwide for its Bordeaux wines.
Our awards and accolades 
20 June 2022 – Paris
Demeter received the ESG and Sustainable Development award from
Private Equity Magazine. Private Equity Magazine's yearly Grands Prix
awards recognise the most active investment and advisory teams in the
French market.

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
In 2014, the French government launched the French Tech initiative to showcase France's
entrepreneurial resources. Today this unique ecosystem includes a whole community of start-ups,
investors and decision-makers. To highlight and promote the diversity of solutions and technologies
that exist within French Tech, a wealth of networks have been created, such as French Tech 120,
Next40 and, more recently, the Green20 ranking.
Demeter is proud to have 7 companies in its portfolio that are included in these French Tech rankings,
including four in the Green20 league table.
Launched in 2020, this programme offers comprehensive support in five areas:
financing, international development, recruitment, access to the market and
regulations. Significant selection criteria include fundraising, sales expansion
and revenue growth.
Next40, launched in 2019, is the label of the “French technology company
CAC40” . Eligibility criteria include a fundraising of more than €20 million,
revenue growth exceeding 30% over the last three financial years and
revenue of more than €5 million.
30
Launched in early 2021, Green20 aims to support and promote “the
technological champions of the ecological transition”. Its aim is to combine
innovation, growth and ecological solutions to take action with a view to
future challenges. Selection is based on two major criteria: the solution's
sustainability and its international expansion potential.
7 companies supported by Demeter 
receive the “French Tech” label

Demeter has been actively involved in the development of ESG practices since its inception in 2005.
This commitment is an integral part of its DNA and consistent with its business purpose: supporting the
champions of ecological growth.
We engage with all of our stakeholders. In addition to helping the entrepreneurs of our portfolio
companies develop their responsible business practices and promoting ESG best practices within our
own ecosystem, we believe it is essential to set a good example by making a commitment on these
matters with our investors and employees.
Our commitments to our stakeholders
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
31
Demeter actively involved in ESG since its inception
An ESG approach integrated into our investment processes and a dedicated team to measure and
enhance our impact.
Specific support for our portfolio companies to accelerate the development of their individual ESG
practices.
The embodiment of our values among our staff in a collaborative approach
Dedicated support to guarantee our ESG commitments to investors and help them with their own
reporting.
A pioneering and leadership role to promote and develop ESG within our ecosystem
Long-term support for environmentally friendly initiatives.
At management company level
At investment level
At employee level
At investor level
At ecosystem level
At civil society level
Our environmental, social and governance 
policy

•
Support and training for our 
investees to improve their 
ESG practices and policies.
•
Involvement of the Board of 
Directors on identification of 
key ESG points and related 
issues, and  definition and 
monitoring of an ESG action 
plan.
•
Annual ESG survey via our Plan 
A data collection tool, 
including the scoring of 
negative impacts on 
sustainability factors and ESG 
risks, for all companies in our 
portfolios
•
Audit of territorial and 
environmental impact carried 
out by Carbone 4 for Paris 
Green Fund every year.
•
Evaluation of our portfolio 
companies’ ESG 
performance in the 
related sale documents.
•
ESG exit survey
•
Territorial and 
environmental impact 
audit carried out by 
Carbone 4 for Paris 
Green Fund following the 
exit.
•
A responsible thematic 
approach: all of our funds 
are positioned in sectors 
that have a positive impact 
on the environment.
•
ESG criteria included in the 
analysis of potential 
investments: an ESG rating 
included in the investment 
memorandum and 
extensive environmental 
and territorial impact due 
diligence in partnership 
with recognised specialists 
for our Article 9 funds 
(Carbone 4, GreenFlex, 
PwC, etc.).
•
Integrated ESG risk scoring: 
scoring of negative impacts 
on sustainability factors 
and ESG risks measures the 
level of ESG impact
•
Exclusionary screening 
included in some funds' 
regulatory documents: the 
defence industry and arms 
sales, gaming and betting, 
tobacco and alcoholic 
beverages, and human 
cloning are Invests 
excluded.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ESG in our portfolios' life cycle
Demeter has adopted a policy for taking into consideration sustainability risks and risks of negative
impact on sustainability factors. At each stage of our portfolio companies' life cycle, we ensure that ESG
criteria are met, measured and compliant with the ESG objectives that we set. In particular, Demeter
uses e recognised specialist consulting firms to measure the ESG impact of its investments and ensure it
complies with the most recent regulations.
IN
PORTFOLIO
EXIT
32
PRE-
INVESTMENT
IN
PORTFOLIO
EXIT
Our commitments at management 
company level (1/2)

A platform partner – Stéphanie Guitton Chrétien – and ESG 
ambassadors within each of Demeter’s business lines
The ESG ambassadors hold in-house meetings to implement initiatives and measures to strengthen the
Demeter teams' engagement. In particular, it has contributed to the implementation of various
measures to:
-
Reduce our carbon footprint
-
Encourage our portfolio companies to carry out carbon audits
-
Apply for new responsible labels
-
Develop a responsible internal charter focused on actions in favour of soft mobility and responsible
purchasing.
Dual ESG structure: an ESG team and an ESG Committee
Since 2019, Demeter has strengthened and accelerated its ESG strategy through a dedicated team composed
of Stéphanie Chrétien, a Partner at Paris Green Fund and Head of Impact and ESG, and a full-time ESG
analyst. Sophie Paturle, Managing Partner, who is very active in promoting ESG within the private equity
sphere, helps to design and develop Demeter’s ESG approach.
Reflecting the tightening of French and European regulations, Demeter has also set up an ESG Committee
gathering one Managing Partner, Sophie Paturle, two partners, Stéphanie Guitton Chrétien and Geoffroy
Dubus and the Compliance and Internal Control Officer, Kevin Coornaden.
This Committee handles ESG compliance for our existing and future portfolio companies and for our internal
activity. Given our consideration of ESG risks and negative impacts on sustainability factors, it is crucial that
we measure and interpret the effects of these risks and impacts on the sustainability of investments. The
Committee uses the quantitative ESG risks and negative impacts on sustainability factors scoring tools put in
place by Demeter as the basis for its observations and decisions.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Demeter strengthens and accelerates its ESG strategy through three dedicated bodies: an ESG team, ESG
Ambassadors and an ESG Committee.
33
Our commitments at management 
company level (2/2)
Stéphanie Guitton Chrétien
Partner Private Equity
and Sustainability & Impact 
Officer
Meeting of the Demeter ESG 
Committee (2022)

