ESG REPORT 2022
pollencap.com

POLLEN STREET
CONTENTS
POLLEN STREET ESG ANNUAL REPORT 
This report is designed to provide our stakeholders with details on our approach 
to responsible investment, our wider impact and how we manage environmental, 
social and governance (ESG) issues within our firm and across our portfolio. It 
covers our ESG strategy, examples of ESG in Action, key metrics and plans for 
2023 and beyond.
1.
Introduction
3
Who We Are
5
Our ESG Strategy
6
What Drives Us
7
2.
Our ESG Targets
11
3.
ESG at Pollen Street
13
4.
ESG Insights
17
Portfolio Data & Scoring
19
Environmental
23
Social
29
Governance
35
5.
Impact in Action 
39
6.
Creating Partnerships for Lasting Impact
49
7.
ESG Stewardship
53
8.
Focus for 2023
55
9.
Portfolio ESG Metrics
57
1
CONTENTS
2
POLLEN STREET

1. INTRODUCTION
2022 was a successful year of growth and delivery 
for Pollen Street. We continued to deliver returns 
for our investors and sustainable growth for our 
portfolio companies in Private Equity and Credit. 
As ever, our delivery is underpinned by our aim to 
drive positive impact for our people, portfolio 
companies and wider society.
Reflecting on what we achieved over the course of 
the year there is a great deal to be proud of. In our 
Private Equity strategy we continue to focus on value 
creation, driving growth and change with 17 digital 
transformations across the portfolio and 18 bolt-on 
acquisitions. Digital transformation is critical to 
reducing waste across our society as well as reducing 
risk and improving governance in the businesses we 
invest in. In Private Credit we have signed 25 new 
facilities across SME lending, real estate and electric 
vehicle financing. At the core of this growth and hard 
work is our commitment to positive impact and so I 
am pleased to present our Annual ESG report, 
outlining the progress we have made.
Highlights over the last year include a focus on our 
Credit strategy and partners. We have implemented 
an ESG ratchet for credit investments, aligning our 
portfolio with our ESG goals around reducing 
environmental impact and carbon footprint as well 
as championing diversity. Our proprietary scoring 
system is a key enabler in establishing and tracking 
progress against these ESG ratchets and is something 
the team has worked hard to embed and develop 
over the last 12 months.
In this year’s report we have built out some key 
themes; putting a spotlight on Caring as a core value, 
building better places to work and building better and 
more sustainable businesses. 
Pollen Street is a dedicated financial and business 
services investor and that means we believe in the 
importance of the sector in powering the economy 
and tangible positive impact for people. As you will 
see in our ESG report, our investments align with key 
impact areas where we think our capital can make a 
real difference, as well as with the UN Sustainable 
Development Goals. 
We have a responsibility as stewards of capital to 
make sure that we work towards sustainable growth 
and ultimately positive outcomes for wider society. 
3
4
POLLEN STREET
Lindsey McMurray 
Managing Partner
“We have a responsibility as stewards of capital to make sure 
that we work towards sustainable growth and ultimately positive 
outcomes for wider society.”
INVEST WITH IMPACT
4
POLLEN STREET
3
1.  INTRODUCTION

PRIVATE EQUITY
Pollen Street seeks to build the next generation of market leaders 
in the European Financial ecosystem. We partner with strong 
businesses with great propositions, loyal customers and high 
potential for digital adoption. Our expert investment team 
supports them with a well-established growth playbook, working 
closely with management teams to drive growth and prosperity 
in the next generation of market leaders. We aim to work with 
entrepreneurial founders and management teams to build and 
develop strong collaborative cultures to deliver excellent products 
and services that drive change in our ecosystem. We want to 
create great places to work - places that people from all 
backgrounds and identities, spanning all dimensions of diversity, 
really want to be a part of.
We invest in sectors at the forefront of the megatrends impacting 
financial and business services, looking in particular at payments, 
wealth, insurance, tech-enabled services and lending. 
The megatrends we focus on are key themes that are driving 
the sector as a whole; digital transformation, unbundling of 
financial services, favourable regulatory backdrop and the green 
transition. Within these themes we are able to drive a positive 
impact in a tangible way for the real economy.
CREDIT
Pollen Street provides asset-backed, senior secured lending to 
innovative and impactful businesses with a diverse portfolio of 
assets. Our expert team is dedicated to the sector and we partner 
with businesses to provide both capital and strategic insight. 
Following the global financial crisis, and the subsequent 
retrenchment of the banks from lending markets, Pollen Street 
identified opportunities to fill the funding gap in what is a large 
and growing market with a targeted and considered approach. 
There is a significant opportunity in asset-based finance with 
a large and diverse market that is fast growing but still highly 
fragmented and underserved by generalist managers. In 
particular we see a large role for the strategy in supporting the 
transition to a lower carbon economy as well as funding to SMEs, 
supporting businesses to grow.
WHO WE ARE
Pollen Street is a purpose led and high 
performing alternative asset manager. We 
have built deep capability across the 
financial and business services sector 
aligned with mega-trends shaping the 
future of the industry. 
Pollen Street manages over £3.4bn AUM 
across private equity and credit strategies 
on behalf of investors including leading 
public and corporate pension funds, 
insurance companies, sovereign wealth 
funds, endowments and foundations,  
asset managers, banks, and family 
offices from around the world.
Our ESG strategy is designed to deliver impact for the benefit of all our stakeholders. We have a clear ambition 
with initiatives across each of Environment, Social and Governance areas. 
ENVIRONMENT
SOCIAL
GOVERNANCE
AMBITION
 Create a lasting 
environmental impact  
 Promote DEI and provide 
finance for socially-impactful 
products & propositions
 Regulatory best  
practice through all 
operational processes
 Fund green alternatives  
for sustainable homes  
and transport
 Minimise operational carbon 
footprint, supporting carbon 
reduction plans and net  
zero commitments 
 Consider Climate risk as 
part of investment and risk 
management process
 Financial Inclusion -  
Loans and other financial 
products made available to  
a broader audience
 Enable SMEs to promote 
growth and job creation in 
Pollen Street’s markets
 Creating opportunities 
to reduce inequalities - 
promoting diversity,  
equity and inclusion
 ESG transparency  
with clear reporting  
and communications 
 Effective AML & Cyber 
procedures and governance
 Engagement with portfolio 
companies on governance, 
to identify gaps and  
provide support 
 Responsible lending –  
best practice amongst  
our credit partners
2022  
HIGHLIGHTS
 3rd year of carbon 
measurement 
 Developed decarbonisation 
roadmap for Pollen Street
 Achieved carbon neutral 
status – to be maintained  
in 2023
 13 new credit facilities to 
broaden social impact 
 Strengthened Community & 
Charity efforts with Future  
First and The Felix Project 
 DEI initiatives across firm 
and portfolio – 1st year of 
10,000 Black Interns
 ESG margin ratchet for  
7 new credit facilities
 ESG scores improved  
in all PE companies 
 Delivered initial  
TCFD reporting 
SHORT-TERM  
FOCUS
 Strengthen Carbon 
measurement activities for 
Carbon footprint, including 
Scope 3 emissions  
 Formalise net zero 
commitments for firm  
and portfolio 
 Continue to invest  
in sustainable  
finance propositions
 Broaden DEI targets  
and measures 
 Collaborate with  
community partners to 
deliver impactful change
 Continue to enhance  
oversight and regulatory 
governance frameworks 
 Training and  
education across the  
firm and portfolio
 Strengthen supply chain 
sustainability procedures
SDG  
ALIGNMENT  
RECOGNITION
DRIVING A POSITIVE IMPACT IN A TANGIBLE WAY FOR THE REAL ECONOMY
OUR ESG STRATEGY
For more information on awards’ judging and criteria, please see pollenstreetgroup.com/awards
POLLEN STREET
5
1. INTRODUCTION

