Committed toLasting Impact:
Our Approach to ESG,,Table of Contents

04
06
08
10
14

Overview
Bain Capital's Global Platform
Committed to Lasting Impact
ESG: Our Approach & Core Commitments
Our Businesses
Cross-platform Learning Centers

20
30
42
52
60

Core ESG Commitments
Active Governance & Stewardship
Sustainable Growth & Reducing Climate Impact
Fair Employment, Engagement & Well-being
Diversity, Equity & Inclusion
Community Engagement

67

Looking Ahead

68

Bibliography, Disclaimers & Endnotes

At Bain Capital, we believe we can create durable,scalable impact through who we are, what wevalue and how we engage. By nature, we are
critical thinkers, problem solvers and doers, andwe will not leave the issues of our time for the next
generation to solve. Reflecting on the urgency andmagnitude of ongoing challenges across the globe,
we are inspired to do more. We commit and aspire
to intentionally add value to both people and ourplanet, while upholding our fiduciary responsibility
to achieve outsized returns for our investors.
Since our founding in 1984, our philosophy has been
to engage with intention, do our part and evolve
our approach to remain sustainable over the longterm. As global citizens, we integrate environmental,social and governance (ESG) factors across our firm,businesses and investments to drive lasting impact
for our companies, employees, communities andthe environment. We take a holistic approach to
ESG, and in this spirit, we have defined core ESG
commitments in five key areas where we believe
our impact can be greatest: active governanceand stewardship, sustainable growth and reducing
climate impact, fair employment, engagement
and well-being, diversity, equity and inclusion,and community engagement. We believe thesecommitments create pathways for us to go deeper
on ESG issues and inform our unique methodology
to drive positive outcomes.
We invite you to review this document and learn
more about how we integrate these commitments
across our platform as well as into our investment
process—from how we think critically about
our investments to partnering with our portfolio
companies to implement real improvements,
enhance returns and drive positive lasting impact.

— The Managing Directorsof Bain Capital

See Bibliography section for additional information,
sources and disclosures.

03

OVERVIEW

Bain Capital’s Global Platform
Founding

Assets Under
Management

$160

1984

B

Employees

Offices

1400+

OVERVIEW

Sustainability

23

CarbonNeutralfor Firm Operations

Our Businesses

PrivateEquity1984

PublicEquityCredit& Special
Situations

1996

1998

Ventures

2000

Partnership
Strategies

2005

DoubleImpact

2015

76%

100%

of Firm Office Space inGreen-certified Buildingsof Businesses Participate
in ESG Leadership
Coordination Team

Commitment to Racial
Equity & Social Justice

COVID Relief
Program

Nonprofit Boards& Involvement

$100

$40

220+

M

Over 10 Years

M

Organizations

Select Sustainability Partnerships
Life
SciencesRealEstateTech
Opportunities

InsuranceJapan
MiddleMarketCrypto

2016

2018

2019

2021

2021

2022

Private Investments

575+
04

Select Diversity Partnerships

Capital Markets
Active Portfolio
Companies & Real
Estate Assets

1800+

ActiveInvestments

As of 12/31/21 unless otherwise noted in Bibliography. See Endnotes section for additional disclosures and information.

05

Committed toLasting Impact

OVERVIEWOur purpose and values ground and guide our conscientious, tailored approachto ESG integration. Through our commitment to lasting impact, we aim tostrengthen companies, attract and motivate employees, serve our investors,
and support the communities in which we operate. We are inspired to do moreas investors, and believe our purpose and values set a strong foundation for
upholding our responsibility to achieve attractive returns for our investors.

Our Purpose

We invest and engage in business to drive positive andlasting impact for companies, employees, communities
and the environment.

Our Values

We Develop
Exceptional
Partnerships

We Challenge
Conventional
Thinking

We Work
With Tenacity

We Believe
Character
Matters

We are personallyinvested in each other’s
success. We know that
great outcomes comefrom diverse teams.

We think differently.
We nurture a cultureof deeply objective
inquiry and seek thefull potential in every
opportunity. We respect
the power of facts.

We roll up our sleeves,dig in, and come to work
every day searching for
better outcomes. We
relentlessly tackle toughproblems. We see things
through.

We embrace personal
integrity, humility, andcitizenship. We act with
empathy and conviction.

