ESG Report
2023

Contents
Creating Sustainable Value
CVC believes the management of 
environmental, social and governance 
(ESG) factors is a critical part of ensuring
the long-term success of any business, 
including our own.
ESG is a core part of our commitment to 
building better businesses and creating 
sustainable value for the companies we 
partner with, from their stakeholders, 
employees, shareholders and customers, 
to the wider communities and 
environment in which they operate.
Introduction
An introduction to CVC, our ESG journey 
and highlights in 2022
Attracting and 
developing talent
Employees are our greatest asset, 
driving our sustainability and success 
03
40
Our approach to ESG
ESG is a critical part of ensuring
the long-term success of any
business, including our own
Governance and 
accountability
Recognising the importance of strong 
governance and transparently measuring 
and reporting our progress
09
44
ESG in the
investment process
Supporting our objectives of
building better businesses and
long-term value creation
CVC Foundation
Sharing the philanthropic activities
of CVC and our portfolio companies
13
47
Transition to a low-
carbon economy
Accelerating and managing
the impacts of the transition
Appendix
32
51
01
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

About this report
The aim of this ESG report is to 
provide transparency on our 
performance and management 
of ESG factors as they relate to 
both our investments under 
management and CVC’s own 
operations. The report provides 
information on our overall 
approach to ESG as well as key 
areas of focus within ESG which 
are central to CVC’s strategy.
This report has been compiled 
primarily to provide transparency 
on our approach to CVC’s 
investors. However, it has been 
drafted in a way to make it 
accessible to a broader range
of CVC stakeholders. The report 
provides data1 for the 12-month 
period ending 31 December 2022 
unless otherwise stated.
This report has been produced with reference to the 
following standards:
	» UN PRI – This report includes consideration of 
the activities and progress we have made in 
2022 towards implementing the Six Principles 
of the United Nation’s Principles for Responsible 
Investment (“PRI”)
	» TCFD – This report incorporates certain 
recommendations of the Taskforce for Climate-
related Financial Disclosures (TCFD). More detail 
about the extent to which we have incorporated 
the TCFD recommendations is set out in a 
separate TCFD index on page 52.
	» GRI – Reference has been made to the Global 
Reporting Initiative (GRI) standards in disclosing 
CVC’s own operational ESG data. The GRI index on 
page 53 of the Appendix provides more detail of 
the approach taken.
Any case studies referenced in this report are not 
representative of all investments and are shown 
solely for illustrative purposes. A more detailed 
disclaimer can be read at the end of this report.
1.	
ESG related data has been provided for all CVC entities, with the 
exception of Glendower with which CVC merged with in January 
2022. An overview of Glendower’s approach to ESG is provided on 
pages 30-31. Glendower’s data will be included in future reporting.
02
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

An introduction to CVC, our ESG 
journey and progress over 2022.
Introduction
Leadership letter	
04
About CVC	
05
Highlights from 2022	
06
Our ESG journey	
07
Industry collaboration	
08
03
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Letter from the Co-Chairs of the ESG Committee
CVC believes the management
of environmental, social and 
governance factors is a critical part 
of ensuring the long-term success
of any business, including our own.
Our commitment to creating sustainable value
By leveraging ESG considerations in our investment 
processes we are helping to create value for both 
our portfolio companies and our investors. Seeking 
to proactively manage ESG issues, which are often 
nascent and evolving, not only helps us to better 
foresee and manage risk, but also enables us and 
our investments to be more competitive and agile in 
a fast-changing world. We are also convinced that 
focusing on the ESG-related performance of CVC 
at the firm level makes a stronger and more resilient 
business, helping us to meet the high expectations 
of our investors and enabling us to attract and retain 
high quality talent. 
Reflections on 2022 
In 2022, our Funds proved to be resilient in the context 
of a challenging market environment. We benefitted 
from a prior strategic pivot to more defensive sector 
holdings and our decision to take a more active role in 
guiding value creation, including through engagement 
on ESG factors where relevant. We believe this will 
continue to help us to generate strong investment 
returns across economic, industry and market cycles. 
We continued to build out and enhance our ESG value 
creation, monitoring and engagement programmes, 
working with companies based on our Four Pillar 
Approach (see page 18). This starts with ensuring 
companies have the board and senior leadership buy-
in and the right resources to enable them to prioritise 
the topics most material to them. We are also focused 
on high quality reporting to ensure companies can 
demonstrate and credibly communicate progress over 
time and to enable us to report transparently to our 
investors on the progress being made. As at the end 
of December 2022, 77%2 of companies in our private 
equity portfolio had undertaken an EcoVadis rating or 
other external ESG assessment, an increase of 7% from 
December 2021. 
 
Like many others, our business and investments 
continue to be affected by the tragic war in Ukraine, 
which has caused significant social, political and 
economic disruption. We have responded by providing 
philanthropic support to communities impacted by the 
war, and by supporting our companies in the region 
as they respond in a meaningful and compassionate 
way (see page 50). Importantly, the conflict has also 
highlighted the need for stronger energy security 
around the world. Increasing energy costs have led 
companies’ to focus on energy and resource efficient 
plans, which we believe will accelerate the transition 
to renewable energy and low-carbon technologies in 
the medium term, complementing our climate action 
strategy (see page 33). 
Although a net-zero by 2050 scenario cannot be 
achieved without stronger policy commitments 
from governments, we are committed to helping 
accelerate the transition and proactively managing 
the impacts of the transition on our portfolio. Following 
the commitment we made to the Science Based 
Target initiative (SBTi) in 2022, we are pleased to 
confirm that our targets for CVC’s own operations 
and our private equity portfolio were verified by the 
SBTi earlier this year (see page 33). As we work toward 
our SBTi targets, we are supporting our portfolio 
companies with greenhouse gas (GHG) emissions 
baselining and improving the quality of data so they 
can develop credible decarbonisation roadmaps. In 
2022, we supported over 40 portfolio companies to 
comprehensively measure or improve the reporting of 
their GHG emissions. 
Our success as a global alternative investment 
manager is dependent on attracting and developing 
the best talent and we recognise our employees are 
one of our greatest assets. In recognition of how 
fundamental a strong culture is to our ability to create 
long-term value we continue to invest in our people 
through comprehensive training, development and 
wellbeing programmes and are using the results of 
our, now annual, employee engagement surveys to 
inform our approach. Furthermore, we continue to 
enhance our approach to Diversity Equity & Inclusion 
(DEI) following the appointment of our Global Head of 
DEI last year. As part of this, we have set up local DEI 
Committees to help drive our key initiatives, including 
the launch of our Women’s Network (see page 43). 
 
We are committed to transparent reporting on our 
progress. In addition to this report, we look forward to 
participating in the UN PRI’s updated and streamlined 
2023 Reporting Framework. This will allow us to 
showcase the progress we are making in implementing 
the six Principles of Responsible Investing.
At the macro-level, we anticipate continuing 
uncertainty over the coming months and years, and 
we remain committed to building a resilient portfolio 
that can withstand unexpected shocks. A core part of 
this strategy is improving the ESG performance of our 
portfolio companies.
Ultimately, we are convinced that proactively 
incorporating ESG will help future proof companies 
and meaningfully contribute to our objectives of 
building better businesses and creating long-term 
sustainable value. 
Looking forward to the next 12 months 
Clearly, the ESG regulatory landscape is evolving 
quickly and will continue to do so in the short to 
medium term. As a result, expectations on companies 
with respect to ESG performance and reporting will 
continue to grow and with it the opportunity for them 
to differentiate themselves from their competitors. This 
underlines the importance of a clear strategy, strong 
governance and high quality reporting. Integrating 
these factors into value creation plans will therefore 
continue to be a focus for us as we support our 
companies to develop their ESG programmes through 
2023 and beyond. 
Furthermore, as we look ahead to our first portfolio-
level SBTi target in 2027, we will be focused on driving 
engagement on decarbonisation across the portfolio, 
progressively moving from working with companies on 
reporting to supporting them as they build their own 
decarbonisation road maps and set targets.
Jean-Remy Roussel
Managing Partner
Chris Stadler
Managing Partner
2.	 Excludes investments made in the last six months to 
December 2022.
Proactively incorporating ESG will
help future proof companies and 
meaningfully contribute to our 
objective of creating long-term 
sustainable value.”
Co-Chairs of the ESG Committee
We continued to build out and 
enhance our ESG value creation, 
monitoring and engagement 
programmes...”
04
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

About CVC3
CVC is a leading global alternative 
investment manager focused 
on private equity, credit and 
secondaries with a global network 
of 25 local offices and €140 billion 
of assets under management.
CVC has six complementary strategies across 
private equity, credit and secondaries. CVC’s private 
equity platform manages €90 billion of assets 
and comprises four strategies: Europe/Americas, 
Asia, Strategic Opportunities and Growth. CVC’s 
Credit platform has assets under management of 
€38 billion and the Secondaries business manages 
€12 billion. CVC’s ability to bring to bear the full 
extent of its global resources on any situation gives 
it a competitive advantage when sourcing new 
investment opportunities and when creating value 
during CVC’s ownership period.
6
complementary
strategies
€140bn
assets under management
25
global office locations
800+
CVC employees
550,000+
Employees across
PE portfolio
125+
Private Equity
portfolio companies
Six complementary strategies
Private equity 
Europe/
Americas 
Asia
Strategic 
Opportunities
Growth
Credit
Secondaries
Strategy
The Europe/Americas 
strategy focuses on 
control or co-control 
investments in 
market-leading 
businesses across 
these regions.
CVC has one of 
the largest and 
longest-established 
pan-regional office 
networks of any private 
equity business in Asia.
Strategic Opportunities 
invest in high-quality 
businesses that may 
not suit a traditional 
private equity 
mandate.
CVC Growth targets 
opportunities in 
high-growth 
technology-related 
companies.
CVC Credit invests in 
companies across the 
sub-investment grade 
corporate credit
markets in Europe
and North America.
A strategic partnership 
with Glendower 
Capital,
a private equity 
firm focused on 
secondary markets 
globally.
Launch year
1996
1999
2014
2014
2006
2021
AUM
€64bn
€12bn
€11bn
€2bn
€38bn
€12bn
Active 
investments
77
28
15
12
–
–
3.	
Data is at March 31 2023. For information on how AUM is calculated, please see page 56.
05
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Highlights from 2022
46%
Percentage of rated PE portfolio companies 
with top quartile EcoVadis scores
2021: 35% 
40+
Companies supported to 
measure GHG emissions
2021: 0 
13
Planet & People Grants
2021: 11 
SMI
Chaired the Biodiversity Working Group
of the PE Taskforce for the SMI
85%
Employee engagement score
2021: N/A
23%
Female investment professionals
2021: 23% 
SBTi
Commitment made to the SBTi
61%
Percent of Direct Lending investments 
with ESG-linked margin ratchets 
2021: 57% 
2021: 91% 92%
Underlying GPs in our secondaries
portfolio with an ESG policy
06
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

2012
2019
2017
2018
2020
2021
2015
2010
2016
2011
2023
2022
4.	 The entity assessed was CVC Advisers Limited.
CVC Foundation 
established
CVC Capital 
becomes a 
signatory to the 
Principles of 
Responsible 
Investment
Joined global 
sustainable 
business network 
BSR
Science-based 
targets validated 
by the SBTi
Diversity and 
Inclusion 
Strategy 
developed
Credit ESG Policy 
introduced
Founding 
member of the 
Alternative 
Credit Council
Received 
EcoVadis gold 
medal4
Committed to 
set science-
based target 
with the SBTi
CVC Credit 
launches 
proprietary 
ESG scorecard
Joined the 
Private Equity 
Taskforce for the 
Sustainable 
Markets Initiative
Founding 
member of the 
ESG Data 
Convergence 
Initiative and on 
Steering 
Committee
CVC Credit 
issues first US 
CLO with ESG 
indenture
Received 
EcoVadis silver 
medal4
Joined the ILPA 
‘Diversity in 
Action’ initiative
CVC Credit 
issues first 
ESG-linked loan
CVC Credit 
launches ESG 
Working Group
Joined Invest 
Europe’s 
Responsible 
Investment 
Roundtable
Joined Sponsors 
for Educational 
Opportunity 
(SEO)
Member of PRI 
Private Equity 
Advisory 
Committee 
through to 2022
Joined Level 20’s 
advisory board
Commenced 
compensating 
carbon in own 
operations 
Ethics 
Committee 
established
ESG Committee 
established
Joined Level20
Private Equity 
ESG Policy first 
introduced
Initiated 
first ESG 
engagement 
programme with 
Private Equity 
portfolio
Cyber security 
engagement 
strategy 
updated
First portfolio-
level climate 
risk assessment
Appointed 
Global Head 
of DEI
Welcomed first 
interns through 
the 10,000 Black 
Interns initiative
Joined initiative 
Climat 
International
Our ESG journey
07
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

5.	
There is no guarantee that CVC will remain a signatory, supporter or member of any ESG initiatives or other similar industry frameworks.
Industry collaboration5
ESG
DEI
Finance and Investment
Principles of Responsible Investment
Level20
Invest Europe
Alternative Investment Management Association
European Leveraged Finance Association
Alternative Credit Council
British Private Equity & Venture Capital Association
Institutional Limited Partners Association
Sponsors for Educational Opportunity
10,000 Black Interns
ILPA Diversity in Action
Sponsors for Educational Opportunity (US)
 Business for Social Responsibility
initiative Climat International
Sustainable Markets Initiative
ESG Data Convergence Initiative
08
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

