Sustainability drives value
ESG & Environmental Impact Report 2020

Ambienta is managing one of the leading capital pools entirely focused on 
environmental sustainability megatrends across private and public markets.
We look for investment opportunities amongst companies whose products and/
or services generate a Resource Efficiency or a Pollution Control impact.

Opening Statement
Ambienta at a glance
Our Purpose-built Business Model
Fondazione Ambienta
pag. 4
pag. 6
pag. 9
pag. 33
Table of contents
3

Nino Tronchetti Provera
Despite the Covid slowdown, 2020 marked another very positive year for Ambienta; it was not 
easy, though. With 52 sites and almost 3,500 employees over 4 continents it could have been 
different, very different, but we are happy to report no loss of life and a solid business. In Private 
Equity, sustainability proved a strong source of resilience with aggregate 2020 portfolio revenues 
broadly in line with 2019 and EBITDA just a notch below. No portfolio company was severely 
impacted by Covid, and we expect 2021 to bring our portfolio beyond 2019 levels. 
I like to believe this outcome is not only the result of the hard work of the extended team, but 
also also the consequence of other factors: our companies, sustainability champions, are on the 
“right side of history”; our management action is led by clear governance; our ESG integration 
is pervasive; our enthusiasm for sustainability and inclusion is in line with the times. Our 2020 
results are living proof of it.
We posted significant progress on fund deployment and the expansion of our organization. We 
completed one new platform investment in 2020, in Namirial, a digital transaction management 
company whose solutions lead to the saving of materials, water, energy, and landfill, as well as 
to the reduction of CO2 emissions. We also completed four add-on acquisitions in the US, UK 
and Italy for our existing portfolio. Ambienta II was over 100% deployed as at Dec 2020, while 
Ambienta III continued its solid investment pace with around 48% deployed to date. 
We recruited two new partners in 2020: Gwenaelle Le Ho Daguzan and Hans Haderer. Gwenaelle, 
Ambienta’s first female partner, leveraging our differentiating sustainability leadership, was very 
effective in swiftly opening and staffing our new office in Paris, in very competitive market such 
as France. We now have a solid pipeline and a local team to process it. Hans strengthens our 
leadership in Germany as Head of the DACH region. We also established a Value Creation 
practice, led by two senior professionals with extensive experience in operations.
With our dedicated Sustainability & Strategy team, the pillar to developing proprietary sustainability 
tools, in 2020 we successfully expanded into public markets. We launched Ambienta X with a new 
dedicated team of 6 experienced public markets professionals: the first family of sustainability-
driven public market strategies available on the market based on the Ambienta Sustainability 
Index, a proprietary quantitative sustainability scoring system for investee companies that we 
developed internally. Ambienta X started trading its first long/short absolute return fund in March 
2020. The strategy gained speed very fast, reaching € 400m in assets at the end of 2020. 
We believe environmental sustainability is the strongest growth trend shaping markets for the 
years to come. 2020 was a great year for us, as a leader in sustainability, and we look forward to 
a successful 2021!
Message from our Managing Partner and Founder
Since 2007 we have been investing to solve one of the greatest challenges of our times
4

