Five Arrows 
Sustainability Report 2022

Purpose and Context
	
 Our Sustainability Strategy
 I.    Our Teams 
	
A.    Making sustainability everyone’s business
	
B.    Educating our teams
	
C.    Linking remuneration to sustainability criteria
	
D.    Balance and inclusion
 II.    Our Investments    
	
A.    A joint vision to drive sustainability within our portfolios
	
B.    A tailored approach addressing the specificities of each of our strategies    
 III.    Our Ecosystem
	
A.    Creating a network to foster sustainable growth
	
B.    Supporting philanthropic projects 
 The Next Steps in Our Journey
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7
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Table of contents

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Five Arrows is the alternative assets arm of the Rothschild & Co Group with assets under management 
as of 31 December 2022 of over €23 billion across Corporate Private Equity, Multi-Strategies, Direct 
Lending and Credit Management. Launched in 2009, the Five Arrows team currently consists of over 
260 professionals based in Paris, London, Luxembourg, New York, Los Angeles and San Francisco. 
The Five Arrows Sustainability strategy is part of a comprehensive approach that is defined at the 
Rothschild & Co Group level (“R&Co”, or “the Group”), specifically covering the Five Arrows Managers 
LLP, Five Arrows Managers SAS, Five Arrows Managers North America LLC, Five Arrows Managers USA 
LLC and Rothschild & Co Investment Managers legal entities, hereinafter referred to as “Five Arrows”.
This report summarises our sustainability vision and outlines the way we look to tackle the 
main sustainability-related risks and opportunities that we face.
Purpose and context

Our sustainability journey began in 2012 when we became a signatory of the United Nations Principles for Responsible Investment (UN PRI). 
Our commitments have grown steadily over time: we have been a signatory of the France Invest ESG Charter since 2014; we created our Sustainability 
Board in 2015; and we began training our investment professionals through the UN PRI Academy in 2016. In 2021, we created a dedicated sustainability 
team, currently comprising 3 full-time professionals. In 2022, we defined our new sustainability strategy, which reflects our determination and desire 
to address sustainability in a comprehensive, operational and ambitious manner. 
The Five Arrows investment philosophy is deeply-rooted in the notion of long-term thinking, including in respect of sustainability matters, resulting in a 
sustainability strategy that is:
 Ambitious because of the range of topics we look to tackle, the objectives we set ourselves, and the speed at which we move to meet these goals. 
 Inclusive because everyone has a role to play - from back-office to front-office, and from junior to senior. The governance and training programmes we 
have established evidence this.
 Innovative because we will inevitably reinvent the way we work internally and with our partners. Collective intelligence and creativity are key to seizing 
opportunities and differentiating ourselves from our peers.
Our strategy is built on three intertwined pillars, namely commitments that we make within our teams, our investments and our ecosystem.
4
Our sustainability strategy
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
In the latest UN PRI assessment, we achieved a score of 3 stars in the “Investment & Stewardship Policy” module.

5
Figure 1. The three pillars of the Five Arrows sustainability strategy
Five Arrows looks to maximise long-
term value creation for all of our 
stakeholders by being a responsible 
investor, promoting sustainability 
in our activities
Our 
Investments, 
because 
this 
is 
where 
we 
can 
have 
the 
most meaningful impact as a 
responsible investor. 
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Our Teams, because Five Arrows is a people-driven 
business: we empower our people to embrace  and 
promote sustainability to make a difference.
Our 
Ecosystem, 
because 
Five 
Arrows 
has 
committed to influence the way our industry 
develops its approach to sustainability.

As a people business, we are committed 
to developing the skills of our teams 
and providing them with an enriching 
working environment.
We are convinced that behavioural 
change comes through empowerment, 
inclusive governance, knowledge-sharing 
and diversity. 
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I.	 Our Teams

7
A.	
Making sustainability everyone’s business
We believe that sustainability should be 
a shared concern. In 2021 we adapted 
our governance framework to facilitate 
sustainability being integrated across all 
the Five Arrows functions (investment 
teams, HR, legal, investor relations, 
compliance, risk, finance, IT, operations, 
etc.).
Sustainability for Five Arrows starts at the top of the Rothschild & Co 
Group. Rothschild & Co Gestion, the Group’s Managing Partner, defines 
both the Group’s ambition for integrating sustainability into the Group’s 
strategy, as well as its priorities.  
The Group Executive Committee (GEC) proposes strategic direction 
to Rothschild  &  Co Gestion, including sustainability priorities, and 
oversees strategy implementation and operational management 
across the Group. Sustainability topics are discussed at the regular GEC 
meetings when required (in over 60% of the meetings in 2022).
The divisional management committees, in our case the Five Arrows 
Management Committee, has responsibility for developing responsible 
business practices, taking into account the Group’s priorities and 
ambitions, in their business lines.
The Five Arrows Sustainability Board was created in 2015 and comprises 
senior leaders from each of the Five Arrows investment verticals to 
support the Five Arrows Management Committee. Its main roles are to: 1) 
oversee the sustainability strategy and ensure its operational integration; 
and 2) monitor overall sustainability performance. The Board meets at 
least twice per year.
An overview of the Group’s sustainability governance framework is 
presented in Figure 2.
Figure 2. Five Arrows sustainability governance
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Five Arrows Sustainability Board
Working groups within Five Arrows
Working groups: 
B&I, R&Co4Gen, Risk & Compliance
Sustainability 
assembly 
For all staff to 
propose 
sustainability 
initiatives to the 
Board
Multi-
strategies
Corporate 
Private 
Equity
Direct 
Lending
Credit 
Management
Representation from Five Arrows
Managing Partner 
(Rothschild & Co Gestion)
Rothschild & Co Group governance
Group Balance & Inclusion Committee
Group Environment, Health & Safety Committee 
Group Responsible Investment Committee
Five Arrows Sustainability Board
R&Co4Generations Management Committee
Group Executive Committee (GEC) 
(incl. heads of business lines, HR, Legal/Compliance/Risk, Finance)
Merchant Banking Management Committee
Group Balance & Inclusion Steering Committee
Five Arrows Management Committee

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Nurturing talent and encouraging individuals to get the best out of their careers is a key focus of Rothschild & Co’s people 
strategy. All employees have access to division-specific career development programmes and joint training courses at all 
stages of their career. Training topics include legal & compliance, information security, management & leadership, personal 
effectiveness, communications, wellbeing, technical skills, Diversity & Inclusion, health & safety, business continuity and client 
relationship management.
Tailor-made training programmes are created to ensure the content and frequency of sustainability-linked training is relevant 
and appropriate. As an example, 57% of our French and Luxembourg-based teams were trained in 2022 to understand the 
urgency, causes and effects of climate change
B.	
Educating our teams
On average in 2022, Five Arrows employees completed 2 hours of training on sustainability-related issues, covering topics related to climate change and 
Diversity & Inclusion.
C.	
Linking remuneration to sustainability criteria1 
To further encourage our teams to prioritise responsible investing, from 2023 onwards sustainability criteria will be included as part of the annual 
performance reviews and 10% of the annual bonus will be linked to sustainability criteria. 
The initial set of criteria will mainly be focused on attending sustainability training during the year and adherence to the Five Arrows Sustainability Risks Policy. 
1 This commitment is in accordance with the provisions required by Article 5 of the Sustainable Finance Disclosure Regulation.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