CVC views the management of 
environmental, social and governance 
factors not as a cost, but as a critical 
part of ensuring the long-term success 
of any business, including our own.
Our approach 
to ESG
Progress update from 	
10
our Head of ESG
ESG Governance	
11
Materiality assessment	
12
CVC ESG Report July 2023
09
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Creating Sustainable Value: Progress update from our Head of ESG
2022 was another exciting year 
for CVC as we continue to 
develop our approach to 
proactively managing ESG 
factors. We further enhanced 
our approach to integrating ESG 
into investment processes, took 
practical steps to formalise and 
advance our ambitions on 
climate change, took an active 
role in industry initiatives and 
continued to grow our ESG 
capabilities within the network, 
including the hiring of senior 
subject matter experts. 
To support our broader objective of creating 
sustainable value through a repeatable approach 
to value creation and to help us consider relevant 
risk factors, we aim to integrate ESG in all of our 
investment strategies, recognising that different asset 
classes require different approaches (see page 13 for 
detail). We see our private equity strategies as having 
the most opportunity for value creation through an 
ESG lens. In 2022, we worked to enhance our due 
diligence processes with the objective of increasing 
the consistency of approach on ESG topics across the 
four strategies. We also made progress on our Four 
Pillar Approach (see 18 for detail), which we introduced 
in 2021. For example, with respect to our third party 
ESG assessment programme (where typically portfolio 
companies use EcoVadis), not only did we see 77%6 of 
companies undertaking external ESG assessments, 
we saw the percentage of companies achieving 
an EcoVadis silver medal or above rise from 35% to 
46%. Furthermore, we saw an increase in key activity 
indicators such as “actions to promote diversity”. More 
information can be found on page 22. 
In Credit, we introduced a proprietary ESG scorecard 
which is being gradually rolled out across our 
different products and we are looking at ways to 
deploy ESG-linked margin ratchets more widely 
across the European Direct Lending portfolio. Finally, 
following our merger with Glendower Capital, a 
leader in the secondaries market, we are aligning our 
approach to ESG where it makes sense to do so.
This year’s confirmation from the Science Based 
Target’s initiative that our targets have been verified 
(see 33 for more detail) was a major milestone for us. 
It will catalyse tangible decarbonisation in our portfolio 
with a focus on our private equity investments where 
we have most influence. With a private equity portfolio 
of over 100 companies, more than half a million 
employees across the globe, and AUM of over €85bn, 
it’s going to be a busy time ahead! 
In 2022, we participated in the inaugural reporting 
year of the ESG Data Convergence Initiative (ESG DCI). 
As a member of the ESG DCI Steering Committee 
and in recognition of the need within the industry 
for decision-useful ESG metrics, we look forward 
to continued engagement on this important topic. 
Furthermore, we also contributed to the publication of 
three reports through the Private Equity Sustainable 
6.	
Excludes investments made in the last six months to December 2022.
Chloë Sanders
Head of ESG
Markets Initiative, focused on valuing carbon, ESG 
metrics and biodiversity. I hope these resources will 
serve as useful guidance and tools for the private 
equity industry. 
We grew our capabilities over the course of the year 
by increasing our resource to support ESG integration 
within the portfolio. The CVC Board also appointed 
our first Global Head of Diversity, Equity and 
Inclusion (DEI), Merary Soto-Saunders. She is focused 
primarily on accelerating efforts to improve our DEI 
performance within CVC. In addition to focusing 
on our gender diversity targets as we work towards 
our 2025 targets (see page 43), Merary has led on 
introducing race and ethnicity monitoring for the UK 
and Europe (where permissible) as well as targets for 
our US and UK offices. These valuable developments 
over the past year are vital for ensuring CVC more 
closely reflects the society in which we invest and 
operate in the years ahead. 
Finally, we recently refreshed our materiality 
assessment to better understand and prioritise the 
topics that matter most to our business (page 12). 
This assessment will also help us proactively tackle 
emerging issues that may face us and our companies 
over the coming years.
Looking ahead to 2023 and beyond, we plan to refine 
our strategy in response to our recent materiality 
assessment and we will seek to further enhance 
our approach to ESG integration in the investment 
process. These enhancements will include the 
consideration of new and evolving ESG regulation 
where relevant, including the Corporate Sustainable 
Reporting Directive (CSRD) which is expected to 
impact a significant number of portfolio companies. 
In light of our SBTi commitment and the importance 
of future-proofing our portfolio we will also build on our 
2022 foundational work by supporting our companies 
to measure their CO2 footprint, engaging further 
across the portfolio on the topic of managing climate 
risk and supporting companies to build SBTi aligned 
decarbonisation roadmaps as we work towards our 
2027 target (see page 33). We believe that with a 
continued focus on these areas, our ESG programme 
will be well placed to support our objectives of building 
better businesses and creating sustainable value for 
our stakeholders. 
With a private equity portfolio of 
over 100 companies, more than
half a million employees across
the globe, and AUM of over €85bn,
it’s going to be a busy time ahead!”
To support our broader objective of 
creating sustainable value through
a repeatable approach to value 
creation and to help us consider 
relevant risk factors, we aim to 
integrate ESG in all of our 
investment strategies...”
10
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

ESG 
Committee 
DEI 
Committee
Group Risk 
Committee
Ethics 
Committee
Philanthropy 
Committee
 Europe/Americas
Asia
Strategic 
Opportunities
Growth
Credit
Secondaries
Business 
Operations
 Investment 
teams
ESG
HR
DEI
Risk and
compliance
Philanthropy
Cyber security
At CVC, ESG is overseen at the 
highest levels in the organisation. 
The CVC Board is responsible for 
approving key strategic decisions 
regarding ESG, with day-to-day 
responsibility delegated to the ESG 
Committee and other relevant 
committees within CVC.
The ESG Committee is a sub-committee of the CVC 
Board. It is the main channel through which the 
CVC Board considers ESG topics at the portfolio 
level, including new and emerging issues. The ESG 
Committee is co-chaired by two Managing Partners, 
who are Directors of the CVC Board and includes an 
additional four Managing Partners as members. To 
ensure consistency of approach across CVC, the ESG 
Committee has oversight of CVC Credit’s approach 
and its membership includes a representative of 
the senior team at Glendower. The ESG Committee 
draws upon expertise from a range of business 
functions to determine how best to achieve CVC’s 
ESG objectives within the investment portfolio. The 
ESG Committee meets on a quarterly basis to provide 
strategic oversight, monitor the integration of ESG 
ESG Governance
Executive Committees
Investment teams and business operations7
CVC Board of Directors 
considerations within the investment processes of 
each strategy and consider whether investment teams 
and other employees have the training, tools and 
resources they require to implement the Responsible 
Investment and ESG policies.
CVC has separate Investment Committees (ICs) 
for each of its investment strategies. These ICs 
are ultimately responsible for making investment 
decisions. Each IC in the private equity strategies 
is represented by at least one member of the 
ESG Committee. In addition, CVC has separate 
committees for Group Risk, DEI, Ethics and 
Philanthropy.
The investment teams are ultimately responsible for 
the implementation of the Responsible Investment 
and ESG policies, with the support of other functions 
including, Operations, Capital Markets, ESG, Legal 
and Compliance teams. At the corporate level, the key 
functions that consider ESG topics material to CVC 
include: ESG; Human Resources; Diversity, Equity & 
Inclusion; Cyber; Investor Relations; Marketing and 
Communications; Philanthropy; Risk; Compliance; 
and Legal. 
7. 	 Chart includes business operations teams closely involved in delivering the ESG strategy. It does not represent an exhaustive list of operational teams at CVC. Additional teams are consulted as necessary including for example, legal, communications, client & product solutions 
and finance.
11
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Materiality assessment
This year, we refreshed our materiality 
assessment to ensure we remain focused 
on the ESG topics that are most important 
to our business and to our stakeholders.
Our materiality assessment involved multiple steps 
to gather insights from various perspectives and 
stakeholders.
	» Formed Long-List of ESG Topics
In collaboration with external advisers and 
through a review of industry peers, we compiled 
a long-list of ESG topics relevant to our business. 
This process allowed us to gather a wide range of 
inputs and considerations.
	» Conducted Stakeholder Interviews
To gain insights into ESG priorities and concerns 
within CVC, we conducted interviews with 17 
senior stakeholders. This stakeholder group was 
curated to include representation across business 
units, sectors, geographies, and strategies. By 
engaging with these individuals, we captured 
a view of internal perspectives on ESG topics of 
significance to CVC.
	» Gathered Investor Insights
Recognizing the importance of external 
perspectives, we sought insights from a selection 
of key investors in CVC funds. These interactions 
provided valuable input regarding their 
expectations, concerns, and priorities related to 
ESG topics. 
	» Conducted Desktop Research
In addition to stakeholder interviews, we 
commissioned a third party to undertake desktop 
research to explore broader investor perspectives 
on ESG topics. This research encompassed the 
viewpoints and expectations of institutional 
investors, industry experts, and best practices 
prevalent in the investment community. This 
enabled us to gain a holistic understanding of 
industry trends and emerging ESG issues.
By following this process, we sought to ensure that 
our ESG materiality assessment was based on a 
well-rounded understanding of internal and external 
viewpoints. This approach allowed us to identify 
what our stakeholders view as the most relevant and 
significant ESG topics for CVC.
The topics identified as strategically important in the 
materiality assessment have been categorised under 
four headings, which have informed the structure 
of this report: integrating ESG into the investment 
process; supporting the transition to a low-carbon 
economy, attracting and developing talent; 
governance and accountability.
Topics identified as having high or moderate 
importance are still considered important to CVC 
and some of its stakeholders, but have not been 
deemed strategically material to our operations. 
For example, a number of these topics have 
been identified as being material to a sub-set of 
our investment portfolio but not to CVC at the 
operational level.
Transparency
Employee 
development
Climate 
change
Diversity, 
equity and 
inclusion
ESG data
Cyber 
security
Employee 
engagement 
and wellbeing
ESG maturity 
and value 
creation
Compliance 
and ethics
ESG 
governance
Biodiversity
Tax
Supply 
chain
Circular 
economy
Community
investment
Waste
Water
Resource 
use
Anti-
corruption
Culture
Labour and 
human rights
Moderate importance
High importance
Strategic importance
Importance to external stakeholders
Importance to internal stakeholders
Integrating ESG into 
our investment process
Supporting the transition to
a low-carbon economy
Attracting and
developing talent
Governance and
accountability
12
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

CVC believes that proactively incorporating 
ESG will help future proof companies and 
meaningfully contribute to our objective 
of creating long-term sustainable 
value. By leveraging ESG considerations in 
our investment processes we are helping to 
create value for both our portfolio 
companies and our investors.
Integrating ESG 
into our investment 
process
Integrating ESG in the 
investment process	
14
Private Equity	
15
Credit	
28
Secondaries	
30
CVC ESG Report July 2023
13
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Integrating ESG into our investment process
CVC sees ESG as an important part 
of our value creation and risk 
management approach. We 
believe ESG is not a trade-off, but 
an important part of creating 
sustainable long-term value. Our 
view is that now, more than ever, 
embedding environmental and 
social responsibility into our 
investment processes and, where 
relevant, our value creation 
initiatives will help us to capitalise 
on the opportunities of the next 
decade and help our portfolio 
companies keep abreast of the 
rapidly evolving sustainability 
landscape. 
We have developed frameworks for ESG integration 
across each of our investment strategies. As you 
will see in this report, we have been the most active 
in our private equity portfolio, where we can have 
the most influence over how our investments are 
managed.
Great Management Team
Community 
Engagement
Environment 
& Planet
Customer 
Engagement
Sustainable 
Operations and 
Processes
Employee 
Engagement and 
Value Creation
Governance 
& Ethics
Integrating ESG into our Value Creation Framework8
8.	 Value Creation Framework applied in Private Equity strategies only.
14
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Private Equity
Our Private Equity platform 
comprises four investment 
strategies (Europe/Americas, 
Asia, Strategic Opportunities 
and Growth) and has investments 
in more than 125 companies 
worldwide. 
Our ESG approach is broadly consistent across 
all of our private equity strategies and ESG is 
considered across the stages of the deal life cycle. 
From initial screening and due diligence to exit, 
we integrate ESG to support decision-making 
at each stage, where relevant and appropriate. 
This involves integrating ESG considerations into 
our investment thesis, incorporating ESG factors 
into due diligence, and engaging with portfolio 
companies to drive ESG improvements during the 
holding period.
We recognise that each investment opportunity is 
unique. As such, we have a structured approach 
to help companies determine, and then focus on, 
what is most material to them. This allows us to 
address the diverse risks and opportunities that 
arise across the various industries and geographies 
in which we invest. 
Due diligence
ESG diagnostic
ESG due diligence
Consistent presentation 
to investment committee
Monitoring and 
engagement
Value Creation Framework
Four Pillar Approach
ESG maturity scorecard
Exit
Regulatory readiness
Transparency and disclosure
Vendor due diligence
02
01
03
15
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