06

07

Our ESG Approach
At Bain Capital, we thinkholistically about returns
We invest and engage with the conviction thatauthentic ESG integration across our portfolios
leads to exceptional value creation and positive,
long-term impact on the environment and society.
Our drive for continuous improvement informs
how we approach our business and investments.
We focus on addressing the complex challenges oftoday as well as the critical issues of tomorrow.

Our Conscientious
Engagement• We believe that strong ESG management
leads to better investment outcomes andpositive impacts for our stakeholders• We strive to integrate ESG considerations
into how we operate as a firm, our investment
processes and portfolio management approach• We seek to incorporate ESG risks and upsidethroughout our investment and ownershipprocesses, and tailor our ESG approach to each
investment strategy and critical ESG factorsthat shape long-term growth and performance• We aim to deliver strong returns
and positive social and environmental
outcomes as a leader in ESG integration

08

OVERVIEWOur Core ESG Commitments

OVERVIEW

We take an active approach to considering ESG-related factors
and have prioritized our efforts in areas where we believe we
can have meaningful, measurable impact over the long-term.
In 2021, we codified this approach by establishing our core ESG
commitments and ambitions as investors. Our commitment as
investors is to drive, support and assist management teams:

Active Governance& Stewardship• To promote active and engaged governance, holding
ourselves accountable for driving value with highintegrity in partnership with our investments andportfolio companies

Sustainable Growth & Reducing
Climate Impact• To reduce emissions and improve resource efficiency,
embedding sustainability into our companies and rigorously
measuring the resulting impact over time

Fair Employment, Engagement& Well-being• To treat employees with fairness and respect, building
an environment and culture that at its core promotes
employee safety, wellbeing and engagement

Diversity, Equity & Inclusion• To be champions of DEI and to drive meaningful progressby cultivating a high-performance culture that advances
diversity, equity and inclusion

Community Engagement• To encourage and support efforts to engage andcontribute to their communities, locally and acrossthe globe

09

Private Investments
How WeOperationalize
Lasting Impact

OVERVIEW• Apply core ESG commitments
to investment process• Integrate ESG inblueprinting• Partner with portfolio
companies to drive impact• Enhanced review of material
ESG risks and upsides• Embed ESG into portfolio
company strategy andvalue creation plans• Exclusion of companies
with broad-based
ESG risks

Capital Markets
How WeOperationalize
Lasting Impact

OVERVIEW• Proactive ESG integration andengagement• Bespoke ESG framework, sector
specific guidelines and scores• Enhanced ESG diligence tailored toindustry, entity and data availability• Exclusion of companies with broadbased ESG risks

Private Equity

Double Impact

Life Sciences

Credit & Special Situations

Public Equity

Partnership Strategies

Partners with management teams to help
build and grow great companies.
As pioneers of the value-added
investment approach, our success isbuilt on a highly rigorous approach
utilizing deep industry and company
insights and a significant investment
in resources and expertise to drive
strategic and operational transformation
at our companies. We embed ESG
priorities into our diligence approachand long-term strategies – meeting ourportfolio companies where they are
and continuously improving to build
capabilities, set metrics and implement
goals to hold ourselves accountable.

Invests in mission-driven companies thatdeliver both competitive financial returns
and measurable social and environmental
impact in three core impact themes:
health and wellness, education andworkforce development, and sustainability.
We identify companies in sectors thatcan create transformational change byhelping them reach their full social and/or
environmental potential. We leverage deepindustry experience and an active, valueadded approach. Our focus on operational
additionality enables us to drive impact
results alongside financial returns byscaling and transforming companies.

Invests in pharmaceutical, biotechnology,
medical device, diagnostic and life science
tool companies across the globe, witha focus on companies that drive both
medical innovation across the value chain
and enable innovation to improve the livesof patients with unmet medical needs. ESG
is inherently linked to our strategy, and weseek to build a diverse portfolio of highimpact, high-value-creating companies
with our rigorous, science-first approach.

Invests across the full spectrum of Credit
strategies, including leveraged loans, highyield bonds, distressed debt and special
situations, direct lending, structured
products, non-performing loans (NPLs)
and equities. ESG considerations are a key
component of our investment approach.
Recognizing our control and influence ofinvestments may vary, our goal is to help
companies measurably improve their ESG
performance and contribute to positiveenvironmental or social outcomes wherepracticable.

Combines rigorous fundamental research,
analytical portfolio construction anda tailored ESG framework to identify
and capitalize on opportunities acrossglobal equity markets. We believe
ESG considerations, combined withthe right active investment approach,can be an important driver of positivealpha. We actively assess and seek toinfluence climate change, management,
board diversity, ESG transparency,
and performance across our core ESG
commitments.