Covid posed a big challenge to our private equity portfolio in 2020. Business continuity has been 
a top priority, while sustainability driven business models thankfully had only limited exposure to 
the economic consequences of the pandemic. We worked closely with our companies to respond 
to the crisis with immediate and solid business continuity plans which were all implemented and 
proved to be effective.
Our ESG in Action programme has been once again refined to continue to lead best practice in 
ESG integration: we mandate PricewaterhouseCoopers to audit the implementation of our ESG in 
Action programme across our private equity portfolio. This is a new ground-breaking field where 
Ambienta once again is first mover in its leadership in ESG and responsible investing. 
Diversity has been sponsored at the highest levels of the organization, with a formal ad hoc 
policy, and we made great progress in 2020 with the entrance of a female partner and the hiring 
of a woman director to chair the Board of Ambienta SGR. 
Ambienta has continued to gather awards and recognition across the industry. The most recent 
being Environmental Finance’s Private Equity ESG Fund of the Year at the 2020 Sustainable 
Investment Awards, and Real Deals 2020 ESG Award. These accolades are true reflection of the 
firm’s unique sustainability driven investment strategy and approach to responsible investment.
Throughout 2020, the Sustainability & Strategy (S&S) team, has grown 50% and now comprises 
a gender diverse team of six experienced professionals. The team has been at the core of the 
launch of our Ambienta X - Public Markets strategy, leveraging its unique proprietary analytical 
scoring system known as Ambienta Sustainability Index. The methodology is employed to assess 
and monitor exposure to environmental sustainability through two key metrics: Sustainable 
Notional Value (SNV) and Gross Sustainable Notional Value (SGNV).
Ambienta is committed to mitigate and reduce climate change beyond its investment strategy, 
which has long been targeting companies promoting the transition to a low carbon economy. 
In 2020, Ambienta’s Board of Directors developed a firm-wide Net Zero Policy and dedicated 
strategy to formalize our continued efforts to promote climate reduction activities in line with the 
Paris Agreement at firm level and across all our asset classes. 
Stefano Bacci
In 2020 Ambienta marked significant milestones in sustainability and ESG integration
Message from our ESG Manager
5

Ambienta at a glance
6

Our Business 
Pioneered a new way of investing that 
couples environmental sustainability with 
best-in-class ESG practices
Offices
FTE dedicated employees
Billion € committed 
assets
Environmental 
sustainability investments
Sustainability & Strategy 
experts
Our sustainability leadership
Leader in generating top-tier financial 
performance through solid, measurable 
environmental impact
ESG awards won over 
the last 2 years
Assets managed with 
consistent and demonstrable 
ESG integration
Top decile PRI score for its 
approach to ESG strategy 
and integration
Our award-winning ESG programme
Ambienta’s internationally recognized ESG 
in Action programme is deeply rooted in its 
culture and operations 
4
1.5
> 
44
6
100%
5
100%
A+
Our Investment 
Strategy
Ambienta at a glance
Ambienta was first to recognize that sustainability and ESG were pivotal for value creation
Resource 
Efficiency
Pollution 
Control
7

ESG yearly  
reporting
Internal  
Sustainability 
Team
Carbon 
Footprint 
analysis
Ambienta 
Sustainability 
Index (ASI)
€ 400m 
Strategy Assets
2008
2013
2018
2020
2019
Our Offices
9
12
19
Our Team
0,5
1,0
1,5
€ bn
Assets since inception
Ambienta III
€ 635m AuM
Ambienta II
€ 324m AuM
Ambienta I
€ 218m AuM
ESG in the rules  
of the Fund
Environmental Impact 
Analysis (EIA)
ESG In Action  
PwC assurance
ESG Quaterly 
Reporting
Sustainability in the 
rules of the Fund
Ambienta X -  
Public Markets
Our first public 
strategy falls within 
scope of Article 9 
of the SFDR
44
Built for sustainability: 100% of our investments
Ambienta at a glance
8

Our Purpose-built Business Model
9

Our Accountability 
ESG managed at Partner and Board level
ESG in investment team’s Remuneration Policy
3
4
Our Sustainability & Strategy team
A team of 6 full-time sustainability experts
S u s t a i n a b i l i t y
1
2
100% ESG integration
ESG in Action programme applied across all asset classes
Independent ESG implementation assurance by PwC
Our Assets
3 Private Equity funds: € 1.2 bn AuM 
1 Public Markets strategy: € 400 m Strategy Assets 
Ambienta has been purpose-built in 2007 to invest in the environment
Our Purpose-built Business Model
10

Our Commitment 
PRI signatory since 2012 
B Corp since 2019  
Climate Neutral certified since 2020 
5
6
Multi-channel ESG Reporting
Monthly Board reporting of ESG
Systematic ESG quarterly reporting
Yearly overview of ESG integration
E S G
7
8
Advanced proprietary Impact metrics
“Environmental Impact Analysis” for Private Equity division (EIA)
“Ambienta Sustainability Index” for Public Markets division (ASI)
International recognition 
UNPRI A+/A+ scores
Stafford (formerly RobecoSAM) A+/A+ scores
11

