Sustainability drives value
ESG & Environmental Impact Report 2021

Ambienta is managing one of the leading capital pools with a focus on investing 
in private and public companies driven by environmental megatrends
We look for investment opportunities amongst companies whose products and/
or services generate a Resource Efficiency or a Pollution Control impact.

Opening Statement
Ambienta at a glance
Our Purpose-built Business Model
Fondazione Ambienta
pag. 4
pag. 6
pag. 9
pag. 37
Table of contents
3

For Ambienta, global sustainability champion, 2021 marked another year of growth. Fifteen 
years of expansion and leadership, regardless the context around us. We manage over €1.5b 
in assets and we operate across 4 European offices, with Paris and Munich launched mid-
pandemic. Ambienta’s team is rapidly growing, now strong of 57 resources with more to come.
Our Private Equity portfolio once again proves that true sustainability equals resilience. In 2021, 
with Covid, our companies experienced 12% revenues growth against 2019, pre-pandemic 
levels, and 14% EBITDA growth. No life was lost to Covid among our companies’ 68 sites with 
over 3.500 employees and business in 148 countries. 2021 was an opportunity for origination; 
we completed three new platform investments ‑ Caprari, Collingwood and Cap Vert ‑ and five 
add-on acquisitions. 
Ambienta X, our 2020 Public Market division, first to apply quantitative sustainability 
methodologies in public equity, as we were first to do so in the buyout world, expanded and 
launched three new strategies based on environmental trends: two long only and one low 
volatility. The division is already among the largest true sustainability HFs in the world and is 
about to be distributed worldwide. 
Since 2007, the year we started-up, we saw several global crises, but we remained true to our 
conviction that environmental mega trends are the greatest long-term change in the history 
of the world economy. Now again, we are facing a storm of volatility and complexity: the 
pandemic still rages on in some areas, supply chains are disrupted, inflation is exploding, a war 
in Europe, skyrocketing energy prices and the urgency of strategic independence. Confronted 
with these raising challenges the world still found drive and determination to move towards 
sustainability with new regulatory requirements and a renewed attention to decarbonization. 
There is full convergence with our historic vision that environmental sustainability and ESG 
management are fundamental levers for value creation and a baseline of resilience against 
market volatility. 
Our vision has proven itself time and time again; our implementation has always aimed at 
growing our business responsibly: values such as transparency, diversity, meritocracy, and 
collaboration have supported us towards reaching extraordinary results.  As always, also 
in the face of this latest crisis, we have acted responsibly disengaging immediately from all 
portfolio activities in Russia and Belarus.
Our coherence speaks louder than words. We are B-Corp certified since 2019 and Carbon 
Neutral since 2020. In 2021 we continued our extensive engagement on ESG matters across 
the asset management industry. All recent product launches are and will be classified as Art. 
9 under the SFDR. PRI has awarded us their top score since 2017.
In 2022, our fifteenth anniversary, we will continue our growth. We will be first movers again 
by bringing our environmental insight, and quantitative methodologies, in the world of Private 
Credit: our third strategy after private and public equity. We will also raise our fourth Private 
Equity fund, of course classified as Art. 9 under the SFDR, and further expand Ambienta X 
with global distribution.
We look forward to a new successful year!
Nino Tronchetti Provera
Message from our Managing Partner and Founder
Since 2007 we invest in the most mega of all megatrends
4

While markets continue to challenge our private and public portfolios, true sustainability 
keeps proving a synonym for resilient businesses. In 2021, despite Covid and supply chain 
disruptions, our Ambienta II EBITDA grew from €55.6m in 2020 to €65.4m and Ambienta III 
from €96.8m to €111.6m. On the public market side the long/short X Alpha fund registered an 
excellent performance, with an absolute return of 9.95% and a Sharpe Ratio in excess of 1. 
Ambienta is a purpose-built ecosystem to invest in sustainability: its mission since its founding 
in 2007. Ambienta has developed a huge bank of knowledge and expertise through its in-
house Sustainability & Strategy team. It has developed proprietary, SDG-aligned, quantitative 
metrics to measure environmental impact (EIA for private equity; ASI for its public market 
strategies) and a systematic approach to ESG integration, ESG in Action, which we implement 
on 100% of our private and public equity operations. Ambienta believes that its authenticity and 
superior execution are real differentiators. True sustainability and thorough ESG integration 
are the keys to our success. In a moment of many followers in the green arena, Ambienta 
remains one of the few original, true and authentic players.
In 2021 our ESG in Action programme has been once again refined to continue to lead as 
best practice in ESG integration: we developed for Namirial a forward-looking carbon budget 
that incorporates and mirrors the financial development plan in the investment case. This is a 
new ground-breaking field where Ambienta is again first mover in its leadership in ESG and 
responsible investing. 
With our investment in Cap Vert we also kicked off a new project that will allow us to quantify 
its impact on “biodiversity preserved”. After 8 years of EIA calculations, we finally came to 
use this elusive metric which, with foresight, we always knew it was important to have in our 
impact modelling. Most of our followers limit their impact considerations to just CO2.
Throughout 2021, the Sustainability & Strategy (S&S) team has continued its growth and now 
comprises a gender diverse team of eight experienced professionals. The team has been at 
the core of the ongoing development of our ESG integration in Ambienta X. Our approach 
focused on a structured engagement with a comprehensive ESG survey conducted on 100% 
of our public equity portfolio. Through subsequent analysis and meetings, this activity, which 
will be applied annually from now on, allowed us to investigate ESG best practices and identify 
areas of improvement, supporting our portfolio companies in reinforcing their ESG agendas.
We continued strengthening our approach towards climate change mitigation and 
decarbonization of our operations. Our firm-wide Net Zero Policy sets our commitment to 
promote climate change reduction activities in line with the Paris Agreement at firm level and 
across all our asset classes. The efforts undertaken in these years have allowed us to obtain 
Stefano Bacci
the carbon neutral label annually since 2020. 
Over the last year, Ambienta has completed a policy overhaul with the definition or revision and 
subsequent approval of 19 new ESG related policies at GP level, most of which are then being 
mirrored at portfolio company level. We have also committed to all our new products being 
classified as Art. 9 under the SFDR. In 2021, we have integrated and aligned our processes to 
the new sustainability-related requirements and have initiated assessments regarding the EU 
Taxonomy.
 
