SUSTAINABILITY REPORT  
2019
INVESTING IN OUR  
SUSTAINABLE  
FUTURE
1

WHY DO WE EMBRACE SUSTAINABILITY  
AT VANTAGE INFRASTRUCTURE?
Sustainable investing enables us to  
achieve our clients’ strategic objectives
We believe systematic and effective risk management can contribute 
to both resilience and long-term value creation for all stakeholders
Given the essential role infrastructure plays in the community,  
robust ESG processes are crucial to fulfil its social contract
1
2
3
Cover image: Ardingly Reservoir site, South East Water

VANTAGE INFRASTRUCTURE AT A GLANCE
WHO WE ARE 
KEY CORPORATE HIGHLIGHTS1
INDEPENDENT
SOLUTIONS
LONG TERM
VALUE FOR  
CLIENT
SUSTAINABLE
Notes: (1) All figures as at 31 December 2019; (2) Full-time employees and contractors; (3) AUM excludes undrawn commitments and have been converted 
at a rate of £1= US$1.33. (4) GRESB scores and benchmarks the ESG management and performance of infrastructure fund managers and assets.
Vantage is an independent infrastructure specialist committed to delivering customised 
and responsible investment solutions as a long-term partner to our clients.
We believe in responsible investing and embed ESG considerations in our investment 
processes as a driver of value and risk.
Vantage manages over 60 debt and equity investments on behalf of 9 mandated clients 
in the energy, environment, transportation, data infrastructure and social infrastructure 
sectors across Europe, North America and Australia.
Backed by  
experienced  
long-term asset  
management  
specialist 
Material staff  
ownership
Private  
infrastructure debt 
and equity  
investments only
Investment  
solutions tailored 
to clients' needs
Product-agnostic
Bespoke client 
service
Long-term 
partnerships with 
clients
Long-term 
track record in 
infrastructure 
investing 
Long-term 
holding period 
of infrastructure 
assets
Investment  
processes focused 
on delivering  
client value
Fee structure 
aligned with client 
objectives
Comprehensive 
client servicing
ESG embedded 
across investment 
life cycle
ESG thought  
leadership 
Strong investment 
risk management 
framework
1
~1/3
$4.1bn
35
19
A+
1st
PEOPLE2
NATIONALITIES2
ESG STRATEGY &  
GOVERNANCE
IN ITS PEER GROUP4 
(EQUITY)
AUM3
60
INVESTMENTS
~47%
FEMALE STAFF2
STAFF OWNED

MESSAGE FROM OUR  
ESG LEADER
	 We believe infrastructure 
is 
essential 
for 
future 
economic growth, transition 
to a decarbonised world, 
environmental protection, 
societal development and 
reduction of inequalities.
	 As a specialist investment 
manager in this sector, we 
have chosen to make ESG 
a strategic priority and to 
integrate, actively manage, 
report and innovate in this 
area.” 
Vantage is a committed responsible infrastructure asset manager.  We 
believe it is imperative for us to investigate and manage E, S and G 
risks and opportunities as seriously, systematically and actively as any 
other critical driver of return and value. Why? Because we recognise 
that sustainability and ESG are linked to the performance, value and 
reputation of all infrastructure investments. In 2019, we were reminded of 
this fundamental truth by climate protests, growing scrutiny of corporate 
social purpose, renationalisation agendas in the UK and the continued 
growth in ESG regulations and guidance, including the quest for increased 
transparency under initiatives such as the EU Taxonomy.
As stewards of investor capital, we have chosen to place sustainability as 
the keystone of our investment activities. Weaving ESG considerations 
through our processes and practices enables us to fulfil our investment 
mandates and maintain the trust that our clients place in us.
As a manager, we are particularly proud of the significant distance we have 
covered over the last two years of our ESG journey. We have adopted 
a cogent ESG strategy, developed proprietary risk assessment tools, 
elevated our ESG client reporting and launched a thought leadership 
programme. We have also implemented comprehensive staff training, 
introduced diversity measurement and reporting and are now issuing this 
inaugural Sustainability Report.