Throughout the course of our investment, we help our portfolio companies move forward with their ESG
approach:
-
We integrate ESG into our 100-day plan as soon as we include a company in our portfolio.
-
We incorporate ESG into our tools for measuring ESG risks and negative impacts on sustainability
factors, in accordance with European regulatory stipulations.
-
We carry out an ESG survey on the PLAN A platform when we first invest in companies, then once a
year – incorporating their answers into our ESG report – and then again at the exit phase. PLAN A
will be able to support our portfolio companies in calculating their carbon footprint and their low-
carbon strategy.
-
We identify ESG-related risk areas and value creation opportunities and draw up an ESG action plan,
whose progress we monitor at the level of the Board of Directors.
Twice a year, Demeter gathers together all its portfolio 
company managers and investors at the Demeter 
Entrepreneurs Club, 
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Demeter Entrepreneurs Club
34
The agenda at this October 2021 event included:
-
Cédric O’ French State Secretary for the digital transition’s
speech on French Tech role in the ecological transition.
-
Presentation of 12 new Demeter portfolio companies :
Our commitments to our portfolio 
companies

ENVIRONMENT
SOCIAL
GOVERNANCE
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Completion of a carbon 
audit and implementation 
of optimisation solutions 
Company car fleet made up 
of hybrid or electric vehicles
Waste recycling (including 
ink cartridges and coffee 
capsules)
Purchasing of certain IT 
equipment refurbished 
33% of Demeter’s 
employees own shares in the 
company
6 out of 8 members of 
Demeter Partners’ 
Supervisory Board are 
independent
Promotion of diversity within 
our teams
Dedicated ESG committee
consisting of a managing 
partner, 2 partners and the 
CIC Officer
35
Company profit-sharing 
and employee savings plan
for all staff 
Provision of upgraded, 
responsible health 
coverage
Training of all staff in 2021
Women make up 30% of 
Demeter’s workforce 
Workshop: "Women, 
creating value and 
performance" 
Our commitments to our employees

Demeter, guarantor of an effective contribution to the ecological and 
energy transition
-
In order to verify and monitor the compliance of our investments with the SFDR and the EU Taxonomy,
we have adopted two quantitative impact tools: ESG risk scoring & the negative impacts on sustainability
factors scoring.
-
Three of our most recent funds have received GreenFin certification: Paris Green Fund, FMET & Demeter
4.
-
Launch of four new SFDR Article 9-accredited funds,
monitored using qualitative and quantitative
measurement tools:
-
Carbone 4, GreenFlex and PwC, specialised consulting firms and leaders in the measurement of
environmental impacts, help Demeter assess the territorial impact of companies in Paris Green Fund,
VitiRev Innovation, Fonds d’Amorçage Industriel Metropolitain and the Circular Innovation Fund.
Demeter engages with all its investors. We guarantee our funds' regulatory compliance and effective 
contribution to the ecological and energy transition and ensure that we give them as much support as 
possible for producing their own reporting.
Committed investors
of our investors are 
PRI signatories
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Our investors are increasingly attentive to their investments' non-financial criteria – more particularly their
impact.
Taking ESG criteria into account is key for Demeter; as far back as 2006, for example, we responded to an
initial ESG survey submitted by Robeco, an investor in our first fund. In 2021, we responded to 18 ESG
surveys, a number that increases every year.
Contributing to our investors' reporting
of our funds under 
management come 
from PRI signatories
36
Our commitments to our investors (1/3)
38%
20%

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
We have adopted an ESG scoring system to ensure the quality of our monitoring and the assessment of
our funds' impact and regulatory compliance.
This system quantifies the degree of importance of the ESG risks associated with our portfolio
companies. It is applied in the pre-investment phase and also included in our annual ESG survey.
This scoring system has a rating scale of 0 (little or no risk/impact) to 2 (high risk/impact), which
indicates the company’s degree of exposure to these risks. Ultimately, this score reflects sustainability
risks. If a score is deemed high, the ESG Committee meets to decide on the investment's feasibility or
the corrective measures to be adopted.
Measuring our impact: ESG risk scoring
37
The European SFDR regulation leads to greater transparency among financial players by establishing
measures relating to publications on the sustainability of investments.
Since 2021, all our new funds comply with Article 9 of the SFDR, denoting an
objective of sustainable investment. This sustainability objective can be
environmental and/or social.
The other funds of previous vintages are classified under Article 8 of the SFDR, meaning that they have
environmental and/or social characteristics but not necessarily a sustainable investment objective.
We currently have five "SFDR Article 9" funds: Paris Green Fund, VitiRev Innovation, Fonds d’Amorçage
Industriel Métropolitain, the Circular Innovation Fund and the Climate Infrastructure Fund.
We measure SFDR-related indicators, known as principal adverse impacts, for all our funds, making it
possible to assess the impact of investments on sustainability factors. These principal adverse impacts
include 14 mandatory indicators (9 environmental and 5 social) and 2 optional indicators (1
environmental and 1 social).
Our funds meet the requirements of the Sustainable 
Finance Disclosure Regulation (SFDR)
Our commitments to our investors (2/3)