Ambienta has continued to gather awards and recognition across the industry. The most recent 
being the “Environmental, Social and Governance - GP” Award in Real Deals’ Private Equity 
Awards and the “Best Alternative Fund” in Mainstreet Partners’ ESG Champions Awards. 
These accolades are true reflection of the firm’s unique sustainability driven investment 
strategy and approach to responsible investment.
In 2021 Ambienta continued leading in sustainability and ESG integration
Message from our Head of ESG
5

Ambienta at a glance
6

Our Business 
Pioneered a new way of investing that  
couples environmental sustainability with  
best-in-class ESG practices
Offices
Employees
Billion € committed 
assets
Environmental 
sustainability investments
Sustainability & Strategy 
experts
Our sustainability leadership
Leader in generating top-tier financial  
performance through solid, measurable  
environmental impact
ESG awards won over 
the last 3 years
1 Including 3 external advisors and 2 Sustainability & Strategy experts hired at the beginning of 2022.
Assets managed with 
consistent and demonstrable 
ESG integration
Top decile PRI score for its 
approach to ESG strategy 
and integration
Our award-winning ESG programme
Ambienta’s internationally recognized ESG 
in Action programme is deeply rooted in its 
culture and operations 
4
1.5
> 
57
1
18
100%
7
100%
A+
Our Investment 
Strategy
Ambienta at a glance
Ambienta was first to recognize that sustainability and ESG were pivotal for value creation
Resource 
Efficiency
Pollution 
Control
7

ESG yearly  
reporting
Internal  
Sustainability 
Team
Ambienta 
Sustainability 
Index (ASI)
Net Zero 
by 2030 
commitment 
€ 619m AuM 
Launch of new 
Ambienta X strategies
2008
2013
2018
2020
2019
2021
Our Offices
9
12
19
Our Team
0,5
1,0
1,5
€ bn
Assets since inception
Ambienta III
€ 635m AuM
Ambienta II
€ 324m AuM
Ambienta I
€ 218m AuM
ESG in the rules  
of the Fund
Environmental Impact 
Analysis (EIA)
ESG In Action  
PwC verification
ESG Quarterly 
Reporting
Sustainability in the 
rules of the Fund
Launch 
Ambienta X
Public 
Markets
Ambienta X - Public Markets
Our first public 
strategy falls within 
scope of Article 9 
of the SFDR
...working to 
become net 
positive
Implementation of 
SFDR requirements 
across asset 
classes
Support IIGCC 
in PE Net Zero 
guidelines 
development
Net Zero Policy 
44
57
Built for sustainability: 100% of our investments
Ambienta at a glance
8

Our Purpose-built Business Model
9

Our Accountability 
ESG managed at Partner and Board level
ESG in investment team’s Remuneration Policy
3
4
Our Sustainability & Strategy team
A team of 8 full-time sustainability experts
S u s t a i n a b i l i t y
1
2
100% ESG integration
ESG in Action programme applied across all asset classes
Independent ESG implementation verification by PwC
Our Assets
3 Private Equity funds: € 1.2 bn AuM 
3 Public Markets strategy: € 619 m Strategy Assets 
Ambienta has been purpose-built in 2007 to invest in the environment
Our Purpose-built Business Model
10