Partners with talented investment
teams around the world, combining
rigorous fundamental research with a
global perspective to pursue compellinginvestment strategies. We have a longterm time horizon and incorporate ESG
considerations into our overall diligenceprocesses, as well as in identifying
investment opportunities in nascentmarkets.

Ventures & Crypto

Focuses on hard-to-access sectors at
the nexus of emerging economic anddemographic trends. Through thisapproach, we aim to create durable income
streams to deliver strong, consistent
performance. We are committed
to integrating ESG into investment
management and decision-making, as wellas in asset management.

Invests to transform major industries
by partnering early with mission-driven
founders to build enduring technology
companies at all stages. This starts witha partnership that has deep domain
expertise and extensive operating
experience, leveraging the firm’s global
platform to create a path to scale.
We include ESG considerations in thestrategic investment approach and aim tocreate lasting impact for all stakeholders.

“

Real Estate

Tech Opportunities
Targets companies in large, growing end
markets with innovative or disruptive
technology where we believe we can
support transformational growth. We
embed ESG considerations during diligenceand post investment, allowing our teams toidentify opportunities for value creation.

We build great companies, and great companies leadin ESG. We aim to be an enabler and facilitator for our
portfolio companies to accelerate ESG efforts.”
10– Stuart Gent,
Managing Director, Co-Head of Europe Private Equity

Insurance
Collaborates with leading insurance
businesses and management teams
to unlock value and drive innovation.
We specialize in insurance investing
strategies, and serve as a strategic partner
to insurance businesses. We invest andengage in key geographies to create lasting
impact and embed ESG considerations into
our investment process.

Japan Middle Market
Leverages our foundation and builds onprior success in Japan, to invest in middlemarket companies in Japan reaching
pivotal points in growth, often requiringa strategic partner to help reach fullpotential. Investment teams incorporate
ESG considerations into various areas of
the investment process.

“

ESG has always been a strategic focus for our
Capital Markets businesses and our ESG efforts
have accelerated in recent years. We have evolved
from an exclusionary approach to a proactive ESG
integration strategy.
– Jeff Hawkins,
Deputy Managing Partner,
Credit11

Integrating ESG:In Our Investment Approach
Setting the Foundation
At Bain Capital, we anchor our investment decision-making instrategic, fact-based due diligence that considers a broad rangeof risks and value levers, including those related to ESG factors.
We seek to understand investment opportunities holistically,taking into account strategies, products, services and businesspractices. Our investment teams strive to assess key ESG
diligence findings, elevate material risks and opportunities
for discussion with investment committees and articulatepotential ESG areas of focus for post-investment blueprinting
and monitoring. For new investments, we evaluate relevant ESG
factors aligned to our core ESG commitments and aim to achieve
the following diligence goals.

OVERVIEW“In addition to the usual company
and industry analysis, we havecodified our ESG consideration
set and we create a related
score for every company that
we actively discuss at theinvestment committee level.”– Michael Ewald,
Managing Director, Global Headof Private Credit GroupIn Portfolio
Management
Engaging to Drive
Holistic Returns
We believe embedding ESG into businessstrategy and responsible operations is an
integral part of our approach to creating
value and growing great businesses. Postinvestment, we are committed to driving
meaningful progress across our core ESG
commitments and improving performance onmaterial ESG factors specific to each business.
As investors and global citizens, we strive
to support the environment and societyby harnessing the influence of our firm,
investments and people.

Dilgence Goals
Active Governance& Stewardship

Sustainable Growth &Reducing Climate Impact

Fair Employment, Engagement,& Well-Being• To assess the strength ofgovernance structures and routines,
including board and management
team composition and diversity,board oversight and track record• To assess transition and physicalclimate-related risks, environmental
risks, as well as sustainability
efforts and potential value-creation
opportunities• To assess labor relations andtreatment, human rights practices,
employee health, wellness and safety• To assess business ethics,
responsible conduct andcompliance with applicable laws
or regulations in each region ofoperation• To assess carbon emissions,
supply chain management, energy
consumption, waste and water
usage, environmental liabilities andadditional impacts