LIVING OUR VALUES
1
EXPERT
As a sector specialist Pollen Street is made  
up of experts with a wealth of experience in  
our industry. Our network of experts is  
brought together by the Pollen Street Hub.  
This team of Operating Partners and Advisers  
bring a wealth of expertise across digital  
transformation, technology innovation, ESG  
and business development.  
We are true specialists,  
renowned for deep expertise  
and insight that creates 
advantage and drives success. 
We set the standard.
Alongside the investment teams they undertake strategic  
and tactical analysis of portfolio companies’ use of technology  
to drive business improvements, meet customers’ evolving  
needs, and deliver performance for investors. The team recently 
worked with Proactis, a leading business spend management 
software provider, to transform legacy systems and combine  
onto one platform to provide cost efficiencies and better  
customer experience.
2
CARING
We care about what we do. For our investors and 
portfolio companies this means going the extra 
mile and operating with care in everything we 
work on. Caring is a core value and so this also 
manifests in our work around our industry,  
wider community and with charities: 
Open and straightforward 
in our approach, we are as 
compassionate as we are 
committed. We are trusted 
because we care.
  In the last year we have partnered with the Felix Project  
and are on track to collect and redistribute 1.4 tons of  
food, walking 500,000 steps in the process.
  We hosted insight and training events with Future First  
welcoming over 30 children from schools across London.
  Our 2022 DEI and engagement survey had 80% response  
rate not only collecting our diversity metrics as a firm but  
also offering a chance for two-way communications and 
feedback from our people.
3
ENTERPRISING
Pollen Street is a team and a network that comes 
together to think differently. We share our expertise 
in regular Hub Forums. In the last year we have 
facilitated 6 events, bringing together functional 
leaders from:  
We provoke, question and uncover. 
Creative, astute and resourceful,  
we work collectively to transform. 
We think differently.
  People
  ESG
  Technology
  Finance
  Marketing
These events connect leaders and  
experts from around our network to  
provoke discussion and collaboration  
to collectively innovate and improve. 
4
PROGRESSIVE
Our investment teams are hands-on, empowering 
the businesses across our portfolios to grow and 
innovate, delivering value for our investors.
Constantly pushing in pursuit 
of excellence, we see beyond 
boundaries. Driving growth and 
innovation to create impact and 
prosperity. We exist to empower.
Aryza, acquired in 2017 as the leading insolvency case  
management software provider in the UK and Ireland, was  
transformed with the support of the Pollen Street team into  
a global, diversified solutions provider. The team undertook 
transformation of the sales team alongside a programme of  
successful international expansion, pushing the boundaries  
of the scale and breadth of business Aryza could be.   
5
DRIVEN
Pollen Street is dedicated to achieving the best 
outcomes for our people, portfolio companies, 
society and crucially, our investors. We are 
driven to deliver for our investors and exceed 
expectations. 
Powered by an endless 
determination and passion for 
progress. Resolute and resourceful 
in our approach to exceeding 
expectations. We strive for more.
We are thrilled to see this reflected in industry recognition.  
Pollen Street was awarded ‘Best Use of Technology in Value  
Creation’ at the Actum Group Private Equity Value Creation  
Awards. The team was also awarded Best Responsible  
Investment Team UK for the third year running. Both awards  
signify the hard work we put in to go the extra mile for our investors. 
WHAT DRIVES US,  
OUR PURPOSE  
AND VALUES
As a purpose-led asset manager,  
we have a core set of values and 
principles that inform how we  
do business.
Our ability to fulfil our purpose is 
based on a number of key principles. 
To be honest and fair with customers 
and suppliers, to be a good citizen, 
to be guardian for future generations 
and to be a responsible and 
responsive employer.
At the core of our approach  
to ESG and sustainability as  
a firm are our values:
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POLLEN STREET
7
1. INTRODUCTION

9
SPOTLIGHT ON CARING
We’ve always had an ethos of bringing together the 
best, not just the science and technical of financial 
services, but the very strong human behavioural 
component that drives the decisions we make in 
financial services. 
Caring is a core value in our business because we felt 
it was the driving force for our work and in delivering 
positive impact.
Caring as a company value is important because it 
applies to every single element of what we do and 
how we, and our portfolio companies, make a 
tangible difference. From the way that we hire people 
and consider DE&I to the way we go above and 
beyond for our investors, we do the best we can 
because we care.
In this report you’ll see examples from all areas of E, 
S and G – as well as across both our strategies and 
our operations – of how our Pollen Street team 
embodies our value of Caring every day.
The Hub: following the introduction of the new 
Consumer Duty regulation from the FCA we organised 
a webinar, in partnership with Eversheds Sutherland, 
to bring together people from across our portfolio for 
an informative session covering the key changes as 
well as how it impacts our business and how we can 
help each other. This kind of best-practice sharing 
and openness is critical in creating value and 
accelerating progress in our portfolio companies.
In our communities: in the last 12 months we have 
worked even more in the communities in which we 
operate. We have partnered with the Felix Project to 
operate weekly routes collecting and redistributing 
surplus food around central London that would have 
otherwise been wasted. Pollen Street teams also 
dedicated their time and expertise to events with 
Future First, opening our office to young people to 
share what a career in financial services can look like 
and what foundational skills they need for the world 
of work.
For our investors: ESG is just one of the areas for 
which our investors rightly expect transparent, clear 
and consistent reporting. We are now in our second 
year of a propriety scoring system on ESG metrics for 
portfolio companies across Private Equity and Credit. 
Lindsey McMurray 
Managing Partner
In 2019 we took the time to set out our values as a business.  
One of these values that is particularly important to us and  
all that we do across ESG, is Caring.
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POLLEN STREET
9
1. INTRODUCTION

2. OUR ESG TARGETS
OUTCOME
 TARGET
 PROGRESS
Reduced 
environmental  
impact of our 
operations 
 
  Pollen Street as a firm to be carbon 
neutral by end of 2022
  Net zero commitment as a firm by 2025
  Portfolio companies to become 
carbon neutral within 5 years of Pollen 
Street investment
  Maintained Carbon Neutral status  
  Developing best-practice 
decarbonisation roadmap
  3rd year of Carbon Footprint 
measurement
  50% of companies are  
now carbon neutral* 
  44% of companies have set  
net zero commitments*
A diverse workplace 
with broadened  
representation of 
gender, ethnicity 
& socio-economic 
backgrounds at 
all levels
  25% women on portfolio Boards/ 
Executive leadership by 2025
  At least 1 person from an ethnic 
minority on each portfolio company 
board by 2026
  Decrease gender pay gap 
meaningfully over life of investment
  Improve financial health through 
responsible financial products and 
access to finance 
  28% women on PE portfolio 
Executive leadership*
  19% women on portfolio  
company Boards*
  Average portfolio gender pay  
gap decreased by 2%*
  6x New Credit facilities supporting 
SMEs with appropriate funding
  Continued focus on investing in 
socially impactful products and 
propositions
Confidence that 
appropriate policies, 
programmes and 
governance are  
in place 
  100% of companies with ESG matters 
on the Board agenda
  Strong Governance across all 
businesses, exemplifying industry  
and regulatory best practice
  75% of companies with separate  
audit and risk committees
  100% of suppliers assessed  
on sustainability credentials 
  100% of companies addressing  
ESG on Board agendas*
  100% of companies with  
ESG policies in place*
11
E
S
G
*Progress across Private Equity portfolio
• Targets in orange are new for 2023
12
POLLEN STREET
11
2. OUR ESG TARGETS

3. ESG AT POLLEN STREET
13
14
POLLEN STREET
OUR ESG STRATEGY & SDG ALIGNMENT
Alison Collins,  
Head of ESG
In the last year, I’m proud of the progress made 
as we help portfolio companies to achieve their 
sustainability goals. This has been achieved 
through the spotlight on scoring, cross-portfolio 
collaboration, and effective monitoring and 
measurement through KPIs and ESG ratchets. 
10. REDUCED INEQUALITIES
13. CLIMATE ACTION
8. DECENT WORK &
     ECONOMIC 
     GROWTH
8. SUSTAINABLE CITIES
     & COMMUNITITES
5. GENDER
     EQUALITY
4. QUALITY
     EDUCATION
4. RESPONSIBLE
     COMSUMPTION
     & PRODUCTION
9. INDUSTRY, 
    INNOVATION &
    INFRASTRUCTURE
9. GOOD 
    HEALTH &
    WELL-BEING
“We believe in the potential for positive impact  
through the work that we are passionate about.”
Through our Pollen Street Hub, we help portfolio 
companies on their way to adopting more sustainable 
practices and can provide recommendations on 
where, and how, improvements can be implemented, 
as well as sharing best practice. 
At Pollen Street our ESG Impact framework helps 
contribute to the UN Sustainable Development Goals 
(SDGs). These provide a lens through which investors 
can align with the needs of the wider world. The 
metrics we collect from our Private Equity and Credit 
portfolios enable us to develop deeper insights into 
where our investing has an impact and accelerate this. 
Across both Private Equity & Credit, our investments 
align to multiple SDGs. We analysed our contributions 
towards the progress of the SDGs by portfolio 
company and Credit platform. The chart below shows 
the results of this analysis. SDGs where we have the 
most material impact are shown with the largest area 
and SDGs with a smaller impact are shown with a 
smaller area.
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POLLEN STREET
13
3. ESG AT POLLEN STREET

