2021 ESG REPORT
1

Dear All, 
We have all experienced a challenging year, characterized by 
a continuous effort in adapting to the Covid-19 pandemic 
situation. Nevertheless, we rolled up our sleeves to continue 
our Environmental, Social and Governance (ESG) journey 
stronger than before.
ESG is a key area for cultivating growth opportunities for 
companies, managing risks, and leveraging opportunities 
with the goal of generating value and positive impacts for 
investors and communities. We believe that incorporating 
ESG in our investment decisions makes our portfolio 
companies ready to face future changes and catch linked 
opportunities.
Within this document, we describe our responsible 
investment strategy and our commitment towards 
integrating ESG criteria into our business and investment 
process. To reinforce our engagement in sustainability, we 
undersigned the six Principles for Responsible Investments of 
the United Nations (UN PRI) and, by 2023, we will submit our 
first PRI questionnaire.
Meanwhile we are working towards the definition of an ESG 
roadmap that guides our ESG journey, including targets to be 
implemented through short, medium and long term actions 
(2021-2024) at both asset manager and fund level (ITAGO IV).
At asset manager level, we have consolidated a governance 
system dedicated to the management of sustainability-
related activities and defined specific ESG objectives (i.e. 
contribution to fighting climate change and promotion of 
occupational health and safety), in alignment with selected 
United Nations Sustainable Development Goals (SDGs) based 
on the sectors where our investees operate.
In addition, we engaged our Investment Team in a training 
activity on Regulation EU 2088/2019 (or "SFDR") and its 
implications for ITAGO, and we will periodically review the 
team ESG training needs.
At fund level, we have developed and implemented a 
responsible investment approach by integrating ESG factors 
throughout all investment steps, for instance, by introducing 
ESG due diligences for all potential investments, and by 
reinforcing our engagement with portfolio companies 
through the definition of ESG action plans and an ESG 
performance monitoring process. To implement this latter, we 
have introduced an ESG data collection tool that incorporates 
SFDR requirements.
We are proud of what we achieved so far and we look 
forward to continuing our ESG path, with the knowledge that 
we have laid solid bases to seize opportunities for growth.
Letter from the CEO
Domenico Tonussi
Managing Partner
2

Highlights
Development 
of an ESG 
Roadmap
ESG Governance 
roles defined
Integration of 
ESG factors into 
policy
100% ESG Due 
Diligence, definition 
of ESG action plans 
and ESG performance
monitoring
ITAGO SGR believes that the integration of ESG (Environmental, Social, Governance) factors into its investment and ownership strategy, 
represents a crucial step to identify and support the development of potential and current portfolio companies within the world of Italian 
SMEs. ESG is in fact a key area to cultivate growth opportunities for companies, manage risks and leverage on opportunities with the goal 
of generating long term value and positive impacts for investors and communities.
For this reason, ITAGO has undertaken an ESG path combining the alignment to the latest regulation’s requirements (i.e., Regulation EU 
2088/2019 or “SFDR”) with ESG initiatives both at Asset Manager and Fund level, as described below.  
Submission of 
our first UN PRI 
questionnaire 
(planned in 2023) 
Alignment to 
the EU 
Regulation 
“SFDR”
See paragraph 2.2.
See paragraph 2.4.
See paragraph 2.5.
See paragraph 2.6.
See paragraph 3.1.
See paragraph 2.3.
3

Contents
ITAGO SGR and ITAGO IV
ESG Framework
ESG in Our Investment Process
ESG in ITAGO IV
Next steps
1.
2.
3.
4.
5.
4

The team carried out 35 investments in SMEs investing 
€ 300 million.
Operamed is a leading company in the Italian and international market, active in the design and  installation of 
outdoor and indoor modular solutions in the healthcare sector. Operamed designs, supplies and installs turnkey 
modular systems for critical hospital areas.
Teknoice is the Italian leader and third world player in machinery and systems for the industrial production of 
packaged ice cream. The company is the expression of the best Italian technology in the world of refrigeration, mixing, 
extrusion, hardening and packaging of ice cream cones, bars, sticks and tubs.
SR Mecatronic Group is active in the field of accessories for motorhomes and caravans and in the production of satellite 
antennas, stabilization systems, air conditioners and systems and home automation for campers and caravans and has 
achieved significant market shares abroad (Europe and Australia).
ITAGO has 2 offices in Italy (in Venice and an 
administrative office in Milan) and relies on a consolidated 
network of entrepreneurs, professionals and managers.
ITAGO is an independent private equity firm focused on supporting the growth of SME Italian companies
Our currently active portfolio is ITAGO IV, focused on Italian SMEs that have elements of excellence in their product and/or 
technology offering facilitating processes of generational change, internationalization and external growth.
ITAGO IV composition as of 18 March 2022:
1. ITAGO SGR and ITAGO IV 
5