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

Ambienta’s unique Sustainability & Strategy (S&S) function is fully dedicated to  
understanding how Resource Efficiency and Pollution Control trends shape industries and 
create investment opportunities across asset classes. The S&S team continuously maps and 
researches compelling environmental investment opportunities across our divisions, leads 
the development of proprietary sustainability measurement approaches and implements ESG 
strategies and integration activities within our firm and across our asset classes.
Before joining Ambienta in 2012, Stefano was a 
Partner at Palamon Capital Partners (London), 
Senior Manager at Boston Consulting Group, and 
worked at BASF in Basel. Stefano graduated in 
Chemical Engineering from Politecnico University 
of Milan, holds an MBA from Helsinki School of 
Economics and MIT in Boston, and completed 
Postgraduate studies in Physical Chemistry at the 
Technische Universität Darmstadt.
Stefano Bacci
Partner and Head of ESG
Fabio joined Ambienta in 2011 and leads 
the development of Ambienta’s approach to 
sustainability driven investments across asset 
classes. Previously, Fabio was a consultant at 
Value Partners where he worked across a range 
of sectors and industries. He hold a BSc and an 
MSc in Aerospace Engineering from Politecnico 
University of Turin and has an MBA from INSEAD. 
Fabio Ranghino
Partner and Head of S&S
Previously, Guido spent six years in Saipem S.p.A. 
He holds an MSc in Architectural  Engineering 
from Politecnico University of Turin, and a Master 
of Advanced Management from Yale School of 
Management.
Guido Fucci
Manager
Previously, Saverio worked at Bain & Company, 
Business Integration Partners, Barilla Group and 
at a bike-sharing startup. He holds a Master in 
Business Administration from SDA Bocconi School 
of Management.
Saverio Zefelippo
Associate
Prior to Ambienta, Daniela spent 10 years 
working in the Risk Assurance – Sustainability 
and Climate Change practice in PwC. She holds 
a Double Degree in International Economics and 
Management and a MSc Degree in International 
Management from Bocconi University.
Daniela Popa
Manager
Previously, Federica worked for two years as a 
strategic consultant at Roland Berger. She holds a 
Master in Management with a major in corporate 
finance from ESCP Paris.
Federica Mallone
Associate
Prior to joining Ambienta, Luca spent two years 
as a Strategy & Innovation Consultant in Deloitte 
Officine Innovazione. He holds a Master’s and 
Bachelor’s Degree in Management Engineering 
from Politecnico University of Milan.
Luca Zerba Pagella1
Analyst
Previously, Francesco worked  for five years as 
an ESG and sustainability  consultant at KPMG. 
He holds a MSc Degree in  Management from 
Bocconi University. 
Francesco Anichini1
Associate
A centralized team working across Private Equity and Public Markets divisions
1
Our Sustainability & Strategy team
A centralized team fully dedicated to the understanding of sustainability
1 Hired at the beginning of 2022
12

Book of sectors
Investment cases across asset classes
	• Analyze how environmental trends  
shape industries 
	• Identify sustainability hot topics to highlight 
investment opportunities
	• Share analysis monthly with the investment teams
	• Propose investment ideas
	• Support origination activities
	• Identify sustainability leaders and 
laggards 
1. Idea generation 
Causes & sources
Solutions
Enviromental Issue
The Head of S&S is an integral part of the investment 
decision, through his presence on both the private equity 
and the public market Investment Committees.
2. Investment Committee activity
•	
Support continuous due diligence and strategic development of 
portfolio companies
•	
Complete annual update of proprietary impact methodologies 
(EIA & ASI)
•	
Lead ESG integration through the ESG in Action programme
3. Portfolio management
1
Our S&S team is an integral part of the investment process
Sustainability & Strategy identifies investment opportunities across assets 
13

2021
Heat Pumps
February 2021
Energy Transition 
Scenario
April 2021
Warehouse 
automation
March 2021
Forest Products 
Value Chain
September 2021
Agricultural 
services
March 2021
Water
October 2021
Waterproofing
July 2021
End of life textile
June 2021
Sustainability & Strategy identifies investment opportunities across assets
Knowledge and investment opportunities build-up – our focus in 2021
1
14

Our perspective: the “Ambienta Sustainability Lens”
Ambienta is founded on the notion that environmental sustainability trends, namely Resource  
Efficiency and Pollution Control, can be a source of competitive advantage. These trends  
represent a theme that cuts across traditional sectors, shape industries and value chains 
and ultimately drive value for companies and investors. Internally, our S&S team provides  
valuable support to the deal sourcing process by proposing investment ideas able to generate 
significant Environmental Impact. Opportunities are reviewed and evaluated together with 
investment teams during regular monthly meetings. Externally, the team engages with industry 
stakeholders and the general public through the “Ambienta Sustainability Lens”, a series  
of publicly available and quarterly newsletters featuring our perspective on environmental  
investment opportunities.
1
Openly sharing our perspectives on environmental trends
Ambienta Sustainability Lens
15

Ambienta has 
built its own 
ecosystem of 
knowledge, 
network and 
expertise around 
environmental 
sustainability 
which has 
proven to be 
scalable
Building proprietary knowledge on environmental opportunities 
and sharing insights and perspectives across asset classes
Private Equity
Public Markets
2021
Approach
2 offices 
8 employees
€ 619 m  
Strategy Assets
3 strategies
1 office 
9 employees1
€ 217.5 m AuM
4 offices
20 employees
€ 1.2 bn AuM
3 funds
2008
Outcome
Top quartile 
financial 
returns 
and solid, 
measurable 
environmental 
impact
SFDR integration 
at firm level and across asset classes 
We leverage our sustainability specialism to scale asset classes and geographies
Our Assets
2
1 Business support and corporate functions are excluded
16