During the holding period, 
we engage with portfolio 
companies and monitor their 
ESG performance with a view 
to identifying and responding 
to opportunities to drive 
further improvement.
We provide direct support to our portfolio 
companies through, for example, ongoing 
guidance and advice, advisory roles on ESG 
Committees, our ESG Spotlight conferences, and 
direct funding through Planet & People Grants.
Monitoring and engagement
Due diligence
CVC considers material 
sustainability risks as part of due 
diligence on new deals. Typically, 
we start by conducting an 
outside-in materiality assessment 
in order to identify key topics to 
assess in the due diligence phase. 
An in-house guidance tool is available to deal 
teams, although increasingly external advisors are 
consulted at the early stage of a deal to ensure 
relevant topics are incorporated into broader scoping 
of due diligence. Key topics are then covered, either 
in a standalone ESG due diligence or integrated into 
other diligence workstreams.
In order to understand the climate risk and 
opportunities of an investment, we also seek to 
incorporate climate change considerations into 
due diligence on new deals.9
Any material sustainability risks10 identified during 
the due diligence process will typically be considered 
and CVC will seek to ensure they are appropriately 
mitigated or managed, either prior to investment or 
once an investment has been made.
If CVC concludes that the sustainability risks of 
a target company are material and cannot be 
appropriately mitigated in a reasonable timeframe, 
then no investment is made. For example, 
considerations such as inherent anti-bribery and 
corruption issues have previously factored into the 
investment committee’s decision not to pursue 
certain deals.
Monitoring and engagement
Investment committee
ESG findings must be
included in the final 
investment review and 
presented to
the investment committee
ESG due diligence
A deeper dive into the
material topics identified
in the diagnostic. Can be
standalone or integrated
ESG diagnostic
A rapid review of the target
and sector to get a sense of 
material topics and the level
of due diligence required
Maturity scorecard
A systematic approach 
to support companies 
integrate ESG into 
governance, strategy, risk 
management and reporting
Four Pillar Approach
Monitors key outputs to 
evidence progress on ESG: 
external assessments, 
ESG metrics, sustainability 
reporting, and climate 
action
Value Creation Framework
Provides a systematic 
and repeatable approach 
to support our portfolio 
companies when assessing 
their priorities and how they 
operate
Due diligence
9.	
Our approach to climate due diligence specifically is detailed on page 38 of this report.
10.	 Sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual 
or a potential material negative impact on the value of the investment.
16
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Customer 
engagement
Supply chain 
management
Employee 
engagement
Community 
investment
Climate 
resilience
ABC and 
business ethics
Customer 
satisfaction
Product lifecycle
Attracting and 
retaining talent
Community 
relations
Energy 
management
Cyber security
Product health 
and safety
Employee 
development
GHG 
emissions
ESG 
governance
Product labelling
Diversity, equity and 
inclusion
Water
Transparency and 
reporting
Health 
and safety
Pollution 
and waste
Human 
rights
Compensation, 
incentives and 
benefits
Customer 
Engagement
Sustainable 
Operations &
Processes
Employee 
Engagement
Community 
Engagement
Environment 
& Planet
Government
& Ethics
Within private equity, our ESG 
Value Creation Framework sets out 
the six overarching categories of 
ESG topics on which we seek to 
engage with our portfolio 
companies. Within each of these 
categories we generally identify a 
targeted range of key performance 
indicators (KPIs) to track 
performance and engage on 
material ESG topics.
The diagram to the right shows the six dimensions 
of CVC’s Value Creation Framework. The aim of 
the framework is to provide a consistent approach 
to support our work with portfolio companies in 
assessing their priorities and the way they operate, 
from recognising the importance of customers 
and employees, through to understanding how a 
company can make a positive contribution to its 
community and minimise its impact on the natural 
environment.
Our reporting programme aims to measure progress 
against each of these areas, focusing on what is 
most material for a particular business.
Value Creation Framework
17
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

ESG
Engagement
Programme
Sustainability
Report
Climate Action
(SBTi)
Annual
ESG KPIs
External
Assessment
(EcoVadis)
1
Portfolio companies 
to undergo annual 
external assessment
Engage with
companies to set
externally validated
science-based targets to
align with Net Zero 2050 pathway
Encourage portfolio
companies to publish
their own annual
sustainabllity reports
Track progress of portfolio
through annual ESG
reporting programme
2
4
3
Our Four Pillar Approach enables 
us to monitor the key outputs 
we use to assess progress on ESG. 
These are:
1.	 External assessments: Portfolio companies are 
asked to undertake an assessment by an external 
ratings agency to provide an independent view 
of the progress being made by the company on 
their management of ESG issues and to identify 
further areas for improvement.
2.	 Annual ESG KPIs: CVC engages with portfolio 
companies on an annual basis to request data 
corresponding to the six categories of our Value 
Creation Framework. The data request includes 
the metrics set out by the ESG Data Convergence 
Initiative11, as well as additional data that 
CVC deems material to its investments. Data 
is requested across the following categories: 
Environment & Planet; Governance & Ethics; 
Customer Engagement; Sustainable Operations 
& Processes; Employee Engagement; and 
Community Engagement.
3.	 Sustainability reporting: Portfolio companies 
are encouraged not only to report ESG data 
to CVC but also to their other stakeholders. 
CVC typically recommends that sustainability 
disclosures are produced in line with applicable 
internationally recognised standards such as 
the GRI, SASB, and TCFD, as well as upcoming 
regulatory requirements and industry best 
practice. 
4.	 Climate action: CVC is committed to supporting 
its investments to decarbonise in line with 
the Paris Agreement. As such, CVC has set 
decarbonisation targets at the private equity 
portfolio level that have been validated by the 
Science Based Targets initiative12.
Four Pillar Approach to monitoring and engagement
11.	 ESG Data Convergence Initiative
12.	 Science Based Targets initiative
Our Four Pillar Approach
18
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Unily: Intranet platform provider
Unily has taken significant steps 
to develop its ESG strategy with 
the support of CVC.
Since CVC’s initial investment in 2022, Unily 
has hired an ESG manager to drive initiatives 
at the operational level, and appointed the 
CFO as the executive sponsor for ESG. Unily 
has already conducted a high-level materiality 
assessment to help identify the most critical ESG 
issues for the company to address. With CVC’s 
support, Unily is in the process of formalising 
its ESG strategy, identifying value creation 
initiatives and understanding the near-term 
reporting requirements. The company aims to 
align its activities with recognised frameworks 
and guidelines to enhance transparency and 
accountability in its ESG practices.
Unily has made a commitment to reducing 
GHG emissions in line with the Paris Agreement. 
Through its climate engagement programmes, 
CVC supported Unily to undertake its first GHG 
emissions baseline assessment and understand 
the data collection process. This assessment 
serves as a starting point for Unily to track and 
reduce its carbon footprint. Unily is now working 
with CVC and its advisors to develop a tangible 
decarbonisation roadmap.
It’s exciting to see Unily maturing 
rapidly on ESG, with support from 
CVC. We look forward to continuing 
our collaboration with CVC and 
other portfolio companies as we 
continue this important journey.”
Jenny May
ESG Manager
In addition, CVC’s cyber security team engaged with 
Unily on cyber security processes. This has enabled 
Unily to further enhance its data privacy and 
information security measures. External verification 
has confirmed that Unily has advanced processes 
in place to manage and protect sensitive data.
With support from CVC’s expertise and resources, 
Unily is making significant progress in its ESG 
journey. With a dedicated ESG manager, executive 
sponsorship, materiality assessment, GHG emissions 
baseline, and cyber security enhancements, Unily is 
well-positioned to meet its sustainability goals and 
demonstrate responsible business practices. 
Growth
Four Pillar Approach to monitoring and engagement continued
CASE STUDY — CREATING SUSTAINABLE VALUE
19
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Structured Implementation
In 2022 we introduced an ESG 
Maturity Scorecard, which provides 
a more transparent and structured 
approach for engaging with 
companies13 as they develop
their ESG programmes.
Integration and continuous improvement
ESG integration is a multi-year journey and one of 
continual improvement. We believe that having the 
right foundations in place tends to set up a company 
to create sustainable value, driven by a medium 
to long-term ESG strategy and integrating ESG 
initiatives into their value-creation plans. In addition, 
we encourage companies to review whether 
material ESG topics are integrated into its enterprise 
risk management and to identify if foundational 
ESG policies and practices need updating and/
or improvement. The EcoVadis assessment helps 
monitor performance and improve these aspects 
year-on-year. Once the foundations are in place, 
companies are encouraged to build ESG into their 
medium to long-term strategies, key value creation 
initiatives, risk management procedures and policies 
and practices.
Reporting and disclosures
In line with our Four Pillar Approach, we encourage 
our companies to communicate performance on 
material ESG topics with external stakeholders 
though various channels including publicly 
available disclosures and reporting on key ESG 
factors. In particular, we encourage companies to 
strengthen their reporting practices, taking account 
of applicable regulatory requirements, listing 
requirements and stakeholder expectations. We also 
encourage each company to engage with a credible 
external rating agency to validate progress over 
time, typically EcoVadis.
We recognize that even with comprehensive 
programmes and policies in place, adverse ESG 
related incidents can still occur within the portfolio. 
We have processes in place to monitor for such 
incidents and disclose material incidents to our 
investors to the extent appropriate or permitted. 
Our ESG Maturity Scorecard supports our portfolio 
companies with a typical blueprint for ESG 
integration and to develop their own roadmaps 
across the following areas:
Foundations
In the post-closing period, we focus on helping a 
company establish the foundations to support and 
drive ESG integration, if they do not already exist. 
A top priority is Board oversight of ESG. In addition, 
we recommend that a member of the Management 
Team or Executive Committee has accountability 
for ESG and that our companies have appropriate 
resource to identify and manage material 
ESG topics. 
A common area of interest for portfolio companies is 
‘what to focus on’ and ‘what is material’. Therefore, 
we encourage our companies to undergo a 
materiality assessment early in the holding period in 
order for them to (i) identify the priority set of topics 
most relevant to each business, (ii) ensure there is 
awareness and accountability of the identified topics 
at the board and management level and (iii) there 
are processes in place to manage and measure 
progress on the identified topics, including key value-
creation initiatives.
13.	 This initiative is being prioritised for more recent investments.
Foundations
ESG governance structure
ESG integration essentials
Board/management engagement
Reporting and disclosures
ESG ratings
ESG disclosures
Climate targets
Integration and continuous 
improvement
ESG strategy and value-creation
Risk management
Policies and practices
01
03
02
20
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Vivartia: Food production conglomerate
At the time of CVC’s investment, 
the Vivartia Group had in place 
several commendable social and 
environmental initiatives.
Additionally, since 2016 companies within 
the Vivartia Group has reported its objectives 
and initiatives through its annual CSR reports, 
which have been prepared in alignment with 
the GRI standards.
Early on in the investment, CVC recognised the 
opportunity to enhance the Vivartia Group’s 
approach to ESG through further integration of 
ESG into its broader business strategies. Within a 
short period of time, each of the largest Vivartia 
companies – namely DELTA, Barba Stathis, 
and Goody’s-Everest – engaged with a wide 
range of stakeholders to identify material topics 
for each business. In collaboration with CVC 
and an external advisor, they devised a robust 
governance structure and a comprehensive 
ESG strategy. Each business conducted a series 
of workshops with the management teams 
to develop focused strategies, complemented 
by a select set of KPIs. These indicators now 
enable the management teams, the group 
board, and shareholders to effectively monitor 
performance over time.
For us, CVC has come to be a 
valuable window to the world 
of ESG.”
Panayiota Tsifourdari
Vivartia Group Corporate Affairs & 
ESG Director
Demonstrating a commitment to tackling climate 
change, all three Vivartia companies actively 
participated in CVC’s Greenhouse Gas Foundation 
programme, collaborating with an external advisor 
to calculate their scope 1 and 2, emissions and 
estimate material scope 3 emissions in accordance 
with the GHG Protocol. As a result, these companies 
have become part of the inaugural cohort in 
CVC’s Climate Action Accelerator programme. 
This innovative programme aims to equip portfolio 
companies with the necessary tools to establish 
science-based emissions reduction targets, 
positioning Vivartia as a proactive contributor to 
global climate action. See page 35 for more detail 
on CVC’s climate action programmes. 
The enhanced ESG approach, detailed in the 
updated ESG reports of each of DELTA, Barba 
Stathis, and Goody’s-Everest, showcases their 
dedication to sustainable practices. Aspiring to 
industry-leading standards and leveraging the 
expertise of CVC and its external advisors is helping 
Vivartia to undergo a remarkable transformation, 
reinforcing its position as a responsible corporate 
citizen in the eyes of stakeholders and society 
at large.
Europe/Americas
Structured Implementation continued
CASE STUDY — CREATING SUSTAINABLE VALUE
21
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