9
At Five Arrows, we are convinced that initiatives promoting balance & inclusion (B&I) lead to better decision-making and enhance 
performance in the workplace. 
Our B&I action plan is structured around 6 workstreams: recruitment; retention; progression; performance monitoring; 
communication; and balance. These workstreams are actioned and monitored by a working group comprised of members of 
the sustainability, HR, and Group B&I teams.  
Building on the 2021 edition, a B&I survey was sent to all Rothschild & Co employees in 2022.1 This survey showed that for 
Five Arrows, there was improved engagement and clear progress made on balance-related topics (63% score vs 51% in 
2021).2
D.	
Balance and Inclusion
Figure 3. Results of the B&I survey 
1 Answered by 64% of Five Arrows employees in 2022
2 Aggregation of score attributed to each sub-question. This score per question corresponds to the percentage of answers that 
were favourable (either “strongly agree” or “agree”). The other possible answers were “neutral”, “disagree” or “strongly disagree”.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

D.	
Balance and Inclusion
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Gender diversity is a key part of our B&I action plan, and Five Arrows has set four ambitious targets in this area. Figure 4 below shows the objectives as well as 
the percentage of women within each category as of 31st December 2022. 
We are particularly pleased that our French-based investment teams3 now exceed the market average of 27% by 3 points4.
1 Principal (assistant director) and above
2 Share of female members on board of directors in CPE and Direct Lending companies 
with more than 500 employees that completed our sustainability questionnaire
 3 Representing 36% of investment teams across all offices
4 Based on the France Invest and Deloitte 2022 study on diversity in private equity
Figure 4. Female diversity representation targets
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
40% female representation in the investment teams by 2030
The Group signed up to the Women in Finance 
Charter and has committed to having 30% of women 
in senior roles by 2024 and 30% female members of 
the Group Executive Committee by 2027
Five Arrows has signed up to the France Invest Charter for Diversity and has committed to having:
 40% female representation in the investment teams by 2030
 25% of our investment committees members to be women aby 2030
 30% of the Executive Committee members of majority-owned companies with >500 employees to be women by 2030

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II.	 Our Investments
As of 31 December 2022, our assets under management totalled €22.9 
billion1, comprising €9.2 billion in Corporate Private Equity, €2.0 billion in 
Direct Lending, €3.9 billion in Multi-Strategies and €7.9 billion in Credit 
Management. 
Five Arrows manages a wide range of investments: from buyouts 
to collateralised loan obligations (CLOs), from majority to minority 
investments, and from equity to debt. Each investment strategy has 
its own set of sustainability levers, ranging from negative screening to 
deeper integration and management of ESG risks. 
1Including undrawn commitments

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Impact Frontiers (formerly known as the Impact Management Project), a peer learning and innovation collaboration, classifies investments into three different 
categories: (i) those that act to avoid harm; (ii) those that benefit all stakeholders; and (iii) those that contribute to solutions. Five Arrows undertakes initiatives 
addressing each of these categories.
Figure 5. Scope of Five Arrows’ activities
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Impact Frontiers 
classification
Investment 
approach 
Traditional 
investing 
Socially-
responsible 
investing 
ESG investing 
Impact investing
Programme-
related investing 
Venture 
philanthropy 
Philanthropic 
donations
Act to avoid harm
Benefit all stakeholders
Contribute to solutions
Type
Screening, monitoring 
and promoting 
company performance 
across a set of 
environmental, social 
and governance 
factors using specific 
metrics
Screening, 
monitoring and 
promoting company 
performance 
across a set of 
environmental, 
social and 
governance factors 
using specific 
metrics
“Do no harm” 
i.e avoiding 
investments in 
ethically and 
environmentally 
questionable 
companies (e.g. 
tobacco, coal, 
pornography) 
Investments 
that  target a 
below-market 
average return 
with a positive 
environmental and 
/ or social  impact
Donations given 
as seed capital, 
expecting 
operational 
sustainability 
through investor 
mentoring 
Solely charitable 
with no 
expectation of 
financial return 
100% driven by 
maximisation of 
short-term financial 
gain 
Investments 
in companies 
intentionally 
targeting positive 
environmental and 
/ or social impact, 
whilst also delivering 
competitive market 
returns
R&Co 4 Generations
Five Arrows

a)  A common interpretation of regulatory frameworks  
Despite the different geographies in which Five Arrows operates and the 
complex and varied regulatory environment surrounding sustainability 
topics, we believe it is important for us to have a common interpretation of 
these requirements and to align our different activities and funds through 
a common approach.
The SFDR requirements created an important opportunity for us to 
systematise our product sustainability strategy, whilst reinforcing our 
efforts for transparency and disclosure. 
In this regard, we are progressively deploying Article 8 and Article 9 
products (as defined under the SFDR). If we exclude all the funds raised 
before March 2021, when SFDR took effect, the AuM of our funds classified 
as Article 8 or 9 represents 57% of the total.1
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In an effort to share a common language and 
have a consistent approach to sustainability 
across our platform, we have established a set of 
common baseline policies, as described below:
1. A common sustainability risk policy 
The sectors in which Five Arrows principally 
invests are data & software, healthcare & 
education, and business & financial services. 
This is especially the case for Corporate Private 
Equity, Multi-Strategies and Direct Lending. 
As part of our risk management approach, we analysed our portfolios 
through the lens of the Sustainability Accounting Standards Board (SASB), 
a common reference tool used to identify the main ESG issues within a 
given sector.  
Integrating sustainability within our investment process is a key part of 
our risk management framework. During our holding period, we use 
sustainability questionnaires to ask our portfolio company management 
teams questions focused on climate and biodiversity risks and indicators 
relating to the principal adverse impacts according to the EU Sustainable 
Finance Disclosure Regulation (SFDR) of their businesses. We also go 
further than this, using external databases and reputational risk analytics 
and metrics tools, working hand-in-hand with our risk management team 
to further reinforce this approach.
A.	
A joint vision to drive sustainability within our portfolios
18%
55%
2%
82%
43%
18bn€
End 2021
End 2022
23bn€
Article 9
Article 8
Article 6
Figure 6. AuM of funds classified as Art 6, Art 8 and Art 9 2
1 The Article 8 and Article 9 funds represent 16% of Five Arrows total AuM (AuM including undrawn commitments as of 31 December 2022)
2 Article 8 funds: FAPI IV, FAGC, FALT. Article 9 fund: FASI
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

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b) Proprietary ESG due diligence tools  
We look to continuously improve our due diligence approach by designing 
proprietary tools, tailored to each fund. Based on interactions with the 
management teams of our portfolio companies or General Partners (“GPs”, 
or fund managers), our due diligence process enables the investment team 
to identify whether:
 there are significant ESG-related risks that require a more detailed 
technical assessment; 
  the sustainability risks relating to the opportunity are sufficiently material 
to result in the transaction being declined; and
 the risks are sufficiently low that they can be managed with a post-
investment action plan.
These tools also allow us to ensure compliance with investment restrictions 
and identify if there are sustainability-related product or service opportunities 
to be pursued. 
We also link these tools to an external database able to identify and assess 
material ESG risks prior to the investment being made, as well as on an 
ongoing basis during the holding period.
c) Sector exclusion policy
The first lever to manage sustainability-related risks, including climate-
related risks, is the Five Arrows exclusion framework, which builds on the 
Group’s responsible investment policies. This framework prevents us from 
investing in companies that:
  derive all or part of their revenue from the use, development, production, 
acquisition, stockpiling, retention, transfer, trade and/or distribution of 
controversial weapons and components dedicated to such weapons. 
Controversial weapons include cluster munitions, anti-personnel landmines, 
chemical and biological weapons,  such terms as defined under international 
conventions or standards - see link to our policy below;
Controversial Weapons Policy
 may breach fundamental principles due to gross corporate misconduct 
such as severe infringements of human rights, substantial environmental 
damage or those linked with corruption and bribery, to the Group’s 
knowledge and as evidenced by ofﬁcial credible third-party sources - see 
link to our policy below;
 Fundamental Principles Policy
 are involved directly in thermal coal production as well as exploration, 
mining & processing and power generation using thermal coal (above 
defined thresholds) - see link to our policy below;
Thermal Coal Policy
 derive a material part of their revenue from the production, trade and/or 
distribution of: 
      Tobacco
      Prostitution 
      Pornographic content (including rental or licensing)
 operate in very high risk countries. This exclusion list is updated quarterly 
and is based on analysis conducted by the Group Financial Crime Compliance 
team (GFCC), using internal and external sources. Levels of corruption, money 
laundering controls, off-shore tax haven status, levels of drug trafficking, 
addition to any sanctions lists and political stability are all factors that are 
considered.
A.	
A joint vision to drive sustainability within our portfolios
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