Diversity, Equity, & Inclusion

Community Engagement• To assess human resource policies,
practices, staffing and organizational
culture• To assess community relations andimpact on immediate and extended
communities• To assess diversity, equity andinclusion in our investment review
and decision processes
12• To review management andleadership team’s DEI, employee
engagement and pay practices

OVERVIEW

We invest across different asset classes andindustries, and these activities increasingly
demand attention on ESG-related matters – fromtackling the known impacts of climate change
to advancing on diversity, equity and inclusion(DEI) and creating workplaces that support one
another’s well-being. To that end, we empower
our businesses to take a tailored approach andintegrate ESG meaningfully in our investments
and value-creation approach.
Across our portfolio companies and investments,
our philosophy has always been to engage withpurpose and evolve our approach to be sustainable
over the long-term. We seek to continue
progressing on each element of our core ESG
commitments, including efforts related to building
strong governance approaches, enhancing
sustainability and reducing climate impact andproviding support for people and communities.

“

We meet portfolio companies where they
are, help develop company-specific ESG
plans and support them in their journey.
Striving for continuous improvement,
our collective goal is driving value with
our portfolio companies and theirstakeholders.”– Kim McCaslin
Managing Director, Head of North America
Private Equity Portfolio Group13

OVERVIEW

Cross-platform
Learning Centers

OVERVIEW

Advancing Our ESG
Due Diligence Approach

Evolving Standards On EthicalBusiness Practices

Deepening our Expertise& Sharing Best Practices

By learning from best practices across our businesses,
we have elevated our diligence approach to capture key
ESG risks and opportunities for improvement and value
creation within our investment period.

Bain Capital’s purpose and values guideour conscientious, tailored approach
to integrating ESG across our firm,businesses and investments. As industry
learnings, methodologies and tools
on ESG continue to evolve, we have
expanded our ESG best practices inthrough our deep collaborative working
models and on-the-ground experiences.
Across the Bain Capital platform, our ESG
and investment teams have organicallydeveloped learning centers that serve
as natural opportunities to sharpen our
focus on critical topics and better link our
ESG ambitions with actions. Our teams
convene regularly to exchange ideas andlearnings, aiming to implement initiatives
that can enhance our businesses.
Examples of these cross-platform learning
centers include.

• We aim to take a more robust review of ESG risks andupsides that can affect our decision of whether or how
to invest.

Our Private Equity teams continue topay particular attention to compliance,
corruption, cybersecurity and briberyrelated risks. Investment teams engage
specialist consultants, forensic accountants,
legal advisors, or investigative firms whennecessary to assist on due diligence ofrelated ESG risks. Our investment andportfolio team work together with Bain
Capital’s Legal team and General Counsels
to implement programs on compliance bestpractices and management of ESG topics,
including workshops, webinars and direct
support, depending on individual portfolio
company needs. This work is also supported
by Bain Capital’s long-standing partnerships
with ethical business consultant Ethisphere
Institute and law firm Ropes & Gray LLP,
providing portfolio companies a streamlined
method to measure and improve enterprisecompliance programs, anti-corruption
measures, cybersecurity protection anddata privacy and protection.

• We evaluate relevant and material ESG factors that
can impact deal valuations and roadmaps.
• We share refinements of our best practices across ourbusiness units to ensure that our investment teams
are evolving in the ESG journey.
• We continue to advance our ESG approach tofurther integrate detailed ESG diligence topics andmethodologies to review more consistently acrossinvestment opportunities in partnership with ourinvestment teams, investment committees andexternal partners.

“

Embedding key ESG factors
into our due diligenceprocesses has allowed us
to have a more fulsome
review of crucial risks
upfront and opportunities
to harness in go forward
company plans.”“

We believe driving ESG
progress with our portfolio
companies has helped them
amplify positive impact for
stakeholders and createstrong value."– Ashish Kotecha, Managing Director,
Head of Asia Private Equity Portfolio Group

Scaling Up Sound Businesses& Governance Practices
Our Ventures team partners with founders who are
passionate about transforming major industries
and accelerating new ideas to the market. Our teamtakes a differentiated approach that helps founders
grow their companies at all stages. This starts witha partnership that has deep domain expertiseand extensive operating experience at its core.
Combining vertical expertise and a global network,
our team works closely with entrepreneurs to build

global-first companies, grow platforms and advanceefficient commercial engines to help acceleratebusiness growth. This requires tackling operational
challenges and scaling sound decision-making
processes to support rapid growth.