2020
2021
2022
33%
100%
75%
50%
25%
10%
70%
77%
Ecovadis
benchmark 2022
% of portfolio
companies rated
by EcoVadis
Platinum
Gold
Silver
Bronze
No medal
EcoVadis portfolio company data
The EcoVadis assessment focuses on 21 sustainability 
criteria that are grouped into four themes:
1	 Environment
2	 Labour & Human Rights
3	 Ethics
4	 Sustainable Procurement
These criteria are based on international 
sustainability standards such as the Ten Principles of 
the UN Global Compact, the International Labour 
Organisation conventions, the GRI standards, the 
ISO 26000 standard, the CERES Roadmap, and 
the UN Guiding Principles on Business and Human 
Rights. Select data we have collected through the 
platform are set out on this page.
Whilst EcoVadis is the most commonly used ESG 
assessment provider in the portfolio, CVC does 
not mandate the use of EcoVadis and so not all 
companies are represented in this data.14
Over the past three years of engagement with 
portfolio companies through EcoVadis, we have seen 
an increase in the number of companies in a position 
to undertake an EcoVadis assessment and a year on 
year improvement in the cumulative EcoVadis scores 
of the participating portfolio.
Performance by activity KPIs
When determining whether a company has attained 
a certain activity KPI, EcoVadis will consider a short 
list of strengths that are relevant to a specific KPI 
(i.e. policies, actions or programmes in place to 
manage the specific issue).
If the company is deemed to have sufficient 
strengths in place to manage that issue, then 
EcoVadis will award them that activity KPI. Below is 
a selection of activity KPIs collected along with the 
percentage of CVC portfolio companies that were 
determined to have attained each activity KPI in 
accordance with the EcoVadis methodology.
EcoVadis performance distribution by medals awarded15 (by count of portfolio companies)
14.	 77% of portfolio companies are represented, excluding investments made in last six months to December 2022.
15.	 Excludes investments made in last 6 months prior to relevant year end.
77%
Actions to promote
diversity 
2021: 47% 
86%
Policy on information
security
2021: 81% 
83%
Active whistleblowing
procedure in place
2021: 82% 
79%
Actions on energy
consumption and GHGs
2021: 72% 
70%
Waste management 
measurements in place
2021: 60% 
78%
Actions to prevent discrimination 
and/or harassment
2021: 66% 
22
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Further Support
Planet & People Grants
In 2022, CVC continued its EcoGrant programme, 
offering grants to portfolio companies to be used on 
select environmental projects. To widen the reach 
of the programme, at the end of 2022 the grant 
programme was expanded to include social and 
community projects and the EcoGrants became 
Planet & People Grants. Companies can now apply 
for grant funding for projects that help them reach 
both their environmental goals and create positive 
impacts for their employees or communities. The 
programme is a joint initiative between CVC’s 
Philanthropy and ESG teams. See the box to the right 
for examples of projects to which the Planet & People 
Grants have contributed.
ESG Spotlight conferences
CVC hosts a bi-annual ESG Spotlight conference 
to bring portfolio companies together in a virtual 
forum to address collective ESG challenges and 
opportunities for value creation. Each conference 
covers topics that are relevant to a broad range 
of companies, and which are important for our 
companies to address as they mature their own 
approaches to ESG. Through this forum, portfolio 
companies can access shared learnings and best 
practice experiences from businesses within the 
CVC network, operating across a variety of sectors 
and markets.
In the last Spotlight conference of 2022 we focused 
on i) sustainability reporting frameworks and 
upcoming regulatory requirements and ii) how 
to engage authentically with customers on ESG. 
Each topic was supported by two case studies from 
portfolio companies to further enable knowledge 
sharing.
Sustainability-linked loans
Where appropriate and consistent with the company 
strategy, CVC supports its portfolio companies 
to access sustainability-linked loans that offer a 
downward margin ratchet in return for demonstrable 
progress against pre-defined ESG performance 
targets.
Through this financing, our companies receive a 
further financial incentive to demonstrate ambitious 
progress against material KPIs. 
D-Marin 
D-Marin has used its grant to contribute to its 
investment in the Jellyfish robot, which was 
launched in late 2022 at its marina in Athens. 
The robot is designed to collect waste and oil 
spills, and support water decontamination.
Result: The robot presents an efficient 
and flexible solution to support water 
decontamination in D-Marin’s Zea Marina of 
Pireaus. In addition to clearing water pollution, 
the robot can also perform bathymetric surveys 
to measure depth when equipped with a sonar.
DKV Mobility
DKV Mobility has used the grant to contribute 
to developing a carbon reporting tool to help 
their fleet customers track and manage their 
carbon emissions. With one click they can see 
the emissions related to their vehicle fleet in real 
time, categorised by whether carbon emissions 
have been avoided through electric vehicles, for 
example. DKV can also provide digital carbon 
offsetting options to customers through its 
partnership with myclimate.
Result: The carbon emission tracker tool is being 
used by 4,000 monthly users, enabling them to 
reduce emissions and monitor progress against 
targets.
Rayner
Rayner’s grant has been used to contribute 
to a project to reduce the amount of plastic 
packaging used in its Reign-1 project, the world’s 
first injection system to offer intraocular lenses. 
Through the funding, Rayner has developed 
packaging for the product that not only uses less 
plastic but is also lighter, stronger, and requires 
fewer water clave cycles, leading to less overall 
energy and water use.
Result: The funding has helped save 20 tonnes 
per annum of plastic use, in addition to securing 
energy savings through increasing sterilisation 
process capacity.
FAST Logistics
To help lower its carbon footprint, FAST Logistics 
used the grant to help kickstart a solar energy 
initiative, starting with installing solar panels on 
its Cabuyao, Laguna warehouse.
Result: The solar energy system is expected to 
generate electricity to power office equipment, 
lighting, and MHE Batteries inside and outside 
the warehouse.
Razer
CVC provided a grant to Razer to secure an 
Ecolabel Certification for its products through 
ECOLOGO®.
Result: Following a successful trial with its 
computer mice, Razer made the strategic 
decision to subject all its products to the rigorous 
ECOLOGO® independent certification process. 
UL Solution, a renowned testing, inspection, and 
certification company, was chosen to provide 
the certification. The ECOLOGO® Certified mark 
validates that Razer’s products meet stringent 
environmental standards across various aspects, 
including materials, energy, manufacturing, 
repair and reuse, packaging, and waste disposal.
Tendam
The grant contributed towards the funding of 
three days of employee training, covering the 
importance of eco design and sustainability 
throughout the supply chain. This is a result of 
Tendam identifying that staff would benefit from 
a better understanding of sustainability topics 
relevant to the business and that this would help 
the company move effectively and faster to 
meet their corporate sustainability goals. 
Result: 157 staff from all the functional areas of 
the business took part in the training. Feedback 
showed that 86 percent had increased their 
understanding of sustainability, 80 percent would 
recommend the training to colleagues and 100 
percent wanted further training on sustainability.
Plant & People Grants
23
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Further Support continued
Rayner: Global 
ophthalmology 
business 
In 2022, CVC’s capital markets team proposed the 
negotiation of an ESG margin ratchet with Rayner’s 
lenders to create a direct financial incentive for 
demonstrating progress on material ESG topics.
The margin ratchet amendment established a 
mechanism whereby an improvement in Rayner’s 
EcoVadis ESG score would result in a reduction in the 
applicable interest rate. Notably, Rayner’s efforts in the 
first year of the loan resulted in a sufficient improvement 
of its ESG score to receive an EcoVadis Silver medal 
and trigger a saving on the applicable margin.
Rayner remains committed to further enhancing 
its rating year on year. This commitment entails 
prioritising sustainability across its operations and 
considering ESG impacts throughout its business and 
notably in its supply chain. Rayner has proactively 
embraced sustainable practices by focusing on 
improving energy efficiency, GHG emissions 
reductions and efficient water usage. CVC has also 
provided grant funding to Rayner to develop a new 
solution to reduce plastic usage in packaging.
With the whole organisation thinking 
about the benefits of ESG, we have 
created a band of advocates who 
promote ESG improvements throughout 
the business.”
Geoff Allan, 
Chief Financial Officer
Europe/Americas
CASE STUDY — CREATING SUSTAINABLE VALUE
24
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

ESG at exit
When relevant we are disclosing 
ESG information gathered through 
the CVC fund ownership periods to 
potential buyers at the exit stage. 
The extent to which ESG 
considerations are incorporated 
into exit preparations will depend 
on a number of factors including 
the anticipated method of exit. 
IPO readiness
When preparing for an IPO there is an increased 
focus on ensuring a company can meet its reporting 
obligations which, regardless of the jurisdiction of 
the IPO, are likely to include reporting on material 
ESG issues and opportunities. Furthermore, public 
companies are also increasingly being scrutinised on 
their ESG management and governance. Therefore, 
ESG considerations are an important part of the 
scope for portfolio companies when preparing for 
an IPO.
Areas of particular focus leading up to an IPO 
include ensuring a company has strong ESG 
foundations and capabilities, particularly with 
respect to reporting and disclosures. This will put 
them in a better position to be able to clearly 
articulate how ESG is integrated into the business 
and provide credible evidence of how this is done. 
Furthermore, the EcoVadis assessment process, 
enables companies to prepare themselves for 
the scrutiny of public ESG ratings. EcoVadis can 
provide an indication of how markets will view the 
companies’ ESG management capabilities and the 
EcoVadis score can be used when communicating 
with the markets. 
Similar to the trajectory of the public markets, we 
expect that in future years ESG will become a more 
common diligence item in secondary and strategic 
sales and we are anticipating and preparing for 
increased demand for more vendor due diligence 
documents in the near future.
IPO readiness
We support companies to prepare for 
compliance with ESG-related regulations 
to which they could be exposed 
on the public markets
Transparency
We encourage companies to establish 
data collection and reporting processes 
in line with international best 
practices
Vendor due diligence
Where relevant, we include information 
on ESG performance in data rooms and 
in management presentations during 
the sales process
Exit
25
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Garudafood Indonesian food 
and beverage company 
Since announcing its commitment to 
sustainability in 2020 and ahead of its recent 
exit from CVC’s portfolio, Garudafood has 
made significant progress in a number of key 
areas. In its first EcoVadis assessment the 
company did not receive an award. Working with 
CVC, Garudafood focused on addressing the 
assessment feedback and in one year progressed 
to a silver award, raising the benchmark for 
its sustainability journey. The company has 
implemented an energy and emission data 
management system, focused on occupational 
health and safety programmes, introduced a 
sustainable procurement policy, and improved 
its whistleblower policy.
In the company’s first sustainability report, 
Garudafood set ambitious goals for 2023 and 
beyond. For example, the company aims to 
reduce its carbon footprint and increase energy 
efficiency with specific initiatives such as 
transitioning to renewable energy, installing solar 
power plants, and utilising excess steam for a 
cold water-cooling system. The company is also 
committed to achieving zero solid waste, finding 
solutions for handling plastic waste through the 
3R principles (reduce, recycle, return to earth), 
and strengthening its sustainable procurement 
policy. 
Additionally, it is focused on promoting diversity and 
inclusion, non-discrimination, and anti-harassment 
policies internally.
Garudafood’s sustainability and ESG strategy aligns 
with its vision for a more environmentally friendly 
and socially responsible future. By addressing key 
areas of improvement and setting ambitious goals, 
the company aims to create value not only for 
CVC and its future shareholders but also for the 
planet and society as a whole. Its commitment to 
sustainable governance further supports its overall 
sustainability efforts.
Asia
ESG at exit continued
CASE STUDY — CREATING SUSTAINABLE VALUE
26
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Key areas of focus for private equity portfolio engagement
In addition to encouraging portfolio 
companies to measure and 
manage ESG factors that are most 
material to their own businesses, 
CVC has identified key cross-
cutting themes that we have 
deemed relevant to all companies 
in our private equity portfolio. 
Increasingly, we are formalising our 
approach to managing these issues 
across the portfolio. A summary of 
our work on these topics is set out 
on this page. 
	» Climate change: Climate-related risks are 
increasing globally and impacting businesses 
significantly. CVC acknowledges the risks posed to 
its current and future portfolio and is committed 
to proactively managing them in line with its 
fiduciary duty. Engaging with portfolio companies 
to reduce GHG emissions is a crucial part of 
our climate risk management strategy. More 
information on how we engage with our portfolio 
companies on this topic is provided on page 35 
of this report. 
	» Diversity, equity and inclusion: CVC is 
increasingly seeking to promote DEI within its 
private equity portfolio, which employs more than 
550,000 people globally. CVC recognises the 
significance of DEI to our stakeholders and those 
of portfolio companies. To date, we have focused 
on monitoring gender diversity in the portfolio. 
In addition, we have collaborated with some 
companies to establish measurable DEI goals. To 
further enhance our efforts, we have appointed 
a Global Head of DEI, whose role will increasingly 
include portfolio engagement, enabling us to 
take a more proactive approach. For example, in 
2023, we are launching a DEI thought leadership 
programme to facilitate knowledge-sharing 
and best practices between companies, further 
empowering them to drive their own DEI agendas 
and make a positive impact. 
	» Cyber: Digitalisation is a key part of our 
value creation proposition. CVC recognises 
the importance of strengthening the digital 
readiness of our portfolio companies and 
continuing to evolve CVC’s toolkit in order to 
meet the technological challenges of tomorrow. 
Recognising the additional and fast evolving 
risks for companies in an increasingly digital 
world, in 2022 we launched an updated private 
equity portfolio cyber security monitoring 
and engagement programme. Through this 
programme we have outlined our expectations 
of portfolio company cyber security governance. 
CVC expects to see portfolio company Board 
level accountability for cyber security, that critical 
cyber basic protections have been addressed, 
and that companies actively improve on a set of 
information security governance factors. Where 
these standards are not in evidence at a portfolio 
company, CVC will expect a company to engage 
resources, whether internally or externally, in order 
to help address the gaps. 
	» Responding to material incidents: Even when 
companies have comprehensive programmes 
in place to manage ESG and mitigate risks, 
adverse incidents can occur. We have processes 
in place to monitor and track such issues both 
from an outside-in perspective, through third-
party tools and through direct communication 
and engagement with portfolio companies. 
When material incidents occur we engage with 
companies to get sufficient comfort that they 
have the resources and management oversight 
to ensure they are appropriately addressing and 
remedying the underlying issues.

For example, in February 2023 both Lipton Teas 
and Infusions (“Lipton”) and CVC were made 
aware of allegations of sexual misconduct and 
exploitation that took place during the previous 
ownership of Lipton by Unilever at one of the 
tea estates owned by ekaterra (now Lipton Teas 
and Infusions). In response, Lipton launched a 
thorough and independent investigation into the 
allegations and has since developed, and is in the 
process of implementing, a comprehensive plan 
to address key areas for improvement, which it 
has shared with CVC. More information about the 
investigation and the remediation plan that Lipton 
has put in place can be found on Lipton’s website: 
www.liptonteas.com/.
27
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