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A.	
A joint vision to drive sustainability within our portfolios
Note that within specific funds, and in line with agreements established with our investors, the exclusion lists are often significantly further-
reaching than this. 
In Five Arrows Principal Investments IV (FAPI IV) for example, the exclusion list incorporates additional clauses regarding:
  the operation of casinos and equivalent enterprises;
  the operation of online gambling  or gaming businesses;
  the development or operation of computer programmes designed to illegally enter electronic data networks or download electronic data;
  the development or operation of human cloning technologies; and
  the production, distribution and extraction of non-conventional fossil fuels (oil sand, shale oil and gas, oil and gas from the Arctic zone).
In the case of indirect investments and funds of funds, the implementation of this exclusion framework is aligned with the Limited Partnership 
Agreement of the fund in question.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

16
A.	
A joint vision to drive sustainability within our portfolios
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
2. A common climate strategy
Adopted in December 2015, the Paris Agreement sets out a global 
framework to limit global warming to 2°C with further efforts to limit it to 
1.5°C. To achieve this, a decrease in CO2 emissions by 55% (vs. pre-industrial 
levels) by 2030, and carbon neutrality by 2050, is required. To date, no 
higher-income country is on track to meet its climate commitment, and 
in 2022, the Intergovernmental Panel on Climate Change (IPCC) signalled 
(through its report on the impact of rising temperatures) that the next 3 
years will be crucial in the fight against climate change. 
The latest IPCC report1 confirmed that the extent and magnitude of climate 
change impacts are larger than previously estimated. Although global 
climate finance has shown an upward trend, current global financial flows 
for adaptation,2 including from public and private finance sources, are 
insufficient. The overwhelming majority of this financing was targeted 
on climate change mitigation with only a small proportion targeted on 
climate change adaptation.
Climate change is a threat to human life-support systems, including water 
security and food production, health and well-being, cities, settlements, 
and infrastructure. It also poses physical and transitional risks to businesses 
that can impact business models and financial outcomes, for example, 
in the form of potentially stranded assets, increased environmental 
regulations, reputational risks of inadequate response, and changing 
consumer behaviours that impact the way business is conducted. While 
there is an understandable focus on mitigation of climate risks, these 
changes can also present investment opportunities as the transformation 
to a carbon neutral global economy takes place. 
In 2022, Five Arrows defined an ambitious climate strategy 
covering our main sources of GHG emissions, including 
those of our portfolio companies. The main strategic axes 
to implement this strategy are:
1- Committing to set near-term company-wide emission 
reduction targets in line with the Science Based Targets 
initiative (SBTi). Science-based targets show companies 
and financial institutions how much and how quickly they 
must decarbonise to prevent the worst impacts of climate 
change. Near-term science-based targets are 5-10 year GHG 
mitigation targets in line with 1.5°C pathways;3
2- Considering climate performance and/or risks in 100% of 
our investment decisions;
3-    Supporting transparency and monitoring through systematic 
reporting of GHG emissions within our portfolio; and
4- Actively promoting cultural change internally and externally 
through training and engagement.
3 Mitigation means making the impacts of climate change less severe by preventing 
or reducing the emission of greenhouse gases (GHG) into the atmosphere. Source: 
European Environment Agency 
4 According to the United Nations, in order to limit global warming to 1.5°C above pre-
industrial levels, annual emissions need to be halved by 2030 and eventually need to 
reach net zero by 2055
1 IPCC, 2022, Mitigation of Climate Change
2 Adaptation means anticipating the adverse effects of climate change and taking appropriate action to 
prevent or minimise the damage it can cause or taking advantage of opportunities that may arise.  
Source: European Environment Agency

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A.	
A joint vision to drive sustainability within our portfolios
3. Managing our portfolio through relevant data and tools 
At Five Arrows, we believe that access to data is crucial to manage our portfolio 
sustainably. We collect ESG information not only for our majority-owned 
investments but also for investments where we are a minority stakeholder, 
investor through a fund investment or a debt provider.
We request all our portfolio companies in our Private Equity and Direct 
Lending strategies, and the fund managers in our Multi-Strategies funds, to 
complete formal sustainability reporting annually. 
For our Credit Management business, investing in liquid senior secured 
loans and CLOs, disclosure varies but with an increasing number of issuers 
providing annual Sustainability reporting. We supplement this with our own 
and third-party due diligence, and we are involved with an industry-wide 
effort led by the European Leveraged Finance Association (ELFA), to improve 
ESG information and disclosure.
The data request is tailored for each investment strategy, comprising a defined 
set of indicators and KPIs that we monitor, including SFDR requirements, as 
well as ESG best practices for small/mid-size companies. The questionnaire is 
tailor-made to include both common KPIs, including those that need to be 
monitored for our Article 8 funds, and additional indicators specific to each 
company.
Individualised follow-up reports, called “factsheets”, are produced to cover 
the key indicators included in each sustainability questionnaire per strategy, 
and are sent to each company that completed the questionnaire to help 
them benchmark themselves with other relevant investments within our 
portfolio and to external industry-wide benchmarks.  
“In 2022, 71 portfolio companies and GPs completed our 
sustainability questionnaire representing 66% of the total 
AuM covered by the reporting process”1
Figure 7. Example of a factsheet template
1 Excludes Credit Management, Five Arrows Minority Investments (FAMI) and FAPEP’s co-investments 
since their ability to access the ESG information we require is currently limited
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

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As Five Arrows is active across corporate private equity, multi-strategies, direct lending and credit management strategies, our ability to 
gather data and impact outcomes varies according to the nature of the relationship, size of shareholding and access to non-financial 
information.
Given the diversity of our businesses, our responsible investment strategies are tailored by type of product.
1. Five Arrows Sustainable Investments - a fund dedicated to making a positive environmental impact
We launched Five Arrows Sustainable Investments (FASI), a pan-European growth and buyout fund dedicated to the promotion of 
sustainability, in 2021. FASI is classified as an Article 9 fund under the SFDR.
We believe we are in the early stages of a new industrial revolution with significant shifts in capital from carbon-heavy to decarbonised industries facilitated 
by new technologies. We also see the emergence of new business models (e.g. circular economy, mobility as a service) disrupting traditional models.
FASI is a sector-focused fund addressing three core verticals with the aim of capturing transition-related opportunities: clean energy; food & agriculture; 
and sustainable cities (building and construction, clean transportation, circular economy, waste and water management). FASI makes predominantly 
minority equity investments in high-growth, profitable companies that have developed a proven innovative solution focused on solving key environmental 
challenges in its sectors of focus.
FASI is aligned with France Invest and the FIR (Forum pour l’Investissement Responsable) vision of the core characteristics of impact investing based on 
intentionality, additionality and impact measurement.
FASI benefits from the combination of the Five Arrows investment capabilities and experience with the industrial, scientific and sustainability expertise of Air 
Liquide and the Solar Impulse Foundation, with which FASI has built a unique partnership.
B.	
A tailored approach addressing the specificities of each of our strategies
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

