ANGELENO 
GROUP 
2019 ESG REPORT              
 
 
 
                     
 
0 
 
 
 
RESPONSIBLE AND  
SUSTAINABLE 
INVESTING 
 
2019 ESG REPORT

ANGELENO 
GROUP 
2019 ESG REPORT              
 
 
 
                     
 
0 
TABLE OF CONTENTS      
…………………………………………………………………………………… 
 
 
Letter from Our Leadership 
1 
Firm Profile 
2 
Value Creation Through Responsible and Sustainable Investing 
3 
PRI Implementation  
5 
ESG Impact Themes 
7 
    Renewable Energy 
 
8 
    Energy and Resource Efficiency 
 
10 
    Water 
 
13 
    Smart Cities 
 
15 
    Sustainable Forestry 
 
17 
    Diversity and Inclusion 
19 
 
 
 
How We Execute 
20 
    Our Culture 
 
21 
    Stakeholder Engagement 
23 
Integration of ESG Into Portfolio Management 
26 
Continued Evolution 
29 
Invitation to Dialogue 
30

ANGELENO 
GROUP 
2015 ESG REPORT              
 
 
 
                     
 
 
LETTER FROM OUR LEADERSHIP 
…………………………………………………………………………………… 
 
We invite you, our partners and stakeholders, to read Angeleno Group’s 2019 report on our 
Responsible and Sustainable Investing Program – now in its ninth year of execution.  
 
In our 2019 ESG Report, we describe our approach as a PRI signatory to support each of the 
PRI’s six principles for responsible investment. You will also learn more about some of the 
compelling ways that our portfolio companies are driving meaningful change to support the 
UN Sustainable Development Goals.  In 2019, our portfolio companies helped to avoid over 
500 million metric tons of greenhouse gas from entering the atmosphere, and employ 
approximately 16,000 people globally in green jobs.  
 
Angeleno Group and its portfolio companies strive to be at the forefront of innovation and 
best practices across the following ESG impact themes: Renewable Energy, Energy and 
Resource Efficiency, Water, Smart Cities, Sustainable Forestry and Diversity and Inclusion. 
 
By actively engaging with our portfolio companies to manage and improve performance on 
material ESG topics, we believe that we are better able to support them in their efforts to 
maximize their environmental, social and financial impact. Over the past nine years, a 
commitment to ESG principles has helped our firm and portfolio companies proactively 
manage risks, achieve important business milestones, and better serve all stakeholders.  In 
2019, we deepened our focus to utilize the Task Force for Climate-Related Disclosures as a 
framework to monitor both climate change risks and opportunities. 
 
As we embark on a new decade – even in the midst of unprecedented global challenges –  
we are excited about the future investment opportunities associated with the energy 
transition and the growth of the low carbon economy. At Angeleno Group, we remain highly 
convicted about the long-term tailwinds in our sector – the need to generate renewable 
power at scale, make cities smarter and more resilient, and transition to a more electrified, 
digitized and sustainable world.  
 
We believe that we are well positioned, in our role as a provider of growth capital and an 
active owner, to support the next generation of ESG-leading companies harnessing emerging 
clean energy and climate solutions technologies in the years to come. 
 
On behalf of our entire team, we look forward to continued partnership with our investors, 
portfolio companies and stakeholders.  
 
 
 
 
Yaniv Tepper 
Managing Partner 
Daniel Weiss 
Managing Partner 
William Miller 
Chief Operating 
Officer 
Michelle Kincanon 
VP, Finance & 
Sustainability

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
2 
FIRM PROFILE   
…………………………………………………………………………………… 
 
INVESTING IN NEXT GENERATION CLEAN ENERGY AND CLIMATE SOLUTIONS 
COMPANIES 
Founded in 2001, Angeleno Group is a pioneer in providing growth capital for next generation 
clean energy and climate solutions companies. We invest opportunistically in a range of deal 
types, with a strategy that is sector-focused, stage-agnostic and research-driven. Angeleno 
Group has become one of the largest dedicated clean energy growth equity investment 
firms, investing on a global basis with investment professionals and operating partners in the 
United States and Australasia. Our headquarters are in Los Angeles, California. 
 
OUR PORTFOLIO 
Angeleno Group invests in a diverse energy and climate solutions focused portfolio, selecting 
companies from a variety of energy market verticals, including utility-scale solar, specialized 
composite wind turbine blades, intelligent transportation, decentralized water treatment 
solutions, energy efficiency finance, energy storage, environmental and remediation services 
and other applications that promote efficient long-term management of natural resources. 
Angeleno Group’s sector focus allows portfolio companies to benefit from the firm’s 
longstanding relationships and deep industry expertise. 
 
Our portfolio is stage-agnostic, diversified and risk-managed, high growth and targeted for 
high return. Angeleno Group’s current investment themes and research priorities are focused 
on the clean energy transition – renewable power at scale; the future of energy storage; 
resource efficiency in water, agriculture and sustainable inputs; critical infrastructure and 
resiliency; industrial energy efficiency and next generation manufacturing; climate adaptation 
and carbon mitigation; sustainable mobility and smart cities. 
 
OUR INVESTMENT APPROACH 
 
Angeleno Group’s investment process is designed to generate returns and mitigate risk at 
each stage of the investment cycle. Angeleno Group’s perspective helps create value on 
behalf of both portfolio companies and investors, supporting entrepreneurs and management 
teams through the development and execution of strategic plans that leverage the insights 
and networks of the firm. Our investment philosophy and strategy are founded on this vision. 
 
OUR TEAM, ADVISORS AND OPERATING PARTNERS 
Together with our advisors and operating partners, Angeleno Group has a breadth of 
expertise and experience in leadership and operations across virtually every major segment 
and geography of the clean energy and climate solutions landscape. Our Partners have 
decades of operating and advisory experience in product development, marketing, sales, 
corporate finance, and strategy in high-growth companies. Angeleno Group’s seasoned team 
has significant experience in private equity transactions, venture capital investing, public 
market investing, operating company management, and investment banking. This broad 
range of expertise allows us to fully support high-growth companies through periods of 
transition, expansion and monetization.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
3 
VALUE CREATION THROUGH  
RESPONSIBLE AND SUSTAINABLE INVESTING 
…………………………………………………………………………………… 
 
Angeleno Group’s Responsible and Sustainable Investing Program is designed to create 
value in five key areas:  
 
 
Supporting Our Investment Themes 
 
 
Managing Increasingly Global Reach 
 
Enhancing Deal Sourcing 
 
 
Complementing Exit Strategies 
 
Meeting Investors Needs and Supporting Shared Goals 
 
 
SUPPORTING OUR INVESTMENT THEMES 
Angeleno Group is almost exclusively invested in companies that develop products and 
services to reduce greenhouse gas emissions and proactively respond to critical 
sustainability and global environmental challenges.  
 
There are three broad themes that underpin Angeleno Group’s investment selection process:  
 
Investment Themes 
Description  
Tools / Technology 
We like to invest in technology-agnostic tools that enable 
many industry participants to flourish. 
 
Capital Efficiency 
We seek to identify companies with efficient and flexible 
capital structures. 
 
Near Term Markets 
We look for significant near-term markets, which can be 
leveraged to longer-term and much larger markets. 
 
 
The evaluation of material ESG topics supports how we select investments and partner with 
portfolio companies to achieve growth and scalability objectives. 
 
MANAGING GLOBAL REACH 
Our investments have an increasingly global reach. Currently, our portfolio companies 
maintain offices and manufacturing facilities across the Americas, Europe, Asia, Australia and 
the Middle East. As the operations of our firm and its portfolio companies continue to 
globalize, ESG management and compliance – particularly related to labor and human rights 
– has become increasingly relevant. Additionally, the demonstration of strong ESG practices 
may benefit our portfolio companies as they enter into partnerships outside the United States 
in countries where interest in ESG is strong. 
 
ENHANCING DEAL SOURCING 
Angeleno Group’s investment process is designed to generate returns and mitigate risk at 
each stage of the investment cycle.  Our sourced deals include growth equity, first 
institutional equity (mid- to late-stage venture capital), and opportunistic investments 
including corporate divestures, secondaries, buyouts and private investments in public equity 
(PIPEs). Our application of ESG considerations prior to investing provides an additional lens 
that we anticipate will further create value for our investors.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
4 
 
COMPLEMENTING EXIT STRATEGIES 
Angeleno Group supports entrepreneurs and management teams through the development 
and execution of strategic plans that leverage the insight and network of the firm. Our 
investment philosophy and strategy are founded on this vision and insight. 
 