CVC invests in companies across 
the sub-investment grade 
corporate credit markets in Europe 
and North America, with a strong 
focus on downside protection 
through active risk management 
including the integration of ESG 
factors into the due diligence 
process. 
Credit provides investors with a broad range of 
opportunities to meet their investment criteria 
through dedicated vehicles and investment 
solutions. Within our Credit business we operate two 
investment platforms, Private Credit and Performing 
Credit, each of which have separate management 
teams and investment committees. The investment 
processes for our Private Credit and Performing 
Credit platforms are independent of one another. 
Nonetheless, the investment processes generally 
follow the same overall approach.
ESG is typically integrated into the Credit investment 
process as shown on the right.
Due diligence
In both investment platforms, when a new 
investment opportunity is reviewed, the investment 
teams carry out a due diligence process by 
referencing information provided by the borrower 
such as existing ESG due diligence, sustainability 
reports, and ESG questionnaires completed by the 
borrower. This process is supplemented by a review 
of publicly available information. In some cases, 
investment teams engage with management teams 
Credit
to further understand ESG topics that are deemed 
material to the company. Additionally, Performing 
Credit is often able to utilise market standardised 
data sets such as LSTA and ELFA questionnaires 
given the syndicated nature of the market. All 
Investment Committee memos contain an ESG 
section which outlines the key ESG considerations 
relevant to the specific company.
Monitoring
Following the initial investment, CVC analysts 
monitor ESG topics on a periodic basis. CVC uses a 
proprietary scorecard to systematically assess ESG 
performance across the portfolios. Scorecards are 
typically completed by CVC analysts, except for 
some Direct Lending investments where borrowers 
may be asked to complete the scorecard themselves. 
In both platforms, ESG forms part of quarterly 
portfolio reviews, and it is anticipated that the 
scorecards will be updated annually. In addition, 
investment teams use an external news aggregator 
to monitor ESG-related news relevant to the lending 
portfolio. Any material sustainability risks that are 
raised by this process are reviewed by the relevant 
investment committees. Given the more liquid 
nature of the Performing Credit business, material 
ESG concerns may influence decisions to divest a 
position.
Engagement (Private Credit)
The Private Credit business focuses on directly 
originating lending opportunities to high quality 
assets through the team’s extensive relationships and 
by leveraging the sourcing power of the CVC network 
and its broader private equity insights. Within private 
credit, there are two investment platforms: Direct 
Lending and Capital Solutions.
Direct Lending targets medium-size European 
businesses looking for a single lender or small 
group of lenders to help its next phase of growth. 
In Direct Lending, CVC has greater access to the 
management team and the sponsor and can 
advise and guide them on their ESG journey, 
which is typically at its infancy due to the size 
of the company. When making Direct Lending 
investments, CVC may seek to improve borrowers’ 
ESG performance by offering a margin reduction 
(typically 5-15 basis points) in return for demonstrable 
progress against pre-defined ESG performance 
targets. As of December 2022, more than €4.1bn 
of investment included an ESG margin ratchet in 
legal documents. 
As part of its investment process, when a company 
confirms it wishes to enter into an ESG-linked loan, 
CVC will agree on one or more material ESG KPIs on 
which to base the margin ratchet and a sufficiently 
ambitious ESG performance target. Our ESG-linked 
loans are most commonly linked to an external ESG 
rating such as those provided by EcoVadis and B 
Corp, and also in certain instances, agreed upon 
KPIs. 
In 2023, we intend to formalise out ESG-linked loans 
framework in alignment with the Sustainability 
Linked Loans Principles16, a best-practice standard.
Capital Solutions provides subordinated instruments 
to large companies across the US and Europe. In 
these deals, CVC typically has less influence over the 
company’s ESG strategy. Some of our recent deals 
within Capital Solutions have also included margin 
ratchets, but this is currently rare. 
KPI
2020
2021 
2022 
Percentage of capital 
deployed with 
ESG-linked margin 
ratchets, EU Direct 
Lending Platform only
61%
57%
61%
16.	 Sustainability Linked Loan Principles (SLLP), APLMA, LMA, 
LSTA, 2023.
01
Due diligence
Review of borrower documentation
Internal research and media review
Investment committee discussion
02 
Monitoring
ESG scorecard and media monitoring
Quarterly reviews
Investment committee meetings
03
Engagement
ESG-linked loans
Engagement with
industry associations
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CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Credit continued
Markerstudy:
General 
insurance 
broker
Theramex: Global specialty 
pharmaceuticals company 
dedicated to women’s health
Capital Solutions
EU Direct Lending
Markerstudy Group (“MSG”), a provider of 
personal lines insurance broking, underwriting 
and ancillary services, has been encouraged 
by CVC’s ESG margin ratchet to improve the 
maturity of its entire organisation’s approach 
to ESG.
As incentivised by the ratchet, MSG has used a 
34-point action plan from EcoVadis as a guide 
to improve its ESG performance. It has since 
received a Bronze EcoVadis medal and aims 
to achieve Silver over the next year. Savings 
from the ratchet are also being used to recruit 
individuals to guide the company’s future 
ESG activities.
I can credit the team at CVC with 
putting ESG on our group agenda, 
via EcoVadis. We’ve benefitted
from best practice and guidance, 
and the programme has been 
insightful and rewarding.”
Lizzie Smith-Foreman
Director of Group Marketing,
Communications and Sustainability
CASE STUDY — CREATING SUSTAINABLE VALUE
CASE STUDY
CVC and Theramex agreed an ESG-linked margin 
ratchet aimed at incentivising progress across 
three performance areas: access to treatment; 
diversity, equity and inclusion; and governance.
The ratchet includes both positive and punitive 
features. This has aligned incentives of both the 
company, as well as CVC.
Engagement (Performing Credit)
CVC’s Performing Credit platform targets core 
income opportunities in both senior secured loans 
and bonds, aiming to achieve market-leading 
returns through a combination of current income 
yield and active portfolio management. This 
platform is operated across Europe and the US.
Given the syndicated nature of the Performing 
Credit strategy, our ability to directly influence 
companies on their ESG approach can often be 
constrained. Nonetheless, Performing Credit actively 
engages with industry groups as part of the wider 
industry’s commitment to and implementation of 
ESG principles. We also seek to improve companies’ 
ESG disclosure through our own engagement with 
invested companies. Where possible and deemed 
appropriate, we may leverage our access to 
management teams and shareholders to provide 
feedback on material ESG topics, and advocate for 
continued adoption of best practices in ESG.
Within the European market, representatives within 
the Performing Credit team have been active 
members of ELFA’s ESG Committee since December 
2020. This has allowed Credit to proactively 
advocate for enhanced disclosure from borrowers as 
well as market best practice with regards to ESG.
CVC Credit is also an active member of AIMA’s 
ESG working group and a founding board member 
of AIMA’s Alternative Credit Council (ACC). The 
ACC recently partnered with PRI and the Loan 
Syndications and Trading Association (LSTA) to 
launch the ESG Integrated Disclosure Project (ESG 
IDP) which aims to align lenders and private equity 
sponsors to support consistent ESG data disclosure 
within the credit markets. The ESG IDP is also 
supported by a coalition of market stakeholders 
including CDP, the ESG Data Convergence Initiative 
and the Loan Market Association.
29
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Secondaries
In 2022, CVC merged with 
Glendower Capital, a private equity 
firm focused on secondary markets 
globally. We are actively seeking 
to align our ESG approach and 
integrate the business within the 
CVC’s overall ESG strategy.
01
Due diligence
ESG screening
IC paper
02 
Monitoring
ESG questionnaires
03
Engagement
GP engagement
Glendower, which focuses solely on private equity 
secondaries, believes that investing responsibly is a 
core factor in achieving long-term success and value 
creation and is therefore committed to integrating 
strong ESG principles at an operational level and 
within its investments.
ESG at Glendower
Glendower is committed to ESG by engaging with 
its stakeholders and the wider community. The firm’s 
approach to ESG and social responsibility is driven 
by its ESG Working Group, which draws together its 
approach to ESG.
At the investment level, Glendower’s philosophy 
is based on the belief that the underlying value 
of investments is determined by their long-term 
fundamental prospects including their forward-
looking attitude towards environmental, social 
and governance aspects. Glendower recognises its 
responsibilities to influence its underlying general 
partners and portfolio companies to act in a socially 
responsible manner, where possible.
Due Diligence
Glendower aims to incorporate ESG factors into its 
investment decision making process and during 
the ongoing ownership of funds and portfolio 
companies. As part of its due diligence process, the 
investment team screens each investment against 
a number of sources to determine if there are any 
ESG issues, in addition to checking how the general 
partner and portfolio company management (in 
the case of general partner-led and single assets 
investments) monitors and manages sustainability 
risks and opportunities. Ultimate ESG scrutiny 
and decision making, including identifying and 
evaluating the materiality of sustainability risks, is 
under the review of the relevant Glendower fund’s 
investment committee.
Glendower’s ESG Policy serves as a framework for 
screening and analysis, and the ESG Working Group 
regularly reviews its policies and procedures in order 
to continue developing its approach to ESG within 
the private equity secondaries space.
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CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

General partners with an ESG policy
General partners with a formal exclusion list of prohibited sectors and/or geographies
General partners who are a UN PRI Signatory
  Yes 
41%
  No 
59%
  Yes 
85%
  No 
15%
  Yes 
92%
  No 
8%
Secondaries continued
31
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix
Monitoring and GP engagement
Where relevant, Glendower engages with underlying 
managers and portfolio companies in which it 
invests to work towards establishing international 
ESG good practices over time. As part of the its 
monitoring programme, Glendower requests 
underlying managers to compete a comprehensive 
ESG questionnaire each year. The questionnaire 
examines both ESG topics at the portfolio level as 
well as what the underlying managers themselves 
are doing in terms of ESG, including diversity and 
inclusion, within their firm. In 2022 Glendower 
analysed the activity of 65 general partners globally 
in order to assess the progress and implementation 
of ESG considerations across the portfolio of the 
Glendower funds. 
The data gathered for the year ending 2022 highlights 
a higher adoption of internationally recognised 
principles with the aim of trying to understand the 
investment implications of ESG factors. 
This is reflected in:
	» The significant increase in UN PRI signatories, 
with over 85% of respondents as signatory 
firms. Glendower has seen a significant increase 
in signatories through its annual monitoring 
questionnaire, with 43% of signatories for the year 
ending 31 December 2020, and 66% signatories 
for the year ending 31 December 2021.
	» In addition, the questionnaire responses received 
indicate an increased attention to ESG guidelines 
such as the ILPA Data Convergence Initiative, the 
UN Global Compact, the OECD Guidelines, ILPA 
Diversity in Action, Initiative Climate International, 
and the Sustainability Accounting Standards 
Board (SASB). Based on the data received by 
Glendower, there is widespread adoption of
ESG engagement and policies across the private 
equity space, including at the firm and at the 
investment level.

CVC is committed to helping accelerate 
the energy transition and proactively 
managing the impacts of this on our 
portfolio. We believe that reducing our 
own GHG emissions footprint and 
engaging with our portfolio to do the 
same, is not only the right thing to do
for society and the planet, but that it
also creates long-term value for 
our companies and stakeholders.
Supporting the 
transition to a low-
carbon economy
Strategy to transition to	
33
a low-carbon economy
Climate risk 	
38
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix
CVC ESG Report July 2023
32

Eligible private and listed equity
 
58%
  Remaining private equity (excluded) 
 
6%
Credit (excluded)
 
27%
Secondaries (excluded)
 
9%
Strategy to transition to a low-carbon economy
17.	 As of 2022, required activities made up 58% of CVC’s total investment and lending activities by AUM while optional activities made up 42%.
18.	 Eligible private equity investments refer to investments in which CVC holds more than a 25% ownership stake, a Board seat, and at least 
24 months have passed since the date of acquisition. Remaining private equity investments are excluded from the target.
Engaging with our companies 
to manage and ultimately 
reduce their GHG emissions 
is a key element of climate risk 
management and forms the 
basis of our climate strategy.
We believe that reducing our own GHG emissions 
footprint and engaging with the portfolio to do the 
same is not only the right thing to do for society and 
the planet, but that it also creates long-term value 
for our companies and stakeholders. In particular, 
reducing emissions can help build resilience to 
climate-related risks and reduce costs through 
energy efficiency, effective energy procurement 
and managing the impact of future carbon taxes.
To confirm this commitment, CVC has publicly set 
GHG emissions reductions targets with the SBTi. This 
target was approved by the Board of CVC and has 
been validated by the SBTi. We have a structured 
engagement programme to support our portfolio 
companies to measure emissions, develop tangible 
action plans to reduce their emissions and set their 
own science-based targets. The current guidance 
issued by the SBTi does not incorporate the private 
credit or secondaries asset classes. 
Metrics and targets — SBTi
Scope 1 and 2: CVC commits to reduce absolute 
scope 1 and 2 GHG emissions by 73% by 2030 from 
a 2019 base year.
Scope 3 Portfolio Targets17: CVC commits to 
40% of its eligible private equity18 and listed equity 
investments by invested capital setting SBTi 
validated targets by 2027, and 100% of its eligible 
private equity and listed equity investments by 
invested capital setting SBTi validated targets 
by 2035.
SBTi target coverage of investment and lending 
activities
33
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

0
100
200
300
400
500
600
Scope 1          Scope 2              Target pathway
Scope 1 & 2 emissions (tCO2e)
2019       2020      2021      2022      2023     2024      2025      2026      2027      2028      2029      2030
Target: 73% reduction by end 2030
Operational emissions
Our direct and indirect operational emissions (scope 
1 and 2) are predominantly the result of the running 
of our offices. We aim to reduce these emissions by:
	» Purchasing renewable energy
	» Electrifying our vehicle fleet
	» Considering energy efficiency in new leases
By purchasing renewable electricity, we have 
significantly reduced our scope 2 emissions and plan 
to do the same in future years. It should be noted 
that currently, for the majority of our electricity 
usage, we have done this by procuring Energy 
Attribute Certificates, which verify and redeem an 
amount of renewable electricity generated through 
a commodity market on behalf of CVC, rather than 
directly purchasing or generating renewable energy 
ourselves. This year, we have purchased RE100 
Compliant Energy Attribute Certificates covering 
a total of 962 MWh of energy used. Our reported 
Scope 1 emissions are lower than in prior years due in 
part to a reduction in the use of natural gas and also 
improved reporting.
Although business travel is not part of our official 
target with the SBTi, we are taking action to address 
our emissions from travel and we are in the process 
of implementing measures to enable us to more 
closely monitor such emissions. We will also look 
for other ways to increase the efficiency of our 
business travel, including continuing to encourage 
and facilitate the use of the technological solutions 
that became integral to our way of working during 
COVID-19 related work from home mandates. 
KPI19
2020
2021 
2022 
Scope 1 (tCO2e)
212
168
127
Scope 2 (tCO2e)
180
293
1
Scope 3 (tCO2e)
1,645
760
 5,54420
Total GHG 
emissions 
(tCO2e)
2,037
1,221
5,672
Total electricity 
use (kWh)
2,512
2,718
1,777
19. 	 Scope 2 emissions measured using the market-based 
methodology; Scope 3 emissions include category 6 and 7 only. 
Where data has been unavailable, estimates have been made. 
Reduction in overall electricity use is at least in part due to 
improved reporting and reduction in the use of estimated data.
20	 Increase in Scope 3 emissions reflects increase in travel since covid 
restrictions lifted, but emissions remain below 2019 levels.
Target: reduce absolute scope 1 & 2 emissions by 73% by 2030 from a 2019 base year
34
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