Air Liquide is a world leader in gases, technologies and 
services for Industry and Health. Air Liquide is present in 78 
countries with approximately 64,500 employees and serves 
more than 3.8 million customers and patients. Air Liquide’s 
ambition is to be a leader in its industry, deliver long term 
performance and contribute to sustainability – with a strong 
commitment to climate change and energy transition at the 
heart of its strategy.
We have an exclusive partnership with Air Liquide where we leverage their 
expertise in decarbonisation of energy, give an industrial edge to our portfolio 
companies, and benefit from ALIAD’s (the Air Liquide venture capital arm) 
dealflow and advice for late-stage venture investments.  
Solar Impulse Foundation was founded with the goal of 
selecting, labelling and promoting innovative, clean and 
profitable solutions to support political and business decision-
makers in their environmental targets. After the achievement 
of a round-the-world flight without fuel, the Solar Impulse 
Foundation launched, in December 2016, the challenge to 
select 1,000 solutions that can protect the environment in a 
profitable way and present them to decision-makers to fast-
track their implementation. This portfolio of now more than 1,300 solutions 
will serve as a reference tool to support political and business decision-
makers in their ecological objectives. 
	
	
To assess the environmental impact of its investments, FASI leverages the 
Solar Impulse Foundation which has developed a label, “Solar Impulse 
Efficient Solutions”, to assess and measure the impact delivered by solutions 
on the environment. FASI systematically seeks to obtain the Solar Impulse 
label for its portfolio companies at entry. Companies are awarded this label 
based on their ability to prove to industrial experts that their technological 
solution provides dual positive impact: (i) combining credible environmental 
and economic performance; and (ii) improving the market’s standards / 
providing a mainstream solution. FASI also benefits from the Solar Impulse 
Foundation’s network and dealflow.
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B.	
A tailored approach addressing the specificities of each of our strategies
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

How Sustainability is considered into SMRD-Harmonie product
What we are proud of
68% of revenue eligible to Taxonomy
30% average energy gains after 
external insulation woarks on 
buildings 
80 housings renovated per day
2022 carbon footprint is currently 
conducted to develop a GHG 
emissions reduction action plan
with the help of an external provider
SMRD-Harmonie Sustainability Case Study
100%
of overall revenue 
contributes to either 
SDG 7 or SDG 11 
The mission of SMRD-Harmonie is to become a key 
enabler of the building energy transition in France by 
2030, by extending its thermal insulation offer to social 
and private landlords
SMRD-Harmonie is committed to reduce
building energy consumption in Ile-de-
France.
Positioned
on
activities
of
External Thermal Insulation, the group is
currently
working
on
a
new
Internal
Thermal Insulation offer, more suitable
for certain types of housing.
Beyond
its
services’
environmental
impact, the Group demonstrates good
governance
practices
(ethics
charter,
training, profit sharing etc.), and has
obtained the ISO 14001 certification, an
international standard on environmental
management.
In Ile-de-France, building 
sector accounts for c. 46% 
of GHG emissions and 65% 
of energy consumption. 
External Thermal Insulation 
is currently the best option 
to significantly reduce CO2 
emissions. 
Key findings from Five Arrows 
Sustainable Investments analysis
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B.	
A tailored approach addressing the specificities of each of our strategies
By way of example, SMRD-Harmonie, the first investment completed by FASI, is a leading player in the building renovation market in Ile-de-France (Paris 
area). It offers two types of services: i) small repairs for social landlords to renovate housing; and ii) external thermal insulation for collective housing. The 
company’s services help improve access to affordable and quality housing for low-income people, as well as reduce building energy consumption thanks 
to energy efficiency gains. 
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
How sustainability is integrated into SMRD-Harmonie’s products
Key findings from the Five Arrows
 sustainable investments analysis
In Ile-de-France, the building 
sector accounts for c. 46% 
of GHG emissions and 65% 
of energy consumption. 
external thermal insulation 
is currently the best option 
to significantly reduce CO2 
emissions. 
SMRD-Harmonie is committed to reducing 
building energy consumption in Ile-de-
France. Positioned on activities of external 
thermal insulation, the group is currently 
working on a new internal thermal 
insulation offer, more suitable for certain 
types of housing. 
Beyond its positive environmental impact, 
the Group demonstrates good governance 
practices (ethics charter, training, profit 
sharing etc.), and has obtained the ISO 14001 
certification, an international standard on 
environmental management. 
What we are proud of
68% of revenue eligible to Taxonomy
30% average energy gains after 
external insulation works on buildings 
80 buildings renovated per day
2022 carbon footprint is currently 
being assessed to develop a GHG 
emissions reduction action plan with 
the help of an external provider

21
2. Corporate Private Equity
Our Corporate Private Equity (CPE) business focuses on investing 
in middle market companies in Western Europe and the US and 
comprises the following fund strategies:
I. Five Arrows Principal Investments (FAPI);
II. Five Arrows Growth Capital (FAGC); 
III. Five Arrows Capital Partners (FACP); and 
IV. Five Arrows Long Term (FALT). 
The AuM of CPE as of 31 December 2022 was €9.2bn.1 These funds 
invest primarily in the data & software, healthcare & education, and 
technology-enabled business services sectors.
The notion of stewardship is at the heart of CPE’s investment approach. 
As CPE is typically a control investor, this enables us to influence and 
amplify sustainability outcomes in our investments. 
For this reason, Five Arrows classifies its most recently-raised vehicles 
(FAPI IV, FAGC and FALT) as Article 8 funds according to the SFDR. This 
means these funds promote environmental and social characteristics 
and ensure that their portfolio companies follow good governance 
practices. 
B.	
A tailored approach addressing the specificities of each of our strategies
1.
ESG due diligence (risk analysis) is 
completed before the IC, and 
extensive sustainability due 
diligence when required
2.
Sustainability plans and 
opportunities are discussed with the 
management team when possible
3.
Main sustainability risks and 
opportunities within the IC 
(standard one-pager) are 
highlighted
4.
Sustainability clause systematically
included in the shareholder 
agreement 
9.
Vendor sustainability
due diligence when 
appropriate
10. Specific discussion of 
sustainability 
intentions and 
opportunities with new 
investors when possible
5.
Appoint a sustainability owner in the executive team;
introduction
of
Portfolio Operations
Group (POG)
and
Sustainability teams and toolkit
6.
Sustainability review completed within the first years (if
Sustainability due diligence not prepared in step 1)
7.
Agree on the company’s sustainability roadmap with
SMART targets, tracked annually at board level
8.
Use consistent reporting tool with annual reports to
monitor sustainability performance
Holding period 
Pre-investment
Exit
Identify main risks / exposures and 
anticipate opportunities and 
interventions
Proactively help and encourage portfolio companies to 
achieve better sustainability outcomes and become ‘better’ 
businesses
Demonstrate impact and 
leave company self-
sufficient
Figure 8. Sustainability integration within the investment 
process for CPE funds classified as Article 8
1 Including undrawn commitments 
2 This data has not been audited by an external third-party. We intend to progressively increase the coverage 
rate, reliability, and consistency of the data 
3 The full list of portfolio companies can be shared on request
Sustainability reporting for CPE2
20 companies3 completed at least 80% of our sustainability reporting for 2022, representing 70% of the total portfolio. The key findings were as follows:
  90% have a whistleblowing mechanism  
  90% initiated actions to develop employee development and retention
  75% have a policy of good business conduct (code of ethics, code of conduct…)
  Average ratio of women C-Suite employees is 29% 
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