Our steadfast commitment to ESG and sustainable investing has been 
acknowledged externally. PRI and GRESB awarded Vantage top scores 
for our ESG practices and approach. Our work has also contributed to 
the success of our investee companies in the field of ESG, for the benefit 
of our clients and the companies’ stakeholders. All of our equity investee 
companies achieved a GRESB 5 Star Rating, with two named Asset Sector 
Leaders in their respective categories. We have included the portfolio’s 
contribution to certain ESG impacts later in this report.
As sustainability continues to evolve and managers are held to even higher 
standards, we are committed to continue to push our boundaries, innovate 
zealously and maintain a leadership position. Looking ahead, we will take a 
strategic approach to sustainability work that maximises impact and value 
for our clients, guided by these key near term themes:
•	ESG Integration: we believe ESG initiatives should form an integral part 
of all stages of the investment life cycle. In addition to risk considerations, 
we will also give balanced airtime to ESG opportunities. 
•	Transparency: our client reporting achievements in 2019 were 
underpinned by the belief that transparent, comprehensive and fact-
based communication on ESG matters is not a product of compliance, 
but a demonstration of commitment. This Sustainability Report is one 
part of our engagement with the infrastructure community.
•	Transition to a low-carbon economy: with climate change recognised 
as a defining issue of our time, we will work with our investee companies 
to deepen the analysis of its implications and those arising from energy 
transition. 
•	Stewardship: Vantage is a firm believer in the importance of active 
ownership to create, sustain and protect long term value. From the 
social stewardship viewpoint, Vantage and our investee companies’ 
management teams aim to contribute to more inclusive societies, with 
vulnerable customers, employment, diversity and inclusion high on our 
agenda.
In this inaugural Sustainability Report we cover the steps taken on our 
ESG journey, ESG highlights of our investment portfolio, elements of our 
strategy including the integration of ESG within investment decisions, 
and how our actions have driven positive changes.
Valeria Rosati, Senior Partner
2

STRETCHING OUR ESG AMBITIONS 
The Vantage team has long focused on ESG 
integration. Following the ownership change 
in 2018, ESG was deliberately elevated to one 
of Vantage’s priorities. Since then, we have 
enhanced our ESG strategy, innovated our 
client reporting, promoted ESG across our 
portfolio  and through thought leadership, 
and embedded a sustainability culture 
throughout the business. Fuelled by our 
ambition, this programme of actions has 
resulted in substantial progress and industry 
award recognition.
While our journey continues, we are well  
positioned to march successfully with our  
clients on the path of further ESG developments 
and improvements.
Fully comply with TCFD 
recommendations
Optimise impacts at investee 
company level
Embrace EU Taxonomy
Vantage becomes a partly employee controlled 
company, formed from the international business  
of Hastings Funds Management
Designed proprietary 
debt ESG assessment 
methodology
PRI signatory and  
GRESB member
First ESG thought 
leadership article 
published
Vantage’s new ESG strategy formalised
Appointed to GRESB EMEA Industry 
benchmark committee
New ESG policy approved by  
Vantage Board
ESG KPIs introduced for all investment  
staff at Vantage
ESG scores for all assets shared 
in debt client reporting
Engaged with investee companies 
on TCFD recommendations
New, comprehensive annual ESG reports 
prepared for equity clients
Top score of A+ and A  
awarded by PRI for Vantage's  
first submission
Designed proprietary risk assessment 
framework and introduced SDG mapping  
for equity investments 
5 Star Rating awarded 
by GRESB to Vantage’s 
equity portfolio and all 
its managed investments
Inaugural sustainability report published
ACHIEVEMENTS TO DATE
SHORT TERM GOALS
VANTAGE’S ESG JOURNEY
ESG thought leadership series, 
Vantage Point, launched
2017/2018
Feb  
2018
Apr  
2018
Oct  
2018
Dec  
2018
Feb 
2019
Mar 
2019
Aug  
2019
Sep  
2019
Jan
2020
Jul  
2019
3
For ESG
Strategy & 
Governance
For ESG integration 
across Infra Equity  
& Fixed Income
Peer 
Group
Region: 
Global
Sector: 
Diversified
st
rd

224GWh
KEY EQUITY PORTFOLIO HIGHLIGHTS
1.3Mtonnes
230Ktonnes
80bn litres
A 
CLEAN ENERGY GENERATED2
equivalent to the annual energy 
needs of 72,000 households
CLEAN WATER CONSUMED3
equivalent to the annual drinking 
water needs of 1.1m households
HEALTH & SAFETY and RISK8 
management systems in place
CO2 ABATED ANUALLY4
equivalent to 890,000 cars 
off the road
RECYCLED MATERIALS5
equivalent to the total waste 
produced annually by 240,000 
households
ESG  
INTEGRATION
REPORTING INVESTMENTS’ IMPACTS
40%
100%
0
1,660
5«
1st
2nd 3rd
PEOPLE EMPLOYED6
FOR VANTAGE PORTFOLIO 
AND ALL INVESTMENTS10
PEER GROUP – GLOBAL |
DIVERSIFIED | PRIVATE10
REGION: GLOBAL
SECTOR: DIVERSIFIED10
FEMALE EMPLOYEES7
MAJOR INCIDENTS9
st
rd
1
Pant Y Wal site, Ventus Investments Ltd.