HOW WE DO IT:  
ESG IN THE INVESTMENT PROCESS
UPFRONT DUE DILIGENCE
As new partners join our portfolio, we 
assess their existing ESG programme 
and impact, identifying areas of 
improvement and ways to support.
1
EFFECTIVE MONITORING  
& MEASUREMENT
We have developed a set of standard 
KPIs to enable consistent tracking and 
benchmarking across our portfolio. ESG  
is a standing agenda item as part of  
quarterly monitoring.
4
ACTIVE MANAGEMENT
We engage with management teams to 
set impact goals and ambitions. Senior 
deal team members sit on the board of 
our PE portfolio companies and ensure 
ESG is on the management team agenda 
and achieves senior-level buy-in.
2
GOVERNANCE & OVERSIGHT
The Pollen Street ESG Committee 
reviews implementation of the ESG 
programme and recommends any 
changes or improvements.
5
CROSS-PORTFOLIO 
COLLABORATION
We hold collaborative workshops 
where we benchmark best-practice 
and identify development opportunities. 
The Pollen Street Hub leads ESG best 
practice sharing, assisting with impact 
assessments and project activity within 
individual companies.
3
OUR ESG IMPACT FRAMEWORK
Our ESG framework helps us to IDENTIFY where our  
investments can have a positive impact and AMPLIFY  
impact through our investment process.
Helping portfolio companies to achieve their sustainability goals is 
an integral part of our Investment Process in both Private Equity and 
Credit. We set out our approach in more detail in the graphic below.
ENVIRONMENTAL IMPACT
We recognise our responsibility to do business in a manner that protects and improves the environment for future 
generations, as well as supporting businesses that take us closer to a clean and sustainable environment.
GOVERNANCE & LEADERSHIP
We ensure we are appropriately accountable for our decisions, implementing strong governance throughout operational 
processes with the ability to identify and manage material risk factors, including sustainability risks. As we focus our investments 
within the largely regulated financial services sector, our portfolio operates high governance standards as a baseline.
Promoting diversity and, in particular 
seeking to broaden representation at  
Board and company levels
PROMOTE 
DIVERSITY
We aim to ensure that the products and services of our portfolio companies and credit partners provide 
the best outcomes for stakeholders, including improving financial health for consumers and SMEs.
We believe that a diverse business has multiple benefits. We champion diversity and seek to ensure 
that equal opportunities are promoted to all.
We focus on efforts that provide real benefits and which address relevant regional issues.
SOCIAL IMPACT
Create solutions that have a positive 
environmental impact – e.g. funding for 
residential energy efficiency initiatives 
and electric vehicles
CREATING  
A LASTING  
ENVIRONMENTAL 
IMPACT
Access to loans and other financial 
products is made available to a broader 
audience, promoting greater access 
to opportunity
FINANCIAL 
INCLUSION 
Provide services to small businesses 
promoting growth and job creation 
throughout the markets in which 
Pollen Street operates
REGIONAL 
ECONOMIC 
GROWTH
Help reduce financial crime through a  
focus on governance, regulatory  
compliance and effective AML &  
Cyber procedures
REDUCING 
THE IMPACT 
OF FINANCIAL 
CRIME
16
POLLEN STREET
15
3. ESG AT POLLEN STREET

18
4. ESG INSIGHTS
17
18
POLLEN STREET
4. ESG INSIGHTS
17
POLLEN STREET

19
POLLEN STREET
PORTFOLIO DATA & SCORING:  
DRIVING CONSISTENCY & TRANSPARENCY
A key focus in 2022 was embedding our proprietary ESG scoring mechanism. This means we 
are better equipped than ever to track progress and monitor ESG performance across our 
investments. It provides consistent analytics for transparent reporting to our investors, aligned 
with the areas of ESG and sustainability that are important to them.
During 2022, we rolled out the reporting dashboards and scoring feedback across our portfolio 
investments. This enabled us to work across the businesses to identify and implement action 
plans and also to strengthen ESG data collection, improving engagement and performance.  
We also used the scoring to develop an ESG ratchet with our Credit partners.  
  Comprehensive data collection across portfolio 
  Collecting over 50 data points for each portfolio company and credit counterparty
  Submitted portfolio metrics to ESG Data Convergence Initiative for 2nd year in a row 
  Developed PAI indicators as required for SFDR Article 8 funds
  Pollen Street ESG scoring system in place to benchmark  
investments and monitor overall performance
  Rating: Overall ESG programme status
  Environment: Carbon strategy and net zero commitment, renewable energy usage
  Social: DEI, Charitable activity, employee engagement 
  Governance: Policy coverage, Board composition, ESG reporting 
  Reporting dashboards to engage and inform
  Scoring used to engage PE and Credit partners to implement  
action plans to improve ranking and overall ESG practice
data points for  
each portfolio 
company
50
Average score 
improvement
2.5
ALL PE Companies 
with ESG policy
100%
All PE Companies 
have improved 
scores in 2022
100%
Michael England 
Partner
17
9.9
18
9.6
16
10.2
15
11.4
14
11.5
13
11.5
12
12.6
11
13.1
10
13.2
9
14.5
8
14.7
7
14.8
6
15.0
4
15.6
5
15.2
3
15.6
2
16.2
16.5
1
2021 SCORE
2022 IMPROVEMENT
2022 ANONYMISED PE PORTFOLIO COMPANY  
SCORES - OVERALL SCORE (/18)
OUTSIZED IMPACT
As Private Equity investors, with a hands-on approach to our portfolio management and value creation,  
we are in a privileged position in being able to drive positive impact far beyond our business. 
We believe in the potential for positive impact through the work that members of the Pollen Street team are 
passionate about. Through our investment teams and our dedicated Hub team we can drive improvements in 
business practices, governance and transparency to help overall ESG performance in our portfolio. We collect more 
than 50 data points from our portfolio companies which feed into a scoring mechanism. Not only do we use this 
data to engage with our portfolio, but we are also committed to transparency, as a firm and for the industry. We share 
our data and scoring with our investors as well as with our network and wider industry in this annual ESG report.
We are committed to promoting positive societal impacts directly in the companies we invest in and the 
products they offer. But we can also amplify this impact through the support and influence we have on our 
portfolio, with funding for more sustainability initiatives or simply access to our resources and expertise.
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POLLEN STREET
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4. ESG INSIGHTS