0%
2022
202321
2024
2025
2026
2027
10%
20%
30%
40%
SBTi validated                   Target pathway
Interim target: 40% by end 2027
21.	 As at June 2023.
Portfolio emissions
Emissions from our investment portfolio (scope 
3, category 15) account for the vast majority of 
our GHG emissions footprint. We are therefore 
prioritising the decarbonisation of our portfolio, 
with a particular focus on our PE portfolio, which 
accounts for the largest proportion of our AUM and 
where we have the most influence. Efforts within 
the Credit and Secondaries businesses are at an 
earlier stage, with the primary focus currently on 
implementing processes to gather credible GHG 
emissions data.
We are engaging with our private equity portfolio 
companies to reduce emissions through two 
flagship projects.
1) The GHG Foundations Project
In this project, we engage with companies to 
encourage them to:
	» Collect emissions data (scope 1, 2 and 3) and 
produce a GHG Protocol aligned baseline
	» Develop an Inventory Management Plan to 
support ongoing data collection and reporting
	» Prepare for best-practice carbon accounting for 
ongoing reporting
We have focused our efforts on more recent 
investments and those in which CVC funds hold a 
larger ownership stake (typically more than 25%).
We aim to continue to engage with the portfolio 
on carbon reporting in the coming years as we 
see this as a key foundational step towards better 
management of carbon emissions and enables 
companies to engage more meaningfully with their 
own stakeholders on this topic.
KPI
2020
2021 
2022 
Eligible private equity portfolio 
companies with decarbonisation 
targets validated by the SBTi
n/a
n/a
3%
Private equity portfolio companies 
rated by EcoVadis reporting actions 
on energy consumption and GHG 
emissions
n/a
72%
79%
2) The Climate Action Accelerator Project
Through this project, we are engaging with companies to: 
	» Model emissions reductions in line with science-based targets
	» Develop tangible action plans and a business case for 
decarbonisation
	» Submit science-based targets to the SBTi
The first cohort of companies is currently engaged in the Climate 
Action Accelerator. 
Eligible portfolio companies with validated science-based target
35
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Asplundh: Vegetation management 
and infrastructure services contractor
In 2022, Asplundh measured 
its GHG emissions baseline as 
part of the GHG Foundations 
Project (see prior page). Asplundh 
has since announced a 
commitment to reduce its GHG 
emissions in line with a 1.5°C 
pathway as set out by the Paris 
Agreement.
Asplundh is targeting fleet fuels as the primary focus 
of its emissions reduction strategy, thereby providing 
both environmental benefits and cost savings for the 
business. To reduce fuel use, Asplundh is innovating 
with fuel control, telematics, vehicle auxiliary 
systems, electric hand tools and other technologies. 
The company is examining alternative vehicles and 
has ordered its first set of electric vehicles.
Asplundh’s climate initiative, with CVC’s support, 
has produced important outcomes including putting 
the company on a path to meaningfully reduce 
emissions, establish a reputation as a preferred 
partner for environmentally conscious customers, 
and optimize costs. 
Strategic Opportunities
Portfolio emissions continued
For all of us, climate change is a reality; 
in our business, the impacts of climate 
change are regularly encountered, and 
they are growing in pace, especially in 
recent years. CVC is truly our partner on 
the time-sensitive journey to proactively 
address these rising challenges, 
unarguably the biggest challenge
of our time.”
Megan Fielding
ESG Director
CASE STUDY — CREATING SUSTAINABLE VALUE
36
CVC ESG Report July 2023
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Our approach 
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ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Other climate-related initiatives
Carbon credits
While the focus of our climate strategy is on 
emissions reductions, we recognise that, despite the 
challenges present in the voluntary carbon market, 
carbon credits have an important role to play in 
addressing residual or hard-to-abate emissions.
We have compensated for our 2022 residual 
emissions across scope 1,2 and scope 3 category 6 
(business travel) and 7 (employee commuting), in 
partnership with Climate Impact Partners to support 
carbon reduction projects around the world. These 
include contributing to the Rimba Raya Biodiversity 
Reserve Project, which aims to reduce Indonesia’s 
emissions by preserving some 64,000 hectares of 
tropical peat swamp forest; the Guanaré forest 
plantations on degraded grasslands under extensive 
grazing in Uruguay; and the Anhuang afforestation 
project in China, that aims to plant native species on 
barren lands for GHG removal while contributing to 
local sustainable development goals. These projects 
were chosen not only for their contribution to 
reducing emissions but also for the additional social 
benefits they deliver to local communities. 
CVC has also provided grant funding to long-term 
projects aimed at furthering research and innovation 
in the field of carbon credits, recognising that 
financing new carbon projects, particularly those 
focusing on carbon removals, will be increasingly 
important over the coming years in order to keep 
up with demand. See the box on right hand side for 
examples of our work in this area.
Supporting innovation in the carbon markets
Blue Marine Foundation: CVC is supporting 
a three-year project to develop high-quality 
marine nature-based solutions across the UK. 
Blue carbon ecosystems cover less than two 
percent of the total ocean area, but account 
for about half the carbon sequestered in ocean 
sediments. They also provide numerous positive 
benefits to biodiversity and socioeconomic 
impacts such as protection against flooding. 
Marine nature-based projects can help meet 
the growing need for emissions reductions and 
removals, while generating income to support 
coastal communities and precious marine 
habitats. Concentrating on seagrass, saltmarsh, 
kelp and innovative ways to quantify biodiversity, 
the project aims to accelerate the much-needed 
science for UK blue carbon projects. The project 
will identify blue carbon opportunities that 
achieve benefits for both marine environments 
and provide long-term carbon storage.
Lignaverda: To fight desertification in the 
African Sahel and increase resilience of the 
population facing climate change in this region, 
CVC is a cornerstone investor in a reforestation 
project which has, so far, reforested 2,000 ha. 
This equates to a carbon capture potential 
of 140,000 tCO2. The project has multiple 
benefits for the local inhabitants who earn 
money from collecting seeds and planting and 
maintaining the trees. Other co-benefits of this 
project include improved biodiversity in the 
areas planted with native species and water 
conservation.
Climate finance initiative
In addition to our efforts to decarbonise our own 
business and our investment portfolio, we have 
made investments in other opportunities that can 
support portfolio companies in their transition to a 
low-carbon economy. These investments have been 
made as part of a venture philanthropy strategy 
rather than as a core investment associated with any 
of the CVC funds.
Nature and biodiversity
We recognise that climate change is only one 
component of the broader crisis relating to the 
collapse of nature and biodiversity. As such, we 
believe we can play a role in raising awareness of 
the issues in the private equity industry as well as 
identifying solutions to manage risks and impacts 
relating to nature and biodiversity in our own 
portfolio.
By way of example, CVC is the Chair of the 
Biodiversity Working Group for the Private Equity 
Taskforce of the Sustainable Markets Initiative 
(PESMIT). In 2022, the working group collaborated 
to produce a report22 outlining how biodiversity can 
be both value-accretive and risk-reducing when 
factored into a business plan and investment cycle, 
which was published in early 2023.
22.	 Nature Positive: The Next Horizon for Investors, Sustainable 
Markets Initiative, 2023 (link).
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Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Management of climate risk and opportunity 
The scale of climate opportunities 
and technology to support the 
transition to a low-carbon economy 
is growing but the landscape 
remains complex. Furthermore, we 
see that adverse climate-related 
events are growing in frequency 
and severity around the world.
Therefore, CVC recognises that climate change will 
increasingly cause disruption to businesses and, for 
certain sectors, this will be material. We recognise 
that climate change poses risks both to our current 
and future portfolio and we are considering how we 
can proactively manage these risks over the long 
term, in line with our fiduciary duty to investors. 
Furthermore, we are committed to developing 
an approach to the monitoring and disclosure of 
climate-related financial risks and opportunities to 
our portfolio in line with the recommendations of the 
TCFD. Recognising that we are at an early stage, we 
have taken the first steps in this report to align our 
disclosures with the recommendations of the TCFD.
Governance
The consideration of climate risk factors falls within 
the remit of the ESG Committee. In addition, CVC 
has a Group Risk Committee, which will increasingly 
play a complementary role in monitoring climate-
related risks to the business.
 
The ESG Committee refers strategic decisions 
relating to climate to the CVC Board, where 
appropriate. In its quarterly meetings, the ESG 
Committee also monitors progress against CVC’s 
decarbonisation plans and considers evolving 
climate-related risks and opportunities. See page 11 
for more detail on ESG Governance at CVC.
Climate due diligence
Starting in 2021 and through 2022, we implemented 
processes to consider climate risk and opportunities 
in a more consistent way on new private equity 
deals. The depth of assessments depends on the 
sector and geographical exposure of the target, but 
will typically cover:
	» The external regulatory environment
	» The market implications of the energy transition
	» Potential future reputational risks associated with 
climate change
	» Potential technological opportunities and 
challenges
	» Companies’ ability to decarbonise in line with 
science-based targets
Physical risk assessments are also conducted 
on investments where the risk is perceived to be 
material. 
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ESG in the 
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Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Climate risk assessment
We have worked with external 
consultants to provide a third-party 
sector analysis of macro-level 
physical and transition climate risks 
across our equity portfolio and 
parts of our credit portfolio.
Through this process, we are aiming to better 
position the business to understand the nature, and 
extent, of the financial risks which climate change 
might pose to the portfolio. We plan to update this 
analysis on a periodic basis as the composition 
of the portfolio, and the risk presented by climate 
change, evolve over time. 
This assessment found that the overall climate-
related risk to the portfolio is generally low given 
the level of diversification and a weighting towards 
low-risk sectors.
Physical climate risks identified in the private equity 
portfolio were limited with only a small proportion 
of companies deemed likely to have exposures 
to material physical climate risks in the coming 
decades.
For the companies in sectors identified as medium 
or high risk, and where this risk is not already being 
proactively managed, we plan to engage with the 
companies to better understand how they plan to 
manage this risk.
Transition risk:
	» Risks assessed:
–	 Policy (Carbon Pricing, Subsidies, Regulatory 
Requirements)
–	 Technology (R&D, Learning Rates, 
Breakthrough Technologies)
–	 Consumer (Demand, Behavioural Change, 
Cost Focus)
–	 Finance (Pricing, Availability, Regulatory)
	» Scenarios considered (IEA Word Energy Outlook): 
–	 The Net Zero Emissions by 2050 Scenario 
(NZE)
–	 The Sustainable Development Scenario (SDS)
–	 Baseline: Stated Policies Scenario (STEPS) 
Physical risk:
	» Risks assessed:
–	 Coastal and River Flooding
–	 Tropical Cyclones
–	 Wildfires
–	 Heatwave
–	 Drought
	» Scenarios considered (IPCC Representative 
Concentration Pathways):
–	 RCP6.0
–	 RCP8.5
–	 Baseline: C02 and CH4 fixed at 
pre-industrial level
Consumer and retail
Healthcare
Tech and telecommunications 
Manufacturing
Utilities
Chemicals
Financial services
Business services
Building and construction
Sports, media and entertainment
Transportation and infrastructure
Energy
Risk assessment methodology
Typical sectors of investment
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Introduction
Our approach 
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ESG in the 
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Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Our success as a global alternative 
investment manager is dependent 
on attracting and developing the best 
talent. A strong culture and engaged 
employees are fundamental to 
our ability to create long-term value.
Attract and 
developing talent
Our values	
41
Employee engagement	
42
Diversity, equity and inclusion	 43
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix
CVC ESG Report July 2023
40

Our values
CVC is a global network of
over 800 people, working in 
25 office locations around the 
world. It is a diverse, team-based 
environment, with opportunities 
to expand knowledge and 
expertise by moving across 
investment strategies, 
markets and geographies.
CVC’s unique history has a lot to do with the 
values we hold today. Our journey helped shape 
these values and they have been integral in 
creating the business we are all a part of. We 
encourage our employees to embrace CVC’s 
values so that they understand the principles 
that underpin our business.
Entrepreneurial
We think like owners
We are personally 
accountable
We create our own
success and reward
Inclusive
We do not tolerate any 
form of bias
We listen and make 
decisions by consensus
We treat colleagues
with respect
Honest
We speak our minds
We challenge
conventional wisdom
We are confident,
without arrogance
or complacency
Balanced
We take a cautious 
approach based on facts
We acknowledge mistakes 
and learn from them
We are interested in the 
world around us and our 
impact on it
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Attracting and 
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Governance and 
accountability
CVC Foundation
Appendix

Employee engagement
As a people-centric business, our 
success is dependent on attracting 
and retaining the best talent and 
we know our employees are one of 
our greatest assets. 
By treating our people with respect, creating 
opportunities for learning and development, and 
showing consideration for health and wellbeing, we 
hope to create an environment in which our people 
can thrive.
Training and development
We have rolled out a range of training programmes 
for our employees to improve how they support our 
companies and how they deliver for our investors. 
The programmes are aligned with our scaled-up 
focus on learning and development and have been 
rated 4.1 out of 5 on average by employees.
We continue to build out our learning and 
development offering and we hope to see further 
enthusiasm and engagement from employees 
across the firm. In 2023, training opportunities will 
support employees as they grow in their careers, 
including through the Women’s Development 
Programme, and help create new leaders through 
the INSEAD Leadership Programme.
Employee wellbeing
We are conscious of the need to look after our 
employees’ wellbeing. Feedback from the annual 
employee engagement survey helps identify 
further ways to support colleagues, which includes 
introducing greater work flexibility and launching 
a global analyst and intern programme to provide 
additional junior resource whilst also creating 
opportunities for the participants in the programme.
Through our DEI and HR committees, we also 
promote wellbeing via a range of benefits. This 
includes launching a partnership with pregnancy, 
adoption, surrogacy, and fertility platform Maven in 
2022 and running educational wellbeing events. We 
also provide employees with access to Headspace, 
the mindfulness app, MyndUp to support mental 
health, and Sama, an online coaching platform.
KPI
2020
202123 
2022 
Employee 
engagement 
survey response 
rate
94%
–
85%
Employee 
engagement 
survey score
86%
–
85%
23.	 Employee engagement survey was not undertaken in all parts of 
the business in 2021. From 2022 it will be completed annually.
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Governance and 
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CVC Foundation
Appendix