The average holding period for our investments varies, but in broad terms we expect to hold 
investments for four to eight years. Our engagement with selected portfolio companies on 
ESG issues is focused on managing growth and supporting our portfolio companies to 
achieve shared goals. 
 
MEETING NEEDS OF OUR INVESTORS AND SUPPORTING SHARED OBJECTIVES 
Angeleno Group has a strong contingent of institutional investors that include leading 
university endowments, foundations, corporate and public pension funds, insurance 
companies, and family offices from the United States, Europe, Asia and Australia. 
Endorsement and application of principles for responsible investing is commonplace among 
our institutional investors. Our Responsible and Sustainable Investing Policy and Program is 
intended to enable us to better meet their needs and support shared objectives.  
 
 
 
Angeleno Group team at our most recent CEO Summit and Investor Retreat.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
5 
PRI IMPLEMENTATION 
…………………………………………………………………………………… 
 
Angeleno Group is a signatory to the United Nations-supported Principles for Responsible 
Investment (PRI). We aim to align Angeleno Group’s Responsible and Sustainable Investing 
Program to support each of the six PRI principles: 
 
PRI Principles 
Angeleno Group Milestones  
1 – Incorporate ESG 
issues into 
investment analysis 
and decision-making 
processes 
Angeleno Group completed its ninth year of executing on its 
formal Responsible and Sustainable Investing Policy.   
 
We established an ESG Committee to oversee and advance 
execution on Angeleno Group’s Responsible and Sustainable 
Investing Policy.   
 
2 – Be active owners 
and incorporate ESG 
issues into our 
ownership policies 
and practices 
Angeleno Group completed its ninth year of active ESG 
engagement with portfolio companies that meet the specified 
growth milestones in its Policy. 
 
We utilized the Task Force for Climate-Related Financial 
Disclosures (TCFD) framework to evaluate climate change risks 
and opportunities as part of our current ESG engagement cycle 
with portfolio companies. 
 
3 – Seek appropriate 
disclosure on ESG 
issues by the entities 
in which we invest 
 
Portfolio companies continued to complete ESG questionnaires 
pursuant to our Policy. Additionally, several of our portfolio 
companies – including New Forests and TPI Composites – 
reported publicly on ESG strategies and impact metrics. 
4 – Promote 
acceptance and 
implementation of the 
Principles within the 
investment industry 
 
Angeleno Group continues to engage with leading organizations, 
including the Sustainability Accounting Standards Board and 
World Resources Institute, to advance critical ESG issues. 
 
We also promoted responsible investment through engagement 
with the Financial Executives Alliance, Los Angeles Cleantech 
Incubator, and UCLA Institute of the Environment and 
Sustainability. 
 
5 – Work together to 
enhance our 
effectiveness in 
implementing the 
Principles. 
 
We continued to collaborate with portfolio companies to 
establish annual ESG action plans and performance targets.  
 
Angeleno Group’s annual meeting of its Board of Advisors 
included the discussion of ESG-related trends, opportunities and 
implications for our portfolio companies. 
 
6 – Report on our 
activities and 
progress towards 
implementing the 
Principles 
 
Angeleno Group’s 2019 ESG Report serves as our ninth annual 
report on our strategy and progress.  
 
Our reporting process and engagement activities are informed by 
valued feedback received from investors and portfolio 
companies.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
6 
ADVANCING THE UN SUSTAINABLE DEVELOPMENT GOALS 
As part of our commitment to advancing responsible investment, we aim to illuminate 
connections where our portfolio companies can support meaningful progress toward the UN 
2030 Sustainable Development Goals, a leading global framework.  
 
Through our investments, we continue to drive progress to support these global goals – 
prioritizing opportunities to advance energy, water, infrastructure, climate change resiliency, 
job creation and gender equality around the world: 
 
 
 
 
Advancing gender equity 
and empowering women 
and girls 
 
 
 
 
Enabling sustainable 
management of water and 
sanitation for communities 
 
 
 
Achieving renewable energy 
at scale, and increasing 
energy efficiency 
 
 
 
Creating green jobs globally 
across local economies 
 
 
 
 
Delivering leading-edge 
technologies to make cities 
smarter and more resilient 
 
 
 
Reducing global greenhouse 
emissions and supporting 
climate change adaptation 
solutions 
 
2019 AWARDS AND RECOGNITION 
In 2019, our portfolio companies continued to receive awards and recognition for innovation 
and leadership. Highlights include the following:  
 
§ 
mPrest was recognized as one of Fast Company’s “2019 World Changing Ideas”. 
 
§ 
Newterra was recognized by Deloitte as one of Canada’s 50 Best Managed 
Companies for the 11th consecutive year – earning Platinum Member designation. 
 
§ 
Patriot Environmental Services was ranked as a Top 30 All-Environmental Firm by 
the Engineering News-Record. 
 
§ 
Stem became a five-time honoree of the 2019 Global Cleantech 100 list, in which a 
panel of nearly 90 experts recognized companies with the most “innovative and 
promising ideas in cleantech” in the world. (INRIX, Newterra and Renew Financial 
are also past Global Cleantech 100 members.)

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
7 
ESG IMPACT THEMES 
…………………………………………………………………………………… 
 
Angeleno Group provides growth capital to companies with innovative environmental 
solutions – tools, products and services – that respond to major global challenges through 
sustainable growth businesses.  
 
Our near-term investment and research priorities are currently focused on:  
 
§ 
The Clean Energy Transition: Renewable Power at Scale 
 
§ 
The Future of Energy Storage 
 
§ 
Resource Efficiency in Water, Agriculture and Sustainable Inputs 
 
§ 
Critical Infrastructure and Resiliency 
 
§ 
Industrial Energy Efficiency and Next Generation Manufacturing 
 
§ 
Climate Adaptation and Carbon Mitigation 
 
§ 
Sustainable Mobility and Smart Cities 
 
Through these investments and our role as active partners with our management teams, we 
believe that Angeleno Group is strongly positioned to drive substantive impact on critical 
environmental and social issues. As of result of this targeted investment focus, we have been 
able to support demonstrative impact across the following themes: 
 
ESG Impact Themes 
Renewable Energy 
Energy and Resource 
Efficiency 
Water 
Smart Cities 
Sustainable Forestry 
Diversity and Inclusion 
 
In this section, we share 2019 highlights from our portfolio companies across these six ESG 
impact themes.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
8 
RENEWABLE ENERGY 
…………………………………………………………………………………… 
The use of our portfolio companies’ renewable energy solutions can help cut emissions of 
greenhouse gases while addressing issues of energy security and the UN Sustainable 
Development Goals’ target 7.2 – to substantially increase the share of renewable energy in 
the global energy mix by 2030.  
 
Angeleno Group actively invests in growth companies that are working to dramatically 
increase the adoption of solar, wind and other forms of renewable energy. 
 
DEVELOPING SMART DIAGNOSTICS TECHNOLOGY FOR THE SOLAR INDUSTRY 
Kinematics is the global leader in high performing 
rotational motion control and smart torque 
technology solutions for various mission critical 
applications. Kinematics has grown into the world’s 
largest manufacturer of slew drives and worm 
reducers to the utility-scale solar tracker markets.  
 
Today, Kinematics serves customers in North 
America, South America, Europe, Australia and Asia 
with over one million units in service.  Solar 
systems with Kinematics slewing drives can gain up 
to 40% in added efficiency compared to a fixed-tilt 
system, and have contributed to the generation of 
more than 20 gigawatts of renewable energy.  
 
To further support the solar industry, Kinematics is actively incorporating smart diagnostics 
technology as part of its new products roadmap. The capacity to diagnose slew drives while 
in operation provides users with the ability to proactively respond to potential issues before 
application up-time is negatively impacted, and leverage access to aggregated drive data to 
monitor and analyze performance and reliability. A real-time diagnostic feedback loop also 
aids in continuous application design improvements by giving Kinematics’ product designers 
quicker insights into field performance. 
 
In 2019, Kinematics was awarded a patent for the company’s foundational technology for 
smart slew drive diagnostics. The patent recognizes Kinematics’ ability to measure drive 
condition, remaining service life, efficiency, and performance across all applications that is 
supports – all while the drive is in service and powered by an electric motor. 
 