How Sustainability is considered into BioPhorum product
What we are proud of
•
Existence of a Sustainability 
roadmap with 4 key targets set 
for 2023
•
Commitment to reduce 
BioPhorum’s operational carbon 
footprint
•
Annual feedback survey sent to 
employees1
•
33% of C-suite employees are 
women
In 2021, BioPhorum launched 
“BioPhorum Sustainability”. 
See next slide for more 
information 
65 active participants  15 member companies
Represent 4.27% of overall revenue
This forum led to the creation of 
the “Biophorum Environmental 
Sustainability Roadmap”. 
Click here for more information
The work is a result of a collaboration of 22 industrial partners, as well as wider input from BioPhorum’s entire membership.
It signals two key strategies:
1.
Commitment to decarbonise (net-zero CO2 emissions) in line with the Paris Agreement; to mitigate negative 
environmental impacts and limit global warming to 1.5°C
2.
Commitment to embed circularity throughout the lifecycle of products and processes
The roadmap outlines a series of high-impact opportunities for the sector to decarbonise and embed circularity across four 
domains: raw materials, manufacturing, distribution, and use and end of life, considering use of energy and GHG
emissions, water and plastics.
Key findings from the 2022 
Sustainability reporting
22
B.	
A tailored approach addressing the specificities of each of our strategies
By way of example, BioPhorum is an organiser of forums and cross industry collaboration for the biopharmaceutical industry. Each “Phorum” is focused 
on specialised areas such as cell and gene therapy, fill-and-finish manufacturing, drug substance etc. 
1 Completed by 63% of employees
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
BioPhorum Sustainability Case Study
here
In 2021, BioPhorum launched 
“BioPhorum Sustainability”. 
The work is the result of a collaboration of 22 industrial partners, as well as wider input from BioPhorum’s entire membership.
It signals two key strategies:
1. Commitment to decarbonise (net-zero CO2 emissions) in line with the Paris Agreement; to mitigate negative 
environmental impacts and limit global warming to 1.5°C
2. Commitment to embed circularity throughout the lifecycle of products and processes
The roadmap outlines a series of high-impact opportunities for the sector to decarbonise and embed circularity across 
four domains: raw materials; manufacturing; distribution; and use and end of life, considering use of energy and GHG 
emissions, water and plastics.
Existence of a sustainability 
roadmap with 4 key targets set 
for 2023
65 active participants    18 member companies
How sustainability is integrated by BioPhorum
Key findings from the 2022
sustainability reporting

Levers
PEOPLE
Increase biomanufacturing system motivation, capability and capacity 
to deliver the vision through education and awareness raising
PROCESS
•
Develop and adopt tools and methodologies for monitoring and 
sharing environmental impact
•
Leverage available regulatory tools that support change
•
Explore new business models
TECHNOLOGY
•
Accelerate the adoption of current best practice
•
Identify technology gaps, and inspire and fund innovation 
•
Accelerate proof of concepts for sustainable alternatives and their 
adoption
Levers
Domains
•
Sustainable raw materials 
•
Sustainable bio-manufacturing
•
Sustainable distribution network
•
Sustainable product use and end of life
Domains
True north goals
•
Transparent sustainability performance across the product lifecycle 
•
SBTi net-zero status is achieved across the product lifecycle
•
Embedded circularity across the product lifecycle
True 
north goals
Vision
Vision
Improving patient health by providing biopharmaceuticals while respecting 
the planet and responsibly using its resources
Helping members to:
Reduce 
carbon footprint across 
value chain
Embed circular design 
to reduce extraction 
and waste
Enhance data integrity 
to target improvement
De-risk innovation and 
accelerate adoption
Harmonise the industry’s 
response to regulations 
and standards
Engage & ignite 
talent pool
23
B.	
A tailored approach addressing the specificities of each of our strategies
BioPhorum sustainability works to support its customers transition to a low-carbon, circular future.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
BioPhorum Sustainability Case Study

How Sustainability is considered into A2MAC1 product
What we are proud of
•
Sustainability topics were 
discussed at Board level:
•
ESG review conducted by external 
consultants in 2022 
•
Roadmap and KPIs to be defined
•
Ongoing recruitment to hire a 
Sustainability officer
•
Launch of an eco-branded 
website to reduce its digital 
carbon footprint
In 2022, A2MAC1 launched Sustainability Insights 
enabling customers to optimise the environmental impact 
of vehicles and their components 
due to full lifecycle carbon footprint evaluation
Insights* represent
64%
of overall revenue
Key findings from the 2022 
Sustainability reporting
Profit sharing
As part of the exit from FAPI II, all employees have received an exceptional bonus in March 2023
The Sustainability Roadmap is currently being defined: 6 workstreams identified by Five Arrows Sustainability team and A2Mac1 
management:            
Sustainability Offering: Through Sustainability Insights, A2MAC1 can inform OEM and other manufacturers of the sustainability 
performance of its products
Climate Change: A corner-stone for all sustainability roadmaps given the increasing stakeholder expectations,
Circular Economy: Over time, more than 1500 vehicles have been dismantled. There is business potential to sell these parts to the 
second-hand market and reduce waste generation,
Local Economic Development: A2MAC1 was founded in a family farm within the rural area of Hary which suffers from a high 
unemployment rate (~13%). Several initiatives are currently ongoing to develop the economic and educational tissue of the region,
Social, Diversity & Inclusion: Diversity is perceived as one of the main values within A2MAC1. 65% of the total headcount work in 
the production area and oversee dismantling of vehicles therefore strong health and safety policies are key within the company,
Cybersecurity: A must-have for all tech-companies
24
B.	
A tailored approach addressing the specificities of each of our strategies
As a second example, A2MAC1 is a B2B engineering and technical benchmarking company operating in the automotive sector.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
A2MAC1 Sustainability Case Study
In 2022, A2MAC1 launched Sustainability Insights enabling 
customers to optimise the environmental impact of vehicles 
and their components due to full lifecycle carbon footprint 
evaluation
How sustainability is integrated by A2MAC1
Profit sharing
As part of the exit from FAPI II, all employees received an exceptional bonus in March 2023
The sustainability roadmap is currently being defined: 6 workstreams identified by the Five Arrows sustainability team and the 
A2MAC1 management:          
Sustainability topics were 
discussed at board level
ESG review conducted by external 
consultants in 2022 
ESG KPIs defined and included in 
financing documentation
Recent recruitment of a 
sustainability officer
Launch of an eco-branded 
website to reduce its digital 
carbon footprint
Sustainability Offering: Through Sustainability Insights, A2MAC1 can inform OEMs and other manufacturers of the sustainability 
performance of its products
Climate Change: A cornerstone for all sustainability roadmaps given increasing stakeholder expectations
Circular Economy: Over time, more than 1,500 vehicles have been dismantled. There is business potential to sell these parts to the 
second-hand market and reduce waste generation
Local Economic Development: A2MAC1 was founded in a family farm within the rural area of Hary which suffers from a high 
unemployment rate (~13%). Several initiatives are currently ongoing to develop the economic and educational fabric of the region
Social, Diversity & Inclusion: Diversity is perceived as one of the main values within A2MAC1. 65% of the total headcount work in 
the production area and oversee dismantling of vehicles therefore strong health and safety policies are key within the company
Cybersecurity: A must-have for all tech companies
Key findings from the 2022
sustainability reporting