POLLEN STREET
Lizzie Smith Foreman 
Director of Marketing  
and Communications
With over 5,000 colleagues, in 2022, the company set 
about defining its ambitions and structure to embed 
sustainability into its culture and operations.
Focus
Our focus in 2022 was to embed responsibility and 
sustainability into our culture. We undertook a climate 
change risk and opportunity assessment across the group.
Outcomes
Net zero by 2045. Carbon neutral from 2023 onwards. 
Aligned with climate science.
Culture
We refreshed our Vision, Values and Purpose to align with 
our Net Zero Strategy. We introduced a new ESG team to 
engage our internal community with a regular drumbeat of 
information and activities relating to health and wellbeing, 
DE&I, fun and fundraising, and boosted our budget in 
support of local community and charity endeavours.
Governance
We commenced initiatives to support sustainability in 
our supply chain and provided ESG training to senior 
leadership, including Carbon Literacy training for key 
decision makers.
 	 With Pollen Street’s support, we’ve really moved the 
needle at iwoca on our ESG efforts, particularly on our 
environmental strategy. Pollen Street provided us with 
a score sheet which identified some gaps, gave us a 
financial incentive which helped us focus on closing 
them, and shared expertise to help us get started. 
Within just 6 months, we’ve made some significant 
steps forward.
	 We started by setting up a task force of iwocans who 
are passionate about improving our sustainability, and 
who are defining and implementing projects to reduce 
our environmental impact - from improving our office 
recycling and food waste management, to organising 
a series of talks with expert speakers on environmental 
issues. We’ve also measured our carbon footprint, 
worked with a third party to audit our measurement, 
offset our emissions to achieve carbon neutral status, 
set ambitious targets towards achieving Net Zero and 
started reporting on ESG progress to our Board. 
	 We’re on a journey now, we’re grateful to Pollen Street 
for the help they’ve given us along the way.
Over the last 12 months, we have devoted time  
and effort to rethink our approach, study legislative 
changes and analyze our common experiences in 
individual companies belonging to the Punkta Group in 
terms of shaping, steering, communicating, and reporting 
our ESG strategies, goals and activities.
Building a sustainable, resilient, and purpose-driven 
organization 
In 2022 we developed and implemented our Group ESG 
Strategy and policies, with support from Pollen Street 
and external consultants.
Punkta Group ESG Team 
We created a dedicated ESG Team to effectively manage 
the ESG strategy implementation. This team meets 2-3 
times per month, and is led by the Group’s CFO, Andrzej 
Sobkowiak, who coordinates and monitors the progress 
of all ongoing and planned projects. 
E: We support the goals of the circular economy of 
gradually reducing energy consumption and eliminating 
waste. We care about the environment around us, trying to 
improve its condition starting from the simplest things we 
can do as a company to reduce our environmental impact.
S: We work on building the economic and social value 
of our businesses through close cooperation with the 
society around us and respect for our business partners.
G: We believe that good and effective corporate 
governance, with a professional ESG approach, is 
essential for building a strong organization.
PUNKTA GROUP
IWOCA 
MARKERSTUDY  
BEHIND THE SCORES
BORROWER ESG SCORES
5
Moved to the top five  
scoring PE Companies.
7
ESG ratchets rolled out 
across our borrowers. 
4.6
Improved  
score by 4.6
9.6
Average score
Andrzej Sobkowiak 
CFO
Seema Desai 
COO
In 2022 we incorporated sustainability linked factors 
including an ESG margin ratchet mechanism into our 
new credit facilities as an incentive to achieve ESG goals.
Under this mechanism, Pollen Street provides margin 
reductions on facilities, subject to the counterparty 
improving their ESG score and achieving performance 
targets, such as net zero, and there is a corresponding 
margin increase if their scores do not improve or meet 
agreed thresholds. 
This has been effective in engaging borrowers more 
closely to improve their sustainability performance.
ESG RATCHET  
TO STRENGTHEN 
COMMITMENTS  
TO ESG AND 
SUSTAINABILITY
Using scores to set targets 
and improvement plans 
across all Borrowers
22
POLLEN STREET
21
4. ESG INSIGHTS

23
POLLEN STREET
Climate change is one of the most pressing issues 
of our time, and Financial Services has an important 
role to play in building a more sustainable future. 
We invest in companies that are committed to 
sustainability and actively work with them to achieve 
their net zero and carbon reduction goals. This 
involves setting carbon reduction targets, tracking 
progress, and providing support and resources to 
help companies achieve their goals.
We also have a commitment to reduce the 
operational carbon footprint of the firm and our 
portfolio, promoting sustainability practices such 
as travel policies, sourcing renewable energy and 
waste reduction. 
In 2022, we again commissioned a third-party to 
assess the carbon footprint of the firm, our private 
equity portfolio and Credit partners. We measured 
our scope 1, 2 and partial scope 3 greenhouse  
gas emissions. 
In 2022, the firm’s total measured emissions were 
132.3 tCO2e, an increase of 70% from 2021. This 
was largely driven by an increase in business travel 
as Covid restrictions eased.
To achieve our goal of carbon neutral operations, we 
reduced Pollen Street’s scope 2 emissions by sourcing 
renewable electricity tariffs, and we have offset all 
emissions by purchasing carbon credits through 
ecologi. This means we are now carbon neutral for the 
second year.
  
We are also supporting our employees to make greener 
choices through cycle-to-work schemes and a newly 
launched Salary Sacrifice scheme for Electric Vehicles.
In addition to committing to maintain carbon neutral 
status for each year, we have set the target to commit 
to Net Zero by 2025.
OUR CARBON &  
CLIMATE STRATEGY
MEETING OUR CLIMATE GOALS 
ON THE PATH TO NET ZERO
PORTFOLIO EMISSIONS PROFILE
E
POLLEN STREET FIRM
2022
2021
% CHANGE
Scope 1
  Direct emissions from the organisation’s activity
0
0
Scope 2
Emissions from the use of purchased electricity
2.4
5.8
-59%
Scope 3
Indirect emissions that occur in value chain,  
including emissions upstream and downstream
Business travel
115.6
24.3

  376%
Employee commuting including work from home
11
53.7
-80%
Waste
3.0
1.8
-59%
Water
0.4
0.4
Downstream transportation and distribution 
0
0.5
  n/m
Total Scope 3 emissions
130.0
80.8
  79%
Total 
Total Scopes 1, 2, 3 emissions
132.3
86.6
  70%
Intensity
Scope 1 and 2 emissions (tCO2e) per FTE
0.03
0.08
-60%
Scope 1 and 2 emissions (tCO2e) per £bn AUM
0.7
1.9
  -63%
Scope 1, 2 & 3 emissions (tCO2e) per £bn FTE
1.7
1.2
64%
Scope 1, 2 & 3 emissions (tCO2e) per £bn AUM
38.9
26.9
  44.2%
* Scope 3 excludes purchased Goods & Services & Financed emissions, and 
excludes Scope 3 emissions for 2 portfolio companies in 2022.
PE PORTFOLIO 
AVERAGE TCO2E INTENSITY 
PER FTE
2021
2020
2022
1.6
1.5
1.5
4,753
430
8,664
372
2,458
TOTAL 2022
TCO2E EMISSIONS
15,875
TOTAL 2022
TCO2E EMISSIONS
802
Scope 1
Scope 2
Scope 3 *
Scope 1
Scope 2
CREDIT PARTNERS – SCOPE 1 AND 2 ONLY 
TCO2E INTENSITY PER FTE 
(SCOPE 1 & 2 ONLY)
NOT MATERIAL
24
POLLEN STREET
23
4. ESG INSIGHTS

25
PROGRAMMATICALLY WORKING WITH EACH 
PORTFOLIO COMPANY TOWARDS ACHIEVING 
NET ZERO
We are working programmatically with our portfolio companies to develop net zero commitments and 
strategies, leveraging Science Based Targets methodology. 
companies with Renewable 
energy tariffs (to reduce  
Scope 2 emissions)
Measure baseline  
CO2 emissions
Avoid & reduce 
emissions where 
possible
Offset all unavoidable 
emissions through 
certified greenhouse 
gas removal projects 
Set and communicate 
net zero targets and 
track progress
MEASURE
REDUCE
REMOVE
COMMIT
ADDRESSING THE IMPACTS OF CLIMATE CHANGE
In line with the Task Force for climate-related financial 
disclosures (TCFD), we are building a framework 
to better understand the impacts of Pollen Street’s 
operations on the climate and the impacts of climate 
change across the portfolio. This encompasses the 
four pillars of the TCFD:
  Governance
  Strategy
  Risk Management
  Metrics & Targets
TASK FORCE ON CLIMATE-RELATED 
FINANCIAL DISCLOSURES
In 2023, we will further develop an internal view of 
climate change risks and opportunities, reflecting best 
practice, to help inform the Group’s strategy. We will 
also develop a framework to perform climate-related 
scenario analysis, including a 2°C or lower scenario.
Further detail is set out in the Pollen Street Plc 
Annual Report and Accounts.
9
26
POLLEN STREET
25
4. ESG INSIGHTS