— Michael Siefke,
Co-Head of Europe
Private Equity

14

15

OVERVIEWOVERVIEW

Mitigating Carbon& Environmental Impacts

Pursuing
Environmental Resilience

Leveraging Climate,
Carbon & DEI Data

We continue to accelerate our deployment of
ESG integration efforts, with noteworthy strides
to reduce carbon and environmental impact
across the globe. Our Private Equity investment
team and Portfolio Group are working closelywith management teams at our businesses
to embed ESG into overall company-levelstrategies and drive sustainable growth andreduce environmental impact. On climate, we areembedding environmental strategies into theblueprint of new investments and have begun toincorporate carbon emission reduction targets,
including science-based targets consistent withthe goals of the Paris Agreement in some of ourcompanies.

Our Real Estate platform applies deep industry
expertise and a value-add approach to accelerate
the transformation of complex, demand-driven
assets. We focus on hard-to-access sectors at thenexus of emerging economic and demographic
trends. Our Real Estate team’s ESG Considerations
for Responsible Investment outline environmental,social, governance and resilience (ESG+R)
objectives, which are considered during the due
diligence and investment decision-making process.
We are committed to integrating our ESG+R
approach into our investment management
practices and decision-making, incorporating bestpractices such as formulating ESG+R objectives
and targets, and applying more fulsome review
of material factors to assist with deal evaluation.
We also strive to advance resilience modeling toassess physical and transition risks, leveraging
climate risk analytics tools. Our ESG+R process is
key to creating durable income streams that aim todeliver strong, consistent performance.

Our Capital Markets businesses utilize climate andthird-party ESG data to augment research andanalysis of individual investment opportunities,
enhance ESG diligence and build out ESG tracking
and reporting capabilities.

Our European colleagues have been at theforefront of this effort and have shared learnings
to integrate efforts in North America and Asia. The
majority of our European Private Equity portfolio
companies have set carbon reduction targets andmany have completed environmental certifications
with external validators. Most of our businesses
are advancing towards near-term and long-termtargets on climate, with our leading portfolio
companies better identifying Scope 3 emissions
and pathways towards net zero emissions. We
continue to collaborate with management teams
across our portfolio companies and external
advisors to conduct ESG diagnostics, embedmeaningful and relevant ESG strategies and evolve
our approach to drive progress across our core ESG
commitments and ambitions.

We are committed to facilitating the energy
transition, in alignment with goals of the Paris
Agreement, and have developed a framework
to help guide our investment professionals andoperationalize our efforts. Our framework takes
a tailored approach to evaluating the risks andopportunities across the energy industry while also
considering the range of investment archetypes
and degrees of control across our Credit strategies.
Public Equity’s investment strategy and domain
expertise focus on industries and companies thatare typically less carbon intensive, and the Public

Equity team is incorporating more robust climate
and diversity data into ESG diligence and its
portfolio management approach. In accordancewith the European Sustainable Finance Disclosure
Regulations (SFDR), Public Equity has partneredwith Union Bancaire Privée to sub-advise afund with a formalized objective to exhibit low
carbon intensity and promote diverse leadership,including board-level representation.

“

We integrate ESG considerations into ourinvestment process and serve as a strategic
advisor and sounding board on ESG issues
as investments grow and mature.”– Colin Campbell,
Head of Partnership Strategies“

Leveraging ESG data strengthens ourdiligence and allows us to monitor how
the ESG performance of our portfolios
evolves over time.”– Kim Harris,Managing Director, Credit

16

14

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OVERVIEWOVERVIEW

Augmenting Our Approach
To Impact Management& Measurement
Promoting DEI& Accountability
Across our private investment business and within
the Tech Opportunities portfolio, we are working
alongside our CEOs and Chief Human Resource
Officers (CHROs) to promote diversity at boththe executive and board levels. This begins bytaking stock of where companies sit today, andthen tracking those metrics over time, holding
ourselves and our teams accountable for ongoing
improvement. Importantly, one of the benefitsof being on the Bain Capital platform is theopportunity to connect with management teams,
collaborate and share best practices on crossfunctional DEI and ESG initiatives. We believe wehave the ability to drive real change by adding
diverse board members and ensuring that C-levelsearches include diverse candidates.