EXPANDING PRODUCTION CAPACITY AND EXPERTISE IN NORTH AMERICA 
To expand its reach within the North American market, Kinematics has opened a new 
manufacturing facility in Nogales, Mexico. Fully operational in 2019, the 40,000 square feet 
facility supports two fully-equipped assembly lines and two shifts with over 100 staff 
members. The annual output from this facility essentially doubles Kinematics’ global supply 
capacity and greatly enhances its production and delivery capabilities. 
 
In 2019, Kinematics also hired a seasoned solar industry veteran with a wealth of cross-
functional, industrial, and solar industry experience to lead the company’s growing 
operations in the Americas.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
9 
RESPONDING TO INCREASED GLOBAL DEMAND FOR WIND ENERGY  
TPI Composites (NASDAQ: TPIC), is the 
only independent manufacturer of 
composite wind blades with a global 
footprint. In 2016, TPI Composites 
successfully completed the largest pure 
play wind equipment initial public offering 
in United States capital market’s history.  
 
Contributing to approximately 18% of the 
overall global onshore wind energy market, 
TPI Composites has manufactured over 
55,000 wind blades since 2001.  
 
TPI Composites wind blades invoiced 
worldwide in 2019 are estimated to generate over 9,300 megawatt hours of energy capacity. 
To help strengthen its technical capabilities in support of its global operations and growth, 
TPI Composites acquired an engineering team in Germany in 2019, comprised of 
approximately 20 new experts that will focus on blade design, tooling, materials and process 
technology development. 
 
TPI Composites also continued to expand its partnerships with industry-leading wind turbine 
OEMs. In 2019, TPI Composites signed a multi-year supply agreement with Vestas to provide 
blades from four manufacturing lines for India and other export markets. The blades will be 
produced at TPI’s new state-of-the-art manufacturing hub in India, which will be able to 
reliably and cost-effectively serve the global wind energy markets for multiple customers. TPI 
Composites currently produces blades for Vestas in China, Turkey and Mexico. 
 
A PURPOSE-DRIVEN, ESG-FOCUSED MANAGEMENT APPROACH 
Recognizing that climate change is one of the most pressing issues of our time –  and that 
TPI Composites is well positioned to be an important part of the solution by advancing the 
decarbonization of the electricity sector and supporting the electrification of vehicle fleets, 
the company utilizes ESG principles to deliver on its mission and strategy for growth.  
 
TPI Composites reached an important milestone in the evolution of its ESG program with the 
release of the company’s first sustainability report. TPI Composites’ sustainability report 
covers 2019 performance and achievements; and aligned with the GRI and SASB standards. 
 
Specifically, TPI Composites aims to reduce risk, increase employee satisfaction, improve 
operational execution and accelerate financial performance through its ESG efforts.  TPI 
Composites’ ESG program is propelled by a highly impactful, top line metric to avoid millions 
of metric tons in greenhouse gas emissions from entering the atmosphere. The wind blades 
manufactured in 2019 have the potential to eliminate 303 million metric tons of greenhouse 
gas emissions over their average 20-year lifespan.  
 
Concurrently, TPI Composites achieved an 81% decrease in recordable incident rates and a 
78% decrease in lost time incident rates over the last four years. In 2019, TPI Composites’ 
employees also contributed over 23,000 hours of volunteered time to serve their 
communities.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
10 
ENERGY AND RESOURCE EFFICIENCY 
…………………………………………………………………………………… 
Energy production and consumption is currently the largest source of global greenhouse gas 
emissions. The pressures of climate change and economic growth also place constraints on 
the Earth’s natural resources – from minerals to fossil fuels. 
 
Angeleno Group actively invests in energy efficiency technologies that reduce rates of 
household, commercial and industrial energy loss and consumption. We also invest in 
companies that identify compelling and profitable ways to enhance resource efficiency in 
commercial and industrial applications.  
 
BATTERY ENERGY STORAGE TO ADDRESS TODAY’S DYNAMIC ENERGY MARKET 
In the last five years, the battery energy storage market has become one of the fastest-
growing sectors of the economy. By 2024, energy research firm Wood Mackenzie predicts 
that the global market for battery energy storage will grow by 13 times current levels.  
Bloomberg New Energy Finance projects $50 billion in spend on energy storage by 2030. 
Sector growth is currently driven by a number of factors, which include the rapid expansion 
of wind and solar power and an increased focus on electric vehicles for transportation.  
 
Because wind and solar are variable, they need energy storage to integrate them into energy 
delivery systems. Stem provides solutions that address the challenges of today’s dynamic 
energy market. By combining advanced energy storage solutions with Athena™ AI, a world-
class artificial intelligence (AI)-powered analytics platform, Stem enables customers and 
partners to optimize energy use by automatically switching between battery power, onsite 
generation and grid power.  
 
MAXIMIZING ASSET VALUE THROUGH REAL-TIME ENERGY OPTIMIZATION 
Stem’s integrated, intelligent batteries enable frequency regulation so that an energy storage 
system can be charged or discharged to alleviate demands on the grid. Referred to as “peak 
shaving”, grid demand can be reduced – providing the opportunity to sell power into the 
wholesale market. 
 
As the industry leader in intelligent energy storage solutions, Stem builds and operates the 
world’s largest digitally-connected energy storage network that benefits grid operators. 
Stem’s proprietary AI platform, Athena™, optimizes energy asset value and facilitates 
customer participation in energy markets. Stem currently has more than 600 operating 
projects and 300 megawatts of capacity enrolled in its network.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
11 
DELIVERING LARGE SCALE, INTEGRATED, AI-POWERED SOLUTIONS 
In 2019, Stem announced a significant industry milestone – becoming the first company with 
more than 100 megawatt-hours in deployed AI-driven energy storage systems. Stem also 
installed the largest indoor energy storage system in the United States at Boston Properties’ 
Colorado Center in Santa Monica, California. In addition to lowering energy costs for the 
buildings’ tenants, Stem’s Athena™ powered storage system will provide additional capacity 
to the local utility, Southern California Edison, in the highly-congested West Los Angeles 
Basin. 
 
Further expanding into “front of meter” or wholesale distributed generation, Stem has 
entered into partnerships with Kearsarge Energy Solutions and Syncarpha Capital to create 
powerful combined solar and storage solutions for large-scale projects. Powered by 
Athena™, Stem and its partners have begun to implement two large-scale projects in 2019 
that directly support the Solar Massachusetts Renewable Target (SMART) Program. 
 
 
LAUNCHING NEXT GENERATION INNOVATION IN CLEAN BATTERIES 
An alternative to traditional lead-acid and 
lithium-ion batteries, ZincFive’s nickel-zinc 
UPStealth batteries offer a longer operating 
life, a smaller environmental footprint and a 
wider operating temperature range. With 97 
patents awarded to date, ZincFive’s 
batteries are more energy efficient and fully 
recyclable at end-of-life. 
 
Managing temperatures is also critical to safe and successful deployment. ZincFive’s 
batteries have been rigorously tested – at the cell level – by UL and proven not to exhibit 
thermal runway in any of the five challenging test types within the UL9540A test method. 
 
These attributes help to ensure that backup power is always available for traffic signals and 
critical infrastructure. As a result, ZincFive’s battery solutions are now deployed across 
transportation systems, data centers, the automotive industry and emergency responders.  
Currently, more than 150 transportation departments in the United States and Canada 
depend on ZincFive’s energy solutions. 
 
REVOLUTIONIZING INDUSTRIAL PRINTING WITH RESOURCE EFFICIENCY 
Angeleno Group sees opportunities in investing in companies that identify compelling and 
profitable ways to enhance resource efficiency in industrial applications.  
 
Scodix is the world’s leading provider of digital enhancement solutions for the graphic arts 
industry. Compared to incumbent analog systems, the Scodix solution consumes 91% less 
energy, boasts a 75% smaller footprint and allows operators to print runs of any size on-
demand – eliminating costly and wasteful excess production and toxic chemicals.  
 