Board of 
Directors
Investment
teams
ESG 
team
ESG integration is rooted in 
our firm-wide Responsible 
Investment Policy
Overhauled firm’s statutory 
framework integrating ESG in 19 
different policies and procedures
A specific ESG metric 
directly affects bonus and 
promotion decision
SFDR integration 
across the firm
External verification of 
ESG integration
Drives the Firm’s ESG  
strategy and commitment  
to Responsible Investment
Integrate ESG considerations in  
fundamental analysis for every  
investment opportunity
Performs regular 
verifications on ESG 
integration
Raises awareness 
internally through regular 
training sessions
Has oversight and 
accountability for ESG 
integration
Drive execution of ESG 
plans and promote active 
stewardship among investee 
companies
Engages with portfolio 
companies to drive ESG 
integration
Appointed Stefano Bacci, 
Director of the Firm, as  
Head of ESG
Identify and assess 
ESG risks in portfolio 
construction
Governance
2021 Highlight
2021 Highlight
3 Our Accountability
ESG integration is a priority throughout the firm
17

Investment teams
External and 
internal verification
Actions
Apply policy principles across 
asset classes 
Teams are accountable for implementing 
ESG best practices across asset classes
Perform external and internal 
reviews of ESG in Action 
programme implementation
Board
Reviews the Policy at least 
every two years to remain at the 
forefront of evolution
Ambienta’s Responsible Investment Policy 
 is the cornerstone of all firm-wide and asset-class specific ESG policies 
Our Responsible Investment Policy drives our actions
Our Accountability
3
18

Ambienta strives to integrate sustainability and ESG management practices into day-to-day operations within our firm and across 
all our asset classes, while engaging with our stakeholders to promote adoption of sustainability-driven best practices.
Climate 
engagement
ESG approach
	• Integrated systematic ESG KPI review within 
the investment process
SFDR integration
	• All our public market funds are classified 
as Article  9 under the Sustainable Finance 
Disclosure  Regulation (“SFDR”)
Active engagement
	• Engaged with all portfolio companies 
through ESG questionnaire, direct 
engagement with a selection of companies
Diversity
“I am delighted to have joined 
Ambienta as Head of HR. I greatly 
appreciate Ambienta’s commitment 
to fostering and preserving a culture 
of diversity, equity and inclusion at all 
levels of the organization. 
Diversity, equity and inclusion in our 
firm isn’t a destination, it’s a journey 
and I look forward to driving the 
firm’s continued efforts in embedding 
inclusivity in all our operations.”
Michela D’Isita
Head of HR at Ambienta
Firm level
Highlights of 2021 achievements
Private equity
Ambienta X - Public Markets
of 2021 hires were female 
professionals
52%
2019-2021 gender diversity 
increase
+23%
Climate engagement:
	• 6 Carbon Footprint analysis
	• 2 carbon reduction actions launched/completed
	• 1st decarbonization plan and carbon budget 
ESG verification
	• 4 independent verifications (Agreed Upon 
Procedures) on the ESG in  Action programme 
implementation within portfolio companies since 
2020 
ESG training
	• Formal ESG training to all management teams of 
newly acquired portfolio companies
4 100% ESG integration
ESG in Ambienta is finely dispersed all across its operations
19

Award-winning ESG integration approach 
applied systematically across portfolio 
Ambienta considers ESG as a value creation tool and the secret lies in the creation  of its own meticulous industrial 
approach, the ESG in Action programme, which  goes far beyond a mere administrative box-ticking exercise.
Integrate ESG 
and sustainability 
risks in investment 
decision making
Require third-party Carbon Footprint 
analysis and develop carbon strategy 
b. For each material topic set 
actions, targets and KPIs
Monitor execution of 
ESG Action Plans on 
a monthly, quarterly 
and annual basis
Require Board 
approval of three 
goal setting ESG 
Policies 
Deliver ESG training 
sessions to all  
management teams 
of newly acquired  
companies
1 Hire of CEO
2 Closing
a. Focus on what is material for 
each company
3
5
6
1
2
ESG due  
diligence
Closing
ESG 
policies
31/62 months
a. Materiality Analysis
61/122 months
b. ESG Action Plan
Monitor & 
Report
Completion
Carbon Footprint analysis and 
strategy
ESG 
verification
“To be effective, the transition to a low-carbon 
economy must involve all players and sectors in 
the economy.  In 2021 we worked with Ambienta 
to understand our own carbon footprint and 
identify the levers, for a company operating in the 
service sector, for a significant decarbonization of 
operations. The comprehensive decarbonization 
plan developed will guide us in coming years 
allowing our continued sustainable growth.“
Max Pellegrini
CEO of Namirial
Conduct independent 
verifications of the ESG 
in Action programme 
implementation on all 
portfolio companies 
4
ESG in Action programme applied to Private Equity
100% ESG integration
4
20