Diversity, equity and inclusion (DEI) 
is a key focus of our employee 
engagement efforts. As testament 
to this, we appointed our first 
Global Head of DEI, Merary 
Soto-Saunders in 2022.
Our work on DEI is overseen at the highest level 
by the global DEI Committee, which is chaired by 
Managing Partner Cathrin Petty. In order to address 
local and regional nuances, the Committee is 
supported by seven local workstreams spanning all 
six of our investment strategies.
Over the past year, CVC has accelerated its efforts to 
create a more diverse, equitable and inclusive work 
environment with a focus on the following four work 
areas.
KPI
2020
2021 
2022 
2025 
Target 
Female 
investment 
professionals 
within CVC
21%
23%
23%
25%
We want our stakeholders to see 
CVC as a brand truly aligned with 
DEI. It is embedded in our values, 
and we hope this is evident for 
anyone who comes to work with 
us. We are a company that 
supports difference, provides 
equitable access and helps people 
grow their careers.”
Attracting
We collaborate with external organisations, 
such as SEO, MLT, and 10,000 Black Interns, to 
actively engage a diverse pool of talent and 
inspire individuals from various backgrounds to 
explore career opportunities at CVC. We remain 
committed to conducting market mapping and 
talent pipeline building at the team level.
Monitoring
As a signatory of ILPA, we regularly benchmark 
our firm against industry metrics and 
other organisations to monitor and assess 
representation across various diversity 
dimensions, such as race and gender. Our DEI 
program undergoes frequent reviews by our 
Board, which evaluates a comprehensive set 
of KPIs related to mobility, progression, and 
our hiring pipeline. These evaluations help us 
stay on track and ensure that we are making 
progress towards our targets.
Developing
We launched our Women’s Network in 2022, 
CVC’s first Employee Resource Group. The 
network formalises existing initiatives for 
women, including networking events, mentoring 
programmes, dedicated recruitment events 
and external partnerships. Our private equity 
employee mentoring programme had a 55% 
uptake last year, helping more of our colleagues 
receive valuable guidance in their careers at CVC. 
We have also implemented a global speaker’s 
series that serves as a platform for amplifying 
the voices of underrepresented talent.
Through this initiative, we engage in both 
online and in-person events, including hosting 
renowned thought-leaders who share their 
expertise on critical topics such as neurodiversity, 
the role of diversity in sustainable investing, 
and broadening diversity beyond gender.
Retaining
We continue to offer industry competitive 
retention tools around family care, family 
planning and parental leave. This includes six 
months paid leave for primary care givers; full 
year bonus eligibility for employees on parental 
leave; parental coaching pre and post-leave, 
as well as access to emergency care support 
for children, adults, and elders. We also provide 
fertility benefits that include an allowance for 
IVF and for cryopreservation and are rolling 
out a fertility benefits platform globally to 
help employees identify relevant treatments, 
specialists, and facilities.
1
3
4
2
Diversity, equity and inclusion
Merary Soto-Saunders
Global Head of Diversity, Equity 
& Inclusion at CVC
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Appendix

We are committed to transparently 
reporting on progress and recognise 
the importance of maintaining a high 
level of integrity and strong ethics in 
the conduct of our business.
Governance and 
accountability
Transparency	
45
Compliance and ethics	
46
Cyber security	
46
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Transition to a 
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Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Transparency
CVC is committed to communicating effectively 
with its limited partners, co-investors and other 
stakeholders. Our annual ESG Report is a key 
channel for sharing non-financial information in 
a public forum. More detailed financial and non-
financial data is shared directly with our limited 
partners through annual and quarterly reports, 
roadshows, conferences, and other channels. 
Our website provides further information about 
the business as well as access to our ESG and 
Responsible Investment Policies. In addition, as a 
signatory we report to the PRI on an annual basis 
and our PRI transparency reports are publicly 
available.
We are supportive of the objectives of the European 
Union’s Sustainable Finance Disclosure Regulation 
(“SFDR”) and we communicated entity-level 
disclosures on a voluntary basis ahead of SFDR’s 
introduction in March 2021. Our SFDR sustainability 
risk statement and further information on market 
specific disclosure regulation can be read on 
our website.
We continue to deepen our relationships with 
our global regulators and trade bodies and are 
committed to helping the development of financial 
services and corporate governance regulation. 
This includes the sharing of information and best 
practice and, where appropriate, providing guidance 
and advise on existing and proposed regulation. 
For example, we recognise that regulators are 
increasingly integrating TCFD into their approach 
to ESG and we are therefore integrating TCFD into 
our own processes including through disclosures in 
this report. 
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Attracting and 
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Governance and 
accountability
CVC Foundation
Appendix
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CVC ESG Report July 2023

Cyber security
Our materiality assessment has reconfirmed 
the critical importance of cyber security to our 
operations and our stakeholders. In 2022, we 
continued to strengthen our approach to cyber 
security to ensure that we can respond to the 
increasingly sophisticated cyber security landscape 
and the new challenges we face in the context of 
increased remote working. In particular, an internal 
audit was undertaken in partnership with an external 
partner to review our cyber security controls, polices 
and other measures. CVC also ran its annual “Red 
Team Exercise” to assess our resilience to cyber-
attacks from both a technical and social engineering 
perspective. CVC carries out quarterly phishing tests 
to assess our vulnerability to these common types 
of attack.
Furthermore, we are adopting a robust set of 
technologies and controls based on the ISO 
27001:2022 framework and are engaging several 
third-parties to help manage the security of 
information assets. Specific action we have taken 
includes the development and roll-out of a cyber 
security awareness strategy to cover technical staff, 
third parties and executives to help maintain a 
strong culture of cyber security within CVC. We also 
conduct periodic cyber security training for all CVC 
staff.
Details of our approach to cyber security with 
portfolio companies in our private equity strategy 
can be read on page 27 of this report.
Compliance and ethics
Recognising the importance of maintaining a high 
level of integrity and strong ethics in the conduct of 
our business, our Code of Ethics is a guiding set of 
principles that outlines our obligation to stakeholders 
and the standards and behaviours that we expect 
CVC employees to uphold. The Code of Ethics is 
underpinned by a suite of global policies, which are 
applicable across our global network and which 
take into consideration local laws and regulations. 
The global policies cover a range of topics including, 
but not limited to, anti-bribery, corruption and 
political contributions, conflicts of interest, reporting 
and review of personal securities transactions and 
holdings, whistleblowing and tax. CVC’s Compliance 
Team conducts periodic reviews and testing of its 
key compliance policies and procedures throughout 
the year both internally and using external advisers 
to ensure that the firm’s policies and procedures 
remain appropriately designed to meet the ongoing 
needs of both our business and any new regulatory 
developments or best practices.
CVC has internal escalation and reporting 
procedures to ensure critical concerns are escalated 
to management and through relevant governance 
structures.
CVC is committed to the highest standards of 
openness, probity and accountability. An important 
aspect of accountability and transparency is a 
mechanism to enable staff and other members 
of CVC to voice concerns in an effective manner. 
CVC considers all forms of malpractice to be an 
extremely serious issue and actively encourages 
any concerns to be raised with the appropriate 
people within the organisation so the matter can be 
investigated and dealt within a rapid manner. CVC’s 
policy and procedures with regards to whistleblowing 
are intended to conform to the legal requirement 
and regulatory guidance and rules issued by CVC’s 
global regulators. CVC also has an independent and 
anonymous whistleblowing hotline made available 
to CVC employees.
All employees at CVC are provided with mandatory 
training on compliance topics upon joining the firm 
and then on a periodic basis thereafter, based on 
their role and responsibility at CVC. Training is also 
provided online and the Compliance Team regularly 
sends reminders to the business and engages 
with the business on these topics. CVC employees 
are subject to quarterly and annual attestations 
that require employees to confirm their ongoing 
compliance with CVC’s global suite of compliance 
policies. 
CVC has implemented an Anti-Bribery and 
Corruption Policy and provides induction and 
periodic training to employees on anti-corruption. 
Topics covered during the training include CVC’s 
applicable anti-corruption policies and procedures.
CVC has a policy underpinned by procedures 
in relation to its anti-money laundering (AML) 
strategy, acceptance of new business, customer 
and relationship risk assessment, identification, 
verification of identity and due diligence, politically-
exposed persons and AML / CFT (“Combating the 
Financing of Terrorism”) record keeping. CVC’s 
Global Head of Compliance is the Money Laundering 
Reporting Officer for the CVC group.
CVC also has policies and procedures to mitigate the 
risk of conflicts of interest including the requirement 
of employees to notify Compliance of potential 
conflicts of interest.
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Transition to a 
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Attracting and 
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Governance and 
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CVC Foundation
Appendix
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The CVC Foundation is dedicated to 
improving the lives and opportunities 
of disadvantaged individuals in 
the communities where we and 
our portfolio companies operate.
CVC Foundation
CVC Foundation	
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Appendix

UK 
49%
  Americas 
20%
  Continental Europe 
17%
  Asia 
14%
Employability
 
32%
  Education 
28%
Entrepreneurship
 
11%
  Venture Philanthropy 
 
9%
  Other
 
20%
CVC Foundation
The CVC Foundation is dedicated 
to improving the lives and 
opportunities of disadvantaged 
individuals in the communities 
where we and our private equity 
portfolio companies operate.
2022 Grants — by region
2022 Grants — by focus area
Employability
Enterprise
Education
The CVC Foundation focuses its efforts on 
three key pillars: Education, Employability, and 
Entrepreneurship. Through these pillars, we aim to 
address socio-economic barriers by empowering 
individuals to secure meaningful and sustainable 
employment opportunities.
We collaborate with a range of charities and 
organisations across these pillars. By partnering with 
these entities, we leverage their expertise to expand 
the reach and impact of our initiatives.
Governance
The allocation of resources for our Foundation 
is an annual responsibility of the CVC Board. A 
dedicated budget is set, which is divided between 
grant-making activities and employee matching. 
This approach encourages active participation and 
engagement from our employees, fostering a sense 
of collective responsibility and shared purpose.
Our Philanthropy Committee comprises 
representatives from across the CVC group and plays 
a role in defining strategic objectives and monitoring 
the performance of the CVC Foundation.
Current Initiatives
We currently work with 30 charities across the globe 
that are aligned with our core priorities. They receive 
grant funding from CVC, volunteering, pro bono 
advice and access to the wider network. Grants to 
charities are made for general purposes or to fund 
specific projects, ranging in size from €25,000 to 
€225,000 typically for a two-year period, renewable 
thereafter.
In response to the steep rise in the cost of living 
in many countries where we do business, the 
philanthropy team has worked with the local offices 
to provide grants ranging from €50,000 to €113,000 
to local organisations supplying communities with 
basic needs such as free breakfasts in schools and 
food vouchers. So far, €500,000 has been deployed 
by the CVC Foundation under this programme as 
indicated by the following charts.
CVC also supports employees’ charitable donations 
through a generous matching programme. Giving 
by CVC employees has increased significantly 
during the past several years as a result of major 
humanitarian crises such as the pandemic and 
more recently, the war in Ukraine. We typically 
receive more than 400 matching requests a year, 
with a total of €5.8m paid out during 2022. We also 
encourage our staff to support portfolio companies’ 
charitable efforts by giving the highest matching 
ratio at 5x. In 2022, over €2m of matching was to 
causes championed by portfolio companies.
In addition to our grant-making and matching 
programmes, employees are encouraged to 
become involved through volunteering, providing 
pro bono assistance and taking part in fundraising 
events. Last year, 31 different volunteering activities 
and events took place across the CVC network. 
Activities ranged from helping at food banks over 
Christmas to running work experience weeks for 
students from disadvantaged backgrounds. From 
the 2022 assessment data (44% of total full time 
employees) reported they had been involved in CVC’s 
philanthropic activities.
2020
2021
2022
Organisations that 
received core grant 
funding from the CVC 
Foundation
30
30
31
CVC employees involved 
in at least one CVC-led 
volunteering initiative
or activity
24%
75%
44%
CVC offices have also initiated several fundraisers 
that have become well-established annual events. 
In London, the Challenge Victory Cup, in aid of 
employability charity Street League, is a 5-a-side 
football tournament attended by many of CVC’s 
banks, service providers and portfolio companies. 
This event regularly attracts over 250 people and 
has raised a total of over £1.5m over 10 years. This 
model has been replicated by the Paris office and 
New York offices, which launched their own soccer 
tournaments for youth charity Sport dans la Ville. 
The annual New York City bike ride was back last 
year, having been cancelled for the past two years 
due to COVID-19, and is an important team-building 
event for staff from CVC Capital, Credit and 
Glendower. Combined, CVC helped to raised €1.3m 
for charity during 2022.
The CVC Foundation has a longstanding history 
of supporting our portfolio companies in their 
community-focused initiatives. We extend our 
assistance by co-funding projects, supporting their 
fundraising endeavours, facilitating connections with 
trusted charity partners through our philanthropy 
team’s expertise and network, and sharing 
knowledge and best practices. This collaborative 
approach allows us to leverage our charitable efforts, 
maximize resources, and extend our reach to more 
communities. It also fosters a legacy of philanthropy 
within our portfolio companies that extends far 
beyond the period of our funds’ ownership.
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Governance and 
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CVC Foundation
Appendix