Texthelp Sustainability Case Study
100%
of overall revenue 
contribute to the 
SDG 4 “Quality Education” 
In 2022, Texthelp received 
“Best of Show” awards for 
two of its edtech tools 
from Tech & Learning. 
These awards celebrate 
products that transform 
education in schools 
around the world.
The mission of Texthelp is to improve literacy and 
understanding of 1 billion people around the world by 
2030. Over 200 million people have used Texthelp 
technology to date.
As an IT company, cybersecurity and
data privacy are key. The company
has
obtained
the
ISO
27001
certification,
an
international
standard
on
the
management
of
information security, trains
100%
of
its
employees
on
cybersecurity
issues
and
holds
weekly meetings to review potential
data issues/breaches.
Texthelp was also one of the first
signatories of the Student Privacy
Pledge,
demonstrating
its
commitment
to
data
security
and
privacy.
How Sustainability is considered into Texthelp product
What we are proud of
•
6,5 hours of training provided on 
average by employee over the 
year
•
Feedback survey sent every 2 
months to employees 
(completed by 100% of 
employees)
•
50% of C-suite employees are 
women
•
Intend to conduct a carbon 
footprint assessment in 2023
Key findings from the 2022 
Sustainability reporting
•
6,5 hours of training provided on 
average by employee over the 
year
•
Feedback survey sent every 2 
months to employees 
(completed by 100% of 
employees)
•
50% of C-suite employees are 
women
•
Intend to conduct a carbon 
Key findings from the 2022 
Sustainability reporting
25
B.	
A tailored approach addressing the specificities of each of our strategies
Finally, Texthelp is a leading global provider of learning analytics software and assistive technology solutions. The company’s products help individuals with 
literacy and numeracy in both the educational and corporate environments, with a particular focus on Special Educational Needs and dyslexic students in 
schools and universities.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
As an IT company, cybersecurity and 
data privacy are key. The company has 
obtained the ISO 27001 certification, 
an international standard for the 
management of information security, 
trains 100% of its employees on 
cybersecurity 
issues 
and 
holds 
weekly meetings to review potential 
data issues/breaches. 
Texthelp 
was 
also 
one 
of 
the 
first 
signatories 
of 
the 
Student 
Privacy Pledge, demonstrating its 
commitment to data security and 
privacy.
6.5 hours of training provided on 
average per employee over the 
year
Feedback survey sent every 2 
months to employees (completed 
by 100% of employees)
50% of C-suite employees are 
women
Intend to conduct a carbon 
footprint assessment in 2023
How sustainability is integrated by Texhelp
The mission of Texthelp is to improve literacy and 
understanding of 1 billion people around the world 
by 2030. Over 200 million people have used Texthelp 
technology to date.
100% 
of overall revenue 
contributes to the SDG 4 
“Quality Education”
Key findings from the 2022
sustainability reporting

26
Figure 9. Sustainability integration within the investment process for FASO VI, classified as Article 8
B.	
A tailored approach addressing the specificities of each of our strategies
3. Multi-Strategies 
The Five Arrows Multi-Strategies (FAMS) platform includes 
five complementary strategies as follows: 
I. Five Arrows Secondary Opportunities (FASO), which 
specialises in small and mid-cap direct secondaries; 
II. Five Arrows Private Equity Platform (FAPEP), a global 
multi-managers fund; 
III. Five Arrows Global Technology (FAGT), a global multi-
managers fund specialised in technology; 
IV.  Five Arrows Minority Investments (FAMI), a global portfolio 
of private equity co-investments; and 
V.  Five Arrows Sustainable Investments (FASI), a minority 
European direct growth & buyout fund dedicated to 
sustainability. 
The aggregate AuM of these strategies as of 31 December 
2022 totalled €3.9bn.1
Within FAMS, FASO VI (2023 vintage) is classified as an Article 
8 fund according to SFDR.  
Sustainability considerations are fully integrated within the 
investment process, as described in Figure 9.
1.
The potential investment is analysed by considering the 
exclusion policy
2.
Screening for red-flags in the portfolio. If a red flag is raised, 
external due diligence may be performed to further assess the 
financial and extra-financial risk related to the investment.
3.
Main sustainability risks and opportunities within the IC 
(standard one-pager) are highlighted
4.
GPs are asked to sign a sustainability clause within the side-
letter
5.
Progress
of
the
Responsible
Investment
performance
of
the
GPs
is
monitored
through
a
proprietary scoring methodology
6.
Stewardship practices are tailored to the profile of
each GP. Depending on the profile of the GP, they will
be offered training sessions, workshops, round tables,
etc.
7.
GPs are asked to answer a specific annual ESG 
questionnaire covering KPIs both at the management 
company level and their portfolio company level. An 
individual factsheet enables them to track their annual 
ESG scoring over time and benchmark their ESG 
performance with other GPs. 
Holding period 
Pre-investment
Assess and address a GP’s responsible investment 
performance and the ESG risks in a potential transaction
Proactively support and encourage GPs to achieve 
better sustainability performance and improve their 
responsible investment practices
Sustainability reporting for FAMS2
Of the 34 GPs3 that completed at least 80% of our 2022 sustainability ESG reporting, representing 64% of the total portfolio covered by the reporting process:
 100% have a sustainability policy
 94% provide ESG-related training to their investment teams 
 94% conduct ESG analyses as part of their pre-deal process
 91% systematically discuss ESG-related matters during investment committees
                  91% implement ESG improvement plans within their underlying portfolio companies
 65% have an ESG committee
1 Including undrawn commitments 
2 This data has not been audited by an external third-party. We intend to progressively increase the coverage rate, reliability, and consistency of the collected data
3 The full list of GPs can be shared on request
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Progress 
of 
the 
responsible 
investment

27
B.	
A tailored approach addressing the specificities of each of our strategies
4. Direct Lending
Our Direct Lending funds, Five Arrows Direct Lending (FADL) and Five Arrows Debt Partners III (FADP III), provide senior and subordinated debt financing 
solutions to privately-owned businesses across Europe. Their AuM as at 31 December 2022 was €2bn. 
As lenders rather than shareholders, our ability to access ESG-related information and influence sustainability policies is inherently somewhat more limited. 
The team has nonetheless implemented an extensive and well-developed ESG strategy, covering both pre-investment and post-investment phases. Of 
particular note is the team’s active participation, alongside France Invest, in a project to help standardise the terms of sustainability-linked loans. These are 
instruments issued with contractual commitments to achieve sustainability performance objectives, principally by means of the operation of ESG ratchets. 
The team believes further market harmonisation practices should be developed and continues to play an active role in helping drive this.
In addition, the team’s latest 2023-vintage fund, Five Arrows Debt Partners IV (FADP IV), has been classified as an Article 8 fund according to the SFDR, 
demonstrating our commitment to promoting sustainability within our portfolio. 
Sustainability considerations are fully integrated within the investment process, as described below:
1.
Assessment of the sustainability performance based on 
the investment team’s due diligence
2.
Discussion of sustainability plans and opportunities 
with the management team and main equity sponsor of the 
company when possible
3.
Key conclusions are included in a dedicated sustainability 
section in Investment Committee memos
4.
If the Investment Committee approves the transaction, the 
team seeks to negotiate some binding sustainability-
related measures within the credit facility agreement
5.
Agreement on company-specific sustainability ratchets
and identification of indicators that will be used to monitor
the achievement of these targets
6.
Deployment
of
the
annual
sustainability
reporting
questionnaire. This covers the mandatory PAIs (Principles
of Adverse Impacts according to SFDR) and will provide an
annual update of the pre-investment score given to each
company based on its sustainability performance tracking
over time
Holding period 
Pre-investment
Identify, assess and address a portfolio company’s 
sustainability impact and the sustainability risks entailed by 
a potential transaction
Proactively support and encourage portfolio companies 
to achieve better sustainability performance 
and improve their sustainability practices
Figure 10. Sustainability integration within the investment process for FADP IV, classified as an Article 8 fund
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
in investment committee memos
If the investment committee