As part of Ambienta’s ESG in Action programme we regularly monitor, and ask our portfolio companies to track and report on, a range of key ESG performance indicators.
Some key highlights of 2021 performance across our Fund II and Fund III portfolio companies1 are listed below. 
Organic growth in portfolio 
company employees
Training expenditure per employee 
(€/empl. weighted average)2
Energy consumption / revenue 
(kWh/eur (k) weighted average)2
1 Trends reported on a like-for-like perimeter considering EoY 2021 - EoY 2020 portfolio composition    2  Weighted average based on Ambienta’s invested capital in portfolio companies
2020
2020
2020
178
155
237
143
2021
2021
2021
increase in environmental 
and health and safety Capex 
since 2020
+18%
work related fatalities in 
2021
0
portfolio company 
employees in 2021
3.500
> 
-8%
+33%
+10%
ESG in Action programme applied to Private Equity – key 2021 results
100% ESG integration
4
21

“Our journey with Ambienta has not only enabled 
our group to become a European leader in natural 
flavours and colours for the food industry but 
has also supported us in developing a structured 
approach to ESG management. 
Thanks to Ambienta’s ESG in Action programme 
we have been able to identify the truly relevant 
ESG levers that have supported value creation for 
the group and for our stakeholders.”
Dr Hans Udo Wenzel
Founder and Chairman of Nactarome
Nactarome, a buy-and-build project promoted by 
Ambienta, is the result of the merge of:
ESG integration efforts at group level enabled us to address  the 
complex integration between the different companies and was 
instrumental in building a unified Group with solid ESG values.
ESG Action Plan
Environmental
Social
Governance
Main objectives at Group level included:
7
companies 
100 
countries served
11 
plants
500 
employees 
4,500+ 
clients
ESG in Action programme implementation at group level
Improve environmental footprint across all operations by upgrading 
facilities and organizational practices
Build a cohesive and long-term oriented group organization by 
improving Human Capital Management practices
Reach top tier workplace safety standards by renovating 
processes and tools
Integrate various companies, employees and entrepreneurs into a 
single international Group by empowering the management team
1/2
4 The Nactarome case: acquired in November 2018, exited in January 2022
ESG in Action programme in Private Equity: from theory to practice
22

2/2
Improve environmental footprint 
across all operations
Build a cohesive, long-term oriented group by  
improving Human Capital Management practices
Reach top tier workplace safety standards 
Integrate entities into a single 
international Group
CO2 Emission Reduction1 (tons CO2/ton production)
Environmental CapEx (euro)
1 Trend based on 2018 perimeter including Aromata
Employees included in career programs
Plants ongoing extraordinary investments
# of C level and middle management with 
equity participation
Main results during Ambienta’s tenure
Environmental
Social
Governance
2018
2021
100
65
-35%
2018
2021
6
30
+400%
2018
2021
1
9
+800%
2018
n.m.
2021
85%
2018
2021
299K
1.063K
+255%
ESG in Action programme in Private Equity: from theory to practice
The Nactarome case: acquired in November 2018, exited in January 2022
4
23

Integration of responsible investment best practices is reflected within our Public Markets division as it is across our firm and within all asset classes. Ambienta’s firm-wide ESG in Action
programme is applied to create long-term shareholder value and elevate ESG performance of our investments.
Our Approach
Risk management 
ESG KPI review leveraging Analyst Reports to identify 
major issues
1
Active engagement 
 
We seek to engage with portfolio companies on 
material aspects identified by Ambienta’s S&S and 
investment teams
2
Our SFDR integration  
All our public market funds are classified as Article  
9 under the Sustainable Finance Disclosure  
Regulation (“SFDR”)
3
1  Portfolio at end of end of July 2021, integrated with companies present at end of September 2021
of portfolio companies1 
contacted
100%
questionnaire 
return rate
40%
of total portfolio 
companies engaged in 
follow ups
10%
Working Conditions
Ratio between average annual 
salary of the 10% lowest-paid 
staff, including key suppliers, 
and minimum legal wage in the 
countries in which the Company 
has the largest operating 
footprint
Women in senior 
executive positions
Executive-level Diversity
Has the Company 
formalised a 
decarbonisation 
strategy in line with the 
Paris Agreement?
Climate Strategy
Engagement topic
Question raised
1/2
Highlights of 2021 
Engagement 
4 100% ESG integration
ESG in Action programme applied to Public Markets
24

Good practices
Areas of further work
ESG in Action programme applied to Public Markets
100% ESG integration
4
2021 Highlight
Environmental
of panel has set some type of 
commitment on climate change
~90% 
Acceleration in science-based decarbonization 
strategies is necessary: only 48% of panel has a 
decarbonization strategy and only 33% has SBTi 
aligned commitments  
Social
Further transparency on certain social KPIs, related to 
compensation and diversity, would be welcome
86% 
>¾
of panel integrate ESG in their supply chain 
management process
of the sample report some type of performance 
management system in place
Governance
~70% 
Further efforts necessary to drive diversity at 
executive level: 50% of panel companies still report 
diversity levels below 20%
of panel report a separation of 
responsibilities among CEO and 
President positions
Main results of the engagement 
2/2
25