Notes: All figures are rounded, as of the latest available full financial year reported and pro-rated for ownership stakes of respective investments; (1) Sustainable 
Development Goals contributed by Vantage’s equity managed investments; (2) Clean energy generated by Ventus Investments Ltd in 2018; based on typical UK 
domestic consumption values of 3,100KWh per annum (source: Ofgem); (3) Clean water consumed by South East Water’s customers in Financial Year ending Mar-
19; (4) Companies' estimates based on (i) tonnes of CO2 emissions per GWh of electricity supplied in the UK estimated at 349 in 2018 (source: Digest of UK Energy 
Statistics 2019) for wind farms and (ii) the premise that, if natural gas was not used, more polluting fossil fuels would be used in the same proportion in which they 
are currently consumed, for natural gas networks; (5) Sum of recycling waste for all investments; based on average annual waste produced per UK household; (6) 
Employees and contractors working for Vantage managed investments; (7) Female employees working for Vantage managed investments; (8) Health & Safety and 
risk management systems supported by certifications including OHSAS 18001, ISO45001, ISO14001, ISO9001 or sector specific certifications; (9) Fatalities; (10) GRESB 
scores and benchmarks the ESG management and performance of infrastructure fund managers and assets; 5 Stars correspond to the highest GRESB award.
4

KEY DEBT PORTFOLIO HIGHLIGHTS
Glenfinnan site, Wireless Infrastructure Group.
Notes: All figures are rounded, as of the 12-month period to 30 June 2019 and pro-rated for the percentage of Vantage debt managed investments within respective 
projects’ total debt issuance; (1) Sustainable Development Goals contributed by Vantage’s debt managed investments; (2) As applicable, based on (i) typical UK 
domestic consumption values of 3,100KWh per annum respectively (source: Ofgem), (ii) annual Irish household electricity consumption of 4,200KWh (source: 
Commission for Regulation of Utilities) and (iii) annual U.S. household electricity consumption of 10,972KWh (source: U.S. Energy Information Administration, Dec 2019).
REPORTING INVESTMENTS’ IMPACTS
1
786GWh
78,000
32,000
38,000
313Ktonnes
2,800
450 
A 
FIBRE CUSTOMERS
serviced by 235,000km fibre 
cable
HOMES with solar rooftops
PEOPLE supplied with district 
heating
WASTE DIVERTED FROM  
LANDFILL
SHELTERED HOUSING UNITS
ESG INTEGRATION
PUPIL PLACES
across 29 schools
CLEAN ENERGY GENERATED2
equivalent to the annual energy 
needs of 222,000 households
5

VANTAGE’S ESG
ESG STRATEGY 
Based on insights from proprietary data collected from its experience of investing in more than 100  
infrastructure assets and industry practice review, Vantage has formulated a common strategy across its 
debt and equity investment businesses. 
Our mission to turn the ESG ‘SHOULD into a MUST’ is at the heart of this strategy. We have defined the 
policy, framework, approach and toolkits to help design tailored action programmes and drive positive 
outcomes for all our stakeholders, from our investors to the customers, employees, local communities and 
supply chain of our investee companies.
Our ESG strategy is not set in stone. We strive to identify innovation areas and adopt a deliberate mindset to 
drive continuous improvement. We aspire to deliver ESG practices and outcomes above market standard: 
‘what we do’ and ‘how we do’ to set ourselves apart. 