Contents
ESG Framework
ESG in Our Investment Process
ESG in ITAGO IV
Next steps
1.
2.
3.
4.
5.
ITAGO SGR and ITAGO IV
6

CONTRIBUTION TO FIGHTING
CLIMATE CHANGE
PROMOTION OF OCCUPATIONAL 
HEALTH AND SAFETY
Companies in ITAGO IV portfolio (or “PCs”) are mainly operating in 
the manufacturing and mechanical sectors, which are exposed to 
risks and opportunities mainly related to, among other ESG 
topics,  Occupational Health and Safety and Climate Change. 
Therefore ITAGO has committed to contribute to these two 
objectives by supporting its PCs in fighting climate change by e.g. 
implementing energy efficiency initiatives, and improve 
occupational health and safety, by e.g. reinforce current H&S 
protection measures.
We carry out investment activities taking into account the 
growing centrality of sustainability issues linked to the main 
market drivers, the needs expressed by our stakeholders and 
the latest regulatory developments.
2. ESG Framework
Our mission is to support companies whose strategy is 
focused on a product, process and or technology 
characterized by a competitive edge, innovation and 
managerial approach.
Our Mission
Our Objectives
2.1. ITAGO Mission and objectives
7

2.2. ITAGO SFDR Disclosure
ART 6, paragraph 1 Transparency of the integration of sustainability risks - The alignment is specified within fund’s pre-contractual 
disclosure
ART 3, paragraph 1 "Policies on integration of sustainability risks in investment decision-making processes”
ART 4, paragraph 1 "Principal adverse sustainability impacts (PAI) statement"
ART 7, paragraph 1 Transparency of adverse sustainability effects at the financial product level – The alignment is specified within fund’s 
pre-contractual disclosure
ITAGO SGR as a participant in the financial markets, provides the following disclosure in
accordance with Articles 3, 4, 6 and 7 of Regulation (EU) 2019/2088 on Sustainability Disclosures in
the Financial Services Sector "SFDR Regulation" and according to the Final Report on Regulatory
Technical Standards ("RTS") published by the European Supervisory Authorities.
ITAGO is aligned with the SFDR, in compliance with the following articles:
2. ESG Framework
8

In October 2021 ITAGO SGR signed the Principles for 
Investors in Inclusive Finance (PIIF) , a responsible 
investment framework developed under the UN PRI 
initiative for investors and focused on the dissemination 
of accessible and responsible financial products and 
services.
The aim is to make the sustainability journey firm and 
clear, laying the foundations in an ESG strategy focused in 
understanding what are the main factors that could 
influence the investment process and how to best use 
them as opportunities to maximize economic value 
creation.
The pillars of the PRI are set out in 6 principles.
Incorporate ESG issues into investment analysis 
and decision-making processes;
Be active owners and incorporate ESG issues into 
our ownership polices and practices;
Seek appropriate disclosure on ESG issues by the 
companies in which we invest;
Promote acceptance and implementation of the 
Principles within the investment industry;
Work together to enhance our effectiveness in 
implementing the Principles;
Report on our activities and progress towards 
implementing the Principles.
1.
2.
3.
4.
5.
6.
2.3. PRI Signature
2. ESG Framework
9

2. ESG Framework
ESG Area
Activities carried out/started in 2021
Status
Key planned activities for 2022
RI Policy
• Alignment of the ESG policy to PRI requirements
• Publication of the revised ESG policy on the Asset Manager 
Website
ESG Team 
Engagement
• Definition of a formal ESG governance
•
Assessment of specific ESG training needs once per year
• Training on SFDR delivered to the Investment 
Team
Working towards the definition of our three-years ESG Roadmap 2021-2024 at Asset Manager and Fund level, was the first step we took to 
understand what areas and goals to focus on in define our sustainability path. The definition of The ESG Roadmap, which will be approved by 
the Board in 2022, was based on a series of analyses that considered alignment with applicable regulations (SFDR), international standards 
(UN PRI) and industry best practices identified through benchmarking against comparable peers and best performers. Below and in the 
following slides, key points of the Roadmap and short-term actions implemented and planned, are presented.
Activities implemented in 2021
Activities under development
2.4 Roadmap at Asset Manager level (1/2)
10