“

We have created forums
to share best practices
and gain insight into howeach of our funds is taking
action to prioritize andpromote diversity.”– Phil Meicler,
Managing Director,
Tech Opportunities

The field of impact investing continues torapidly expand, driven by founders, executives,
consumers, communities, NGOs, public markets
and regulatory agencies worldwide to focus on“conscious” or “stakeholder” business models
as the best path to long-term value. As the first
impact fund of any institutional investment
firm, we welcome this growing market interest
and momentum, as well as the increased
competition it brings.
Our colleagues in Double Impact continue
to innovate and adapt new ESG and impact
measurement tools. Double Impact leverages
deep industry experience and an active, valueadded approach with a goal to build strong,mission-driven companies that deliver bothcompetitive financial returns and measurablesocial and environmental impact.

“

The single most important asset wehave at Bain Capital and within our
portfolio companies is our people.
In both places, we create avenues tosupport DEI, collaboration and highperformance culture initiatives to keep
our people growing and engaged.”– Nancy Lotane,
Managing Director& Chief Human Resources Officer

18

19

Active
Governance& StewardshipAs investors, we champion active and engaged
governance, holding ourselves accountablefor driving value with high integrity acrossour investments and in partnership with ourportfolio companies.

Our Active & Intentional
Approach to GovernanceWe believe good governance is good businessand helps our companies grow with integrity andrespect for people and the environment. Our
senior leadership is highly engaged in driving
ESG integration across the firm, our businesses,
investment evaluation and portfolios. Our comanaging partners and business unit heads
make up the ESG Leadership Coordination Team,
which was created in 2020 to further strengthen
ESG efforts and drive ESG integration acrossinvestment processes and portfolio management.
Thus far, the team has led several key initiatives,
including sharpening our firm’s purpose, defining
the firm-wide ESG strategy, prioritizing our fivecore ESG commitments across our platform andexecuting the firm’s carbon neutral pledge. This
team continues to advance our ESG approachand provide thought leadership and best practice
sharing across the platform.
Bain Capital values engaging and collaborating
across ESG forums. We are signatories of theUnited Nations Principles for Responsible
Investment (UN PRI) and commit to embrace
all six principles. We integrate our core ESG
commitments and considerations into the firm’s
operations, investment processes, and portfolio
management approach. We also participate
in a number of industry initiatives focused onsustainability and climate action, including thePrivate Equity Task Force at Ceres and the Climate
Action and Biodiversity working groups at thePrivate Equity Sustainable Markets Initiative,
both leading climate-focused forums that foster
collaboration across GPs and LPs to help advancesustainable investment practices. Bain Capitalis a member of Focusing Capital on Long Term
Global (FCLTGlobal), concentrating on stakeholder
capitalism and leading responsible investment
practices. We are also members of Business forSocial Responsibility (BSR), an organization ofsustainable business experts that works with its
global network of the world’s leading companies tobuild a just and sustainable world.

20

ACTIVE GOVERNANCE & STEWARDSHIP“ESG has been fundamentally
important to Bain Capital’s
investment approach and culture,even well before it became a termof art. We constantly push ourselvesto think bigger about how we canfurther integrate these practices
in our investment approach andthroughout our firm as a whole.”– Michael Ward, Managing Director,
Chief Operating Officer

21

ACTIVE GOVERNANCE & STEWARDSHIPWe believe our holistic approach enhances our
ESG integration efforts, embracing our firm’s
culture of collaboration and teamwork.
As investors, we champion active and engaged
governance, holding ourselves accountablefor driving value with high integrity acrossour investments and in partnership with ourcompanies. Our investment teams aim to build
governance capabilities needed to consistently
engage with management teams on key topics,
including material ESG issues, to shape long-term
growth and performance.
We have a collaborative and distributed approachto ESG internally that cuts across our investment
strategies and involves engagement across ourbusinesses, geographies and team. Our ESG teamconsists of dedicated professionals and serves as acentralized group working to evolve sustainability
and ESG strategy across our firm and businesses.
The team is integrated in Bain Capital’s several
ESG working groups to set goals, priorities andaction plans, and collaborates with business unit
leaders and investment teams.
The ESG team focuses on increasing ESG andsustainability practices at the firm, embedding
ESG in end-to-end investment processes including
due diligence and value creation, and leading our
ESG capacity building and best practice sharing.
Tricia Winton, our Global Head of ESG, leads theteam and works across business units.

ACTIVE GOVERNANCE & STEWARDSHIPCollaborative &Distributed Approach

We take a collaborative and distributed
approach to continuously evolve ESG
best practices across our core ESG
commitments. We look to lead byexample and work with our investments
and portfolio companies to develop highquality ESG strategies for value creation.