MISSION
Our mission is to turn the ESG SHOULD into a MUST
Our 360° ESG framework sums up the pillars of Vantage’s ESG strategic 
objectives across debt and equity
Our active ESG integration approach reflects ‘what we do’ to incorporate 
ESG across the entire investment life cycle
Our suite of tools outlines how we assess, monitor and improve ESG 
performance
We develop tailored, company specific action programmes to drive 
positive impacts for all stakeholders
POLICY
FRAMEWORK
APPROACH
TOOLKIT
ACTION
ESG POLICY 
Vantage’s ESG strategy is informed by the 
firm’s six non-negotiable ESG fundamentals 
(as shown on the right) and the UN supported 
Principles for Responsible Investment.
Our sustainable investment policy also 
draws on the UN Sustainable Development 
Goals, the UN Global Compact, the Equator 
Principles, the EU Taxonomy, TCFD and other 
international standards.
In the performance of its investment 
management activities, Vantage gives careful 
attention to the ESG policies and principles 
adopted by its managed clients.
Vantage 
strictly 
prohibits 
investing 
in 
companies in specific sectors or exhibiting 
certain characteristics as defined in its ESG 
policy.
We will always act ethically and honestly, and 
with integrity and professionalism
We will comply with applicable laws, regulation 
and permits in all material respect
We will not invest in businesses we consider  
unethical, socially or environmentally irresponsible
We will act in the best interests of stakeholders 
impacted by our investments
We will promote diversity by race, gender, sexual 
orientation, religion or age and will not tolerate 
discrimination
We will ensure investments treat employees 
fairly and with respect, and provide safe work-
places
1
2
3
4
5
6
https://www.vantageinfra.com/wp-content/uploads/2019/12/Vantage-ESG-and-Sustainable-Investment-Policy-1.pdf
Our ESG and Sustainable Investment policy outlines Vantage’s ESG 
fundamentals and commitments
6

VANTAGE’S ESG
360° ESG FRAMEWORK 
Our 360° ESG framework rests on three  
principles:
1.	 It is common across our debt and equity 
investment businesses
	
We share best practices and toolkits, 
run common training programmes and 
co-author 
thought 
leadership 
articles 
to promote ESG in our infrastructure 
community.
2.	 It pervades the whole life cycle of an 
investment, with a specific focus on asset 
management
	
Our framework centres on full life cycle 
engagement, from initial screening to 
realising an investment, with a specific 
focus on active asset management.
3.	 It is embraced at both manager and 
investments’ level
	
As with most of our investment companies, 
we have our own ESG leadership and 
governance arrangements, we report ESG 
impacts to our Board, and our investment 
team members attend ESG training and 
have ESG KPIs.
ESG knowledge 
sharing &  
promotion
ESG LEADERSHIP & ACCOUNTABILITY 
Vantage believes that promoting leadership and accountability is essential to implement its policy 
effectively across its business and develop an internal ESG and sustainability culture at all levels of its 
organisation. While roles have been clearly defined across Vantage’s governance bodies and senior 
leaders, all investment professionals are ultimately responsible and held accountable for ESG.
LEADER
BOARD 
OVERSIGHT
WORKING 
GROUP
INVESTMENT 
COMMITTEES
INVESTMENT 
TEAMS
The entire investment teams are 
held responsible for identifying 
and managing ESG risks and 
opportunities for new or existing 
investments and reporting them 
to the relevant committee.
The 
Debt 
and 
Equity 
Investment 
Committees 
review and challenge ESG 
assessments and their impact 
on investment decisions.
The 
Vantage 
Board 
is 
responsible for overseeing 
the 
ESG 
strategy 
and 
connecting 
sustainability 
with 
corporate 
purpose. 
The Board approves the 
ESG policy and monitors its 
implementation.
Debt and equity representatives 
develop and continuously improve 
Vantage’s 
ESG 
toolkits 
and 
processes and ensure consistent 
implementation 
across 
the 
business and at the investment 
level.
A 
Partner 
champions 
ESG 
and 
sustainable 
investment 
philosophy, policies and practices 
to ensure senior decision-making 
accountability.