ESG Area
Activities carried out/started in 2021
Status
Key planned activities for 2022
Stewardship
• Publication of articles regarding ESG practices 
implemented within the investment process
• Definition of additional ESG stewardship objectives and practices, as 
for instance supporting the achievement of cross-portfolio ESG 
objectives among PCs (e.g. implementation of energy efficiency 
measure, welfare systems, 231 Organizational Model, etc.)
• Support the Guggenheim Intrapresæ, an Italian corporate 
membership project dedicated to the promotion of art.
Climate Change 
and H&S
• Definition of ESG objectives relevant for the 
Asset Manager (i.e. Climate change, 
Occupational Health and Safety) 
• Alignment of ESG objectives with relevant SDGs
• Support the Paris Agreement and/or the TCFD
Communication
and Disclosure
• Publication of the first ITAGO ESG report on the 
website
• Annual update of the ITAGO ESG Report
• Set up an ESG incidents form for all PCs
• Send the ESG Incident form to all PCs 
• Creation of an ESG incidents and corrective actions database to 
collect the information deriving from the ESG incident procedure in 
place and to share best practices across PCs
• SFDR disclosure annually revised and published
• Evaluate a shift from the “Explain” to the “Comply” approach for 
articles 4 and 7 of the SFDR
2. ESG Framework
2.4 Roadmap at Asset Manager level (2/2)
Activities implemented in 2021
Activities under development
An article regarding ITAGO acquisition of the Company Operamed Srl was featured by Lawyer Monthly Magazine* of October 2021. Within the article, 
the ESG Due Diligence work performed during the pre-acquisition phase is described, including the main ESG issues that are likely to arise in this kind of 
transactions. Link to the full article.
*Lawyer Monthly is a news website and monthly legal publication with content that is entirely defined by the significant legal news from around the world.
11

ESG Area
Activities carried out/started in 2021
Status
Key planned activities for 2022
Ownership
•
Appointment of a ESG Key Person for each PC, in charge of ESG 
data collection, reporting to the ESG Manager, and Action Plan 
implementation
•
Appointment of an ESG Key Person for each new PC
•
The ESG Data Collection tool is developed including the RTS KPIs 
to report on PAIs and is sent to all PCs.
• PCs Key Persons are guided on how to fill in the data 
collection tool
• ESG data are collected on all investments
•
Cross-portfolio KPIs to be tracked by all PCs are updated, if changes to RTS KPIs 
occur
• Definition of the ESG action plan all PC
•
Annually, the ESG Key Person at PC’s level presents the achievement of the 
company against the goals set in the Action Plan to the ESG Manager at Fund 
Level, and updates the Plan accordingly 
• ESG matters are discussed at Board level at each PC
2. ESG Framework
2.4 Roadmap at Fund Level 
Activities implemented in 2021
Activities under development
12

Sustainability in ITAGO (extract from the ESG Policy)
In addition to the Contribution in fighting climate change and Promotion of Occupational 
Health & Safety objectives, ITAGO has defined sustainability commitments that consistent 
with the principles on which the Policy is based and include:
•
Promotion of diversity and inclusion in the workplace;
•
Promotion of work-life balance;
•
Strengthening corporate governance and integrity;
•
Promotion and facilitation of volunteer and community engagement activities of ITAGO 
team members.
•
Implementation of fundraising and charitable giving;
•
Minimization of direct environmental impacts (e.g., paper and energy consumption, 
emissions from business related travels,etc.).
In addition, the Asset Manager supports the 
adoption of sustainable investment practices 
with respect to other entities of the financial 
sector, as e.g. the promotion of adherence to 
the UN Principles for Responsible Investment.
ITAGO has incorporated sustainability factors within its strategy and operations. 
ESG aspects are considered throughout the investment life cycle, from pre-
screening to exit. Our ESG approach is described within the ITAGO ESG Policy. 
2. ESG Framework
2.5 The Integration of ESG in our Policy
13