3
1
2
“We have been delighted to collaborate with the IIGCC and Ambienta in the push towards 
net zero. The work done in 2021 culminated with the creation of a framework and guidance 
for private equity to achieve net zero portfolio emissions by 2050. 
We hope that our efforts will provide asset owners and managers more clarity and 
confidence in undertaking the journey towards net zero.”
Bryn Gostin 
Head of Product Development & Strategy, Capital Dynamics, Inc
Decarbonization of 
firm’s operations
Renewable electricity
Carbon Neutral label 
achieved in 2020 and 2021. 
Work in progress for 2022.
Carbon offset projects:
	• Afforestation in Kenya 
	• Forest conservation, Maisa 
REDD+ in Brazil in 2021
	• Awareness raising among 
stakeholders 
	• Work with sector (IIGCC, 
Invest Europe) to define 
guidelines on climate 
change / net zero
Hybrids / electric cars
Videoconferencing
Meaningful offset 
projects
Guidelines for promoting 
climate consciousness 
among stakeholders
2019
Scope 2
Scope 1
2020
52
46
-11%
39
14
11
35
Net Zero Policy setting out 
our 3 pillar approach
Main highlights of Ambienta’s 2030 Net 
Zero Commitment 
ESG in Action programme applied at firm level
Focus on climate change
4
26

We actively engage  
with industry  
stakeholders  
through multiple  
associations
and certifications
In 2019 Ambienta has been awarded B Corp certification. Certified B Corporations are for-profit companies 
that use the power of business to build a more inclusive and sustainable economy. As such, Ambienta 
demonstrated the highest possible verified standards in the areas of governance, social as well as 
environmental performance, transparency, and accountability.
Ambienta is a member of Invest Europe Responsible Investment Roundtable and contributed to the
Invest Europe guidance on climate change, developed to provide practical support to actors and 
stakeholders seeking to integrate and advance climate change considerations in their investment processes 
and management strategies.
Since 2012 Ambienta is signatory of the United Nations Principles for Responsible Investments (UNPRI) 
which are deeply rooted in our approach to Responsible Investment and ESG integration. Ambienta has 
continued to receive top scores in the PRI Assessment Report in recognition of its best-in-class ESG in 
Action programme (last scores available (2020): A+/A+).
Since 2020 Ambienta is a member of IIGCC, a leading global investor membership body and the largest 
one focusing specifically on climate change. As an active member, Ambienta aims to contribute directly and 
through institutional engagement to mobilise capital for the low carbon transition and to ensure resilience 
to the impacts of a changing climate. In 2021 Ambienta was one of the co-leads on the group that developed 
the net zero guidance for the private equity sector.
In 2021 Ambienta obtained, for the second consecutive year, the Climate Neutral certification for its 
commitment to Net Zero by 2030. The certification is the first step in the achievement of Ambienta’s Net 
Zero Plan, which exceeds certification requirements to create a truly positive contribution to global efforts.
We believe in a wide and active engagement
Our Commitment
5
27

Ambienta invests in businesses whose products or services generate a Resource Efficiency or 
Pollution Control impact. Impact is assessed by means of two ad hoc proprietary measurement 
methodologies. We apply our internal Environmental Impact Analysis (“EIA”) to assess and 
Public Markets
Food Saved
Land(fill) Saved
Materials Saved
Water Saved
Energy Saved
Resource Efficiency
Pollution Control
Biodiversity Preserved
Pollutants Avoided
Water Cleaned
Materials Recycled
CO2 Emissions Reduced
Air Cleaned
Private Equity
Process automation
Pollution monitoring
LED-based lighting fixtures
Natural cosmetics 
More efficient equipment
Cleaner chemicals 
Examples
“ASI” 
 
Ambienta  
Sustainability Index
“EIA” 
 
Environmental  
Impact Analysis
measure the Environmental Impact of our private portfolio companies. We leverage the 
Ambienta Sustainability Index (“ASI”) to analyze and monitor total econometric exposure to 
environmental sustainability of our listed assets.
6 Advanced proprietary impact metrics
Unique approach to sustainability: a mega trend reshaping all industries
28

EIA and ASI leveraged as due diligence and impact measurement tools: EIA applied to pipeline and portfolio and ASI to investment universe.
29

Ambienta’s proprietary Environmental Impact Analysis, the “EIA”, applies a wide range of standardized metrics to capture the full Environmental Impact 
of companies with different business models.
Our 2021 impact1
Biodiversity 
Preserved
CO2 Emissions
Reduced
~ 388,000 tons
=
~ 183,000 passenger car 
annual emissions
Land(fill) Saved
~ 7,300 m3
=
~ 49,000 people  
annual waste production
Energy Saved
~ 31,500 Toe
=
~ 595,000 refrigerators 
annual consumption
Water Cleaned
~ 5,600 M m3 
=
~ 31 M household 
annual consumption
Air Cleaned
~ 2,200 km3
=
~37km Air column 
above Manhattan
Water Saved
~ 881,000 m3
=
~ 4,800 family avg.
annual water consumption
Material Saved
~ 275,100 tons
=
~ 128,000 SUV’s weight
Materials Recycled
~ 40,300 tons
=
~ 9.5% Milan’s  
annual recycled waste
Pollutants Avoided 
~ 35,600 tons
=
~ 190,000 EU-27 citizens 
daily hazardous waste
8 years 
after its inception and 
application, in 2022, 
our model will include 
quantification of 
all 11 metrics
We measure and 
publicly report the 
impact on 
a yearly basis
R
e
s
o
u
r
c
e
 