27
There is an increasing focus on a science-based 
approach to help reach the climate goals set out in 
the Paris Agreement. This has seen organisations 
adopting science-based targets and creating a clearly 
defined pathway to hit these targets. As part of our 
collaboration with the Initiative Climat International, 
we are further challenging ourselves and supporting 
the drive to create a common understanding of what 
net zero really means using the decarbonisation 
roadmap as set out below to show our PE portfolio’s 
progress against targets.
UNABLE  
TO ALIGN  
NOT STARTED 
TRANSITION 
JOURNEY
CAPTURING 
DATA 
CARBON 
REDUCTION 
PLAN IN 
PLACE
CARBON 
NEUTRAL
NET ZERO  
PLAN IN  
PLACE
OPERATIONS ALIGNED  
TO NZ PLAN 
 Operating in a  
sector incompatible 
with net zero 
 No current 
decarbonisation 
plans in place
 Minimal or no 
emissions data
 Reporting 
emissions data  
but currently no 
plan in place to 
reduce emissions
 Measuring Scopes 
1&2 emissions
 Committed 
to reducing 
emissions with  
a plan in place
 Measuring Scopes  
1, 2 & 3 emissions
 Medium term 
plans to have 
stated aim to set 
Science based 
target
 Carbon neutral 
status achieved
 Carbon reduction 
plans in place
 Verified Carbon 
Credits to offset 
residual emissions
 Formulated a 
science based 
target to reach  
net zero
 Public 
commitment 
to a sciencea-
based (SBTI or 
equivalent) target 
 Measuring and 
reporting publicly 
scopes 1, 2 & 3 
emissions
 Delivering against a NZ plan
 Operations aligned to verified  
science-based NZ targets
 Emissions reductions for  
>2yrs meeting NZ target
 Measuring and reporting publicly  
scopes 1, 2 & 3 emissions
100%
67%
50%
44%
NOT ALIGNED
% OF PE PORTFOLIO
COMMITTED
ALIGNING
ALIGNED TO TRANSITION 
BUILDING A DECARBONISATION ROADMAP 
28
POLLEN STREET
27
4. ESG INSIGHTS

I joined Pollen Street just over a year ago and one 
of the reasons I chose to join is because of the 
firm’s unwavering commitment to ESG. I am very 
proud to be part of an organisation that places such 
importance on ESG and specifically advancing DEI.
When joining it became clear that Pollen Street truly 
values everyone’s individual differences and it is 
everyone’s different experiences, backgrounds, 
expertise and identities that creates such an 
entrepreneurial and progressive culture.
We recognise that there are many different 
dimensions to diversity and we often use a visual 
similar to the below to explain this. To have a truly 
inclusive environment is critical to our success and 
therefore it is essential that we recognise, support 
and celebrate the different diversity dimensions 
that make up our people and that our people can 
bring their whole selves to work.
We have continued to make strong progress in 
terms of progressing our DEI agenda since our 
last ESG report and some of our highlights are 
outlined below: 
  Data & Insights: Using surveys to understand DEI 
dynamics and sentiments for a better informed 
strategy and to assess progress year on year.
  Focused engagement: A DEI working group as 
part of the People Agenda, selecting a calendar of 
events to boost engagement, share experiences 
and drive inclusion. These include International 
Women’s Day, Pride and Black History month.
  Mentoring & Internships: Through the 10,000 
Black Interns internship programme, we offer paid 
work experience for underrepresented talent to 
gain skills and insight into the Asset Management 
industry. We undertook a successful internship in 
2022, and are delighted to have our next intern join 
us in Summer 2023. 
  Employee life-cycle: Challenging traditional 
recruitment frameworks and biases for candidate 
sourcing and promote opportunities for talent 
development. 
  Education outreach: We have expanded our 
initiative with Future First,  a charity that supports 
social mobility for state school students. Initiatives 
have included volunteering at Insight Days and 
careers training, and broader fundraising across 
the portfolio.
  Advocacy and Commitments:  We are signatories 
to and members of a number of industry initiatives 
such as Level 20, Social Mobility Pledge and 
OutInvestors. 
ADVANCING  
DIVERSITY, EQUITY  
& INCLUSION 
S
Gemma Pullinger 
Chief People 
Officer
  
 
 
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P
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“Participating in the 10,000 Black 
Interns scheme at Pollen Street was a 
phenomenal experience. I thoroughly 
enjoyed working with the team over the 
course of my internship. Not only did I 
gain deep insight into the investment 
management industry and specifically 
Real Estate finance, I also received 
guidance and mentorship that continues 
to shape my career to date.”
Kelvin Karitu 
Pollen Street 2022 
10,000 Black  
Interns intake 
Organisational
External
Internal
30
POLLEN STREET
29
4. ESG INSIGHTS

27%
Gender  
Pay Gap 
2021: 29%
ADVANCING  
DE&I ACROSS  
THE PORTFOLIO
As part of the ESG and People Forum, we work 
with our portfolio companies to understand the 
diversity and inclusion dynamics in their business, 
and set out ambitions and initiatives, using the Hub 
to share best-practice. This includes areas such 
as employee engagement, training and development 
and measurement of DEI organisational dynamics. 
DEI KPIs are also key factors in the portfolio ESG 
scoring mechanism.    
We have recently completed our third DEI  
survey to understand our teams, as well as  
to gain insights to focus our future initiatives. 
OUR POLLEN 
STREET TEAM
State Educated 2021: 64%
Female Employees 2021: 36%
Ethnic Minorities 2021: 17%
23%
36%
66%
INVESTING IN FEMALE ENTREPRENEURS
We continue to be an active member of the Council 
for Investing in Female Entrepreneurs (CIFE). The 
CIFE brings together leading investment firms and 
institutions to tackle barriers faced by female 
entrepreneurs. The Council is a community of firms 
and individuals who are passionate about achieving 
long-term behavioural changes to close the gender 
funding gap. 
Pollen Street has supported in implementing the next 
phase of the “Invest in Women Hub”, launched in 
2021 to help female entrepreneurs in the UK to access 
routes to finance to grow and scale their businesses. 
The Hub will be relaunched in 2023 to reach even 
more female entrepreneurs.
Freedom Finance 
New policies have been rolled out to support women in the 
workplace with a new Pregnancy Loss and Menopause policy 
as well as a new policy to support victims of domestic abuse. 
Freedom believes it is vital to squash the taboos around 
these subjects and let the team know that they have support 
during difficult times 
Kingswood
Over 40% of Kingswood’s Executive Team are female, and 
over 50% of managers in the next layer of leadership are 
female. Within a traditionally male industry Kingswood are 
proud to be putting female leaders and role models front 
and centre to encourage industry-wide diversity which can 
be representative of the clients they serve.
PORTFOLIO EXAMPLES
PE PORTFOLIO GENDER DIVERSITY
ALL EMPLOYEES
BOARD MEMBERS
EXCO MEMBERS
2022
2021
46.5%
28%
19%
41%
26%
14%
GENDER PAY GAP  
HAS REDUCED1
OUR 
TARGET:
25% 
WOMEN ON 
PORTFOLIO 
BOARDS/
EXECUTIVE 
LEADERSHIP 
BY 2025
50%
Over 50% female hires  
in past 12 months.
1 The gender pay gap is the % 
difference in average gross hourly 
earnings between women and 
men across the PE portfolio.
32
POLLEN STREET
31
4. ESG INSIGHTS

BUILDING BUSINESSES THAT ARE 
GREAT PLACES TO WORK
We recognise the strategic importance of creating a positive and 
engaging culture for our people, and this is equally important 
across our portfolio companies, for those that employ just a 
handful of people through to those that employ thousands.
A people-first approach in organizations is vital for 
employee engagement, retention, well-being, 
creativity, innovation, and the overall organizational 
culture. This means Pollen Street and its portfolio 
companies are a compelling prospect to candidates, 
and allows them to attract diverse talent across the 
different sectors and geographies within which  
they operate. 
We encourage companies to measure engagement 
through employee surveys, and to take relevant 
actions to grow and develop their people, supported 
by progressive leadership and growth policies and 
practices. This approach helps drive a positive 
culture and performance results. 
of PE Companies with 
engagement surveys
83%
BUSINESS PUNK AND 
STATISTA: PAIR FINANCE 
TOP STARTUP EMPLOYER 
FOR THE SECOUND TIME 
IN A ROW
34
POLLEN STREET
33
4. ESG INSIGHTS