Ambienta’s unique Sustainability & Strategy (S&S) function is fully dedicated to 
understanding how Resource Efficiency and Pollution Control trends shape industries and 
create investment opportunities across asset classes. The S&S team continuously maps and 
researches compelling environmental investment opportunities across our divisions, leads 
the development of proprietary sustainability measurement approaches and implements ESG 
strategies and integration activities within our firm and across our asset classes.
A centralized team working across Private Equity and Public Markets divisions
Before joining Ambienta in 2012, 
Stefano was a Partner at Palamon 
Capital Partners (London), Senior 
Manager at Boston Consulting 
Group, and worked at BASF in Basel. 
Stefano graduated in Chemical 
Engineering from Politecnico 
University of Milan, holds an MBA 
from Helsinki School of Economics 
and MIT in Boston, and completed 
Postgraduate studies in Physical 
Chemistry at the Technische 
Universität Darmstadt.
Fabio joined Ambienta in 2011 
and leads the development 
of Ambienta’s approach to 
sustainability driven investments 
across asset classes. Previously, 
Fabio was a consultant at Value 
Partners where he worked across 
a range of sectors and industries. 
He hold a BSc and an MSc in 
Aerospace Engineering from 
Politecnico University of Turin and 
has an MBA from INSEAD. 
Stefano Bacci
Partner and ESG Manager
Fabio Ranghino
Principal and Head of S&S
Previously, Giulia was an ESG 
and Sustainability Associate 
at PricewaterhouseCoopers 
in London. She holds an MSc 
in Environmental Technology 
and Business from Imperial 
College London.
Giulia Volla
ESG Senior
Previously, Federica worked 
for two years as a strategic 
consultant at Roland Berger. 
She holds a Master in 
Management with a major in 
corporate finance from ESCP 
Paris.
Federica Mallone
Associate
Previously, Saverio worked at 
Bain & Company, Business 
Integration Partners, Barilla 
Group and at a bike-sharing 
startup. He holds a Master 
in Business Administration 
from SDA Bocconi School of 
Management.
Saverio Zefelippo
Associate
Previously, Guido spent six 
years in Saipem S.p.A. He 
holds an MSc in Architectural 
Engineering from Politecnico 
University of Turin, and 
a Master of Advanced 
Management from Yale 
School of Management.
Guido Fucci
Manager
1
Our Sustainability & Strategy team
A centralized team fully dedicated to the understanding of sustainability
12

Book of sectors: we analyze how environmental trends shape industries 
and we identify sustainability hot topics that can be leveraged to drive 
strategic competitive advantage. Our ideas are shared during monthly team 
meetings and contribute to the development of investment cases.
2020
Climate Change
February 2020
Aquaculture
May 2020
Maritime
transportation
March 2020
Filtration
July 2020
Home automation
April 2020
The hydrogen 
economy
September 2020
Test & measurement 
instruments
June 2020
Sustainability & Strategy identifies investment opportunities across asset classes
Our Sustainability & Strategy team
1
13

Our perspective: the “Ambienta Sustainability Lens”
Ambienta is founded on the notion that Environmental sustainability trends, namely Resource 
Efficiency and Pollution Control, can be a source of competitive advantage. These trends 
represent a theme that cuts across traditional sectors, shape industries and value chains 
and ultimately drive value for companies and investors. Internally, our S&S team provides 
valuable support to the deal sourcing process by proposing investment ideas able to generate 
significant Environmental Impact. Opportunities are reviewed and evaluated together with 
investment teams during regular monthly meetings. Externally, the team engages with industry 
stakeholders and the general public through the “Ambienta Sustainability Lens”, a series 
of publicly available and quarterly newsletters featuring our perspective on environmental 
investment opportunities. 
1
Our Sustainability & Strategy team
Ambienta Sustainability Lens: openly sharing our perspectives on environmental trends
14