E
ff
i
c
i
e
n
c
y
P
o
ll
u
t
i
o
n
 
C
o
n
t
r
o
l
Food Saved
~ 93,600 tons
=
~ 180,000 people  
annual food consumption
1 Companies in Ambienta II and III portfolio as at 31.12.2021 
including Calucem, exited in November 2021, estimates
2021 Highlight
Quantification 
ongoing with dedicated 
project in 2022 
6 Advanced proprietary impact metrics
We measure sustainability for our Private Equity portfolio every year
30

6.3
12.4
8.4
12.2
9.4
12.4
2.4
9.4
12.2
2.4
12.2
12.4
7.3
9.4
9.4
11.6
12.2
9.4
12.5
2.4
6.3
9.4
7.3
9.4
12.2
11.7
15.5
# of Portfolio companies
3
2
2
1
7
2
8
1
Our Environmental Impact methodology is fully aligned with the UN Sustainable Development Goals (SDGs) and subgoals. We leverage the SDGs as a framework to identify the challenges  
we invest in and to measure our portfolio companies’ contribution to the 2030 Agenda for Sustainable Development. Below our contribution to the SDGs in 2021.
EIA Metrics
EIA Metrics
Portfolio company1
1 Companies in Ambienta II and III portfolio as at 31.12.2021 including Calucem exited in November 2021
We align investments to the UN SDGs goals and subgoals
Advanced proprietary impact metrics
6
31

We systematically analyze portfolio companies’ exposure to the United Nations Sustainable Development Goals (SDGs) by 
applying our proprietary Environmental Impact Analysis. We measure our year on year contribution against each SDG and report 
our impact to investors and the general public. 
Ambienta’s deployed capital towards SDG-related investments
Cumulative 
deployed capital
2021 incremental 
deployment
Cumulative 
deployed capital
~ €310 m
2021 incremental 
deployment
~ €135 m
~ €3m
~ €273 m
Ambienta III Fund
Ambienta II Fund
117.7
32.4
42.6
42.6
14.4
37.1
6.6
13.2
89.3
3
23
31.1
102.7
13
13
13
13
21.2
28.4
21.2
21.2
6 Advanced proprietary impact metrics
Ambienta’s deployment of capital towards SDG-related investments
32

Company description
Founded in 1984 Cap Vert is a multiservice 
provider with a strong expertise in pruning. It 
is active in creation and maintenance of green 
urban areas as well as alternative eco-friendly 
preventive and curative treatments.
Environmental thesis
Green space management is intrinsically linked to sustainability. Urban green 
areas are pillars in pollution control through the optimization of carbon capture 
and the support of biodiversity. Addressing CO2 balance and biodiversity in urban 
areas in Europe is important because c.70% of CO2 emissions are produced in 
cities and 75% of European citizens live in urban areas (85% by 2050).
Cap Vert’s services are essential to 
provide access to safe and inclusive 
green and public spaces 
(Sub Goal 11.7)
METRICS
SDGs Taxonomy alignment
Contribute to Resource Efficiency 
and/or Pollution Control? 
Creates and maintains green 
areas in cities, pillars in 
pollution control 
Is it measurable?
Applicable Ambienta’s 
Environmental Metrics
Is it material?
Share of revenues linked to 
Environmental Metrics
Collect relevant data from company
Relevant KPIs (e.g. green urban area 
under maintenance)
Validate thesis with external benchmarks
Build full EIA model
Find reputable sources to 
benchmark material impact
Define full calculations down to the 
numbers
EIA Screening
Full EIA Development
Measure and Report
UoM
2021
CO2 Emissions 
Reduced
tCO2
35,240
Biodiversity 
Preserved
Biodiversity preservation and reintegration 
is supported by creation, pruning and 
maintenance of green urban areas 
performed by Cap Vert.
Dedicated project to measure preserved 
biodiversity is ongoing; expected 
completion by end of 2022.
Pre-investment Due Diligence
Investment Decision
Portfolio Management
Cap Vert’s services protect biodiversity 
and natural habitat
(Sub Goal 15.5)
6 Advanced proprietary impact metrics
How we apply our EIA methodology to private companies
33