Scodix Polysense polymer solutions eliminate plates, molds, chemicals, and solvents while 
reducing energy consumption. In 2019, Scodix also expanded upon its competencies by 
launching web-to-print solutions to drive workflow automation, productivity and efficiency.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
12 
EMPOWERING HOMEOWNERS TO MAXIMIZE ENERGY EFFICIENCY  
In 2019, Renew Financial, a leading clean energy finance company continued to expand the 
reach of its Property Assessed Clean Energy (PACE) and EnergyLoan™ financing programs 
in the United States. These programs play a critical role in enabling homeowners to upgrade 
their homes with energy efficiency, renewable energy and water efficiency enhancements.  
 
PACE financing – invented by Renew Financial – has been named by Scientific American as 
one of the "top 20 ideas that can change the world”. PACE administrators provide 
homeowners with 100% of the upfront capital for home improvements, and the homeowners 
repay these costs over time through an additional line item on their property taxes. 
 
PACE financing has helped more than 200,000 homeowners invest more than $5 billion in 
energy efficiency projects in states where PACE is available, including Renew Financial’s 
service areas in California and Florida. Renew Financial customers have avoided over 1.3 
million metric tons of greenhouse gas emissions and saved approximately two billion gallons 
of water.  Renew Financial’s financing programs have also created approximately 13,000 
green jobs and new revenue streams in local communities.  
 
To deepen its impact, Renew Financial has created new dedicated teams that will work 
collaboratively to meet the needs of both homeowners and its network of more than 1,000 
contractor business partners. 
 
 
 
MAKING COMMUNITIES MORE RESILIENT 
Renew Financial’s PACE financing also directly benefits homeowners affected by hurricanes, 
storms, wildfires and other extreme weather events. In 2019, Renew Financial funded and 
completed over $100 million in clean energy and resilience-related projects in the State of 
Florida helping over 4,000 homeowners make their residential properties safer and more 
efficient.  Successful improvement measures included hurricane-resilient roofs, impact 
windows and doors, and solar systems. 
 
Renew Financial also continues to support disaster relief in Florida by providing millions of 
additional dollars in zero-cost working capital to help contractors respond to the needs of 
those affected by Hurricane Irma and other recent extreme weather events.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
13 
WATER 
…………………………………………………………………………………… 
 
According to the World Resources Institute, more than one billion people currently live in 
water-scarce regions, and as many as 3.5 billion people could experience water scarcity by 
2025.  
 
The confluence of increasing industrial requirements, urban population growth and the nexus 
between climate and water has placed increased strains on local communities. Pollution also 
threatens the health of freshwater and coastal aquatic ecosystems, which are critical for food 
production, sanitation and the survival of communities around the world. 
 
Angeleno Group actively invests in companies with innovative solutions to protect the quality 
and quantity of clean water supplies in remote and urban locations around the world. 
 
MODULAR CLEAN WATER SOLUTIONS WHERE COMMUNITIES NEED ACCESS MOST  
Newterra is a leading manufacturer of advanced, modular water and wastewater treatment 
technology solutions to the municipal, industrial and environmental remediation sectors. 
Using their advanced MicroClear®  UF membrane filtration technology, Newterra designs, 
engineers, manufactures, and services innovative modular treatment solutions to help clients 
in a wide range of industries and sectors operate more efficiently, sustainably and safely. 
 
Newterra’s treatment systems currently protect watersheds in some of the most remote 
regions of the planet, enduring the freezing temperatures of Canada's arctic, the intense heat 
of Zambia, and high altitude sites in Chile. Newterra’s systems are built to be tough enough 
to endure the realities of harsh environments, and also feature smart technologies for remote 
monitoring and operation by Newterra’s service team.   
 
With more than 10,000 installations worldwide, Newterra’s systems treat approximately 2,000 
gallons of water per second.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
14 
EVOLVING AND EXPANDING TO FURTHER PROVIDE CLEAN WATER  
Originally founded in 1992 as an equipment 
distributor in the groundwater remediation market, 
Newterra has expanded its product line and now 
provides a full suite of advanced clean water 
solutions, which include advanced water and 
stormwater treatment, membrane modules, 
groundwater remediation and fabrication for natural 
resources focused industries. 
 
To support its continued evolution and ability to 
deepen impact for customers and communities, 
Newterra made two significant acquisitions in 2019. 
Newterra’s acquisition of StormwateRx® will help customers comply with strict discharge 
requirements by offering modular solutions to keep site water discharge quality within 
prescribed limits. Newterra acquired TIGG®, which is a leading manufacturer of high-quality 
carbon and media absorption equipment and solutions. The combination with TIGG® will 
enable Newterra to treat water sources contaminated with polyfluoroalkyl substances (PFAS), 
trace metals and hydrocarbons.  
 
Addressing PFAS in local water supplies is an important priority to protect the health of 
communities. The T.H. Chan School of Public Health at Harvard University has identified 
potential links between PFAS and numerous health conditions, including bone health 
deterioration, diabetes, and certain types of cancer. A recent study from the Environmental 
Working Group has found that drinking water containing PFAS may be more prevalent than 
previously known. Some of the highest PFAS levels detected were found in samples from 
major metropolitan areas in the United States. 
 
SERVING AS A CRITICAL, NATIONWIDE FIRST RESPONDER IN THE UNITED STATES 
Patriot Environmental Services is a 
premier provider of comprehensive, 
vertically integrated environmental 
services, including emergency spill 
response, hazardous waste 
management and transportation, 
industrial cleaning, wastewater 
treatment and environmental 
remediation. 
 
Building upon its strong, track record 
in California since 2002, Patriot 
expanded its capabilities to provide 
nationwide emergency spill response 
in 2019. 
 
In 2019, Patriot Environmental Services also continued to expand its own wastewater 
treatment facility to support the growth of its wastewater and solidification services business 
segment.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
15 
SMART CITIES 
…………………………………………………………………………………… 
Today, more than one-half of the world’s population now lives in cities. An opportunity exists 
for cities to transform into dynamic hubs where leading-edge technologies can support 
resilient, sustainable development and manage current constraints associated with both 
population growth and energy-intensive infrastructure systems. 
 
Angeleno Group invests in companies that are changing the way we convert, transport, 
deliver and store energy. We also provide growth capital to intelligent transportation 
technologies that address the growing need for more efficient transportation of people and 
goods.  We look for innovative technologies that work to reduce fuel costs and greenhouse 
gas emissions, while increasing productivity and safety within cities.  
 
THE POWER OF GEOENABLEMENT 
Critigen is a leading geospatial systems technology provider, 
driving business performance through spatial IT solutions and 
services. Critigen helps clients make spatial technologies work 
in organizations of all sizes, integrates spatial technologies with 
enterprise systems, and enables field users with mobile spatial 
solutions. 
 
In 2019, Critigen continued to advance its ability to help communities benefit from the power 
of “geoenablement”, where Critigen’s tools are integrated with enterprise data sources – 
including those from Critigen partners Esri and SAP – to enhance operations, analysis, and 
decision making. In 2019, Critigen was able to integrate its Lemur™ product with Esri, IBM 
and Salesforce tools to help National Grid, a leading utility in the Eastern United States, 
achieve “geoenablement” to manage its utility network.  
 
Critigen is also making the concept of “geoenablement” even more powerful through mobile 
applications that help workers in the field increase system performance, reduce costs and 
protect community safety. Critigen’s mobile application capabilities also include offline 
access, which is critical for field technicians that are handling emergencies and/or working in 
areas with limited internet or cellular connectivity. 
 
SMARTER GRIDS AND INFRASTRUCTURE PLANNING FOR CITIES 
mPrest is a global provider of mission-critical monitoring, control and big data analytics 
software. Comprised of modular building blocks, mPrest’s unique technology gathers data 
from millions of sensors and subsystems, applies big data analytics utilizing its AI algorithms, 
and enables cross-discipline correlations in real time. mPrest is installed and operated in the 
defense sector with commercial applications across various industries, including utilities, 
smart and safe cities, critical infrastructure protection, connected cars and smart agriculture.  
 
mPrest’s intelligent grid “System of Systems” applications directly address evolving energy 
challenges – including rapidly decentralizing networks, sharp changes in energy demand, 
extreme weather events and cyber security threats. In 2019, mPrest partnered with Southern 
Company to optimize energy distribution management and increase grid flexibility. mPrest 
also developed a unique AI-enhanced solution to predict impending failures and enable 
preventive maintenance for San Diego Gas & Electric’s underground cable systems.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
16 
BRINGING ROCKET SCIENCE INTO CLIMATE CHANGE ADAPTATION  
Recognizing the real current and future threat posed by typhoons, floods, droughts, 
hurricanes and wildfires, government and utilities are proactively planning to develop better 
solutions to minimize disruption of essential services in disaster zones that are affected by 
catastrophic weather events. 
 