In order to pursue its commitments and objectives, the Asset Manager has defined a governance system dedicated to the 
management of sustainability issues. ITAGO ESG Governance is described below.
ESG Manager
Plays the role of primary interlocutor with investors and stakeholders and the mainreference point for sustainability-
related aspects for the Asset Manager. The main duties covered are:
•
drafting and reviewing the ESG Policy;
•
defining the ESG factors to be integrated within ITAGO operations, in agreement with the Investment Team;
•
defining the monitoring methods on portfolio companies;
•
presenting to the Board of Directors the results of the monitoring activities on the ESG performance of the 
Asset Manager and the portfolio companies, in order to enhance good practices and address critical issues.
Each investment sub-team adopts the approach defined by the Asset Manager for different phases of the 
investment; in particular, the sub-team has the responsibility to e.g. incorporate ESG factors into investment 
strategies, conduct research on sustainability issues, engage with investment targets, etc.
Supervision is carried out by The Board of Directors that approves the ESG Policy and any subsequent revisions, 
periodically verifying its correct implementation on the basis of the controls carried out by the ESG Manager.
2. ESG Framework
Board of Directors 
Investment Sub-Teams 
2.6 Our ESG Governance
Investment Team & ESG Manager
Board of Directors
Investment Sub-Teams
14

Contents
ITAGO SGR and ITAGO IV
ESG Framework
ESG in Our Investment Process
ESG in ITAGO IV
Next steps
1.
2.
3.
4.
5.
15

• Definition of an ESG Action plan
• ESG Data Collection & monitoring
Monitoring & Engagement
Realizing Value
• ESG information in exit documents
• Assessment of ESG performance 
improvements through e.g. a 
Vendor Due Diligence, where 
relevant
• Identification of ESG issues to scope 
the DD specific for the target 
• ESG Due Diligence
Assessment
•
Screening against the exclusion
list
•
Identification of reputational risks
•
Analysis of potential risk and 
opportunity drivers based on 
target’s sector
Screening
EXIT
PRE-SCREENING
OWNERSHIP
PRE-INVESTMENT
The integration of ESG factors is a crucial step to identify risks and opportunities when evaluating potential investments and can represent a significant 
competitive edge during the ownership phase, through ESG performance monitoring and engagement activities with Portfolio Companies. 
The overall goal for ITAGO is to seize growth opportunities and to generate value and positive impacts for investors and communities.
In the flowchart below, the integration of ESG factors over the investment process is described.
3. ESG in Our Investment Process
3.1 Overview
16

PRE-
SCREENING 
PHASE
PRE-INVESTMENT TOOLS
The ESG Pre-Screening approach includes:
•
adoption of exclusion criteria for a preliminary high-level screening of 
investment targets, as provided for in the Regulations of the ITAGO IV Fund 
(please refer to the next slide for an extract of the exclusion list);
•
evaluation of the track record of the target and possible involvement in 
scandals or other instances of high reputational risk;
•
analysis of the potential ESG risk drivers and opportunities associated 
with the investment, on the basis or sector and operations of the target 
company.
The integration of ESG factors during the pre-screening phase is aimed at identifying potential barriers to the 
investment when evaluating target companies. 
3. ESG in Our Investment Process
3.2 Pre-screening Phase (1/2)
17