Outcome
Ambienta has 
built its own 
ecosystem of 
knowledge, 
network and 
expertise around 
environmental 
sustainability 
which has 
proven to be 
scalable
Building proprietary knowledge on environmental opportunities 
and sharing insights and perspectives across asset classes
Private Equity
Public Markets
2020
Approach
1 office 
6 employees
€ 400 m  
Strategy Assets
1 office 
9 employees
€ 217.5 m AuM
4 offices
38 employees
€ 1.2 bn AuM
2008
Top quartile 
financial 
returns 
and solid, 
measurable 
environmental 
impact
We leverage our sustainability specialism to scale asset classes and geographies
Our Assets
2
15

“At Ambienta we believe that 
ESG integration goes far beyond 
compliance. Sustainability and 
ESG actionability are at the top of 
the board’s agenda; our teams are 
accountable for visible results.”
Carla Ferrari
Chairman of the Board
Board of 
Directors
Investment
teams
ESG 
team
ESG integration is rooted in 
our firm-wide Responsible 
Investment Policy
A specific ESG metric 
directly affects bonus and 
promotion decision
External audit of ESG 
integration
Drives the Firm’s ESG 
strategy and commitment 
to Responsible Investment
Integrate ESG considerations in 
fundamental analysis for every 
investment opportunity
Performs regular 
audits on ESG 
integration
Raises awareness 
internally through regular 
training sessions
Has oversight and 
accountability for ESG 
integration
Drive execution of ESG 
plans and promote active 
stewardship among investee 
companies
Engages with portfolio 
companies to drive ESG 
integration
Appointed Stefano Bacci, 
Director of the Firm, as 
ESG Manager
Identify and assess 
ESG risks in portfolio 
construction
Governance
3 Our Accountability
ESG integration is a priority throughout the firm
16

Investment teams
External and 
internal assurance
Actions
Apply policy principles across 
asset classes 
Teams are accountable for implementing 
ESG best practices across asset classes
Perform external and internal 
reviews of ESG in Action 
programme implementation
Board
Reviews the Policy at least 
every two years to remain at the 
forefront of evolution
Ambienta’s Responsible Investment Policy 
 is the cornerstone of all firm-wide and asset-class specific ESG policies 
Our Responsible Investment Policy drives our actions
Our Accountability
3
17

Ambienta strives to integrate sustainability and ESG management practices into day-to-day operations within our firm and across 
all our asset classes, while engaging with our stakeholders to promote adoption of sustainability-driven best practices.
Climate 
engagement
ESG approach
 • Integrated systematic ESG KPI review within 
the investment process
SFDR integration
 • Ambienta X Alpha Fund, our long/short 
equity fund, is classified as Article 9 
under the Sustainable Finance Disclosure 
Regulation (SFDR)
Active engagement
 • Formalized engagement questionnaire 
Diversity
“I am delighted to have joined 
Ambienta as the first female partner 
and to lead the development of the 
new Paris office, which complements 
the existing presence in Italy, 
Germany, and the UK. I value the 
firm’s commitment to foster a culture 
of diversity and inclusion at all levels 
of the organization and I look forward 
to supporting the firm’s mission in 
France.”
Gwenaelle Le Ho Daguzan
Partner at Ambienta
Firm level
Highlights of 2020 achievements
Private equity
Ambienta X - Public Markets
of 2020 hires were female 
professionals, including 1 Partner 
44%
increase in gender diversity
21%
Climate engagement:
 • 4 Carbon Footprint analysis
 • 1st carbon reduction actions launched  
ESG assurance
 • 1st independent assurance on the ESG in 
Action programme implementation within 
each portfolio company 
ESG training
 • Formal ESG training to all management 
teams of newly acquired portfolio companies
4 100% ESG integration
ESG in Ambienta is finally dispersed all across its operations
18