STRONG GOVERNANCE 
TO BUILD SUSTAINABLE 
BUSINESSES 
G
TARGETS
RESULTS
At Pollen Street, our focus is on building better, more 
sustainable businesses. This is achieved through a 
potent blend of advanced business practices, digital 
transformation, and stringent governance. 
Digital transformation, often celebrated for enhancing 
productivity and profitability, is also a crucial 
contributor to sustainability. The impact of this in 
creating sustainable businesses is threefold:
Strong governance for safer, better businesses:  
Building the foundations of strong governance is critical 
for creating a better business, that is more transparent, 
that operates safely and is more sustainable for the 
long term. As a PE investor our impact can be 
significant, particularly through helping appoint Non-
Executive Directors. The right people can provide a 
creative contribution to the board with their independent 
oversight and constructive challenge to the executive 
directors. The engine for this oversight and good 
governance, that we can then help establish, is the 
firm’s robust committee structures for decision making 
and feedback as well as its risk management 
framework. All of which make stronger businesses, 
better equipped for future growth.
Waste Reduction through Process Optimisation: 
By optimising processes, we can help portfolio 
companies in reducing waste in its various forms as 
we streamline operations. This may be in the form of 
wasted staff time, material waste, energy consumption 
or financial inefficiencies. Optimising processes to 
address these issues builds more sustainable as well 
as more profitable businesses.
Data to Strengthen Governance,  
Compliance and Security:
Another pivotal aspect of our strategy is data and 
the role that improvements in the collection and 
use of data can have in strengthening governance, 
enhancing compliance, and strengthening security. 
We employ a data-driven approach to decision-
making, fostering businesses that are not only 
efficient but also secure and transparent.
Sustainable Value Creation and  
Social Responsibility:
All these elements converge to enable businesses 
to create long-term value while fulfilling their social 
and environmental responsibilities. Excellent - digital 
- processes empower organizations to measure and 
optimize their environmental impact, track supply 
chain sustainability, and enhance responsible 
practices. This helps businesses to align their 
operations with global goals such as reducing 
carbon emissions, conserving resources, and 
promoting social equity. 
Integral to all these elements the establishment of 
the Pollen Street Hub or ‘centre of excellence’. The 
hub, acting as a conduit to share best-practice 
across the portfolio, plays a key role in reducing risk, 
driving value-creation and enhancing alignment with 
the ESG agenda.
In essence, our efforts in digital transformation go 
beyond business excellence. They are about 
constructing a sustainable future for all stakeholders, 
in line with Pollen Street Capital’s unwavering 
commitment to the ESG agenda.
BUILDING BETTER BUSINESSES  
of companies with ESG  
matters on the Board  
agenda at least once a year
100%
of companies with formalised 
ESG policy (2021: 80%)
100%
of companies with  
formalised ESG policy
100%
of companies with ESG  
matters on the Board agenda  
at least once a year
100%
Strong governance is core to our operating model,  
where we believe that a fairer, more transparent business 
supports strong and sustainable growth. We also ensure 
that our investments comply with industry standard 
guidelines as fundamentals, and aim to set the standard 
for best practice, actively managing ESG considerations 
and risks effectively.
Gilad G. Amir 
Digital Operating 
Partner
4. ESG INSIGHTS
36
POLLEN STREET
35

SUPPLY CHAIN  
SUSTAINABILITY
A key focus for the coming year will be to build 
a sustainable supply chain that benefits the 
environment, society, and the bottom line. We 
will take steps to assess the environmental, 
social and economic performance of Pollen 
Street’s suppliers, enabling us to implement 
action plans and monitor progress towards 
sustainability goals. 
ESG EDUCATION  
& AWARENESS
We are committed to delivering training to equip 
our people on ESG matters, ensuring they have 
the knowledge and skills to respond to the risks 
and opportunities that ESG presents. In 2022, 
this involved sessions on Climate Action and in 
2023, we will be extending training on the ESG 
regulatory environment for both the firm and 
relevant individuals across the portfolio.
Adrian King
CTO
Our policies and processes help deter, 
detect, and disrupt financial crime –
protecting individuals and businesses from 
frauds and scams.
With many of Pollen Street’s investments 
providing access to the financial system, 
investees are well positioned to reduce both 
overall levels of financial crime, as well as 
raising awareness of how consumers can 
protect themselves.
DATA PRIVACY AND  
CYBER SECURITY
Cyber security and resilience remains high on 
the agenda at Pollen Street and we continue to 
work closely with our portfolio companies to 
ensure the right levels of controls and diligence 
are applied.
Supply chain cyber risk in particular has become 
an increasing focus for all organisations in the 
last year, with well publicised incidents affecting 
organisations of all sizes and maturities. 
Maintaining the right view and controls over 3rd 
and 4th party risk has been an important part 
our ESG programme over the last year.
Outside of the security space, our operating 
partners have started discussing AI and 
generative AI across the group as we look to 
ensure we’re fully cognizant of the bias risks 
these technologies can have and its impact on 
social inclusion.
38
POLLEN STREET
37
4. ESG INSIGHTS

40
39
40
POLLEN STREET
39
40
POLLEN STREET
5. IMPACT IN ACTION
39
POLLEN STREET
5. IMPACT IN ACTION

CREATING A LASTING ENVIRONMENTAL IMPACT 
ALIGNING BEHIND A FOCUSED CLIMATE STRATEGY
We believe that financial services has a significant role to play in 
funding green initiatives and driving positive sustainable change, 
and we recognise the significant contribution this will make in 
turning the tide on the climate crisis. As part of this, we believe 
it’s our responsibility to support solutions that have a positive 
environmental impact, enabling businesses and people to make  
a real difference, supporting broad targets for net zero.
Shawbrook has placed a large focus on integrating ESG into its 
business strategy, with a key pillar being its climate strategy, 
where the bank has taken a focused, collaborative approach. 
With an aim to be the UK’s greener digital bank, 
Tandem is focused on leveraging its unique position 
as a green enabler to help address household 
sustainability, with almost 35% of UK emissions 
come from households. 
In 2022 Tandem took a significant step towards its 
mission with the launch of ‘Tandem Marketplace’, a 
consumer-focused hub which provides key information 
and resources to help promote greener living. 
Tandem has also developed the Greener Product 
Criteria, an industry-leading set of principles to define 
and classify ‘greener’ lending products as a guide to 
evolve its portfolio as a greener bank;
All products are assessed through this internal
scoring system across four areas:
  Decarbonisation potential using a tiered sys-
tem of sub-weighting in accordance with the 
decarbonisation hierarchy (avoid, reduce, replace);
  Cost-saving potential based on delivering cost-
savings compared to a non-green alternative  
or inaction;
  Access and affordability based on increased 
financial inclusion;
  Educational value Educational value based on 
providing education for customers.
Their initial focus in the short term is on actions  
and targets on areas where the bank has the  
greatest influence, considering customers’ needs  
and supporting them using existing or new lending 
propositions to produce a positive and inclusive 
social and environmental impact.
The diagram below shows the metrics and targets 
to support their climate ambition, as well as to 
meet net zero commitments.
Shawbrook also recognises the need for 
transparency and accountability to show progress 
against its climate strategy and have published its 
inaugural TCFD report for the year ended 31 
December 2022. To view the full TCFD report visit 
here: shawbrook.co.uk/sustainability/
>97k
>£288m
68%
Customers making  
greener choices
Green home  
improvement lending
% Loans representing 
greener products
49,000t
CO2 saved in 2022 through 
financing of greener products
All products that achieve at least 60%  
across these four categories are counted  
as greener products; Tandem has 
seen these results in 2022:
Target
Metric
NET ZERO BY 2050
SUSTAINABLE  
FINANCE
  £500m of originations  
by the end of 2025 
% EPC C+ RATED 
PROPERTIES
  Annual disclosure for  
owner occupied and  
buy-to-let portfolio  
CARBON  
NEUTRAL
  Maintain for own  
operations  
NET ZERO ALIGNED 
SUPPLIERS
 At least 40% by the  
end of 2025  
NET ZERO BY 2035 
 For own operations  
EXECUTIVE 
REMUNERATION
  Tracking ESG and climate 
metrics in the bonus scorecard 
design 
CLIMATE RISK
  Annual disclosure on how  
we embed climate risk  
in the Group  
42
POLLEN STREET
41
5. IMPACT IN ACTION