Leveraging its rocket science technology used to 
develop the common-and-control software for 
Israel’s world-renowned Iron Dome missile-
defense system, mPrest has developed a new 
Major Event Management Application.  
 
mPrest’s Major Event Management Application is 
able to automatically forecast the extent, location 
and progress of damage using a network of 
sensors and systems that jointly gather and 
analyze relevant data using advanced algorithms 
and imagery from satellites and drones.  
 
Based on data from hundreds of thousands of sensors, the application can pinpoint high-risk 
areas where resources should be concentrated in order to mitigate potential damage . The 
application’s sensors can also do a “health check” of critical assets, such as power lines and 
electrical transformers, so that utilities and other public officials can make informed real-time 
decisions.  
 
DRIVING THE FUTURE OF URBAN MOBILITY TO INCLUDE AI TECHNOLOGY AND 
SUPPORT AUTONOMOUS VEHICLES 
INRIX – a world leading developer of connected car services and transportation analytics – is 
committed to solving the problems associated with traffic congestion, which results in 
billions of dollars annually in avoidable costs and contributes to poor air quality and 
increased global greenhouse gas emissions. In 2019, INRIX launched a powerful new AI 
traffic solution and supported the transition toward autonomous vehicles.  
 
The world’s first traffic solution built on artificial intelligence, INRIX AI Traffic relies on neural 
networks that have been trained with trillions of data points. Modeled in part based on the 
human brain, neural networks are designed to recognize non-obvious patterns and produce 
summary calculations that account for a wide array of both common and rare traffic 
situations. Powered by INRIX’s newest geospatial engine, INRIX AI Traffic uses deep learning 
to provide instantaneous updates and lane-by-lane precision guidance. 
 
In 2019, INRIX also introduced its Road Rules as a framework for cities and road authorities 
to build a digital representation of the traffic rules and restrictions for their roadways. This 
data has been made available to automated vehicle operators to inform how they operate on 
public roads. INRIX data also continued to play a crucial role in the success of some of the 
world’s most popular navigation apps, smart speakers, and cloud-based services. 
Additionally, to support the future of urban mobility, INRIX conducted new research on the 
potential of electric passenger drones as a more cost-effective alternative to investments in 
new rail or road infrastructure.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
17 
SUSTAINABLE FORESTRY 
…………………………………………………………………………………… 
The world’s forests are critical to climate regulation and rich in biodiversity and ecosystem 
services necessary to support health and prosperity. Following more than a century of post-
Industrial Revolution deforestation, forests are now under significant threat. The World 
Wildlife Fund estimates that forest area the size of nearly 30 soccer fields is lost every 
minute. 
 
Fortunately, new models are emerging. Through our investments, we have identified 
profitable, impactful and scalable methods to support sustainable forestry.  
 
HIGH IMPACT INVESTMENTS IN SUSTAINABLE TIMBER 
Forests are incredibly effective “carbon sinks” for the 
storage and capture of greenhouse gas emissions. 
The International Union for Conservation of Nature 
(IUCN) estimates that forest conservation and 
restoration efforts have the potential to contribute 
one-third of the emissions reductions needed to keep 
global warming under 1.5 degrees Celsius.  
 
Major shifts in demand-supply dynamics, 
sustainability considerations and investment are all 
reshaping the forestry sector and enabling the 
scalability of a compelling new impact investing asset 
class. 
 
New Forests is a sustainable real assets investment manager offering leading-edge 
strategies in forestry, land management, and conservation of resources. New Forests 
manages investments based on a view that future value encompasses both production and 
conservation. Its investment strategy is to manage forests to optimize revenues from a 
combination of timber harvest and carbon-offset sales. 
 
New Forests is the world’s fifth-largest forestry investment manager and is the largest 
forestry investor in Australia by both area and asset value. The firm offers institutional 
investors targeted opportunities in the Asia-Pacific region and the U.S., with more than AUD 
5 billion in assets under management globally. Currently, New Forests is responsible for 
managing over 950,000 hectares of land, including sustainable timber plantations, 
undeveloped land, and conservation investments related to ecosystem restoration and 
protection. 
 
EXPANDING ASSETS UNDER MANAGEMENT 
In 2019, New Forests added Hikurangi Forest Farms in Gisborne, New Zealand to its 
investment portfolio. Hikurangi Forest Farms is one of the largest forestry estates in the 
region, and includes around 25,000 hectares of radiata pine plantation on 35,000 hectares of 
freehold, forest rights, and leasehold land. The farms directly employ approximately 30 staff 
and spend over NZD 40 million per annum in the community. As with other investments, New 
Forests’ management plan will be guided by engagement with local businesses,  
tribal representatives, councils, and community groups.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
18 
A TRIPLE BOTTOM LINE APPROACH TO MANAGING FORESTS 
In alignment with its focus on creating positive environmental, social and development 
outcomes, New Forests continued to execute on its Sustainable Landscape Investment 
framework for managed assets. As part of New Forests’ Sustainable Landscape Investment 
framework, New Forests monitors six other environmental and social criteria – productivity, 
land use planning, ecosystem services provisions, shared prosperity, risk management and 
good governance. 
 
New Forests is a Certified B Corporation® and a member of the World Business Council for 
Sustainable Development. In 2019, New Forests also continued to receive an “A+” rating in 
its UN Principles for Responsible Investment assessment report. 
 
 
 
SUPPORTING NEW ZEALAND’S BOLD SUSTAINABLITY GOAL 
New Forests’ three timberland conservation funds are designed to support the Government 
of New Zealand’s bold goal to plant one billion trees by 2028.  As they execute, New Forests 
is focused on aligning its business with the needs of local communities and the broader 
forest industry – working closely with local firms, industry bodies, research institutions, and 
government agencies to identify priorities, including community access for recreation and 
cultural use, that align with sustainable forestry activities. 
 
 
 
 !
Forest Description
 !
Timber Production
 !
Research and 
Development
 !
Conservation 
Land Use
 !
Social Land Use
 !
Production Land 
Use
 !
Land Use Change
 !
Biodiversity 
 !
Carbon and 
Climate 
 !
Water 
 !
Recreation and 
Cultural Use
 !
Community 
Development
 !
Employment  
and Livelihoods 
 !
Industry and 
Supply Chain
 !
Risk Management 
Systems 
 !
Health and Safety
 !
Strategic Planning 
 !
Systems and 
Policies 
 !
Management and 
Oversight
Land Use
Planning
Ecosystem
Services
Shared
Prosperity
Risk
Management
Governance
Productivity

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
19 
DIVERSITY AND INCLUSION  
…………………………………………………………………………………… 
We believe that diversity and inclusion is a powerful accelerator to achieving financial 
success and enabling each of our portfolio companies to achieve their respective missions.  
 
Angeleno Group’s goal is to partner with and support our portfolio companies as they focus 
on increasing diversity and inclusion in all forms.  
 
OUR DIVERSITY AND INCLUSION PLEDGE  
Recognizing the need to sharpen our focus and deepen our impact, we have produced a 
Diversity and Inclusion Pledge for Angeleno Group. Signed by every member of our team, the 
pledge is intended to reinforce a coordinated commitment among Angeleno Group’s 
partners, officers and staff to increase equity for all, including women, Blacks, Latinos, 
Asians, Native Americans, LGBTQ+, disabled and veteran Americans.  
 
We pledge to continue making our workplace a trusting place to have complex and difficult 
conversations about diversity and inclusion; to bring awareness to unconscious biases; and 
to share both best and unsuccessful practices along the way. To support this pledge, 
Angeleno Group conducted an exercise in 2019 to raise awareness of potential unconscious 
biases in our job postings. 
 
 
EMPOWERING GIRLS TO EXPLORE RENEWABLE ENERGY CAREERS 
Since 2018, Angeleno Group has supported Step Up, an organization that propels girls living 
or going to school in under-resourced communities to fulfill their potential by empowering 
them to become confident, college-bound and career-focused. 
 