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
The Taxonomy regulation lays down precise terms of reference by which an economic activity can be 
classified as environmentally sustainable. It defines and regulates activities that comply with a low-
carbon, resilient and resource-use-efficient ecological and energy transition. The regulation lays down 
the following three criteria:
We encourage our portfolio companies to meet the 
requirements of the European Taxonomy 
38
Contribute substantially to one or more of 
the first two environmental objectives*
Do no significant harm to any of the other 
five environmental objectives
Compliance with minimum guarantees 
on labour rights and human rights (OECD 
and UN guidelines)
The six environmental objectives are as follows:
Climate change mitigation
Climate change adaptation
Sustainable use and protection of water and 
marine resources
Transition to a circular economy
Pollution prevention and control
Protection and restoration of biodiversity and 
ecosystems
If an activity meets the three criteria set out above, it is aligned with the European Taxonomy. It is 
therefore environmentally sustainable.
We actively assist portfolio companies with calculating their alignment with the EU Taxonomy 
objectives .
Our commitments to our investors (3/3)

Founding commitments: Climate Commission, French Impact & 
Leaders for Climate Action
Actively involved with France Invest in promoting ESG in private equity, Demeter is also a founding
member and signatory of a wide range of initiatives (SISTA Charter, France Invest Charter, PRI, CDP,
IC20, Decarbonize Europe Manifesto). We also sponsor or subscribe to numerous studies, think-tanks,
consortia and conferences on topics related to the ecological and energy transition.
DEMETER has joined Finance 
for Biodiversity, a mark of its 
strong commitment to 
preserving biodiversity
the 2020 Climate Initiative.
Sponsorship of research studies, networks and think tanks
Sponsorship
since
2017
of
Cleantech
Group
Europe's
annual Forum in Luxembourg.
Demeter is on the Advisory
Board
of
Cleantech
Group,
whose mission is to accelerate
innovation
by
promoting
networking
and
knowledge
sharing within the worldwide
clean technology ecosystem.
Demeter works closely with 
IFPEN, a major, longstanding 
partner with whom we 
promote academic and 
industrial research to build a 
true ecosystem of 
cleantechs.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
DEMETER has joined the French 
Impact initiative to help 
stimulate investment in the 
start-up and growth of impact 
initiatives. Born of a 
government initiative, French 
Impact is an environmental and 
social innovation accelerator.
Demeter is a co-founder of 
France Invest's Climate 
Commission,
and Sophie Paturle, 
Managing Partner, is its 
President. The Climate 
Commission publishes every 
year the Cleantech 
Barometer in partnership 
with GreenUnivers and EY.
39
Our commitments to our ecosystem (1/4)

Member of industry associations and competitiveness clusters 
Event sponsorship and participation
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Member of CAPENERGIES, a competitiveness
cluster
dedicated
to
the
production
of
decarbonised energy and energy efficiency.
This cluster brings together more than 1,450
partners
and
520
members,
including
companies, research and training organisations
and funders.
Financial support for the IAR, the French bio-
economy competitiveness cluster for industries
and agro-resources.
IAR's initiatives essentially cover the production
and promotion of organic resources (agricultural,
forestry and marine resources, co-products and
by-products) for food, industrial and energy
purposes.
Member of the tenerrdis energy transition
competitiveness cluster.
This cluster's mission is to promote the growth
of sustainable business and the creation of long-
term jobs in the new energy technologies
sectors, in accordance with the challenges
surrounding the energy transition.
January 2021
Participation of Sophie Paturle, Managing Partner, in the round table
“Building a greentech
ecosystem to accelerate the ecological
transition” as part of the “Zero-Carbon Paris” two-day event
40
Our commitments to our ecosystem (2/4)
March 2021
Participation of Lionel Cormier, Managing Partner, in the Ecosystem BS
Mart TV programme "Ecosystem",which provided an opportunity to
discuss the energy and environmental renovation of buildings,
neighbourhoods and cities, to explain the role of Paris Green Fund
and to talk about the needs of green finance.
. 
Sophie Paturle, Managing Partner at Demeter,
member of the CNRS’s Board (Centre National
de la Recherche Scientifique), whose mission is
to advance knowledge and to be useful to
society.

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Event sponsorship and participation
May 2021
Participation of Olivier Usureau, Partner Spain, in the circular economy forum 
organised by Expansion et Construcia in Madrid.
July 2021 
Organisation by Demeter, in partnership with France Brevets and 
YesMyPatent, of the first post-Covid workshop entitled “Transform your IP 
into value - The keys to creating value IP with simplicity and performance”. 
September 2021
Participation of Olivier Bordelanne, representing Demeter and France Invest,
in the round table on funding innovation for the energy transition organised 
by ThinkSmartgrids.
October 2021
Presentation by Sophie Paturle, Managing Partner, as keynote speaker and
representative of France Invest's Climate Commission at the cleantech event
organised by the IE-Club .
Presentation by Philippe Detours, Managing
Partner,
at
the
Evolen
“Engagement and sustainable investment” conference.
41
Our commitments to our ecosystem (3/4)
April 2021
Participation of Demeter in the first edition of JOUR E, an assembly of 
entrepreneurs committed to the ecological and energy transition.
November 2021
Participation by Sophie Paturle, Managing Partner, in the breakfast discussion 
between Julien Denormandie, Minister for Agriculture and Food,  and France 
Digitale on how the French agritech and foodtech ecosystem can contribute 
to sustainable growth through innovation.
December 2021
Presentation by Demeter at the World Impact Summit organised on 2 
December in Bordeaux to reflect on innovation to accelerate the 
decarbonisation of the French economy.
Demeter round table at the Innovadays Forum in Bordeaux on the 
theme“Ecological transition in wine growing and wine making: Innovation 
and Funding”.
Participation by Sophie Paturle in the France Invest evening discussion on the 
energy efficiency of buildings, a key tenet of the France 2030 plan.
Août 2021
Participation of Demeter to the e5t meeting and launch of the carbon
trajectory barometer with the Aquitaine Region