To protect the environment and reduce overall 
carbon emissions the transition to green 
transport is crucial. Pollen Street’s credit facilities 
focus on funding gaps in this green transition, 
supporting lenders and businesses to build and 
grow variety of green transport initiatives and 
programmes. 
ACCELERATING THE  
TRANSITION TO  
GREEN MOBILITY
Pollen Street has a facility with Octopus Electric 
Vehicles, the UK’s go-to electric vehicle leasing 
specialist. The facility will fund up to £350 million 
in new leases, enabling more people to switch to 
green mobility.
Matthew Potter 
Partner
We believe the Financial Services sector has a 
critical role to play in driving impact in a tangible 
way for the real economy. This is the lens we 
use to assess our investments, aiming to drive 
positive change through regional economic 
growth, access to finance and greener homes 
and transport. 
Combined with governments, businesses and 
society as a whole, financing is critical to achieve 
much needed progress in these areas. Specifically 
thinking of the environmental aspects, we know 
there is a groundswell of concern and support 
from people looking to make greener choices. 
But it is often difficult to know where to start and 
how to help. 
Our facilities to our credit partners have helped 
people make green home improvements and given 
easier access to electric vehicles. Through our 
funding to high quality non-bank lenders, 
technology companies and other mid-market 
businesses with diverse portfolios of assets, we 
can have a real impact. 
FINANCING  
FOR POSITIVE 
CHANGE 
Pollen Street’s credit facilities  
helped over 15,000 people make  
the switch to electric vehicles
15,000
44
POLLEN STREET
43
5. IMPACT IN ACTION

“Post-pandemic it is extremely encouraging 
to see the number of female business owners 
applying for revenue-based finance on the 
increase. We have the great privilege of being able 
to finance and support many incredibly talented 
entrepreneurs, from all corners of the UK – and it’s 
as important as ever to raise awareness among 
all budding business owners of the opportunities 
and finance options available to them.”
WORKING WITH CREDIT PARTNERS 
TO PROVIDE FINANCING TO REDUCE 
INEQUALITIES AND TO SUPPORT SMES 
TO GROW THEIR BUSINESSES
365 have a positive social impact as they support c1,600 UK  
SMEs to grow via providing working capital advances. The business 
serves a diverse set of companies, across different industries and 
growth stages.
#SheLeads
 In response to the Alison Rose Review of Female Entrepreneurship, 
in 2022, 365Finance launched #SheLeads, a campaign 
designed to empower and inspire women to start their own 
venture, while also raising awareness of alternative funding 
solutions that can help grow a successful SME
 This campaign featured a series of interviews with successful 
female founders, such as Penny Power OBE, Pip Wilson and 
Katie Buckett, featuring personal experiences of launching a 
business, along with top tips for the female business owners  
of tomorrow.  
 As a result of the campaign, 365 Business Finance has seen an 
increase in women-owned businesses applying for finance, 
having a higher average of female clients in May 2022 at 34% 
compared to the prior year when the average was 25%.
 The next phase of the #SheLeads campaign will be launched in 
Q3 2023.
OF CREDIT FINANCING  
PROVIDED OUTSIDE LONDON 
84%
6.2%
15.1%
10.2%
16.1%
4.3%
6.2%
3.2%
9.3%
13%
6.3%
3.4%
1.0%
5.7%
6.7%
5.8%
12.6%
9%
7.0%
12.2%
8.2%
4.5%
13%
0.4%
1.6%
9.5%
9.3%
Scotland
South East
London
Yorkshire & the Humber 
South West
North West
Wales
West 
Midlands
East Anglia
East 
Midlands
Republic 
of Ireland 
Northern  
Ireland
North  
East
%  OF LOANS (VALUE)
% OF LOANS (NUMBER)
Andrew Raphaely 
Managing Director at 365 Business Finance
Many businesses in our private equity and 
credit portfolios have a positive social impact 
linked to their core business proposition. 
FINANCING FOR POSITIVE CHANGE
In our Credit strategy we believe in the 
potential for positive impact through our 
financing, whether that be by supporting 
SMEs through quality borrowers or driving 
regional economic growth by investing in real 
estate developers across the UK and Europe 
that reduce regional disparities, and support 
the levelling up agenda.
Our investments are regionally balanced with 
facilities and end borrowers across the UK 
& Ireland:
SOCIALLY IMPACTFUL  
PRODUCTS &  
PROPOSITIONS 
% OUTSIDE 
LONDON BY 
SUB-SECTOR
Consumer
89%
Real Estate
83%
SME
82%
REGIONAL CREDIT SPLITS
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5. IMPACT IN ACTION

“We are a data-led business that is 
working to drive financial inclusion for 
our customers. There is a gender data 
bias that exists within the financial 
services space, caused by unconscious 
bias where many credit models have 
been designed over decades. By 
deploying new data sets to share with 
our lending panel, we can demonstrate 
that consumers in minorities are 
creditworthy, without asking the 
lender to change their risk appetite. 
This is an ongoing piece of work that 
will drive financial inclusion in 2023 
and in years to come.”
DATA AND ANALYTICS  
DRIVING DE&I IN FINANCE
FINANCIAL EDUCATION  
& INCLUSION
Emma Steeley
CEO Freedom 
Finance
Currently constructing over 3,000 
homes across the UK and Ireland
Students taught
Teaching hours
Classroom Sessions
Bus Sessions
C.19,000 tonnes of carbon savings
- Minimum EPC B on all new build 
residential housing in the UK
Our real estate credit partners directly 
employ c.150 people with over 3,000 
indirectly employed on financed 
construction sites.
3,000+
1,569
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3,000
Having good money management is 
the path to better social mobility. 
Research from the London Institute of Banking and 
Finance shows that 83% of students (aged 15-18) want 
to learn more about money and finance in school, and with 
the current cost of living crisis, this need is becoming ever 
more pressing. Tandem Bank has invested in a financial 
literacy programme delivered over several channels 
including the “Tandem Bus” to deliver financial literacy 
lessons in schools to help students develop the skills and 
knowledge they need to manage their finances effectively 
and to make better informed financial decisions. 
The programme was developed to ensure it is tailored 
to the needs of young adults, and will focus on topics 
such as Budgets, Money Safety, and Credit Scores.
19,000t
ENABLING DEVELOPMENT  
OF AFFORDABLE, EFFICIENT  
& GOOD VALUE HOMES. 
Our credit partners include real estate and bridging 
lenders. We support communities in meeting the 
critical housing gap in the UK and Europe through 
the construction of quality primary housing, 
adopting sustainable living standards and improving 
the impact property has on the environment.
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5. IMPACT IN ACTION

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6. CREATING  
PARTNERSHIPS  
FOR LASTING IMPACT
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6. CREATING PARTNERSHIPS FOR LASTING IMPACT