7
Monitoring and 
management of 
ESG matters post 
investment
Active 
engagement 
with investment 
companies
Investment  
approvals subject  
to disciplined  
ESG assessment
Active ESG  
industry  
membership
Culture of 
continuous ESG 
improvement
Regular ESG  
reporting 
and reviews
Focused 
ESG action 
programmes

INTEGRATING ESG  
INTO DECISION MAKING
Our ESG assessment tool ensures 
that we consider ESG issues in a 
robust and systematic way prior to 
committing our clients’ capital. As 
debt providers, we have the ability 
to impact ESG via origination of 
investments with desirable ESG 
characteristics, 
pre-investment 
influence 
and 
post 
investment 
activism.” 
As active managers, we engage 
with management teams inside and 
outside the board room to foster 
an ESG culture, to make them 
accountable and to specifically 
incentivise them. Where possible, 
we also cross-fertilise best practices 
across 
investee 
companies. 
Upgrading our ESG reporting to 
investors has been a key focus 
of this year. TCFD is one of our 
priorities for 2020+.” 
Most recently, ESG has definitely 
been higher on investors’ agendas. 
We work closely with existing and 
potential investors to understand 
their strategic ambitions and ESG 
objectives. For mandates, we are 
able to design bespoke products to 
cater for specific requirements.” 
Vantage has adopted an active ESG integration approach,  
which combines key features of integration and active ownership. 
INTEGRATION THROUGH THE INVESTMENT LIFE CYCLE 
Our investment objectives are rooted in our commitment to deploy and 
manage our clients’ capital in a manner that integrates ESG considerations 
throughout our processes. This is alongside client engagement to understand 
their own ESG strategy and objectives, hence enabling us to tailor solutions 
in line with each client’s specific ESG requirements.
Our ESG approach spans the entire life cycle of an investment, from the initial 
evaluation of a transaction, through its execution, investment onboarding 
and asset management and finally in divestment considerations. At each 
step, ESG risks and opportunities are identified, assessed and managed in 
the same way other risks and opportunities are.
ACTIVE OWNERSHIP
We believe ESG initiatives can be taken at all stages of the investment cycle, 
with the asset management phase being critical to protect and enhance 
value for our clients. We think both our equity and debt managers can 
make a difference through active engagement.
We collect, benchmark and report data and measurements through internal 
and external tools and seek to move from assessing an impact to making 
an impact.
Transparent and proactive reporting of ESG-related information is also a 
key element of our approach. We encourage investee companies to improve 
disclosure of ESG issues and actions to stakeholders and to benchmark their 
ESG performance. We also continuously improve our communication of 
ESG and sustainability matters to our investment committees and clients. 
We have introduced ESG scorecards in our debt reporting and issued 
comprehensive equity portfolio and asset ESG reports to clients, including 
ESG risk and opportunity analyses, an initial climate-related risk assessment 
following the TCFD framework, and impact reviews. Publishing this 
Sustainability Report is also part of our transparency efforts.
REVIEW AND REPEAT
Our ESG approach is active, engaging, thorough, practical, tailored 
and consistently evolving.  All aspects of our approach, in particular our 
processes, tools and action plans, are subject to regular review by our ESG 
working group, seeking to continuously improve and develop. 
For instance in 2019, we improved our portfolios impact analysis and 
reporting, developed a new equity risk assessment framework and ESG 
scoring for all assets in debt client reporting.
It is critical to identify material ESG 
issues as early as the screening 
of an investment to check if it is 
compatible with our ESG criteria and 
our clients’ requirements. As part 
of the screening process, we have 
rejected numerous equity investment 
opportunities on ESG grounds.”
Tim Cable 
Senior Partner
Anne-Noelle Le Gal 
Investment Director
Kevin Law 
Director 
Business Development
Omar Rahman 
Investment Director
EQUITY
A range of levers can be used 
to drive performance, from 
the adoption of ESG policies 
and reporting at board level 
to ESG KPIs for management 
and the introduction of ESG 
frameworks.
In 
2019, 
all 
our 
investee 
companies participated in the 
GRESB survey and received a 
5 Star Rating. 
We 
conducted 
in-depth 
reviews of the GRESB reports 
to help management teams 
tailor action programmes and 
drive further improvements. 
DEBT
The systematic identification of 
market trends, best practices 
and data collection across 
the portfolio informs our pre-
investment discussions with 
issuers. Engagement during 
asset management is also 
impactful. 