e5t Foundation
Patronage of the “Plantons pour l’avenir” foundation.
Photo of the Demeter team
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
A long-standing partner of the e5t Foundation since 2017
Set up by Myriam Maestroni, the e5t Foundation
for energy efficiency and savings at local level is
an open platform dedicated to reflection on
energy solutions to be implemented to protect
the environment, maintain individual well-being
and contribute to the sustainable development
of society.
At its ninth annual Summer University in La
Rochelle,
Demeter
participated
in
and
facilitated
the
series
of
conferences
on
technological and industrial innovations that
help the farming industry adapt to climate
change and carbon neutrality.
This association aims to promote the sustainable management of
forests and contribute to reforestation in France. Since its inception in
2014, the Plantons pour l’avenir ("Plant for the Future") foundation
has raised €2.7 million to enable the planting of one million trees.
42
Our commitments to our ecosystem (4/4)

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
women in Demeter's
investment teams
(+2 points vs 2020)
women 
at Demeter
(+2 points vs 2020)
30%
18%
Fanny Rolet, 
Founder, President and CEO
* Illustrative sample from our portfolio
Lubomila Jordanova, 
Founder, President and CEO
Calculates companies’ carbon footprint and assists
them with their ESG development strategy.
43
Our initiatives for diversity (1/3)
Léa Chevry, 
Co-founder
Marjorie Darcet, 
Co-founder, President and CEO
Combines hardware, software and artificial intelligence
to offer a waste management solution
Fully
automated
inspection
solution
for
vehicle
damage checks using integrated cameras and AI
software.
Production of a molecular complex with antifungal
biocontrol properties. It involves using an innovative eco-
extraction process to obtain Antoferine® from vine wood
1 investment out of 4
have been made in companies founded or co-founded by women

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Our commitments
In addition to our investments, we strive to apply measures in favour of diversity. Clearly underscoring
our commitment to action in this area, we are a signatory to two charters, for example, and support
the association The Billion Dollar Fund for Women:
The Billion Dollar Fund for Women
Demeter has been a partner of The Billion Dollar Fund for Women since its
inception in 2019. It seeks through this initiative to reduce funding access
difficulties encountered by companies founded or co-founded by women,
and to increase investments each year in companies (co)founded by
women.
In 2021, Demeter affirmed its commitment to invest more than $10 million
in businesses founded or co-founded by women. It ultimately went beyond
its commitment by investing a total of $15 million in companies founded
or co-founded by women.
44
A charter designed to reduces funding inequalities between female 
and male entrepreneurs.
A charter designed to promote gender equality among French private
equity players and the companies in which they invest.
Our initiatives for diversity (2/3)
•
A community of 200 women investors
•
+130 investment funds and supporting platforms 
signatories of the SISTA charters and committed to 
a larger diversity in the digital ecosystem
•
Tools for investment funds aiming at reducing 
financing inequalities between men and women

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Demeter workshop: “Women managers 
and investors, creating value and 
performance in companies”
Demeter is committed to taking into account environment, social and governance factors as key drivers
of value creation. A notable social concern, promoting diversity is a key criterion for creating value.
Consonant with our commitments, we have chosen to focus initially on improving diversity. We
organised a “Women, creators of value and performance” workshop with all our teams, to promote
women in our investment teams and investments in companies founded by women.
Agnès Bricard, president of the Federation of Women Directors, and Yann Mauchamp, founder of
Mutual Benefits, were invited to share their experience and advice at this event.
The agenda was devoted to highlighting the lack of women in directorial, investment and
entrepreneurial roles, the value created by dual-gender teams, the obstacles encountered by women
and initiatives to drive change.
45
Our initiatives for diversity (3/3)

Investments made in companies founded or co-founded
by women

Women at DEMETER

Women in DEMETER’s investment teams
Our 3 indicators measuring gender diversity made progress
in 202:
+2 pts
vs 2020

Innovative and in-depth
impact measures 
3
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH

82% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
3,500
(1) Source E-rse.net: a car emits 2 tonnes of CO2 per year 
(2) Source https://prix-elec.com/energie/comprendre/statistiques-consommation-France: an average French household consumes 
4,710 kWh of electricity per year
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
5.1m
338 GWh
= the equivalent of the electricity consumption households 
(3) 71,800 French households (2)
of renewable energy generated
tonnes of CO2 avoided
(Calculation methodology deployed by Carbone 4 for Paris Green Fund and 
in-house for the other funds. More details on the following pages) 
SOCIAL
GOVERNANCE
25%
people employed by our 
portfolio companies
of employees have permanent contracts
or contracts lasting more than 18 months
of our portfolio companies have at least one 
independent member on their Board of 
Directors (+17 points vs. 2020)
of our portfolio companies have a female 
president and CEO
or co-founder (+2 points vs. 2020)
75%
95%
Equivalent to the annual emissions of 2.5 million cars(1)
47
patents filed in 2021
150
Overall ESG performance 
of our portfolios in 2021