ASI
+100%
Sustainable
-100%
Sustainable
216 ASI 
completed to date
Ambienta X, Ambienta’s Public Markets division launched in 2020, is an innovator in applying environmental sustainability trends to liquid 
investments. It leverages its unique proprietary analytical scoring system to assess contribution to environmental sustainability.
Following the success of the flagship long/short X Alpha Fund, Ambienta continues its innovative path within the marketplace, broadening 
our offering with new public market strategies: Infrastructure Income in partnership with Banca Generali and, our first long-only equity 
strategies, Ambienta X Sustainable Leaders and Ambienta X Environmental Mid Cap, launched in early 2022.
Assessment by 
single division
Division relative 
valuation weight
EIA
Sustainability scoring applied to a sample of public companies
Pollution
Control
Resource
Efficiency
+ 1
- 1
+ 0.5
- 0.5
Sustainability Score 
per division
Division A
Division B
Division A
Division B
Division C
Division C
How we apply our EIA methodology to public companies 
Advanced proprietary impact metrics
6
34

UN PRI’s yearly Transparency Reports
B Corp’s B Impact Assessments 
& Annual Impact Report
We share ESG updates quarterly and 
annually, on a company-by-company basis
Private Equity
Firm level
Monthly Factsheets to LPs on performance against 
Sustainability Metrics and “Sustainability Reports” 
detailing our main ESG performances 
Public Markets
We take our LPs very seriously:  
12 LP questionnaires completed in 2021
Portfolio companies systematically report ESG 
updates to their Board on a monthly basis
We seek the highest level of transparency and disclosure of ESG practices at firm level and across all our asset classes. 
LPs
Internal
Institutional
General Public
Quarterly 
Annually
Sustainability
360° reporting on top of our agenda
Multi-channel ESG Reporting
7
35

Winner of the 
“Environmental, Social and 
Governance - GP” Award
A+1 rating by Stafford  
(formerly RobecoSAM) for  
three years in a row. 
Ambienta confirmed in 
top decile of private equity 
managers also in 2021
Recognised as one of the 
most sustainable firms in 
Italy as part of the “Leader 
della Sostenibilità 2021” 
led by Statista and Il Sole 
24 Ore
Winner of the Best 
Alternative Fund Prize in 
Mainstreet Partners’ ESG 
Champions Awards
A+/A+1 rating by  
the UNPRI, placing  
Ambienta among the
top 13% of PRI signatory
asset managers
1  Latest rating available, 2020. 2021 
Score expected in mid-2022
1 Latest rating available, 2020. 2021 
Score expected in mid-2022
We are proud to share with you some of the awards we have won over the years.
Highlights of 2021 achievements
Achievements over the years
2019 -2017 WIN
A+ Score
2018 NOMINATION
Impact Investment Firm of 
the Year (global)
2018-2017 WIN
Firm of the Year
in Italy
2020 NOMINATION & 
2019-2018 WIN
ESG Best Practices Honours
2020 NOMINATION
ESG Award
2018 NOMINATION
ESG Award,  DACH Deal of 
the Year
2018 WIN
Best European Private Equity 
Growth Manager
2020 WIN
Private  Equity ESG Fund 
of  the Year
8 International recognition
Our efforts win wider and wider awards and industry recognition
36

37

The values and culture of Ambienta have led to the creation of Fondazione Ambienta, a non-profit organization whose purpose is to invest in educational projects that foster environmental 
sustainability awareness across new generations.
Achievements since inception
	• Provide environmental education for Italian school 
children - a topic not included in national school 
curriculum
	• Encourage a culture of respect for the environment 
from a very young age
	• Promote behaviours capable of reconciling 
industrial development and environmental 
sustainability 
	• Increase awareness of environmental sustainability 
among future generations through science-based 
material
	• Encourage institutions to introduce environmental 
education programs in schools
“Tondo come il mondo” handbook 
is distributed to primary school 
children to raise awareness 
of environmental issues and 
opportunities
“Futuro” kit is provided to 
secondary school children to 
build a foundation to encourage 
responsible choices in the future
Mission
Objective
Projects sponsored
Total individuals reached (incl. 
work-family enrichment)
~ 1,866,000
~ 622,000
Total students 
involved  
Fondazione Ambienta
Ambienta’s non-profit organization entirely focused on environmental education
38

“Futuro”, over a four year period, has been 
distributed to over 1,500 Italian secondary 
schools involving around 105,000 young 
students and 2,900 teachers. 
Our supporters over the years
Key figures and achievements
~ 517,000
~ 105,000
~ 14,500
~ 2,900
~ 8,000
~ 1,500
Students
reached
Teachers
involved
Schools
participated
“Tondo come il Mondo” has allowed us to connect 
with 517,000 primary school children in about a 
quarter of Italy’s primary schools and to involve 
14,500 teachers. This figure represents about 25% 
of all 8-10 year old students in Italy.
of all 8-10 year old students & of all Italian primary schools
~ 1/4
An initiative sponsored by Ambienta’s stakeholders to spread environmental awareness
Fondazione Ambienta
39

Milan - London - Munich - Paris
www.ambientasgr.com
Milan - www.fondazioneambienta.it
Contact
MILAN 
 
Piazza Fontana, 6 
20122 - Milan
+39 02 7217 461
PARIS 
24 rue Cambacérès
F-75008 – Paris
MUNICH 
Maffeistraße 3
D-80333 - Munich 
info@ambientasgr.com
LONDON 
Egyptian House - Piccadilly 170 
London - W1J 9EJ
+44 203 167 6430