In 2019, an Angeleno Group portfolio 
company in the renewable energy sector, 
Kinematics, sponsored a Step Up event for 
50 Los Angeles high school juniors held at 
its customer NEXTracker’s facility. Female 
engineers and scientists spoke to the girls 
about their experiences. Kinematics’ Chief 
Executive Officer and Chief Marketing 
Officer also participated in the event. 
 
 
500 WOMEN SCIENTISTS 
In 2019, the non-profit organization 500 Women Scientists – which is dedicated to making 
science open, inclusive and accessible – came to Critigen with a problem. They had quickly 
far surpassed their original objective to reach 500 women scientists. Within two years, nearly 
12,000 women had signed on to their database.   
 
Critigen worked closely with the 500 Women Scientists’ team to design, build and release a 
new system that can not only handle the large number of women who use the system, but 
also one that offers a secure and safe environment for women to communicate and 
collaborate around the world.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
20 
HOW WE EXECUTE 
…………………………………………………………………………………… 
We are guided by our Responsible and Sustainable Investing Policy, which extends to both 
pre-investment and post-investment considerations, and is applicable to our firm’s 
fundamental strategies to achieve differentiated returns:   
 
Firm Strategies 
Our Approach and Application 
Deal Sourcing and Selection 
ESG risks and competencies are considered within 
our deal sourcing and selection processes.  
 
Disciplined Portfolio Management 
ESG management principles are encouraged in 
alignment with our commitment to disciplined 
portfolio management throughout the holding period 
of our investments.  
 
Value Creation in Our Portfolio 
Companies 
Value creation efforts consider the role of ESG 
practices within portfolio companies in creating value 
and accelerating sustainable growth. 
 
 
FOCUSING ON EMERGING ESG TOPICS ACROSS THE VALUE CHAIN 
Our Responsible and Sustainable Investing Program aims to be adaptive and responsive to 
emerging ESG topics. Climate risk management, customer data privacy protection and 
diversity and inclusion are examples of emerging ESG topics that we emphasize through 
portfolio company engagement. 
 
As part of our approach to Responsible and Sustainable Investing, we also emphasize the 
management of value chain risks and opportunities. Supply chain risks, such as those related 
to non-adherence with the UN Declaration on Human Rights and International Labor 
Organization conventions, are emphasized. As such, we assess portfolio companies’ current 
practices. Within the sphere of our influence, we also promote the benefits of practices, such 
as establishing Supplier Codes of Conduct and engaging in supplier audits. 
 
GOVERNANCE OF RESPONSIBLE AND SUSTAINABLE INVESTING  
The governance of our Responsible and Sustainable Investing Policy and Program 
emphasizes accountability, engagement and formal review. Angeleno Group’s ESG 
Committee has the highest level of direct responsibility for oversight and management of our 
Responsible and Sustainable Investing Policy and Program. The ESG Committee is 
comprised of one of Angeleno Group’s Managing Partners, our Chief Operating Officer and 
our Vice President of Finance and Sustainability. The ESG Committee is chaired by our Vice 
President of Finance and Sustainability.  
 
Additionally, on an annual basis, Angeleno Group’s ESG Committee formally reviews our 
policy, incorporating stakeholder feedback. We also created a formal issues escalation 
mechanism wherein portfolio companies and firm employees should escalate ESG issues 
that present significant risks or opportunities to our Chief Operating Officer, Vice President of 
Finance and Sustainability and/or Managing Partners.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
21 
OUR CULTURE  
…………………………………………………………………………………… 
 
As we engage with our current and prospective portfolio companies on responsibility and 
sustainability, we believe that it is important that we “walk the talk” and aspire to lead by 
example at Angeleno Group in the areas of environmental, social and governance.  
 
ENVIRONMENTAL STEWARDSHIP  
Our culture has organically grown to be one that is environmental conscious, in alignment 
with the nature of our investments in alternative energy and natural resources technologies.  
 
Our corporate headquarters are LEED® Gold certified. Our corporate headquarters were 
selected in part due to the building’s sustainable attributes, which include natural and LED 
lighting, low flow toilets, onsite recycling and 100% self-reliance for landscape irrigation. 
Angeleno Group has collaborated with our building’s management to optimize energy 
efficiency and utilize new technologies at our corporate headquarters. 
 
We promote reuse and recycling within our offices and the use of all-electric or hybrid 
vehicles for commuting to work. Approximately 70% of our staff currently drive all-electric or 
hybrid vehicles, and electric vehicle charging stations are available on-site. Our partners and 
staff also carpool when possible to meetings. 
 
CORPORATE CITIZENSHIP 
We continue to support national and local organizations that align to our sector focus and 
support the communities where our firm and portfolio companies operate:  
 
2019 Focus Areas 
Organizations Supported by Angeleno Group 
Animal Welfare 
§ EQUUS Foundation 
 
Climate and Ecosystem 
Protection 
§ The Nature Conversancy  
§ UCLA Institute of the Environment and Sustainability 
§ World Resources Institute 
 
Leadership 
Development 
§ Coro Southern California 
§ Komera 
§ Los Angeles Cleantech Incubator 
§ National Outdoor Leadership School  
 
Public Health and  
Community Support 
§ American Cancer Society 
§ American Red Cross 
§ California Community Foundation 
§ Epilepsy Foundation 
§ GRID Alternatives 
§ Racing for Cancer 
§ United Way 
 
Research, Education  
and Policy 
§ Nuclear Threat Initiative 
§ U.C. Berkeley Foundation 
§ United States Holocaust Memorial Museum

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
22 
EMPLOYEE VOLUNTEERISM 
Our employees actively volunteer in local communities. Over the past two years, our partners 
and staff have volunteered to help those in need at the Los Angeles Regional Food Bank; 
clean the coastline with Heal the Bay; mentor girls to help them fulfill their potential with Step 
Up; bring inspiration and enrichment to children through Reading to Kids; and improve lives 
and build community through Big Sunday. 
 
 
 
Angeleno Group staff at 2019 Los Angeles Regional Food Bank event, where the team helped 
to deliver over 5,500 meals to support local families and children in our community. 
 
ESG-FOCUSED INVESTMENT SELECTIONS IN COMPANY RETIREMENT PLANS 
Angeleno Group has incorporated ESG-focused investment selections into its retirement plan 
choices for participants. The objective of this new option is to further institutionalize our 
commitment to ESG, and identify opportunities to deepen our impact across all relevant 
investment activities. 
 
ETHICS AND GOVERNANCE 
To strengthen our longstanding commitment to strong ethics and governance, Angeleno 
Group has enacted an Investment Management Ethics Pledge for all partners, officers and 
staff.  Angeleno Group’s Ethics Pledge clearly outlines our obligations with regard to 
managing potential conflicts of interests, ensuring respect in the workplace and maintaining 
compliance with all laws.  
 
We also recognize the power that our industry has to drive both private value creation and 
sustainable, positive societal transformation. As such, Angeleno Group’s Ethics Pledge is 
designed to both reflect and further promote our firm’s cultural strengths and ability to serve 
all stakeholders.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
23 
STAKEHOLDER ENGAGEMENT 
…………………………………………………………………………………… 
Stakeholder engagement is central to Angeleno Group’s Responsible and Sustainable 
Investing Program. We aim to create shared value through active and thoughtful engagement 
with portfolio companies, investors, employees, business community peers and universities. 
 
PORTFOLIO COMPANY ENGAGEMENT  
Pursuant to our Responsible and Sustainable Investing Policy, we engaged in an annual 
post-investment ESG engagement cycle with the portfolio companies that met the revenue, 
EBITDA and/or employee count guidelines of our policy. Because all portfolio companies 
complete a pre-investment ESG questionnaire prior to investment, post-investment 
engagement on ESG issues is informed by our pre-investment engagement activities. 
 
In 2019, we completed our ninth year of post-investment portfolio company engagement on 
ESG issues. Over the past nine years, we have developed an effective process, which begins 
with the distribution of a tailored ESG questionnaire and culminates with the development of 
an ESG Action Plan: 
 
 
In our first year of engagement with a portfolio company, we aim to (1) assess what ESG 
programs, policies and management systems are currently in place; (2) discuss the greatest 
ESG risks, opportunities and business drivers; and (3) provide the foundation for subsequent 
ESG engagement cycles. In the following years of engagement, we identify and refine key 
performance indicators with associated targets. These key performance indicators and 
targets are included in our portfolio companies’ annual ESG Action Plans. 
 