5 million tonnes, measured by Carbone 4 
for Paris Green Fund companies
1,046 MW
renewable energy 
installed
338 GWh
renewable energy 
generated
6 MW of installed wind power capacity
86 MW of installed solar power capacity
166 MW of renewable energy installed capacity
75 MW of installed thermal power capacity
(1)
* Conversion ratio used: 1KW = 0.09 kg CO2eq
(source: Greenit.fr)
(2)
Calculation of companies' overall impact for their entire value chain, not weighted by Demeter’s percentage holding in 
the companies.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
RENEWABLE ENERGY INSTALLED CAPACITY
TONNES OF CO2 EMISSIONS AVOIDED
R&D AND INNOVATION
5.1 million tonnes of CO2
emissions avoided
Including 1,000 patents filed by investees in our INNOVATION business
€130 million invested in research and development in 2021
1,400 patents, including 150 filed in 2021
Given the evolution of our ESG policy and since we partnered Carbone 4, our
results
have
been
verified
by
a
third-party
expert
who
measures
the
full
environmental and territorial impact of each company that Paris Green Fund
finances, over its entire value chain.
48
Environmental performance 
of our portfolios in 2021

100% of employees had an annual review in 2021
6% of revenue invested in employee training
Increase in the minimum wage of 35% more than the SMIC
3 social projects supported, for a budget of €20,000
€836m
28
95%
FOCUS on Ynsect: people at the heart of development
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
49
3,500
830
80%
67%
Production of insect-
based, highly nutritious 
worm flour
of revenues generated by our portfolio companies
people employed by our portfolio companies
of employees have permanent contracts or contracts 
lasting more than 18 months
new hires in 2021
of companies have a budget for training their 
employees
of executive committees have at least one woman 
member
philanthropic projects supported and €125k invested 
(+€5k vs. 2020)
Social performance 
of our portfolios in 2021

50% of the Board of Directors' members are women
50% of the Board of Directors' members are independent
52% of managers are women
Appointment of a CSR manager 
Establishment of specific committees (Remuneration, Audit,   
Scientific and Appointments)
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
50
75%
53%
45%
25%
of our portfolio companies have at least one independent 
member on their Board of Directors
of our portfolio companies have at least one woman on 
their Board of Directors
our portfolio companies offer non-management 
employees the opportunity to own shares 
of our portfolio companies' CEOs or co-founders are women
FOCUS on Fermentalg: proactive governance
Microalgae-based 
solutions for food and 
health
Governance performance 
of our portfolios in 2021

Before each investment, Carbone 4 carries out an environmental and territorial impact assessment
for Paris and overall. It bases its analysis on measuring each company's quantitative and
qualitative impact according to the seven criteria mentioned above. In addition to this impact
measurement, these due diligence checks establish specific watchpoints and recommendations to
identify areas for improvement and define measures on two or three key subjects.
Each subsequent year, and when the investment is sold, Carbone 4 assesses its environmental and
territorial impact, enabling it to calculate Paris Green Fund's overall impact.
With the help of consulting firm Carbone 4, Demeter has put in place an in-depth and innovative
methodology for assessing territorial and environmental impact for the Paris Green Fund
growth cap fund.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
5m
22.7 TWh
avoided
including 8.2 GWh in Paris (1) 
tonnes of CO2 avoided across the entire 
corporate value chain including 1.7 million 
tonnes of CO2 in Paris (1) 
IMPACT OF PARIS GREEN FUND IN 2021
An overall, impactful measurement
ENERGY
gain
CARBON 
gain
RENEWABLE 
ENERGY
production
& consumption
CIRCULARITY
AIR
quality
FAIR
transition
RESILIENCE
(1) For Alterea, emissions avoided and energy gains take into account the impact of the work carried out each year over the 
entire lifetime of the buildings concerned – Source Carbone 4
(2) Source https://prix-elec.com/energie/comprendre/statistiques-consommation-France: an average French household 
consumes 4,710 kWh of electricity per year
51
Paris Green Fund: an in-depth environmental 
and territorial impact assessment

tonnes of CO2 emissions 
avoided 
in 2021 
GWh avoided 
in 2021 
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
52
Impact analysis carried out by 
Contribution to 7 sectoral objectives of the Paris Climate Plan
"Building" 
objective
Renovate 1 million homes by 2050
Renovate the most energy-intensive buildings
Performance of new and renewable energy buildings
Flexible and reversible tertiary buildings
Halve energy consumption
New tools for managing buildings
104k
225
Construcía
is
a
Spanish
construction
company
specialising in innovation and the construction of
green
and
circular
economy
buildings.
It
has
developed
its
own
methodology
(Lean2Cradle)
based on a combination of lean manufacturing
methodology applied to the construction sector and
cradle-to-cradle principles. This methodology allows
it to design and build spaces and buildings that are
100% recyclable.
Aware of the need to integrate sustainability criteria into
construction – one of the sectors that generates the most waste
– Construcia made the bold decision to rethink the model to
make the circular economy a building trade reality. In 2018, it
created the Lean2Cradle® Construcía circular construction
methodology,
which applies circular economy principles to building and
almost entirely eliminates waste emissions from deconstruction
without increasing project cost or duration. It makes this
possible by combining the cradle-to-cradle principles of the
circular
economy
paradigm
with
lean
construction
methodology.
In addition to circularity, Construcia designs workspaces that
improve
employees'
health
and
comfort
and
positively
influence their well-being, which in turn is beneficial for the
working environment and productivity.
“Waste” 
objective
Recover 100% of recoverable waste
Paris Green Fund impact assessment
Construcia