We see benefits from tracking 
the relationships between key 
project stakeholders. This can 
be as strong an indicator of 
future performance as financial 
ratios. Early identification of 
issues positions us well to lead 
constructive dialogue when 
required.
8

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ACTIVE ESG INTEGRATION 
Our firm-wide active ESG Integration approach ensures the incorporation of ESG considerations throughout 
both manager and investment levels. The right-hand side of the diagram below summarises the integration 
of ESG before, during and after acquisition, while the left-hand side shows our approach to active asset 
management of ESG, both at the investee companies’ level and within Vantage as a manager. 
INTEGRATING ESG INTO 
DECISION MAKING
IDENTIFY & MANAGE RISKS &  
OPPORTUNITIES
Review ESG-related policies and processes
Conduct ESG risk materiality analysis to  
identify main risk areas and mitigations 
Collect 
ESG 
data 
to 
monitor 
ESG  
performance
Support companies with GRESB process
DESIGN 
AND 
EXECUTE 
OWNERSHIP 
TRANSITION PLAN
Agree plan to address ESG due diligence 
items
Set strategic ESG goals with management
Review governance, management structure 
and remuneration and ensure alignment
ENSURE OWNERSHIP & ACCOUNTABILITY
Assign ESG accountability to executives
Establish robust governance processes, with 
clear ESG board responsibilities
Set ESG targets and include ESG KPIs in  
incentive plans where appropriate
LEAD INITIATIVES AND INFLUENCE BUSINESS 
OUTCOMES TO PROTECT & ENHANCE VALUE
Lead initiatives focused on key value drivers
Build ESG capacity within the company
Monitor and influence ESG performance through 
bespoke action plans
Report ESG performance to investors
APPLY CLEAR CRITERIA TO SCREEN  
OPPORTUNITIES IN LINE WITH CLIENT GOALS
Screen against defined exclusions and apply ESG 
non-negotiable values
Complete initial ESG assessment and  identify 
specific due diligence areas 
Prefer best in class or improvement potential
RAISE ESG AWARENESS & SHARE LEARNINGS
Foster ESG dialogue with management inside 
and outside the board room
Encourage ESG corporate culture
Arrange ESG knowledge-sharing workshops
Encourage disclosure of ESG performance
CONDUCT DISCIPLINED DUE DILIGENCE 
TO ASSESS RISKS & OPPORTUNITIES
Define ESG scope, engage consultants, 
attend site visits/management presentations
Conduct analysis of ESG performance, risks 
& opportunities and assess impact on value
Present findings to Investment Committee
ESTABLISH ACTION PLAN & REPORT 
PROGRESS
Define ESG objectives, develop strategies 
and execute bespoke action plans 
Develop gap analysis and improvement plan 
based on GRESB and other ESG assessments
Implement ESG and impact reporting
ESG INTEGRATION  
through investment  
lifecycle
ACTIVE  
ownership 
approach
9

Vantage 
started 
raising 
ESG 
awareness with South East Water 
several years ago. We encouraged 
the company to develop a targeted 
ESG framework.  
Following 
from 
that 
Vantage 
joined 
the 
newly 
established 
Responsibility Business Committee 
and reviewed the 10 responsible 
business 
commitments 
defined 
by South East Water as part of its 
2020 – 25 business plan.
Vantage also attended a number 
of stakeholder engagement events 
and participated in the vulnerability 
working group, which shaped the 
development of the Company’s 
vulnerability strategy which has 
been  praised by Ofwat.”
Marissa Szczepaniak
Investment Director
By working in partnership 
with 
management 
teams 
and 
their 
stakeholders, 
the Vantage Equity team 
contributes 
to 
the 
ESG 
outcomes of its investee 
companies.
As a manager that values 
ESG considerations, our goal 
is to work collaboratively 
with management teams to 
identify areas for innovation, 
catalyse systemic actions 
and 
instil 
a 
deliberate 
mindset 
to 
continuously 
drive ESG improvement. 
EQUITY CASE STUDIES
TRANSLATING  
STRATEGY INTO ACTIONS
Porterbook owns and manages a fleet of  
c.5,000 passenger and freight vehicles, which 
it leases under long term contracts to train 
and freight operating companies.