Award-winning ESG integration approach 
applied systematically across portfolio 
Ambienta considers ESG as a value creation tool and the secret lies in the creation 
of its own meticulous industrial approach, the ESG in Action programme, which 
goes far beyond a mere administrative box-ticking exercise. 
Integrate ESG 
and sustainability 
risks in investment 
decision making
Require third-party Carbon Footprint analysis and develop carbon strategy 
Set targets and 
engage on material 
aspects 
Monitor execution of 
ESG Action Plans on 
a monthly, quarterly 
and annual basis
Require Board 
approval of three 
goal setting ESG 
Policies 
1 Hire of CEO
2 Closing
Focus on what is 
material for each 
company and 
identify actions to 
address them
2020 
Innovation
3
4
5
7
1
2
ESG due  
diligence
Closing
ESG 
policies
31/62 months
Materiality 
Analysis
61/122 months
ESG  
Action Plan
121/152 months
Monitor & 
Report
Completion
Carbon Footprint analysis and strategy
6
ESG 
assurance
“We have been delighted to support Ambienta  
in providing trust to its investors through 
verification procedures with the aim of checking 
the sound implementation of Ambienta’s 
ESG in Action programme across portfolio 
companies. This activity has been developed 
to increase confidence that Ambienta’s defined 
ESG principles are integrated appropriately and 
systematically across its portfolio.“
Paolo Bersani
Partner at PricewaterhouseCoopers
Deliver ESG training 
sessions to all 
management teams 
of newly acquired 
companies
Conduct independent 
audits of the ESG in 
Action programme 
implementation on all 
portfolio companies 
ESG in Action programme applied to Private Equity
100% ESG integration
4
19

Nactarome, a buy-and-build project promoted by 
Ambienta, is the result of the merge of:
ESG integration efforts at group level have enabled us to address 
the complex integration between the different companies and has 
been instrumental in building a unified group with solid ESG values.
ESG Action Plan
Main objectives at group level include:
4
companies 
4 
geographies
11 
plants
458 
employees 
4,200 
clients
ESG in Action programme implementation at group level
Improve environmental footprint across all operations by upgrading 
facilities and organizational practices
Build a cohesive and long-term oriented group organization by 
improving Human Capital Management practices
Reach top tier workplace safety standards by renovating processes 
and tools
1/2
4 100% ESG integration
ESG in Action programme in Private Equity – from theory to practice
20

Entity level: snapshot of
Key actions
6
5
764
938
4.381
1.862
Aromata
IPAM
2019
2021
Nactis
Create
~ 2k tCO2e
~ 6k tCO2e
Work in progress
Scope 2
Scope 1
Carbon Footprint analysis at entity level
To date, two of the four companies have completed a Carbon 
Footprint analysis and strategy with support from specialist 
consultant South Pole.
2020 
Engagement key highlights
Issue 
 
Inefficient wastewater system and lack of centralized 
process to monitor energy and water consumption 
consistently across sites
Created centralized control system to maximize 
energy and water efficiency across sites
Upgraded wastewater treatment system in Gessate
Launched instalment of on-site solar panels in 
Concorezzo 
2/2
Deep-dive into step 6 of our ESG in Action programme
ESG in Action programme implementation at entity level 
100% ESG integration
4
21

Integration of responsible investment best practices is reflected within our Public Markets division as it is across our firm and within all asset classes. Ambienta’s firm-wide ESG in Action 
programme is applied to create long-term shareholder value and elevate ESG performance of our investments.
Our Approach
Highlights of engagements raised in 2020 
Risk management 
ESG KPI review leveraging Analyst Reports to identify 
major issues
1
Active engagement 
 
We seek to engage with portfolio companies on 
material aspects identified by Ambienta’s S&S and 
investment teams
2
Our SFDR integration  
Ambienta X Alpha Fund is classified as Article 
9 under the Sustainable Finance Disclosure 
Regulation (“SFDR”)
3
Engagement topic: Supply chain management
Question raised: What tools and processes does the company 
employ to assess the sustainability practices, particularly 
workplace safety and environmental impact, of its suppliers?
Engagement topic: Environmental & Ecological impact
Question raised: What are the greatest areas of risk for the company 
in terms of environmental and ecological impact (e.g. hazardous 
waste, biodiversity loss), and what processes has the company put in 
place to limit the likelihood that such risks will occur?
Engagement topic: Climate risks and opportunities
Question raised: What climate-related risks and opportunities has 
your organisation identified as material to the business?
4 100% ESG integration
ESG in Action programme applied to Public Markets
22