tonnes of CO2 emissions 
avoided 
in 2021
GWh avoided 
in 2021
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
53
Impact analysis carried out by 
Contribution to 3 sectoral objectives of the Paris Climate Plan
“Mobility” 
objective
Exit diesel-powered mobility – in Instant System's case, it is even a matter of exiting
carbon-dependent mobility
Promote shared mobility
Triple the proportion of bicycle usage to 15% of total travel
6.2k
6.6
Instant System develops and distributes white label
MaaS platforms for implementing the urban mobility
policies of public authorities (B2G segment) and for
managing, facilitating and improving the efficiency of
daily and business travel for company employees (B2B
segment).
Instant System is a multimodal operator, working both with urban
planners and transport authorities to offer services that will
improve a city's mobility network. These solutions are modular,
scalable and integrable, providing a seamless user mobility
experience. The future of transport is lies in collaboration.
Instant System works with transport operators to enhance their
products and services and develop new innovations. The company
also helps mobility service providers to expand their reach and
become more integrated in a city’s transport network.
The business solution consists in deploying and managing a
sustainable mobility policy for all employee travel.
Paris Green Fund impact assessment
Instant System

tonnes of CO2 emissions 
avoided 
in 2021
GWh avoided 
in 2021
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
54
Impact analysis carried out by 
Contribution to two sectoral objectives of the Paris Climate 
Plan
2k
6.9
Walberg Urban Electrics, founded in 2011 and based in 
Hamburg, Germany, is a developer and manufacturer of 
innovative folding electric scooters for individuals (B2C) 
and, via special partnerships, businesses (B2B).
The company targets the lifestyle and premium segments 
with its Egret brand. The brand's quality, design and 
technology have made Egret one of the most award-
winning electric scooters on the market.
In the coming years, cities will have to reorganise their space to
promote alternative forms of mobility to today's car monopoly.
The electric scooter, especially the folding version, is the perfect
solution on the one hand for first or last kilometre trips and on
the other for individuals who wish to get about quickly and
without polluting.
Electric scooters such as those marketed by Walberg Urban
Electrics are therefore an important part of the design of the
city of the future.
Paris Green Fund impact assessment
Walberg Urban Electrics
“Mobility” 
objective
Exit diesel-powered mobility
100% renewable transport

tonnes of CO2 emissions 
avoided 
in 2021
MWh avoided 
in 2021
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
55
Impact analysis carried out by 
Contribution to 4 sectoral objectives of the Paris Climate 
Plan
32
81
A leader in environmentally-friendly last-kilometre
delivery in Paris its outlying region, COURSIER-FR's
business
model
combines
a
unique
customer
experience,
proprietary
technology,
nationwide
coverage
and
best
environmental
and
social
practices.
The best-in-class environmentally-friendly delivery company offering
mainly
cycle-based
last-kilometre
city
services,
COURSIER.FR
converts the need for urgent goods transfers into a growth factor for
its customers. Its expertise includes B2B urban messaging, retail
deliveries and third-party services in the e-commerce, food and
micromobility sectors.
COURSIER.FR is supported by Paris Green Fund micro mobility with
Demeter and the City of Paris, with the aim of accelerating the
company's
national
expansion
while
delivering
operational
performance, innovation and social and environmental responsibility.
Paris Green Fund impact assessment
Coursier.fr
“Mobility” 
objective
Exit diesel-powered mobility
Triple the proportion of bicycle usage to 15% of total travel
Low-carbon urban logistics
to the doorstep
100% renewable-energy transport

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Our contribution to the launch of the 
Climate dividends
56
* Illustrative sample from our portfolio
Contributing to the decarbonisation of the economy through its impact investments,
Demeter is helping to set up a new initiative focused on global carbon neutrality. Created by
Time for the Planet, Carbone 4, ADEME and EY, climate dividends are more specifically
aimed at decarbonising equity portfolios. They enable a company or financial institution to:
• Receive an exponential number of "tonnes of CO2 avoided" each year, certified
and monetisable in a manner comparable to carbon credits;
• Accurately measure the impact of investments to combat climate change;
• Direct investments towards stronger-impact, more innovative assets than
traditional forest-based offsets.
Climate dividends are now being developed to direct capital towards investments capable
of enabling compliance with COP22 commitments.
Demeter is a pilot on this initiative and valorize the avoided emissions of Paris Green Fund’s
portfolio companies, calculated by Carbone 4, to generate Climate Dividendes.

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
57
Innovative impact measures for our new 
Article 9 funds
According to IPCC studies, an increase in temperatures of
around two degrees would potentially render 50% of wine
producing land unusable. The industry is also threatened by
soil erosion and mineral depletion, making action urgently
needed.
VitiRev Innovation has a unique positioning in Europe: its
commitment
to
protecting
biodiversity
is
part
of
its
investment strategy, which has a threefold objective:
(i) Take climate issues into account, in particular by reducing
the use of artificial inputs,
(ii) Develop digital and biological technologies,
(iii) Better meet the expectations of wine growers and
consumers, notably as regards health issues.
Impact indicators are developed in collaboration with the
consulting firm GreenFlex.
•
Report on the impact of each company supported
•
Report on the aggregate impact of the VitiRev Innovation fund
27
non-financial indicators related 
to environmental and social 
questions
7
non-financial 
indicators related to 
biodiversity
VitiRev Innovation
INNOVATING FOR THE ECOLOGICAL TRANSITION OF THE WINE GROWING SECTOR

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
58
Innovative impact measures for our new 
Article 9 funds
•
Demeter’s know-how with the support of  independent consultants
•
In-depth environmental and territorial reporting
•
Additional reporting with a social and societal focus
FAIM (Metropolitan Industrial Seed Fund) was set up by the Lyon
and Saint-Etienne municipalities with the support of Banque des
Territoires
as the go-to financial partner for innovative and
sustainable industrial companies.
Impact
indicators
are
developed
in
collaboration
with
the
consulting firm GreenFlex and Inkidata on 4 following topics:
-
Economic sustainability, social inclusion and justice
-
Environmental sustainability and health
-
Well-being at work, governance and cooperations
-
Citizens' perception and positive impact activities
17
non-financial indicators related 
to environmental and social 
questions
4
non-financial indicators 
related to economic 
sustainability, inclusion and 
social justice
Fonds d’Amorçage Industriel Métropolitain (FAIM)
Lyon / Saint-Etienne 
REGIONAL INVESTMENT FUND FOR SUSTAINABLE INDUSTRY