Our Exclusion List (extract*)
ITAGO IV does not invest, issue guarantees nor provide any financial or other support, directly or indirectly, in relation to:
•
illegal activities (...);
•
other investment funds, collective investment vehicles or other vehicles that pay a dedicated return, management fee or similar 
compensation to an external manager or its affiliates (...);
•
other entities dedicated to carrying out real estate activities (...);
•
companies whose activities substantially relate to one of the following sectors:
•
production of and trade in tobacco, distilled alcoholic beverages and related products;
•
financing of the production of and trade in armaments and munitions, including cluster munitions and parts or customized 
elements thereof, anti-personnel mines, nuclear, chemical or biological weapons or depleted uranium munitions, it being 
understood that this restriction shall not apply if such activities are part of, or incidental to, European Union policies;
•
gambling and related products;
•
research, development and applications of electronic solutions or programs that are aimed at developing on of the activities 
mentioned above, internet wagering or virtual gambling, pornography; or are specifically designed to unlawfully enable 
access to electronic networks; downloading data in electronic format;
•
pornography and related products;
•
oil and gas extraction;
•
gambling and related products;
•
manufacture or marketing of electronic solutions/programs that are specifically designed to enable unlawful access to 
electronic networks; and/or downloading of data in electronic format;
•
human cloning;
•
sectors that are not consistent with the UN PRI or the principles inspiring so-called socially responsible investments (i.e.
transparency, integrity and suitability) according to the guidelines of international associations of operators in the sector; (...) 
•
fossil fuel-based energy production and related activities (e.g. coal mining, processing, transport and storage; oil exploration 
and production, refining, transportation, distribution and storage (…));
•
energy-intensive and/or CO2-intensive industries (e.g. manufacture of organic and inorganic basic chemicals; manufacture of 
fertilizers and nitrogen compounds(…));
*Please note, for the purpose of this Report, only 
a selection of exclusion criteria were disclosed. 
The full exclusion list is reported within ITAGO IV 
Regulation Document.
If the investment 
opportunity is in line with 
pre-screening criteria, the 
pre-investment phase may 
start.
3. ESG in Our Investment Process
3.2 Pre-screening Phase (2/2)
PRE-
SCREENING 
PHASE
Notwithstanding the foregoing, investments in the areas referred to in above, shall be permitted if the specific operation of the final 
beneficiary (i) qualifies as an environmentally sustainable investment as defined in the "EU Taxonomy for Sustainable Activities" or (ii)
qualifies under EIF's "Climate Action & Environmental Sustainability (CA&ES) criteria for green financing".
18

PRE-
INVESTMENT 
PHASE
The assessment carried out by ITAGO during the pre-investment allows to  
strengthen and improve the process of evaluating and selecting target 
companies and to identify sustainability priorities for the post-acquisition 
action plan.
The ITAGO's approach includes:
•
Identification of ESG material issues to scope the Due Diligence, also in light of the results of the pre-
screening activities;
•
performance of an ESG Due Diligence, including evaluation of the ESG risks and identification of good 
performances and improvement opportunities, also relying on the support of third party ESG consultants if 
needed;
•
finalization of the investment memorandum and of the contracts governing the investment transaction, 
to be submitted to the Board of Directors for the investment decision.
ESG Due Diligence
3. ESG in Our Investment Process
3.3 Pre-investment Phase
19

OWNERSHIP 
PHASE: ACTION 
PLAN
ITAGO investment team defines its strategy on the basis of active collaboration with portfolio companies, aimed at 
strengthening their corporate structure and governance, improving their competitiveness and optimizing their 
processes.
Dialogue and collaboration are extended to sustainability issues, in relation to which the Asset Manager encourages 
companies in identifying risks and opportunites and defining common objectives to improve performance.
To improve ESG performance during the investment period, an action 
plan is drafted based on the specific characteristics of the investee.
The ESG improvement actions described in the plan are tied to specific 
ESG metrics identified during the pre-screening phase and focus on 
material topics for the portfolio company.
Action plans are evaluated and agreed upon with the portfolio company, 
which commits to implement the plan during the investment period.
An ESG “Key person” is appointed for each PC which will be responsible 
to report to ITAGO ESG Manager on company ESG performance.
In 2021 ITAGO has supported one portfolio company in the 
development of its ESG Action Plan. 
3. ESG in Our Investment Process
3.4 Ownership Phase (1/3)
20

OWNERSHIP 
PHASE: 
MANAGEMENT 
AND 
MONITORING
ITAGO has developed a data collection tool that contains a set of ESG Key Performance 
Indicators (KPIs) to be reported by each Portfolio company on a quarterly basis. The 
Data Collection Tool includes the sustainability adverse indicators on environmental and 
social areas that are mandatory in line with the Regulatory Technical Standards (RTS)
defined by the EU Regulation 2019/2088 – SFDR.
Within the Data collection form, ITAGO has included an ESG action plan monitoring 
tab, through which it will monitor progress with respect to the Action plan objectives.
The ESG Data Collection Tool is sent by the ESG Manager to each ESG contact person of 
the Portfolio Companies, for compilation. 
ESG Data collection on 2021 has been completed.
The Regulatory Technical Standards
The European Supervisory Authorities (ESAs) have developed through the Joint Committee (JC) the draft Regulatory Technical 
Standards (RTS) with regard to the content, methodologies and presentation of sustainability-related disclosures under 
empowerments Articles 2a, 4(6) and (7), 8(3), 9(5), 10(2) and 11(4) of Regulation (EU) 2019/2088 (Sustainable Finance 
Disclosure Regulation “SFDR”).
The RTS contains the set of Environmental and Social KPIs (or Sustainability Adverse Indicators) that aim to describe the 
principal adverse sustainability impacts.​
The RTS cover the following areas:
• Climate and other environment-related indicators (Greenhouse gas emissions, biodiversity, water, waste);
• Social and Employee, Respect For Human Rights, Anti-corruption and Anti-bribery matters.
ESG Data Collection Form
3. ESG in Our Investment Process
3.4 Ownership Phase (2/3)
21