Since 2020 Ambienta is a member of IIGCC, a leading global investor membership body and the largest 
one focusing specifically on climate change. As an active member, Ambienta aims to contribute directly and 
through institutional engagement to mobilise capital for the low carbon transition and to ensure resilience 
to the impacts of a changing climate.
In 2019 Ambienta has been awarded B Corp certification. Certified B Corporations are for-profit companies 
that use the power of business to build a more inclusive and sustainable economy. As such, Ambienta 
demonstrated the highest possible verified standards in the areas of governance, social as well as 
environmental performance, transparency, and accountability.
Since 2012 Ambienta is signatory of the United Nations Principles for Responsible Investments (UNPRI) 
which are deeply rooted in our approach to Responsible Investment and ESG integration. Ambienta has 
continued to receive top scores in the PRI Assessment Report in recognition of its best-in-class ESG in 
Action programme (2020 score: A+/A+).
We actively engage 
with industry 
stakeholders 
through multiple 
associations 
and certifications
Ambienta is a member of Invest Europe Responsible Investment Roundtable and contributed to the 
upcoming Invest Europe guidance of climate change.
In 2020 Ambienta was awarded Climate Neutral certification as for its commitment to Net Zero by 2030 at 
the UN Climate Change Conference COP25. The certification is the first achievement of Ambienta’s Net 
Zero Plan, which exceeds certification requirements to create a truly positive contribution to global efforts.
Ambienta was selected as Partner by Sky Ocean Ventures alongside other reputable institutions such as 
the National Geographic and Imperial College London.
We believe in a wide and active engagement
Our Commitment
5
23

Ambienta invests in businesses whose products or services generate a Resource Efficiency or 
Pollution Control impact. Impact is assessed by means of two ad hoc proprietary measurement 
methodologies. We apply our internal Environmental Impact Analysis (“EIA”) to assess and 
Public Markets
Food Saved
Land(fill) Saved
Materials Saved
Water Saved
Energy Saved
Resource Efficiency
Pollution Control
Biodiversity Preserved
Pollutants Avoided
Water Cleaned
Materials Recycled
CO2 Emissions Reduced
Air Cleaned
Private Equity
Process automation
Pollution monitoring
LED-based lighting fixtures
Natural cosmetics 
More efficient equipment
Cleaner chemicals 
Examples
“ASI” 
 
Ambienta  
Sustainability Index
“EIA” 
 
Environmental  
Impact Analysis
measure the Environmental Impact of our private portfolio companies. We leverage the 
Ambienta Sustainability Index (“ASI”) to analyze and monitor total econometric exposure to 
environmental sustainability of our listed assets.
6 Advanced proprietary Impact metrics
Unique approach to sustainability: a mega trend reshaping all industries
24

EIA and ASI leveraged as due diligence and impact measurement tools: EIA applied to pipeline and portfolio and ASI to investment universe.
25

Ambienta’s proprietary Environmental Impact Analysis, the “EIA”, applies a wide range of standardized metrics to capture the full Environmental Impact 
of companies with different business models.
Our 2020 impact
Biodiversity 
Preserved
-
CO2 Emissions
Reduced
~ 289,300 tons
=
~ 136,100 passenger car 
annual emissions
Land(fill) Saved
~ 2,600 m3
=
~ 18,000 people  
annual waste production
Energy Saved
~ 9,000 Toe
=
~ 172,000 refrigerators 
annual consumption
Water Cleaned
~ 5,400 M m3 
=
~ 30 M household 
annual consumption
Air Cleaned
~ 2,000 km3
=
33km Air column above 
Manhattan
Water Saved
~ 608,500 m3
=
3,300 family avg.  
annual water consumption
Material Saved
~ 270,400 tons
=
~ 125,800 SUV’s weight
Materials Recycled
28,700 tons
=
7% Milan’s  
annual recycled waste
Pollutants Avoided 
~ 33,500 tons
=
~ 178,900 EU-28 citizens 
daily hazardous waste
We measure and 
publicly report the 
impact on 
a yearly basis
R
e
s
o
u
r
c
e
 