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
59
Innovative impact measures for our new 
Article 9 funds
L'Oréal founded and is lead investor in the Circular
Innovation Fund as part of its L'Oréal pour le futur 2030
sustainability commitments. This fund, which is geared
towards circular economy innovations, addresses natural
resources shortage and global waste challenges.
Its main objective is to promote the development of a
large-scale circular economy by supporting entrepreneurs
offering innovative circular economy solutions worldwide.
It also aims to contribute positively to climate change
mitigation and the circular use of resources through
technology and innovation on a global level.
Demeter manages the fund jointly under a partnership
with Canada-based Cycle Capital – also a pioneer and
leading investor in the ecological transition.
Impact indicators have been defined in collaboration with
the consulting firm PwC.
•
Report on the impact of each company supported
•
Report on the aggregate impact of the Circular Innovation Fund
20
non-financial indicators related 
to environmental and social 
questions
7
non-financial 
indicators related to 
the circular use of 
resources
Circular Innovation Fund
DEVELOPING AND PROMULGATING INNOVATIVE CIRCULAR SOLUTIONS
AROUND THE WORLD

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
60
Innovative impact measures for our new 
Article 9 funds
Impact measurement based on alignment with the two-degree 
trajectory
27
non-financial indicators related 
to environmental and social 
questions
7
non-financial 
indicators related to 
biodiversity
Climate Infrastructure Fund
ENERGY EFFICIENCY INFRASTRUCTURES
We are working with consulting firm Carbone 4 to develop an
impact measurement methodology for our Climate Infrastructure
Fund, based on three fundamental criteria:
(i) compliance with the European Taxonomy,
(ii) project carbon footprinting,
(iii) compatibility of projects with a global warming trajectory
limited to 2°C.
The third criterion is assessed by comparing an asset portfolio's
climate
performance
(e.g.
its
carbon
footprint)
with
temperature trajectory scenarios.

With the aim of aligning the interests of all its stakeholders (investors, investment management teams
and company managers), Demeter has set up a performance remuneration (carried interest) structure
for all its new funds linked to the achievement of impact objectives.
For all new funds – Climate Infra Fund, VitiRev Innovation, FAIM and Circular Innovation Fund – fund-
specific impact indicators are defined, as well as a percentage of carried interest (ranging from 25% to
33%) linked to the related objectives.
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
61
Alignment of interests: since 2021, for all our new funds carried 
interest is indexed to impact objectives
Innovative impact measures for our new 
Article 9 funds

France Green Finance GreenFin label
EY France and Novethic have awarded the GreenFin label to three of our recent funds. This label assures 
our investors that we are contributing actively and fully to the ecological and energy transition.
Environmental and energy 
transition infrastructures
FMET
European fund for the 
modernisation of 
transportation
Ecological transition of 
cities
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Created by the Ministry of Ecological and Solidarity Transition, the GreenFin label, formerly the TEEC
Ecological and Energy Transition for the Climate label, is one of the public policy initiatives arising from
the August 2015 law on the energy transition for green growth.
This label seeks to:
-
Promote investment funds that finance the green economy
-
Incentivise the creation of new green funds
-
Promote company reporting on the “green share” of their activities
have awarded
GreenFin certification 
to our funds
GreenFin certification
The
audit
performed
by
trusted
third-party,
independent
experts enables us to assure our
stakeholders of the quality of the environmental
information provided by the audited company.
The certification criteria are:
-
The green share of the fund's allocation
-
Exclusions
-
ESG controversies
-
The effective contribution to the ecological
transition
62
3 Demeter funds receive the GreenFin label

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
63
Our progress in 2021
In 2021, Demeter strengthened its ESG policy and ramped up its engagement with stakeholders:
Our 2022 goals
For 2022, we aim to renew and strengthen our support to accelerate ESG value creation:
(1) Launched new funds focused on ecological and energy transition and compliant with Article 9 of the
new European SFDR regulation.
(2) Further the education and engagement of our teams and portfolio companies to maximise impact with
a workshop on "ESG to create performance value", a diversity workshop, an ESG risk scoring
workshop, the promotion of carbon footprint measurement with Plan A, etc.
(3) Launch new initiatives to preserve biodiversity with Finance for Biodiversity.
(4) Continue to implement our ESG reporting tools and processes and to monitor action plans.
(1) We launched four new funds focused on ecological and energy transition and compliant with
Article 9 of the new European SFDR regulation.
(2) We innovated and developed new impact measurement methodologies to meet our
investors' expectations and in particular ensure that our funds comply with Articles 8 and 9
of the SFDR.
(3) We invested in companies that contribute significantly to decarbonisation.
(4) We strengthened our ESG policy and analysis throughout the investment process with, in
particular, the implementation of two tools for scoring ESG risks and negative impacts on
sustainability factors.
(5) We promoted ESG practices within our ecosystem through our presentations on behalf of the
Climate Commission, France Invest, Finance for Biodiversity and Climate Risks
(6) We set up a new ESG indicator consolidation platform.
(7) We won two awards reflecting the progress of our ESG practices.
Our achievements in 2021 
and our roadmap for 2022

SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
Appendices
ESG Performance in 2021 per fund
Note : funds being liquidated are not included