28
B.	
A tailored approach addressing the specificities of each of our strategies
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
In terms of pre-investment activity, FADP IV has adopted a significantly broader sector exclusion list than would be considered market-standard, extending 
the scope of our ESG ambitions quite materially. In addition to all of the excluded sectors already outlined above in respect of the Five Arrows platform as a 
whole, FADP IV has also formally committed to avoid investing in businesses with the following adverse sustainability characteristics:
 generating revenues directly from the extraction or primary processing of fossil fuels;
 the operation of casinos, gambling or betting venues/websites;
 the growth, production or distribution of cannabis products for recreational use;
 human cloning technologies;
 deriving a material part of their revenues from the production, trading or distribution of chemical pesticides (given that no chemical substances 
forbidden in the European Union is involved which would lead to an exclusion);
 deriving a material part of their revenues from the production of crude palm oil, and the refining, trading or distribution of palm oil;
 deriving a material part of their revenues from the production, trading or distribution of GMOs (except components) and agro-industries using GMOs;
 involvement in activities that could trigger concerns regarding animal rights (animal experiments for cosmetics, intensive livestock farming, meat 
production and animal slaughtering);
 deriving a material part of their revenues from fishing activities (a specific attention will be drawn on fishing techniques which could be considered as 
controversial such as purse seining, trawling, longlining, dynamiting or poisoning);
 deriving revenue from the trade of endangered species as listed in the Convention on International Trade in Endangered Species of Wild Fauna and 
Flora (CITES or Washington Convention); and
 companies found by a court of competent jurisdiction or a regulatory agency to have caused severe environmental damage caused by toxic emissions 
and waste, water stress, operational waste or poor regard for biodiversity and land use.

29
B.	
A tailored approach addressing the specificities of each of our strategies
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Proprietary ESG screening scorecards and checklists are reviewed in order to qualify a transaction for presentation to the investment committee for approval.
The tailored annual ESG questionnaires described above are also sent to all of the Direct Lending portfolio companies, with follow-up Factsheets then 
prepared to monitor and benchmark progress against a defined set of ESG metrics. 
Sustainability reporting for Direct Lending1
17 companies2 completed at least 80% of the 2022 sustainability reporting, representing 58% of the total portfolio.
  82% have a policy of good business conduct (code of ethics, code of conduct…)
  71% conduct an annual employee survey3
  72% have a whistleblowing mechanism 
  59% included sustainability on the agenda of the Board meetings during the last year
  53% have a defined environmental policy
1 This data has not been audited by an external third-party. We intend to progressively increase the coverage rate, reliability, and consistency of the collected data
2 The full list of portfolio companies can be shared on request
3 Completed by on average 68% of employees who received the questionnaire

30
B.	
A tailored approach addressing the specificities of each of our strategies
A loan with sustainability features was recently 
provided to Akquinet, a German provider of 
managed IT, software development and data 
hosting services. A detailed ESG action plan was 
agreed with the company based on objectively 
measurable milestones linked to an ESG margin 
ratchet, incentivising the company to meet its 
ESG objectives within a prescribed time frame.
The ESG criteria are tested annually and, based on 
the number of KPI targets achieved, the margin 
can be reduced by up to 15bps per annum. The 
key ESG metrics taken into consideration for the 
purposes of the ratchet are set out opposite:
Pillars             
Commitment
KPIs tracked
Group ESG 
Policy, 
Training and 
Reporting
Environment
Social
Value Chain
Establishment of comprehensive ESG policy, including anti-bribery/ 
corruption, sourcing policy, fair competition, energy management, equal 
opportunities, diversity and whistleblower policies
Increased share of electricity from renewable energy sources for their offices
Implementation of PUE (Power Usage Effectiveness) tracking for data centres
Implementation of a continuous tracking programme for scopes 1 and 2 
GHG emissions
Regular reporting on diversity of the workforce
Increase in the % of women in senior management
Increase in the % of women in overall workforce
Talent retention tracking and management
Implementation of an annual employee survey
Establishment of periodic customer satisfaction surveys and 
analysis of customer complaints
Creation of a responsible sourcing strategy including treatment of 
waste electrical and electronic equipment (WEEE)
Increased share of electricity from renewable energy sources for data centres
Increased share of EV cars owned and leased
Create group wide ESG policy
Ensure compliance with ESG policy through training 
programme for all staff
Increase share of renewable energy sourced
Publish annual ESG report and distribute to key stakeholders
Create regular reporting on diversity of workforce
Improve gender balance in group leadership
Measure quality of customer engagement and use output to 
improve customer value proposition
Create responsible sourcing strategy
Implement energy management policy
Measure and track carbon footprint
Create better gender balance across workforce
Training programme launched for all staff covering the key areas of its ESG 
policy
Publication of an annual ESG report distributed to key stakeholders
Maintain environment of wellbeing at work and 
ensure talent retention
Akquinet Sustainability Case Study
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
Group ESG 
policy, training 
and reporting
Value chain

31
B.	
A tailored approach addressing the specificities of each of our strategies
5. Credit Management
Credit Management (CM) is a specialist manager of senior secured credit and 
multi-strategy credit funds, CLOs and managed accounts, with particular 
expertise in Western Europe and the U.S. As at 31 December 2022, CM 
managed approximately €7.9 billion of global assets.
In 2020, our Head of Credit Research became a member of the European 
Leveraged Finance Association’s (ELFA) ESG Committee. This trade 
association - set up in 2019 to promote transparency and best practices within 
the European leveraged finance market - seeks to promote a coordinated 
approach to ESG analysis for the high-yield and leveraged loan markets to 
enable borrowers and investors to benefit from the growth of ESG mandates.
 
The CM team’s ability to drive change is limited due to its position as a minority 
debt investor, as it invests in a diverse portfolio of assets. Due to the nature 
of the syndicated loan asset class, the team focuses its efforts on assessing 
the borrower’s ESG compliance and tracks its evolution through a proprietary 
ESG scoring methodology. However, it does have other advantages such as 
its ability to exit or reduce positions, given the liquid nature of the asset class.
  