Integrating the Task Force for Climate-Related Financial Disclosures  
Established by the Financial Stability Board, the Task Force on Climate-Related Financial 
Disclosures (TCFD) is a market-driven initiative that has developed a set of recommendations 
for voluntary and consistent climate-related financial risk disclosures. 
 
In 2019, Angeleno Group integrated the TCFD framework into its portfolio engagement 
process. In our post-investment ESG questionnaire, portfolio companies evaluated their  
degree of potential exposure to TCFD risks and opportunity categories over short-term, 
medium-term and long-term horizons. We then reviewed their TCFD assessments and 
provided feedback.  
 
Across our portfolio companies, our common theme was the prevalence of unique, 
compelling opportunities to support both climate change mitigation and adaptation. 
 
Portfolio companies
complete annual ESG 
questionnaire
• Angeleno Group provides 
support during 
questionnaire completion
Angeleno Group and 
portfolio companies
meet to discuss 
questionnaire response 
and ESG Action Plan 
opportunities
• Angeleno Group follows
up with recommended 
ESG Action Plan, and 
issues request for 
subsequent data and 
documentation
Portfolio companies 
and Angeleno Group 
agree on annual ESG 
Action Plan and 
monitor progress 
throughout year
• Portfolio companies 
agree to escalate any 
ESG issues that present 
significant risk or 
opportunities

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
24 
INVESTOR ENGAGEMENT 
Each year, we receive valued feedback from our investors and portfolio companies, which we 
review to help us evolve our ESG program and inform each year’s upcoming engagement 
cycle. As a result of past investor engagement, we have identified and executed on the 
opportunity to develop formal ESG Action Plans with specific goals and targets to stimulate 
both short-term and long-term improvements.  
 
INDUSTRY ENGAGEMENT  
Angeleno Group’s investment professionals, Board of Advisors and portfolio companies 
actively engage with industry to promote responsible investment, provide thought leadership 
and contribute to the development and deployment of solutions to critical sustainability and 
global environmental challenges.  
 
Sustainability Accounting Standards Board (SASB) 
Our Chief Operating Officer Bill Miller has served on the SASB’s Industry Working Group for 
the Renewable Resources & Alternative Energy sector, providing guidance to assist public 
corporations to develop sustainability disclosure information for investors. In 2019, our Vice 
President of Finance and Sustainability Michelle Kincanon participated in the fourth annual 
SASB Symposium where investors, companies and NGOs convened to advance the dialogue 
on ESG metrics and reporting.  
 
 
World Resources Institute (WRI) 
Angeleno Group Managing Partner Daniel Weiss serves on the Board of Directors of the WRI, 
a leading organization that is focused on solving global challenges related to critical topics 
including climate, energy, food, forests, water and transport. Mr. Weiss is the co-chair of 
WRI’s Global Leadership Council, a select group of leaders committed to helping WRI 
achieve its mission of moving human society to live in ways that protect Earth’s environment 
and its capacity to provide for the needs and aspirations of current and future generations.  
 
In 2019, Angeleno Group also hosted at its Los Angeles office WRI’s annual Stories to Watch 
event where WRI’s President and CEO shared insights and explored global themes and 
emerging issues to support climate change solutions. 
 
Additional Engagement to Support Responsible Investing 
Our Chief Operating Officer Bill Miller serves on the Southern California Private 
Equity/Venture Capital regional board of the Financial Executives Alliance. In 2019, he 
moderated a panel on ESG alongside representatives from International Shareholder 
Services (ISS). Mr. Miller also was a featured panelist at the GAIM Ops West alternative 
investment conference to provide insights on how limited partners evaluating ESG products 
can analyze portfolios, implementation and due diligence questionnaires for ESG integration. 
 
Angeleno Group is also a longtime supporter of the Los Angeles Cleantech Incubator, which 
is focused on advancing zero emissions transportation; 100% clean energy; and smart, 
sustainable cities. In 2019, Angeleno Group Senior Analyst Jeanne Li participated in Los 
Angeles Cleantech Incubator’s Power Day, where industry leaders discussed technological 
innovations and policy solutions. Principal Anil Tammineedi also participated in the Mobility 
Challenge, which is a global start-up competition that is accompanied by a conference on 
the future of urban mobility.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
25 
ACADEMIC ENGAGEMENT   
We believe that academic institutions provide fertile ground for innovation and the productive 
exchange of ideas. Angeleno Group aims to help create shared value – focusing on 
advancing responsible investment in the city of Los Angeles where we are headquartered. 
 
UCLA Institute of the Environment and Sustainability  
Angeleno Group actively supports the UCLA Institute of the Environment and Sustainability 
(IoES), whose mission is to move science to action on the front lines of environmental 
progress and is recognized for having pioneered a unique, hands-on approach to 
environmental research and practice. 
 
Angeleno Group Managing Partner Daniel Weiss currently serves as co-chair on UCLA IoES’s 
Board of Advisors. Angeleno Group’s partners and staff also continue to actively participate 
in UCLA IoES events, which bring together students, technical experts and leaders to explore 
the business community’s role in advancing environmental solutions.  
 
 
Additional Engagement with UCLA 
We also support and participate at events across the UCLA campus. In 2019, Angeleno 
Group hosted 15 UCLA Anderson School of Management MBA students in the 
entrepreneurship program. At the event, Angeleno Group Managing Partner Yaniv Tepper 
shared his perspectives on critical success factors for emerging entrepreneurs.  
 
In 2019, Angeleno Group Principal Danny Jaffe served as a guest lecturer for UCLA 
Extension’s “Strategic Social Impact” course. The “Strategic Social Impact” course is 
designed to empower students with tools to get started as a change maker. Students learn 
how to develop concrete plans for launching a venture designed to achieve a social goal, 
which includes thinking through challenges; developing potential solutions; and identifying 
ways to measure and grow its impact.  
 
In 2019, Angeleno Group Principal Anil Tammineedi was a faculty advisor to UCLA Anderson 
School of Management Executive MBA students over a six-month period on their final 
leadership project. As part of this leadership project, students were tasked with solving real 
world business challenges. Additionally, Mr. Tammineedi served as a guest lecturer for a 
UCLA Anderson School of Management course on technology entrepreneurship, and 
participated in the annual Fink Private Equity Roundtable. 
 
USC’s Lloyd Greif Center for Entrepreneurial Studies 
In 2019, Angeleno Group was featured as a case study for the “Investing in Impact Ventures” 
course within the Lloyd Greif Center for Entrepreneurial Studies at the USC Marshall School 
of Business. The “Investing in Impact Ventures” course examines the many meanings of 
“impact”, the methods of measuring that impact and the interplay between investment and 
impact. 
 
Angeleno Group Managing Partner Yaniv Tepper joined the students during a class to walk 
through the case study on our firm, educate students on the role of private equity firms, and 
explain how investors, such as Angeleno Group, are especially focused on impact investing.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
26 
INTEGRATION OF ESG INTO PORTFOLIO MANAGEMENT 
…………………………………………………………………………………… 
 
Our approach to Responsible and Sustainable Investing (RSI) supports and aligns with our 
values and our commitment to value creation and disciplined portfolio management. Our 
application of ESG considerations is intended to complement, without replacing, our firm’s 
principles and associated investment strategies. 
 
PRE-INVESTMENT DUE DILIGENCE 
As part of our Responsible and Sustainable Investing Policy, Angeleno Group will analyze 
ESG risks, competencies and other considerations as part of our due diligence prior to 
making an investment for applicable portfolio companies. As appropriate, we will also 
engage in dialogue with management on ESG considerations prior to making an investment. 
 
We are stage-agnostic, and actively select companies that are innovative, well managed and 
positioned for high-growth. As such, some of our portfolio companies are early stage 
investments (e.g., fewer than 100 employees and/or not yet cash flow positive). 
 
Stages 
Approach 
Early Stage Investments 
Given the more limited nature of their financial and human 
resource capabilities, we will consider the ability of their 
management teams to responsibly and successfully execute 
their strategy and the ability of their products, technologies 
and/or services to provide environmental benefits that serve 
marketplace needs. 
 
Later Stage Investments 
We will consider a broader range of ESG issues. 
 
 
To support our due diligence processes, we utilize a pre-investment questionnaire for 
prospective investments that highlights a set of prioritized ESG risks and opportunities. 
 