70% of portfolio companies completed the ESG survey 
100% of portfolio companies contribute to at least one of the UN’s SDGs
116
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
60%
employees, including 49 hired on a full 
time equivalent basis in 2021
of employees have permanent contracts
or contracts lasting more than 18 months 
94%
27
€2.9m
invested in R&D
patents filed, including 13 in 
2021
20%
of portfolio companies' Boards of 
Directors have at least one woman 
member 
(+10 points vs. 2020) 
of portfolio companies have a female
chair person and CEO or co-founder, or
both
65
ESG performance in 2021 
AGRINNOVATION

71% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
80%
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
86%
of portfolio companies have a profit 
sharing mechanism in 2021
reviewed CSR issues at Noetic least one 
Supervisory Board or Board of Directors 
meeting in 2021
of employees have permanent contracts
or contracts lasting more than 18 months
95%
379
€60m
invested in R&D (+€3 million vs. 2020)
patents filed, including 83 in 2021
57%
of portfolio companies have a formally 
documented environmental policy
of Management Boards have at least 
one woman member 
100%
66
ESG performance in 2021 
DEMETER 2

88% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
354
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
88%
employees, including 132 hired on a full 
time equivalent basis in 2021
of employees have permanent contracts
or contracts lasting more than 18 months 
(+2 points vs. 2020)
95%
11,000
€20m
invested in R&D 
tonnes of CO2 saved thanks to their 
operations
100%
of portfolio companies have initiatives in 
place to reduce their environmental 
impact
of portfolio companies have at least one 
woman on their Management 
Committee 
71%
social or societal projects
6
of portfolio companies have at least one 
independent member on their Board of 
Directors
67
ESG performance in 2021 
DEMETER 3

100% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
Distribution
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
63%
of income throughout the project
74 MW
50 GWh
of renewable energy generated
of installed renewable energy 
capacity
46,000
tCO2eq avoided in 2021
100%
of our portfolio companies' Boards of
Directors or Supervisory Boards have
at least one woman member
of portfolio companies contribute to
the
United
Nations
Sustainable
Development Goals
68
ESG performance in 2021 
DEMETER 4

73% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
152
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
63%
employees, including 74 hired on a full 
time equivalent basis in 2021
of portfolio companies have 
implemented a profit-sharing 
mechanism
88%
39
€9.4m
invested in R&D
patents, including 2 filed in 2021
of portfolio companies have at least
one woman on their Management
Committee
75%
of portfolio companies' Boards of 
Directors have at least one woman 
member 
69
ESG performance in 2021 
DEMETER 6

75% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
586
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
78%
employees, including 92% employed 
on permanent contracts or 
contracts lasting more than18 
months
of portfolio companies have 
implemented a profit-sharing 
mechanism
83%
€16m
85 GWh
saved by our investees for their 
customers
invested in R&D
532
patents, including 105 filed in 2021
of
portfolio
companies
have
a
woman
on
the
Management
Committee
of portfolio companies have at least 
one independent member on their 
Board of Directors
83%
70
ESG performance in 2021 
EMERTEC 5

75% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
311
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
83%
employees, including 28 hired in 
2021
of employees have permanent 
contracts
or contracts lasting more than 18 
months
97%
71.3
tonnes of waste processed in 2021
€12.5m
50%
invested in R&D (+€1.5 million vs. 
2020) 
of portfolio companies have at least 
one woman on their Management 
Board
of portfolio companies have at least 
one independent member on their 
Board of Directors
71
ESG performance in 2021 
FONDS EUROPEEN DES MATERIAUX

100% of portfolio companies completed the 
ESG survey 
100% of portfolio companies contribute to at least one of the UN’s SDGs
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
50%
of employees have permanent 
contracts
or contracts lasting more than 18 
months 
98%
100%
of portfolio companies have 
initiatives in place to reduce their 
environmental impact
€1.2m
100%
invested in R&D
of portfolio companies have at least 
one independent member on their 
Board of Directors
of employees had an annual review
95%
of portfolio companies have at least
one woman in a CEO or equivalent
position
72
(1): 2020 results extrapolated owing to a low response rate
ESG performance in 2021 
FONDS LORRAIN DE MATERIAUX

67% of portfolio companies completed the ESG survey 
100% of portfolio companies contribute to at least one of the UN’s SDGs
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
88%
employees, including 180 hired in 
2021
528
25
tonnes of CO2 saved thanks to their 
infrastructures
€2.7m
invested in R&D
38%
of employees have permanent 
contracts or contracts lasting more 
than 18 months 
95%
of portfolio companies incorporate
a code of ethics into their CSR risk
management
of Management Boards have at 
least one woman member 
73
* FMET: European fund for the modernisation of transportation
ESG performance in 2021 
FMET *

100% of portfolio companies completed the ESG survey
100% of portfolio companies contribute to at least one of the UN’s SDGs
1,465
SUPPORTING THE CHAMPIONS OF ECOLOGICAL GROWTH
ENVIRONMENT
SOCIAL
GOVERNANCE
30%
employees, including 435 hired on a full-
time equivalent basis 
of employees have permanent 
contracts or contracts lasting more than 
18 months 
95%
5 million
22,700 GWh
of energy consumption
avoided in 2021
tCO2eq avoided including 1.7 million 
in Ile-de-France in 2021
100%
of portfolio companies have initiatives 
in place to reduce their 
environmental impact
60%
of portfolio companies support 
charitable projects
60%
of portfolio companies have at least
one
woman
on
their
Management
Committee
of portfolio companies were founded
or co-founded by a woman
74
ESG performance in 2021 
PARIS GREEN FUND

Contacts
Sophie Paturle-Guesnerot, Managing Partner
sophie.paturle@demeter-im.com
Stéphanie Guitton Chrétien, Chief Sustainability and Impact Officer, Partner Paris Green Fund
stephanie.chretien@demeter-im.com

Supporting the champions of 
ecological growth