The form requires to report the type of incident and extent of damage such as:
•
Fatalities (including number of fatalities with differentiation among employee, contractor, or people that 
were present during the event) 
•
Number of people injured 
•
Loss or damage to the company's facility or the surrounding environment
•
Environmental damage (e.g. water pollution)
In addition, it is requested to indicate corrective actions undertaken and any reputation damages suffered.
Concerning ESG issues, at Asset Manager and fund level it is guaranteed a transparent approach, acknowledging 
that the best way to behave is to analyze and communicate the performance achieved. The transparency of our 
operations is formalized through reports and annual meetings with investors and stakeholders. 
In the event of an ESG incident involving a portfolio company, our priority is to promptly address that incident 
and inform stakeholders as soon as reasonably possible.  
In order to collect information about ESG incidents, ITAGO has developed an ESG Incident Reporting form, which 
will be sent to the investees in 2022. To ensure correct and prompt communication of the ESG incident 
information, ITAGO will provide the PCs with indications and timing for completing the form in case of incident.
ESG Incident Reporting Form
No relevant ESG incidents were reported by PCs in 2021
OWNERSHIP 
PHASE: 
MANAGEMENT 
AND 
MONITORING -
TRANSPARENCY
3. ESG in Our Investment Process
3.4 Ownership Phase (3/3)
22

The ITAGO’s approach includes:
•
Support to the investee company for the adaptation of its ESG objectives and practices to the new management;
•
communication with the new ownership for handover on the objectives and current performance of the investee 
with respect to sustainability issues;
•
reporting on the investee's current status at the time of exit and assessment, of the contribution of tangible and 
intangible value provided by the investment in the subsidiary, also in terms of ESG impacts, through an ESG Vendor 
Due Diligence, where relevant.
EXIT PHASE 
ITAGO operates with the objective of generating lasting and sustainable value and aims to accompany the investee 
companies also following the investment period, in order to ensure the continuity of the ESG activities undertaken.
3. ESG in Our Investment Process
3.5 Exit Phase
23

Contents
ITAGO SGR and ITAGO IV
ESG Framework
ESG in Our Investment Process
ESG in ITAGO IV
Next steps
1.
2.
3.
4.
5.
24

•
Repubblica di 
San Marino
•
Porretta Terme (BO)
•
Operates 3 facilities in 
Buccinasco (MI)
•
Limena (PD)
Machinery and equipment 
for the production of
packaged ice cream
Accessories for caravan 
& motorhomes
Design, supply and 
installation of medical 
prefabricated systems
Portfolio Companies’ sectors
4. ESG in ITAGO IV
54,2M€
Revenues
Portfolio Key Data 2021
Employees
123
0
ESG incidents
25

SR Mecatronic Group manages the assembly activities of Automatic Satellite Systems, Leveling Systems, Air 
conditioning and accessories for caravans and campers.

SR Mecatronic Srl manages administrative and sales activities

MA VE International Srl manages assembly processes and product storage
Year of investment
2021
Employees
32
Revenue
7.9M€
Italy
Headquarter
2021 Key data
4. ESG in ITAGO IV
34 %
Female employees
88 %
Long-term contracts
SOCIAL
GOVERNANCE
231 
Organizational Model  
under implementation
0
Work related injuries
ENVIRONMENT
ESG Manager
appointed
HR manager
appointed
Energy efficiency 
initiative
The company is planning to 
install a photovoltaic system 
at MA-VE International site 
ESG Action Plan
Defined and implementation 
started
7,59h
Hours of training provided 
per employee
0
N. of product recalls issued 
related to product safety issues
9,93 MWh/M€
Electricity consumption per M€ of revenue
2,68 MWh/M€
Natural gas consumption per M€ of revenue
+7 new hires in 2021
26
*
*
*
* In 2021, Mecatronic has defined an ESG Action plan with specific actions and KPIs to be monitored. The goal of 
the Action Plan is to improve the current ESG performance, taking 2021 as the base year. 
ESG DATA – 2021 Highlights
ESG Action Plan