Porterbrook has also prioritised several other initiatives to manage its carbon 
footprint and support the UK Government’s environmental targets:
South East Water also continually works to reduce its carbon footprint, optimise 
water resource management and play an active role in biodiversity preservation:
South East Water is the largest water-only 
company in the UK, by regulatory capital 
value, providing water to 2.2 million people in 
the South of England
First 
hydrogen 
train 
in 
the 
UK, 
developed 
in 
partnership with University 
of Birmingham, to support 
energy transition.
Over £80m invested annually 
to improve its infrastructure 
resilience, water quality and 
leakage reduction.
Innovative BatteryFlex tech-
nology 
to 
reduce 
noise  
pollution and NOx emissions 
in densely populated areas.
Created 
a 
sustainability 
framework 
to 
issue 
sustainable 
bonds 
and 
loans – believed to be a 1st 
for a European water utility.
8 out of 22 Golden Spanner 
awards for train safety in 2018 
including three gold medals.
1st water company to receive 
the BSI18477 certification, 
recognising 
efforts 
to 
respond 
to 
vulnerable 
customers.
Innovation Hub launched to 
support SMEs by showcasing 
live innovation technology 
on a Porterbrook train.
Winner 
of 
the 
Water 
Resilience Initiative Award 
in 2018 and the Rushlight 
award in 2017 for sustainable 
agriculture and forestry.
COMMUNITY 
DEVELOPMENT
BIODIVERSITY 
PROTECTION
POLLUTION 
REDUCTION
GREEN 
FINANCING
SAFETY
HYDROFLEX
RESILIENCE
VULNERABILITY
Investing in new sensors and analytics for the fleet to improve 
energy investing
New recycling policy resulting in 42% increase in paper recycled  
in 2018
5% reduction target in water and electricity usage in 2019
Working towards establishing ISO20400 – Sustainable Procurement
Offering anonymous safe disposal of pesticides to farmers and 
landowners in 4 of its water catchments
98% of the 196 company owned Sites of Special Scientific Interest 
are in either favourable or recovering condition
Committed to reduce its FY 2016/17 water leakage level by 15%  
by 2025
22% reduction in kgCO2e per million litres of treated water in 2018/19 
and assessing viability of carbon footprint reduction by up to 80% 
1
2
3
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DEBT CASE STUDIES
TRANSLATING  
STRATEGY INTO ACTIONS
Vantage has now conducted ESG 
assessments of over 75 assets 
across our global portfolio. These 
are updated and benchmarked on 
an annual basis, giving us access 
to a significant resource base.
Whilst 
we 
acknowledge 
that 
obtaining 
good 
quality 
and 
standardised ESG data is still 
very challenging, being able to 
point to best practice examples 
across our portfolio can give us 
leverage to encourage greater 
transparency from other issuers.”
Lisa Shaw
Investment Director
Vantage recognises that, as 
a Debt investor, the point 
at which the most material 
ESG impact can be made 
is 
normally 
pre-financial 
close, which is also typically 
the point of asset selection 
for our investors’ portfolios. 
At this stage, we can select 
or reject deals based on 
the suitability of their ESG 
characteristics. 
This 
due 
diligence and negotiation 
phase is also when our 
engagement with issuers 
can have the most influence 
on their behaviour.
However, the Vantage Debt 
Team’s  ESG actions do 
not stop there. We believe 
lenders can continue to 
have a meaningful impact 
on 
ESG 
issues 
through 
careful 
monitoring 
and 
regular engagement with 
issuers post financial close.
Selection of Positive ESG Impacts
Wherever possible, Vantage originates transactions that 
deliver positive ESG outcomes. Most obviously, this 
includes renewable energy assets, whilst projects delivering 
clear social benefits can be harder to identify. 
One example is our investment in a UK mobile 
telecommunications towers business. This business provides 
voice and data services to customers in mainly rural areas, 
which would otherwise suffer from poor connectivity.
We assessed the high value placed by consumers on 
connectivity, balanced with the low carbon footprint and 
environmental impact of a towers business. Collectively, 
this gave the business strong ESG credentials.
Pre-investment Influence
Vantage lends to a pipeline project in Mexico. Whilst the 
project complies with all local laws and regulations, pre 
financial close due diligence revealed that it fell short of 
certain Equator Principles recommended standards relating 
to employee health & safety and environmental reporting. 
Our advisers worked with management pre-investment 
to develop an action plan to improve these areas and we 
ensured that the loan documentation required the borrower 
to regularly report progress against these targets. 