The value of financing of our oil and gas related investments1 totals €18m, or 
0.08% of Five Arrows’ total AuM2 as of 31 December 2022.
ESG questionnaire
To ensure thorough consideration is given to ESG factors in our investment 
process, before an investment proceeds to the Investment Committee, an 
ESG questionnaire is completed. The ESG Questionnaire comprises two 
sections: (i) investment restrictions: investments which does not satisfy our 
exclusion policy are excluded; and (ii) a points-based system: each investment 
is rated based on a number of ESG factors. There are a total of 45 points, 
with 15 dedicated to each factor. Each of E, S and G also receive an individual 
grade on a scale of A-D or “FAIL”.
There are three ways to fail the ESG questionnaire:
  An aggregate score of 20 or less
  Three or more scores of zero
  Any single grade of “FAIL” in the E, S or G sections or two D grades
No borrower with an aggregate score of 30 or less will be eligible to have a 
neutral or overweight credit recommendation.
ESG monitoring 
The review of ESG factors is embedded into the ongoing monitoring of all 
investments on Credit Management’s approved purchase list.
Since June 2020, ESG scores have been actively monitored and are included 
in trading update summaries which are typically circulated monthly or 
quarterly depending on the frequency of the borrower’s reporting.
Total of 15 Points
14-15 points
11-13 points
8-10 points
6-7 points
5 or less points
Grade
A
B
C
D
FAIL
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem
1  Mostly through Credit Management’s funds which are by nature more diversified
2 Including undrawn commitments

Our partnership-oriented culture 
aims at forming close relationships 
with all of our stakeholders. 
III.	Our Ecosystem

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In 2020 we became a member of the Global Impact Investing 
Network, and we joined the ESG Committee of the European 
Leveraged Finance Association.  
In 2022, we adhered to the ESG Data Convergence Initiative (EDCI) 
to access benchmarks for  ESG  metrics specifically for private 
equity.
In 2022, our Direct Lending team collaborated along 
with other leaders in the market, with France Invest 
to start to standardise Sustainability-linked loans, 
instruments issued with contractual commitments 
to achieve sustainability performance objectives. 
We believe further market harmonisation practices 
should be developed and are playing an active role in 
driving this. As a result of this working group, France 
Invest has shared a  “Best practice Guide for Private 
Debt Sustainability-Linked Financing” aimed at promoting good 
practices among all stakeholders involved in the implementation 
of sustainability-linked financing and strengthening the integrity 
of these tools to avoid “green-washing” or “impact-washing”. 
Five Arrows collaborates with other thought leaders to set the standards 
for sustainability and predict market evolutions that could impact our 
investment practices. Our main collaborations are described below:
We decided to adhere to the United Nations Principles for Responsible 
Investment in 2012. For 20211, we achieved a 3-star score for the UN 
PRI Strategy & Governance and Private Equity modules.
In 2014, we committed to the Charter of the French Private Equity 
Association (France Invest), which focuses on the growth and long-term 
development of companies and promotes the establishment of best 
practices in the areas of human capital management, environment 
and governance. 
In 2018, we became a signatory to Initiative Climat international (ICi) 
to contribute to the fight against climate change by aiming to reduce 
greenhouse gas emissions in our portfolio companies and ensure 
sustainability of performance.
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A.	
Creating a network to foster sustainable growth
1 This is the latest score available. The PRI postponed the 2022 reporting cycle
2012
2020
2014
2018
2022
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

We also believe it is important to help society beyond our investment 
activities.  
In 2021, Rothschild & Co announced the launch of R&Co4Generations, 
with a core mission of equipping the next generations in their drive for 
social and environmental change.
Through R&Co4Generations the Group collaborates with social purpose 
organisations to address the effects of social and economic inequalities and 
climate change.
R&Co4Generations seeks to drive change by supporting initiatives in the 
following areas:
  Developing skills and talent;
  Cultivating entrepreneurial mindsets in young people; and
  Promoting innovation in response to inequalities and climate change.
 
Since 2021, R&Co4Generations has supported over 50 organisations, across 
22 countries, working to achieve greater equality for disadvantaged groups1.
A selection of some of the organisations supported by this initiative is 
presented below:
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B.	
Supporting philanthropic projects
1 R&Co4Generations Progress Report 2021-2022
Five Arrows has a strong involvement in this philanthropic 
group approach by:
 Sitting on the R&Co4Generations management and 
regional committees; 
 Some of our team members offer their know-how 
regarding private equity investing by supporting its venture 
philanthropy strategy;  
  6 members of the Five Arrows team have volunteered 
for local philanthropic activities; and
  Our France-based teams participated in a matched giving 
scheme. 
 Libraries without Borders,  empowers vulnerable communities by facilitating 
their access to education, cultural resources and information.
  Chemins d’avenirs  helps to unlock the potential of young people in rural 
areas and small towns through a mentoring system and the creation of an 
ecosystem of success around its mentees.
  Earthwake  is a French company transforming plastic waste into green fuel 
through mobile pyrolysis ovens packaged into containers. 
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

35
35
B.	
Supporting philanthropic projects
Rothschild & Co continuously strives to create a working environment in which everyone feels respected and valued. This year, we chose to 
join forces with Make.org, an independent organisation whose mission is to engage with French citizens and civil society concerning positive 
transformative actions, in their programme “How to fight against all the inequalities suffered by women”.
As part of the partnership with Make.org, in addition to the financial contribution made to this programme, we asked our teams to submit 
proposals and vote on those of other participants. The goal was to identify concrete solutions by identifying the best proposals. An in-depth 
analysis will be available in the form of a report, which will be made public.  
 
In September 2022, 10 Five Arrows employees participated in workshops focused on the following themes:
  Rehabilitating the place and influence of women in history, culture and science;
  Deconstructing professional stereotypes and encouraging women to invest in certain sectors;
  Fighting wage inequalities between women and men; and
  Encouraging the involvement of fathers in parenting. 
These workshops led to the emergence of 8 projects that will be deployed nationally over the next 2 years. 
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

36
36
B.	
Supporting philanthropic projects
Five Arrows participated in a 3-year programme with Reforestaction to plant 10,000 trees per year in the Nariño project in Colombia, 
with an aim to restore degraded land in the Colombian Páramo and to finance a beekeeping programme to encourage local 
farmers to diversify their economic activities.
Thanks to our support and commitment, they have succeeded in planting more than 30,000 trees and creating more than 32 apiaries.
These projects include four criteria that allowed them to be considered a regenerative project:
  Restoration of the Páramos and their biodiversity: the Páramos are the most biodiverse mountain ecosystems on the planet;
  Increase in carbon sequestration by the Páramos;
  Preservation of water resources and optimisation of soil quality; and
  Sustainability of the economic activity of local producers
The benefits generated by the project to date have a positive influence on the environment, but also an additional social and economic impact for the local 
communities.
Purpose 
and context
The next steps
in our journey
Our
teams
Our sustainability 
strategy
Our
investments
Our
ecosystem

Since our first commitments towards responsible investment 
practices in 2012, we have made substantial progress. But we remain 
conscious of the numerous challenges ahead of us. 
Whilst a number of projects were implemented during 2022, there 
is still much to be done. A selection of new projects we are currently 
working on are:
 Climate change remains a priority for us. We are committed to 
further detailing our climate strategy with the goals and means for 
our operational and portfolio emissions once the targets have been 
validated by the SBTi. 
 From 2023 onwards, sustainability criteria will be included as 
part of the individual annual performance reviews and 10% of the 
annual bonus will be linked to sustainability criteria.
 We plan to quantify the CO2 emissions generated by our Annual 
Investor Days to eventually identify ways to reduce the carbon 
footprint of this event.
 A new sustainability expert will be joining the CPE POG team to 
help drive the Sustainability agenda into our portfolio companies.
 In April 2023, Rothschild & Co and the French business school HEC 
signed an agreement to create an academic chair focused on “data 
and impact investment” to fund research studies in this field.
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The next steps in our journey

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