POST-INVESTMENT SUPPORT AND COLLABORATION 
In alignment with our firm’s principles and its Responsible and Sustainable Investing Policy, 
we collaborate with and support our portfolio companies as they grow to encourage strong 
ESG management practices that are value-accretive.  
 
To support portfolio companies, we also make available information on applicable ESG 
standards and best practices. We also provide access to subject matter experts within our 
firm and network.  
 
Our engagement with portfolio companies occurs on an ongoing basis and culminates each 
year with our annual engagement and reporting process. We select portfolio companies for 
ESG engagement based on specific revenue, EBITDA and/or employee count milestones. 
 
For portfolio companies that meet the specified milestones at the time of investment, we 
begin engagement during the annual cycle that follows the one-year anniversary of the date 
of initial investment.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
27 
A TARGETED, ADAPTIVE APPROACH 
Angeleno Group recognizes that each portfolio company will have a unique set of ESG risks 
and opportunities depending on its: 
 
 
Stage 
 
Sub-sector 
 
Business model 
 
Stakeholders and geographies served 
 
Supply chain 
 
Product and services life cycle 
 
Revenue and employee count 
 
Applicable regulations and other factors 
 
As such, we consider these differences when assessing and managing environmental, social 
and governance issues within our portfolio. However, as our portfolio companies grow in 
revenue and employee count, we typically find that a common set of ESG issues are of high 
materiality across our portfolio. 
 
APPLYING A MATERIALITY-BASED LENS 
As part of Angeleno Group’s formal review of its Responsible and Sustainable Investing 
Policy, we engage in a materiality assessment to inform the approach for the upcoming 
engagement cycle. We use the Global Reporting Initiative’s framework to inform our 
materiality assessment, evaluating aspects across the economic, environmental and social 
topics covered in the GRI Standards. 
 
The findings from Angeleno Group’s materiality assessment and past nine ESG engagement 
cycles have enabled us to reaffirm and refine our prioritization of the following ESG topics:  
 
Environmental 
Social 
Governance 
§ 
Maximizing 
Environmental Benefits 
of Products and 
Services 
§ 
Operational Efficiency 
§ 
Compliance and 
Responsible Practices 
 
§ 
Human Capital 
Development  
§ 
Diversity & Inclusion 
§ 
Health, Safety & Wellness 
§ 
Positive Community 
Impacts 
§ 
Supply Chain 
Responsibility 
§ 
Compliance and  
Responsible Practices 
 
§ 
Sustaining Growth 
§ 
Corporate Culture and 
Reputation 
§ 
Risk and Crisis 
Management 
§ 
Board Integrity 
§ 
Ethical Behavior 
§ 
Compliance and 
Responsible Practices 
 
SUPPORTING THE UN SUSTAINABLE DEVELOPMENT GOALS 
The UN Sustainable Development Goals also serve as an important guidepost for 
engagement on ESG issues. We have identified six focus areas where our portfolio 
companies have the opportunity to make meaningful contributions. The six focus areas are 
energy, water, infrastructure, climate change resiliency, job creation and gender equity. 
 
Through ESG engagement with portfolio companies, we collaborate to prioritize and 
illuminate the specific UN Sustainable Development Goals where each portfolio company is 
uniquely positioned to drive progress as they work to achieve their core business objectives.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
28 
 
DEVELOPING ESG ACTION PLANS 
Building upon the discussions and information received during our ninth engagement cycle, 
we continued to work with our portfolio companies to develop annual ESG Action Plans — 
providing a structured framework for which we can measure progress on our portfolio 
companies’ management of material ESG topics each year. 
  
Our ESG Action Plans are designed to achieve the following outcomes:  
 
 
Enable portfolio companies to receive our 
feedback from each annual engagement 
cycle 
 
 
Set forth a manageable set of specified 
actions, with annual performance targets for 
key performance indicators across material 
ESG topics 
 
 
Identify both short-term and long-term 
opportunities 
 
 
Monitor the effectiveness of management 
systems and policies 
 
 
Support continuous economic, social and 
environmental improvements as the 
portfolio companies grow 
 
 
Provoke thought on ways that portfolio 
companies can be more ambitious, effective 
and innovative 
 
 
Create accountability, monitor progress and measure engagement outcomes 
 
 
Our ESG Action Plans are focused on stimulating environmental and social improvements, 
with additional economic and governance benefits. As such, our recommended actions are 
designed to strengthen the organization and support current growth and scalability 
objectives. In alignment with our disciplined portfolio management approach, Angeleno 
Group’s goal is to serve as a partner and to provide support and advice as our portfolio 
companies execute on their annual ESG Action Plans.  
 
ESTABLISHING COMMON ESG METRICS ACROSS COMPANIES 
As our Responsible and Sustainable Investing Program evolves, we are increasingly finding 
that a set of common ESG metrics emerge across companies. 
 
Categories 
Examples of Common ESG Metrics 
Environmental 
§ 
Product benefit KPIs, such as avoided carbon emissions for 
customers and communities  
 
Social 
§ 
Voluntary employee turnover rate 
§ 
Percentage of employees receiving performance reviews 
§ 
Number of and/or impact metrics from community service events 
and charities supported 
§ 
Money saved for customers 
§ 
Jobs created 
 
Governance 
§ 
Number of instances of non-compliance with applicable laws and 
regulations 
§ 
Amount of any fines for non-compliance with applicable laws and 
regulations

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
29 
CONTINUED EVOLUTION 
…………………………………………………………………………………… 
We view our approach to responsible and sustainable investing as ongoing and evolutionary, 
and consistent with our primary goal to provide accretive returns to our investors from both 
prospective and current investments.  
 
LEADERSHIP AND STRATEGIC INVESTMENTS 
Angeleno Group maintains a dynamic pipeline of investment opportunities, sourced through 
our own bottom-up research, as well as our proprietary network of senior advisors and 
investors. Our focus in 2020 and onwards is to continue to drive value and create exits for 
our current investments.  
 
We plan to continue to provide our investors and portfolio company management teams with 
deep sector expertise with our team of experienced investment professionals and our active, 
world-class Board of Advisors.  Our advisory group is comprised of industry leaders, 
technology experts and regulatory officials, which include former senior leaders of the U.S. 
Congress and Executive Branch agencies. Additionally, we will continue to cultivate our 
extensive network of strategic limited partners which includes more than 25 former CEOs 
and board members from leading global energy and engineering companies including 
AECOM, AEP, Chevron, Edison, Exelon, Sempra and Shell. 
 
 
VALUE CREATION, RISK MANAGEMENT AND ENGAGEMENT 
As our Responsible and Sustainable Investing Program evolves, Angeleno Group remains 
focused on making continued improvements and achieving demonstrative outcomes to 
enhance existing value creation and risk management mechanisms within our portfolio.  
 
We acknowledge that portfolio companies’ approaches to ESG will need to be structurally, 
developmentally, and financially appropriate; particularly for early stage investments. 
Angeleno Group is typically a minority participant in our portfolio companies, and our degree 
of influence that comes from serving on the boards of portfolio companies varies 
accordingly. Within our capacity as a minority participant, we will continue to engage with 
management and other co-investors on the board to proactively address ESG risks and 
opportunities.  
 
In 2020, we plan to continue the collaboration with the portfolio companies that participated 
in our ninth engagement cycle – monitoring their progress and providing support as they 
execute on their ESG Action Plans.  
 
EXPANDING OUR REACH AND SUPPORTING OUR INVESTMENT STRATEGIES 
We aim to continue to engage our portfolio companies and employees through our 
Responsible and Sustainable Investing Program, Diversity and Inclusion Pledge and related 
activities. Additionally, we plan to further align our ESG activities to proactively respond to 
changing market conditions, and support our three fundamental strategies for differentiated 
returns: (1) superior deal sourcing and selection, (2) disciplined portfolio management and (3) 
value creation in our portfolio companies.  
 
We look forward to working collaboratively with our portfolio companies and investors to 
achieve greater prosperity for those we collectively serve.

ANGELENO 
GROUP 
 
 
2019 ESG REPORT 
 
 
 
30 
INVITATION TO DIALOGUE 
…………………………………………………………………………………… 
 
We believe that collaboration, active dialogue and engagement are important components of 
our approach to responsible and sustainable investing. 
 
Angeleno Group encourages comments, feedback and questions on this Report, our 
Responsible and Sustainable Investing Program and environmental, social and governance 
topics related to our firm and its portfolio companies.