Post-investment Activism
Vantage lends to a UK public-private-partnership, which 
had material performance issues, partly driven by the 
borrower’s sub-contractor. 
As these issues heightened, so did our concerns regarding 
the conflict of interest inherent in the subcontractor’s 
parent having director roles at borrower level via their 
partial shareholding. These directors appeared to be 
frustrating the ability of the borrower to act in its/lenders’ 
best interests, favouring the subcontractor’s interests 
instead. 
Given the risk posed to the financial stability of the 
borrower, Vantage and other lenders replaced the 
conflicted directors with independent experts to improve 
the governance, borrower’s stability and liquidity position.
Rejection on ESG Grounds
Vantage was approached to finance an Australian solar 
farm.
While a solar farm would not typically raise ESG concerns, 
the project sponsor was also developing an unpopular 
resources project and was linked to corruption allegations.
We balanced the benefits of supporting renewable energy 
projects against our reputational risk concerns. We decided 
not to proceed given the potential for further deterioration  
over the long tenor of this project financing. 
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Our industry has viewed ESG as a mere formality for far 
too long. At Vantage, we embrace ESG as an indivisible 
component of value generation, which contributes to a 
more responsible financial ecosystem and ultimately a 
more sustainable world.
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This document has been prepared by; Vantage Infrastructure (UK) Limited registered number 5675754 (‘Vantage UK’), a company 
registered in England and Wales, authorised and regulated by the Financial Conduct Authority (‘FCA’), FRN 459816; Vantage 
Infrastructure (USA) Inc. (‘Vantage USA’), a company registered in the State of Delaware USA and registered as an investment 
adviser with the United States Securities and Exchange Commission (”SEC”) under Section 203(C) of the Investment Advisers 
Act of 1940; Vantage Infrastructure (Australia) Pty Ltd (“Vantage Australia”) a company registered in Australia with the Australian 
Securities and Investment Commission, ACN 628 167 144 acting as agent for Vantage USA which is a company registered with 
the Securities and Exchange Commission of the United States and exempt from financial services licensing in Australia with the 
Australian Securities and Investment Commission and/or Vantage Infrastructure (Asia) Pte (‘Vantage Asia’), a company incorporated 
in Singapore, licensed under the Securities and Futures Act licence No.CMS100397-1, and regulated by the Monetary Authority of 
Singapore. Vantage UK, Vantage Australia, Vantage USA and Vantage Asia (‘Vantage’) are wholly owned subsidiaries of Vantage 
Infrastructure Holdings Limited (“Vantage Holdings”), part of the Northill Capital Group of companies (“Northill Group”).
By accepting the document, you agree to be bound by the following limitations. The information contained in this document is 
the property of Vantage. This document is not to be reproduced, disclosed or distributed, in whole or in part, to any other persons 
except as agreed in writing by Vantage. The information contained in this document is being made available to sophisticated/
institutional investors for informational purposes only, and may not be used or reproduced for any other purpose.  Neither Vantage, 
nor any of its employees or related bodies corporate accepts any responsibility for or makes any representation or warranty as to 
the truth, accuracy or completeness of the information contained in this document.  
This document does not constitute an offer from Vantage or its related bodies corporate to issue or arrange to issue, financial 
products and should not be relied on as investment advice or as relevant information for the selection of investment products. This 
document has been prepared without taking into account the investment objectives, financial situation or particular needs of 
any particular person or entity.  Before making an investment decision, you should consider, with or without the assistance of a 
financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial 
circumstances.
Statements contained in this document may be forward looking statements. Such statements are inherently speculative and always 
involve some risk and uncertainty as they relate to events and depend on circumstances in the future, many of which are outside 
the control of Vantage.  Any forward looking statements contained in this document are based on a number of assumptions which 
may prove to be incorrect, and accordingly, actual results or outcomes may vary. Any past performance information contained in 
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not be seen as any indication of returns.
Certain information contained herein has been obtained from published sources and/or prepared by third parties and in certain 
cases has not been updated through to the date hereof.  While such sources are believed to be reliable, neither Vantage nor any 
of its affiliates assume any responsibility for the accuracy or completeness of such information. Information contained in this 
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DISCLAIMER AND IMPORTANT INFORMATION
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