SUPPORT  
FOR UKRAINE
Via our Pollen Street portfolio company Punkta, teams 
have been supporting and building a social-educational 
project that creates a platform for Ukrainian refugees to 
learn Polish.
UA4UA is a charitable project focused on Ukrainians in 
Poland who have escaped the atrocities of war in Ukraine. 
The platform provides them with personalized learning of 
the Polish language. The tuition process is structured and 
provided by qualified Ukrainian teachers, with experience 
in teaching Polish. 
The project was launched in May 2022 and since then 
over 440 people have completed a course with a further 
200 active students. All classes are free of charge for 
students, organized online and led by the teacher in group 
up to 10 people to maximize impact. The project provides 
stable and predictable jobs for its Ukrainiawn teachers 
while providing life-changing language skills to Ukrainian  
war refugees.
GIVING BACK
Our flagship ESG programme “Ten Years’ 
Time” has been in place since 2020, to make 
a transformational difference to society and 
planet. Our aim is to connect the ESG impact 
of the firm, and our incredible people and 
expertise, with charities and causes to make  
a difference.
While you can donate to ESG-related causes,  
the real operational leverage comes from 
using the core skills our people use on a daily 
basis to turbo-charge other initiatives in the 
ESG arena.
  Ambitious to make lasting change
  Integrated to align our corporate strengths  
and assets to deliver social change
  Aligned to ensure our ESG programme is 
integrated into our corporate objectives, 
culture, and values
In 2022, we extended our programme by 
offering all employees the option to support 
the causes below or charities of their choice 
through volunteer days.
FELIX PROJECT
A new addition to our charitable partnerships is The Felix 
Project. In 2022 we created a strategic partnership with 
The Felix Project, a food redistribution charity that collects 
surplus fresh food that cannot be sold. This surplus food 
is delivered to charities and schools so they can provide 
healthy and nutritious meals and help the most vulnerable 
in our society.
Pollen Street volunteers complete green walking routes 
around central London to collect and then deliver the surplus 
food. At our current rate by the end of 2023 employees  
will have:
  collectively walked nearly 500,000 steps
  collected and redistributed 1.4 tons of food that would 
otherwise have gone to waste, allowing the Felix Project 
to supply over 3,300 meals
FUTURE 
FIRST
Future First is a charity that aims for every state school 
and college in the UK to be supported by a thriving and 
engaged alumni community, which improves students’ 
motivation, confidence and life chances.
As an active supporter of Future First, and as part 
of our aim to open up careers in financial services 
to people who may not otherwise have access, we 
recently hosted our first Insight Day with Future First. 
We welcomed 20 students from 6 schools for a careers 
insight day, giving a taster of the world of financial 
services, different departments in a business and a 
session on good interview skills.
Pollen Street employees have also volunteered to 
produce online, audio and written content for Future 
First that they can use on their website and with their 
partner schools, helping further educate students on the financial 
services sector and the careers available.
Recognising the importance of nurturing talent at a grass 
roots level we have recently delivered an interactive training 
session focusing on financial analysis and modelling to 11 high 
performing female students via our partnership with Future First.
Finally, we have leveraged our portfolio network to expand 
the reach of Future First. A number of our portfolio companies 
have now entered into a partnership with Future First to improve 
opportunities for young people and to connect with up-and-
coming talent. 
OTHER CHARITY & 
COMMUNITY PARTNERS
Raising awareness and providing fundraising 
opportunities for causes close to our heart.
HUMAN RIGHTS 
WATCH
As part of the ongoing focus on Supply chain 
sustainability and addressing Human Rights violations, 
Pollen Street is partnering with Human Rights Watch 
and its next gen programme. 
AUDITORY 
VERBAL
Auditory Verbal UK’s vision is that all deaf children have 
the opportunity to listen and speak as equals alongside 
their hearing  peers. Pollen Street has supported AVUK 
over the past years with a number of fundraising events. 
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6. CREATING PARTNERSHIPS FOR LASTING IMPACT — GIVING BACK

Responsible Investment
We have been a signatory to the United Nations’ Principles for Responsible 
Investment since 2019. We received a 4* rating in both the Strategy and 
Governance and Private Equity modules in the most recent rankings. 
Under the EU SFDR, Pollen Street has committed to progressive Article 
8 for current PE and Credit funds, and is working to align processes and 
disclosures with Article 8 requirements across all future funds.
 Diversity, Equity & Inclusion (DEI)
We are advocates and partners to a number of diversity organisations and 
initiatives, to advance awareness and representation across the industry.
ALL PLAYERS ARE PART OF THE SOLUTION
We are proud to participate in a number of organisations and initiatives 
to advance collaboration, best-practice and transparency on ESG and 
sustainability across the industry and broader society. 
7. ESG STEWARDSHIP
 ESG Reporting Excellence
An inaugural member of the ESG Data Convergence Initiative since 2021.
A joint investor initiative to collectively increase the quality, 
consistency, and comparability of ESG data in private markets.
 Climate Change
Pollen Street has joined the initiative Climat International (ICI) and is 
signing up to the ICI commitments in order to participate with industry 
peers and share best practice to address Private Equity’s exposure to 
climate change risk.
We are also a member of Fairr Initiative, the world’s fastest—growing 
investor network focusing on ESG risks in the global food sector.
SIGNATORY OF
INDUSTRIES INITIATIVES ALIGNMENT
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7. ESG STEWARDSHIP

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LOOKING AHEAD
BROADEN  
IMPACT THROUGH  
DATA & SCORING
Continue to improve reporting and scoring mechanism to assess 
and monitor sustainability performance of potential investments, 
and engage with portfolio companies to improve scores with ESG 
ratchets deployed across Borrowers’ credit facilities.
STRONG GOVERNANCE
Continue to enhance Regulatory and Governance frameworks, 
including approaches to ESG risk management considering TCFD. 
Ensure education and awareness across the firm and portfolio.
SOCIAL IMPACT
Drive broader societal change through financing socially impactful 
products and propositions, and continue to promote diversity, 
equity and inclusion in our firm and wider industry.
NET ZERO & CLIMATE
Work programmatically with each portfolio company towards 
achieving net zero, and continued identification and development 
of climate and sustainability solutions. 
SUPPLY CHAIN  
SUSTAINABILITY
Take steps to assess the environmental, social and economic 
performance of Pollen Street’s suppliers, enabling us to implement 
action plans and monitor progress towards sustainability goals. 
STEWARDSHIP
Act as a role model for the industry, working with key stakeholders 
– investors, portfolio companies and industry bodies to champion 
ESG progress in our sector.
PURPOSE-LED  
ASSET MANAGER
Continue to embed responsibility and sustainability into the 
Pollen Street culture. Scale a lasting programme with our 
community partners.
Over recent years, we’ve established a strong foundation for ESG 
and sustainability. We continue to strengthen best-practice and 
collaboration within our ESG framework, with a focus on improving  
the sustainability performance of our investments, mitigating risks 
and creating value for our investors and stakeholders.
OUR KEY FOCUS AREAS FOR ESG
8. FOCUS FOR 2023
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8. FOCUS FOR 2023

9. PORTFOLIO 
ESG METRICS
METRIC
VALUE
% of companies with ESG policies
100%
% of companies with ESG on Board agenda
100%
% of companies with Human Rights / Modern Slavery policies
83%
Exposure to controversial weapons
0%
% of companies with cyber incidents in the year
0%
% of companies measuring carbon emissions
100%
% of companies with carbon reduction plans in place
67%
% of companies with carbon neutral status achieved
50%
% of companies with net zero plans in place
44%
Average carbon intensity of revenue Scopes 1 & 2 (tC02e / €m)
3.89
Average carbon intensity of revenue Scopes 1, 2 & 3* (tC02e / €m)
9%
Average carbon emissions per FTE (Scopes 1 & 2)
72%
Average carbon emissions per FTE (Scopes 1,2 & 3*)
2%
% of companies sourcing renewable energy
50%
Average renewable energy consumption (KWh)
287,027
% of companies with sites / operations located in /  
near to biodiversity sensitive areas
0
Emissions to water
0
Hazardous waste radio
0
% of companies with DEI policies
83%
% of companies conducting engagement surveys
83%
% of companies with charitable / community initiatives
94%
Amount donated to charity
£1.1m
Female Board % representation
19%
Female Executive Committee % representation
28%
Average unadjusted pay gap
27%
FURTHER DETAIL ON PORTFOLIO ESG METRICS 
FOR THE YEAR ENDED DECEMBER 2022
Below we set out some summary ESG metrics from across the  
PE portfolio, which are a sub-set of the comprehensive data 
collection that we use to monitor ESG performance.
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9. SUSTAINABLE FINANCE DISCLOSURE REGULATIONS

60
Pollen Street has established an ESG committee 
(“ESGC”) which is responsible for setting the  
strategy, framework, and processes for ESG 
integration across the investment process. The 
ESG Committee is composed of a cross-section 
of teams to enable appropriate engagement and 
allocation of responsibilities. 
RESPONSIBILITY FOR ESG
Gemma Pullinger 
Chief People Officer
Julian Dale 
Chief Financial Officer
George Harwood 
Investment Manager
Ethan Saggu 
Investment Director
Alison Collins (Chair)
Head of ESG
Michael England 
Partner
Lindsey McMurray 
Managing Partner
Matthew Potter 
Partner
Chris Palmer 
General Counsel
Gary Wong 
Chief Compliance Officer
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9. SUSTAINABLE FINANCE DISCLOSURE REGULATIONS

Design by Jory&Co.
ALISON COLLINS
Head of ESG
alison.collins@pollencap.com
LUCY HILL
Communications Manager 
lucy.hill@pollencap.com
CONTACT
Pollen Street Capital
11-12 Hanover Square
London
W1S 1JJ
+(44) 203 728 6750
info@pollencap.com
pollencap.com
©Pollen Street 2023