E
ff 
i
c
i
e
n
c
y
P
o
ll
u
t
i
o
n
 
C
o
n
t
r
o
l
Food Saved
~ 19,100 tons
=
~ 36,600 people  
annual food consumption
6 Advanced proprietary Impact metrics
We measure sustainability for our Private Equity portfolio every year
26

6.3
12.4
8.4
12.2
9.4
12.4
2.4
9.4
12.2
2.4
12.2
12.4
7,3
9.4
9.4
11,6
12.2
9.4
12.5
# of Portfolio companies
2
0
1
1
1
5
1
7
Our Environmental Impact methodology is fully aligned with the UN Sustainable Development Goals (SDGs) and subgoals. We leverage the SDGs as a framework to identify the challenges 
we invest in and to measure our portfolio companies’ contribution to the 2030 Agenda for Sustainable Development. 
1. Companies active in Ambienta II and III portfolio during the course of 2020
EIA Metrics
EIA Metrics
Portfolio company1
We align investments to the UN SDGs goals and subgoals
Advanced proprietary Impact metrics
6
27

We systematically analyze portfolio companies’ exposure to the United Nations Sustainable Development Goals (SDGs) by 
applying our proprietary Environmental Impact Analysis. We measure our year on year contribution against each SDG and report 
our impact to investors and the general public. 
Ambienta’s deployed capital towards SDG-related investments
Cumulative 
deployed capital
2020 incremental 
deployment
Cumulative 
deployed capital
~ €175 m
2020 incremental 
deployment
~ €59 m
~ €18 m
~ €269 m
Ambienta III Fund
Ambienta II Fund
114.7
32.4
42.6
37.1
6.6
1.6
13.2
58.2
14.9
23
22.7
81.5
1.6
28.3
36
7.2
6 Advanced proprietary Impact metrics
Ambienta’s deployment of capital towards SDG-related investments
28

Company description
Namirial provides a wide range  
of digital transaction management 
(“DTM”) solutions and 
compliance-related products.
Environmental thesis
Digitalization is intrinsically linked to sustainability. By enabling businesses to digitalize, Namirial 
enables efficient remote working and transaction execution, reduces the use of paper and the 
need for traveling to in-person meetings, and helps businesses make a significant saving in the 
usage of paper, water, energy, and landfill, as well as reducing their CO2 footprint.
Namirial contributes to retrofit industries 
and reporting processes making them more 
resource efficient (Sub Goal 9.4)
METRICS
SDGs Taxonomy alignment
Contribute to Resource Efficiency 
and/or Pollution Control? 
Products (i.e. digital solutions) 
replace paper-based 
processes
Is it measurable?
Applicable Ambienta’s 
Environmental Metrics
Is it material?
Share of revenues linked to 
Environmental Metrics
Collect relevant data from company
Relevant KPIs (e.g. number of 
transactions and document archived)
Validate thesis with external benchmarks
Build full EIA model
Find reputable sources to 
benchmark material impact
Define full calculations down to the 
numbers
EIA Screening
Full EIA Development
Measure and Report
UoM
2019
2020
Energy Saved
Toe
7,100
7,388
Water Saved
m3
584,800
608,531
Materials Saved
tons
9,085
9,454
Land(fill) Saved
m3
1,143
2,082
Co2 Emissions 
Reduced
tCO2 eq.
22,387
23,295
Pre-investment Due Diligence
Investment Decision
Portfolio Management
Namirial reduces waste generation by 
substituting material processes with digital 
ones (Sub Goal 12.5)
6 Advanced proprietary Impact metrics
How we apply our EIA methodology to private companies
29

ASI
150 ASI 
completed to date
Ambienta X, Ambienta’s Public Markets division launched in 2020, is an innovator in applying environmental sustainability trends to liquid 
investments. It leverages its unique proprietary analytical scoring system to assess contribution to environmental sustainability.
Assessment by 
single division
Division relative 
valuation weight
EIA
Sustainability scoring applied to a sample of public companies
Pollution
Control
+100%
Sustainable
-100%
Sustainable
Resource
Efficiency
+ 1
- 1
+ 0.5
- 0.5
Sustainability Score 
per division
Division A
Division B
Division A
Division B
Division C
Division C
How we apply our EIA methodology to public companies 
Advanced proprietary Impact metrics
6
30