CVC Foundation continued
SquashSmarts is an intensive, year-round 
academic and athletic mentoring programme 
that provides underserved youth from 
Philadelphia with a safe, enriching place to learn 
and grow.
Thanks to funding from CVC’s Foundation, 
SquashSmarts was able to expand its programme 
in 2022 from North to West Philadelphia through 
a new facility. Students in West Philadelphia have 
received daily academic tutoring, home and 
school meeting support, daily athletic coaching 
and training, and individualised social-emotional 
support to meet each child’s needs.
During 2022 the programme achieved an 
impressive track record when positively impacting 
young people’s lives including helping secure a 
100% High School Graduation for all Alumni taking 
part in the programme for seven or more years. 
Additionally, 100% of Middle School students were 
accepted to at least one selective High School 
following SquashSmarts staff guidance.
The program is on track to reach 800+ 
students across both campuses by the end 
of the school year.
In addition to providing funding, CVC has also 
supported SquashSmarts through our volunteer 
programme. Volunteers from CVC and our 
portfolio company MedRisk participated in 
resume building workshops for students and also 
supported social events and seasonal fundraisers. 
A CVC employee also joined the non-profit as a 
board member in January 2022.
CASE STUDY
SquashSmarts: 
CVC Foundation Partner
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Stock Foundation: 
Alcoholic beverages 
company
The Stock Foundation was established by the Stock Spirits 
Group in 2022 to help Ukrainian refugees affected by 
the war. The CVC Foundation has supported the Stock 
Foundation since its inception and has donated a total 
of €250,000 to its relief efforts and vital assistance for 
Ukrainian refugees in Lublin, Poland. Stock Foundation’s 
first project, “Spirit of Ukraine,” helped refugees find 
employment and or education and provided psychological 
support for individuals who have suffered trauma. 
To date, the Spirit of Ukraine project has helped over 3,000 
refugees, of which 300 children are in schools and are 
receiving financial aid. 151 refugees are now in full-time 
employment, 44 have enrolled on vocational courses, and 
61 have received psychological counselling.
CVC’s funding also facilitated an Orthodox Christmas 
gathering which attracted around 200 refugees still living 
in collective accommodation, shelters and dormitories and 
who therefore did not have the means to organise their own 
event. All children received Christmas gift packs and the 
event received wide media coverage. 
Europe/Americas
CASE STUDY
CVC Foundation continued
50
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

51  |  CVC
Appendix
TCFD index	
52
GRI index	
53
	
51
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

TCFD index
Pillar
Recommendations
Location 
Governance
Board oversight 
Management of climate risk and opportunity, page 38
Governance
Management’s role (Senior ESG and Investment professionals) in assessing and managing climate-related risks and 
opportunities
Management of climate risk and opportunity, page 38 
Strategy
Description of the climate-related risks and opportunities identified over the short, medium, and long term
Climate risk assessment, page 39
Strategy
Description of the impact of climate-related risk and opportunities on a business, strategy and financial planning
Climate risk assessment, page 39
Strategy
Description of the resilience of the organisation’s strategy, taking into consideration different climate-related 
scenarios, including a 2°C or lower scenario
Climate risk assessment, page 39
Risk Management
Processes for identifying and assessing climate-related risks
Climate risk assessment, page 39
Risk Management
Processes and approach for mitigating climate-related risks
Strategy to transition to a low-carbon economy, page 33
Risk Management
Detail of how climate change is incorporated into overall risk management
Strategy to transition to a low-carbon economy, page 33 
Metrics
Metrics used to assess climate-related risks and opportunities in line with strategy and risk management process
Strategy to transition to a low-carbon economy, page 33 
Metrics
Scope 1, scope 2 and scope 3 greenhouse gas (GHG) emissions and the related risks
Strategy to transition to a low-carbon economy, page 33
Metrics
Targets used by the organisation to manage climate-related risks and opportunities and performance against 
targets
Strategy to transition to a low-carbon economy, page 33
52
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

GRI index
Statement of use
CVC has reported the information cited in this GRI content index for the period 1 Jan 2022 to 31 Dec 2022 with reference to the GRI Standards.
GRI 1 used
GRI 1: Foundation 2021
GRI Standard
Disclosure
Location
Comment
GRI 2: General Disclosures 
2021
2–1	
Organisational details
About CVC, page 05
Corporate structure
Our network
2–2	
Entities included in the organisation’s sustainability reporting
About this report, page 02
Corporate structure 
2–3	
Reporting period, frequency and contact point
–
Annual reporting, 1 January 2022 – 31 December 
2022
CVC does not undertake publicly available 
annual financial reporting
Chloë Sanders, Head of ESG
2–4	
Restatements of information
–
None
2–5	
External assurance
No external assurance has been provided on this 
report
2–6	
Activities, value chain and other business relationships
About CVC, page 05
No significant changes since last reporting period
2–7	
Employees
About CVC, page 05
Our values, page 41
2–8	
Workers who are not employees
CVC does not materially rely on workers who are 
not employees to perform its work
2–9	
Governance structure and composition
ESG Governance, page 11
2–10	
Nomination and selection of the highest governance body
N/A
2–11	
Chair of the highest governance body
N/A
2–12	
Role of the highest governance body in overseeing the management 
of impacts
ESG Governance, page 11
2–13	
Delegation of responsibility for managing impacts
ESG Governance, page 11
2–14	
Role of the highest governance body in sustainability reporting
ESG Governance, page 11
2–15	
Conflicts of interest
N/A
2–16	
Communication of critical concerns
ESG Governance, page 11
Governance and accountability, page 46
53
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

GRI Standard
Disclosure
Location
Comment
GRI 2: General Disclosures 
2021 continued
2–17	
Collective knowledge of the highest governance body
2–22	 Statement on sustainable development strategy
Leadership letter, page 04
Progress update from our Head of ESG, page 10
2–23	 Policy commitments
Governance and accountability, page 46
CVC’s Responsible Investment Policy
Modern Slavery Statement
2-24	
Embedding policy commitments
Governance and accountability, page 46
2–25	 Processes to remediate negative impacts
Governance and accountability, page 46
2–26	 Mechanisms for seeking advice and raising concerns
Governance and accountability, page 46
2–27	 Compliance with laws and regulations
Governance and accountability, page 46
2–28	 Membership associations
Industry collaboration, page 08
2–29	 Approach to stakeholder engagement
Materiality assessment, page 12
GRI 3: Material Topics 2021
3–1	
Process to determine material topics
Materiality assessment, page 12
3–2	
List of material topics
Materiality assessment, page 12
3–3	
Management of material topics
Materiality assessment, page 12
GRI 205: Anti-corruption 
2016
205–1	 Operations assessed for risks related to corruption
Governance and accountability, page 46
205–2	Communication and training about anti-corruption policies 
and procedures
Governance and accountability, page 46
205–3	Confirmed incidents of corruption and actions taken
No material incidents to report
GRI 302: Energy 2016
302-1	 Energy consumption within the organisation
Operational emissions, page 34
Data provided for electricity consumption
GRI 305: Emissions 2016
305–1	 Direct (scope 1) GHG emissions
Operational emissions, page 34
305–2	Energy indirect (scope 2) GHG emissions
Operational emissions, page 34
305–3	Other indirect (scope 3) GHG emissions
Operational emissions, page 34
Portfolio emissions, page 35
305–5	Reduction of GHG emissions
Strategy to transition to a low-carbon economy, 
page 33 
305–6	Emissions of ozone-depleting substances (ODS)
Not measured
305–7	 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant 
air emissions
Not measured
GRI index continued
54
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

GRI Standard
Disclosure
Location
Comment
GRI 401: Employment 2016
401–2	 Benefits provided to full-time employees that are not provided 
to temporary or part-time employees
Employee engagement, page 42
Diversity, equity and inclusion, page 43
401–3	 Parental leave
Employee engagement, page 42
Diversity, equity and inclusion, page 43
GRI 404: Training and 
Education 2016
404–1	 Average hours of training per year per employee
Employee engagement, page 42
Diversity, equity and inclusion, page 43
CVC tracks average training programme rating 
out of 5, which in 2022 was 4.1
404–2	Programs for upgrading employee skills and transition assistance 
programs
Employee engagement, page 42
Diversity, equity and inclusion, page 43
A range of training programmes are available to 
all CVC employees, with specific programmes 
available for both investment and business 
professionals
GRI 405: Diversity and 
Equal Opportunity 2016
405–1	 Diversity of governance bodies and employees
Diversity, equity and inclusion, page 43
GRI 408: Child Labor 2016
408–1	 Operations and suppliers at significant risk for incidents 
of child labor
No material incidents to report
GRI 409: Forced or 
Compulsory Labor 2016
409–1	 Operations and suppliers at significant risk for incidents of forced 
or compulsory labor
No material incidents to report
GRI 413: Local Communities 
2016
413–1	 Operations with local community engagement, impact assessments, 
and development programs
CVC Foundation, page 48
GRI 417: Marketing and 
Labeling 2016
417-1	
Requirements for product and service information and labeling
Transparency, page 45
417-2	 Incidents of non-compliance concerning product and service information 
and labeling
No material incidents to report
417-3	 Incidents of non-compliance concerning marketing communications
No material incidents to report
GRI 418: Customer Privacy 
2016
418-1	 Substantiated complaints concerning breaches of customer privacy and 
losses of customer data
No material incidents to report
GRI index continued
55
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix

Contacts and disclaimer
Disclaimers
There is no guarantee that CVC will successfully 
implement and make investments that create 
positive ESG impacts while enhancing long-term 
value and achieving financial returns. To the extent 
that CVC engages with portfolio companies on 
ESG-related practices and potential enhancements 
thereto, such engagements may not achieve the 
desired financial or ESG results or outcomes, or the 
market or society may not view any such changes 
as desirable. The act of selecting and evaluating 
material ESG factors is subjective by nature, and 
there is no guarantee that the criteria utilized or 
judgment exercised by CVC will reflect the beliefs 
or values, internal policies or preferred practices 
of any particular limited partner or other asset 
managers or reflect market trends. Successful ESG 
engagement efforts will depend on CVC’s and/
or third party advisors’ skill in properly identifying 
and analyzing material ESG and other factors and 
there can be no assurance that the strategy or 
techniques employed will be successful. Additionally, 
ESG factors are only some of the many factors that 
CVC expects to consider in making an investment. 
Although CVC considers the application of its 
Responsible Investment framework to be an 
opportunity to enhance or protect the performance 
of its investments over the long-term, while also 
potentially producing beneficial impacts for both 
society and the environment, CVC cannot guarantee 
that its ESG framework, which depends in part 
on qualitative judgments, will positively impact 
the financial, climate or ESG performance of any 
individual investment or CVC’s funds as a whole.
There can be no assurance that the list of material 
ESG topics is exhaustive and additional topics may 
be identified as material on an investment-by-
investment basis. There is no guarantee that any 
of the steps taken by CVC and/or third parties to 
mitigate, prevent or otherwise address material ESG 
topics will be successful, completed as expected or 
at all, or will apply to or continue to be implemented 
in the future.
Chloë Sanders
Head of ESG
csanders@cvc.com
CVC Advisers Limited
111 Strand
London
WC2R 0AG
Telephone: +44 207 420 4200
www.cvc.com
If you would like any further 
information on CVC’s approach 
to ESG management, please 
feel free to contact:
Past performance should not be seen as an 
indication of current or future performance.
There is no guarantee that any ESG measures, 
targets, programmes, commitments, incentives, 
initiatives, or benefits will be implemented or 
applicable to the assets held by funds advised or 
managed by CVC and any implementation of such 
ESG measures, targets, programmes, commitments, 
incentives, initiatives, or benefits may be overridden 
or ignored at the sole discretion of CVC at any time 
and in accordance with relevant sectoral legislation 
unless otherwise specified in the relevant fund 
documentation or regulatory disclosures made 
pursuant to Regulation (EU) 2019/2088. Any ESG 
measures, targets, programmes, commitments, 
incentives, initiatives, or benefits referenced are 
not promoted to investors and do not bind any 
investment decisions or the management or 
stewardship of any funds advised or managed by 
CVC for the purpose of Regulation (EU) 2019/2088 
unless otherwise specified in the relevant fund 
documentation or regulatory disclosures.
This document contains forward-looking statements 
which are based on CVC’s current beliefs and 
expectations and are subject to substantial risks and 
uncertainties. Forward-looking statements speak 
only as of the date on which they are made, and 
CVC assumes no obligation to update or revise any 
forward-looking statements or other information 
contained herein, whether as a result of new 
information, future events or otherwise. Certain 
information contained herein relating to ESG goals, 
targets, intentions, or expectations, including with 
respect to SBTi targets and related timelines, is 
subject to change, and no assurance can be given 
that such goals, targets, intentions, or expectations 
will be met. Further, statistics and metrics relating 
to ESG matters may be estimates and subject to 
assumptions or developing standards (including 
CVC’s internal standards and policies).
Case studies presented herein have been selected 
in order to provide illustrative examples of CVC’s 
application of its ESG program. Descriptions of 
any ESG achievements or improved practices or 
outcomes are not necessarily intended to indicate 
that CVC has substantially contributed to such 
achievements, practices, or outcomes. For instance, 
CVC’s ESG efforts may have been one of many 
factors—including such other factors as engagement 
by portfolio company management, advisors, and 
other third parties—contributing to the success 
described in each of the selected case studies. 
References to these particular portfolio companies 
should not be considered a recommendation of any 
particular security, investment, or portfolio company 
or be used as an indication of the current or future 
performance of CVC’s investments.
In gathering and reporting upon the ESG 
information contained herein, CVC may depend on 
data, analysis, or recommendations provided by 
investments.
AUM figures are as at March 2023. 
With respect to Credit: Commitment figure used for 
pooled-closed end funds and Separately Managed 
Accounts in ramping phase. Includes warehouse and 
drawn leverage facility figures for certain investment 
vehicles managed by CVC Credit. Underlying figures 
not in US Dollars are converted using a spot rate 
as at 31 March 2023. Includes Managed Funds, 
Securitization Vehicles, Listed Vehicles, Separately 
Managed Accounts and CLOs managed by CVC 
Credit Partners Investment Management Limited, 
CVC Credit Partners LLC, CVC Credit Partners 
European Investment Fund Management Limited, 
CVC Credit Partners European CLO Management 
LLP and CVC Credit Partners US CLO Management 
LLC, on a discretionary and non-discretionary basis.
With respect to Secondaries: Assets under 
management (AUM) is calculated in respect of 
each fund or investment vehicle that is managed 
or advised by Glendower Capital, LLP or Glendower 
Capital (U.S.), LLC (together, “Glendower”) and 
aggregated in order to determine Glendower’s total 
AUM. AUM is calculated as follows: (i) for each 
fund outside of its investment period with residual 
value, portfolio fair value, (ii) for each fund within 
the investment period, fund size less commitments 
drawn plus portfolio fair value, and (iii) for each 
fund that has not yet been activated yet, capital 
commitments closed to date.
56
CVC ESG Report July 2023
Introduction
Our approach 
to ESG
ESG in the 
investment process
Transition to a 
low-carbon economy
Attracting and 
developing talent
Governance and 
accountability
CVC Foundation
Appendix