6,26 MWh/M€
Teknoice is active in the design, production, sale and after-sale assistance sale of plants for the 
manufacture of semi-industrial and industrial ice cream, overseeing almost all phases of the industrial ice 
cream production process, offering machinery for pasteurization, filling, extrusion and hardening as well as 
continuous ice cream producers. 
4. ESG in ITAGO IV
Year of investment
2021
Employees
65
Revenue
24.4M€
Italy
Headquarter
2021 Key data
98 %
Long-term contracts
ISO 9001 
under implementation
0
Work-related injuries
ESG reference 
person
appointed
Climate-change initiative
The company is active in the R&D of CO2 
alternatives to industrial refrigeration.
2,64 MWh/M€
Total natural gas consumption
Electricity consumption per M€ of revenue
1,36 MWh/M€
Total fuel oil consumption
+6 new hires in 2021
1 commuting injury 
occurred in 2021
27
16 %
Female employees
SOCIAL
GOVERNANCE
ENVIRONMENT*
*
*
ESG DATA – 2021 Highlights
ESG Action Plan (planned for 2022)
* Teknoice is planning to develop an ESG Action plan and will outline specific actions and KPIs to be monitored. The 
goal of the Action Plan is to improve the current ESG performance, taking 2021 as the base year. 
of which 56% from 
renewable energy sources

Operamed, founded in 2012, is a company active in the design and installation of modular solutions turnkey 
solutions in the hospital field.  Operamed's comprehensive approach to the creation of specialized 
environments such as operating rooms, intensive care units, wards, sterilizations, diagnostic departments, 
dental clinics and clean rooms is based on the innovative TrueSpace prefabrication system.
4. ESG in ITAGO IV
Year of investment
2021
Employees
26
Revenue
21.9M€
Italy
Headquarter
2021 Key data
+8 new hires in 2021
28 %
Female employees
ISO 9001 
Certification achieved
0
Work-related injuries
ESG reference 
person
appointed
Environmental related data 
monitoring (i.e. Energy 
consumption and waste 
generation) will start in 2022
1 commuting injury 
occurred in 2021
85 %
Long-term contracts
1,92h
Hours of training provided 
per employee
0
N. of product recalls issued 
related to product safety issues
231 
Organizational Model 
implemented 
(approved in 2022)
28
SOCIAL
GOVERNANCE
ENVIRONMENT*
*
*
ESG DATA – 2021 Highlights
* Operamed is planning to develop an ESG Action plan that will outline specific actions and KPIs to be monitored. 
The goal of the Action Plan is to improve the current ESG performance, taking 2021 as the base year. 
ESG Action Plan (planned for 2022)

Contents
ITAGO SGR and ITAGO IV
ESG Framework
ESG in Our Investment Process
ESG in ITAGO IV
Next steps
1.
2.
3.
4.
5.
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1.
Over the last year, ITAGO has made significant 
progresses in structuring and developing its Responsible 
Investment approach. We have for instance consolidated 
our ESG framework, starting the development of an ESG 
roadmap with clear actions and goals to pursue, 
formalized our ESG commitments and disclosed this 
report, summarizing our 2021 ESG activities.
Going forward, we are committed to continuing to 
strengthen our approach towards responsible investing. 
In particular, at Asset Manager level we will maintain the 
alignment to the latest updates of the Regulation (EU) 
2019/2088 on sustainability‐related disclosures in the 
financial services, and we will provide our Investment 
Team the needed skills to operate within the ESG 
environment.
At fund level we will continue to implement the actions described 
within our roadmap, focusing on the following next steps:
5. What’s next?
Carry out the ESG data collection on a quarterly basis 
for all PCs, in line with Technical Regulatory Standards 
requirements 
Consolidate of ESG engagement activities with PCs, 
including e.g. definition and monitoring of Action Plans 
and definition of a cross-portfolio set of ESG initiatives.
2.
3.
Provide ESG training to PCs’ Key Persons, if needed (e.g.
regarding the completion of the ESG data collection tool)
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CONTACTS:
e-mail: gpianta@itagopartners.it
Web: ITAGO
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