UN PRI’s yearly Transparency Reports
B Corp’s B Impact Assessments
We share ESG updates quarterly and 
annually, on a company-by-company basis
Private Equity
Firm level
Monthly Factsheets to LPs on performance 
against Sustainability Metrics
Public Markets
We take our LPs very seriously:  
12 LP questionnaires completed in 2020
Portfolio companies systematically report ESG 
updates to their Board on a monthly basis
We seek the highest level of transparency and disclosure of ESG practices at firm level and across all our asset classes. 
LPs
Internal
Institutional
General Public
Quarterly 
Annually
Sustainability
360° reporting on top of our agenda
Multi-channel ESG Reporting
7
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A+ rating by Stafford 
(formerly RobecoSAM) for 
three years in a row
Winner of the Private 
Equity ESG Fund of 
the Year at the 2020 
Sustainable Investment 
Awards, organized by 
Environmental Finance 
A+/A+ rating by 
the UNPRI, placing 
Ambienta among the 
top 13% of PRI signatory 
asset managers
We are proud to share with you some of the awards we have won over the years.
Highlights of 2020 achievements
Achievements over the years
Winner of the Real Deals 
ESG award in recognition 
of the firm’s approach and 
dedication to ESG
2018-2017 WIN
Firm of the Year
in Italy
2018 NOMINATION
Impact Investment Firm of 
the Year (global)
2018 WIN
Best European Private Equity 
Growth Manager
2020 NOMINATION & 
2019-2018 WIN
ESG Best Pactices Honours
2019 -2018 WIN
A+ ESG Score
2018 NOMINATION
ESG Award,
DACH Deal of the Year
2019 -2017 WIN
A+ Score
8 International recognition
Our efforts win wider and wider awards and industry recognition
32

33

The values and culture of Ambienta have led to the creation of Fondazione Ambienta, a non-profit organization whose purpose is to invest in educational projects that foster environmental 
sustainability awareness across new generations. 
Achievements since inception
 • Provide environmental education for Italian school 
children - a topic not included in national school 
curriculum
 • Encourage a culture of respect for the environment 
from a very young age
 • Promote behaviours capable of reconciling 
industrial development and environmental 
sustainability 
 • Increase awareness of environmental sustainability 
among future generations through science-based 
material
 • Encourage institutions to introduce environmental 
education programs in schools
“Tondo come il mondo” handbook 
is distributed to primary school 
children to raise awareness 
of environmental issues and 
opportunities
“Futuro” kit is provided to 
secondary school children to 
build a foundation to encourage 
responsible choices in the future
Mission
Objective
Projects sponsored
Total of individuals reached 
(incl. work-family enrichment)
~ 1,365,000
~ 550,000
Total of students 
involved  
Fondazione Ambienta
Ambienta’s non-profit organization entirely focused on environmental education
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“Futuro”, over a four year period, has been 
distributed to over 1,160 Italian secondary 
schools involving around 79,500 young 
students and 2,600 teachers. 
Our supporters over the years
Key figures and achievements
~ 467,000
~ 79,500
~ 13,500
~ 2,600
~ 6,900
~ 1,700
Students
reached
Teachers
involved
Schools
participated
“Tondo come il Mondo” has allowed us to connect 
with 467,000 primary school children in 26% 
of Italy’s primary schools and to involve 13,500 
teachers. This figure represents 28% of all 8-10 
year old students in Italy.
of all 8-10 years old students
28%
of all Italy’s primary schools
26%
An initiative sponsored by Ambienta’s stakeholders to spread environmental awareness
Fondazione Ambienta
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Milan - London - Munich - Paris
www.ambientasgr.com
Milan - www.fondazioneambienta.it
Contact
MILAN 
 
Piazza Fontana, 6 
20122 - Milan
+39 02 7217 461
PARIS 
Boulevard Malesherbes, 22 
F-75008 - Paris
MUNICH 
Theresienstrasse 1
D-80333 - Munich 
info@ambientasgr.com
LONDON 
Egyptian House - Piccadilly 170 
London - W1J 9EJ
+44 203 167 6430