“

We are focused on driving
ESG improvement as partof transformation andperformance management
across our platform by firstunderstanding the starting
point for our businesses, andthen engaging to advance
progress on our ESG ambitions.”

Engagement

ActiveGovernance &Stewardship– Tricia Winton
Global Head of ESG

Sustainable
Growth & Reducing
Climate Impact

Investment
Integration

PrivateInvestments

Diversity,
Equity & Inclusion

ESG
Leadership
Coordination

Fair Employment,
Engagement& Well-being

CapitalMarkets

Portfolio
ApproachCommunity
Engagement

Transparency& Reporting

23
22

ACTIVE GOVERNANCE & STEWARDSHIP

Active Governance& Stewardship:
Private Investments

Private Equity Case Study“

Axis Bank

Our commitment to lasting
impact is at the heart ofour firm’s purpose andvalues, and has led to ourenhanced ESG approach.
We aim to drive positive
outcomes for people andour planet by engaging tohave meaningful impact.”– John Connaughton,
Co-Managing Partner

Within our Private Equity portfolio
companies, our stewardship approachaims to cultivate boards with a breadthof experiences and expertise, equipthem with the tools and training theyneed to serve as effective leaders, andimplement the structures and processes
needed for best-in-class governance.
Our teams aim to build the governancecapabilities needed for boards to be able
to consistently elevate and meaningfully
engage on key topics, including material
ESG issues, shaping long-term growthand performance. By strengthening
these capabilities, we seek to ensure ourcompanies are set up to deliver lasting
impact well beyond our holding period.
Our recent governance and DEI initiatives
across our Private Equity portfolio
companies reflect this approach to active
governance and stewardship. As partof our global goals in Private Equity,
we defined a board diversity aspirationof at least 30% overall board diversity
and at least two diverse directors per
board. For each portfolio company, we
focus on the core capabilities needed
to best support the company’s journey
and then look to recruit a diverse set of24

leaders who will bring that expertise.
In our North America Private Equity(NAPE) portfolio, we have developedand implemented an action plan toachieve greater representation ofunderrepresented groups at the board
level across our portfolio where we have
majority ownership positions. Our overall
DEI strategies engage with a broader
and more comprehensive definition ofdiversity, including but not limited torace, gender and sexual orientation.
Our NAPE and global DEI teams partnerwith portfolio companies and executive
search firms to find leaders who bringa rich set of experiences and expertisealigned with the core capabilities needed
across our companies. To complement
these recruiting efforts, we are also
focused on creating and sustaining anenvironment that helps to develop thenext generation of board leaders. Bain
Capital has partnered with Directors
Academy, an organization that supports
and coaches high-performing executive
talent and increases access to board
opportunities through their “Next-Gen”
directors program, which provides
governance, education and training

ACTIVE GOVERNANCE & STEWARDSHIP

for future corporate board members
from diverse backgrounds and who areunderrepresented on boards today. Bain
Capital is the exclusive sponsor of private
equity board development initiatives
and serves on the Directors Academy
Board itself. As part of that, Bain Capitalprovides content development, businesscase examples and faculty for the
training program.

Partnering with Companies Who
Share Bain Capital’s Dedication to
Excellence in Governance & ESG
Axis Bank, one of India’s largest lenders,integrates ESG into how the company
drives long-term growth. The company
has defined three core pillars to guide its
ESG progress: an equitable economy,a thriving community and a healthierplanet. With millions of people inrural and urban India participating in
its microfinance and digital inclusion
programs, Axis Bank has helped bringeconomic empowerment to some of themost remote regions of India.
Building on a history of responsible
growth, Axis Bank has made great strides
in embedding ESG governance processes,
accountability structures and policies toensure ESG considerations are integrated
into how the company’s Board and seniorleadership drive stakeholder value. In
2021, the Board of Directors, which
includes a Bain Capital Private Equity
Managing Director, created a standalone
ESG committee, the first Indian bank to
do so. The ESG Committee’s mandate
includes reviewing macro-level ESG
trends, shaping the company’s ESG
strategy and roadmap, elevating ESGrelated risks and opportunities, guiding
unified communication and disclosures
on ESG, facilitating organization-wide
integration of ESG imperatives andproviding 360-degree monitoring of ESG
performance.

Axis Bank has also made a series of
ESG-aligned public commitments
across its business activities, risk
management, human capital, social
responsibility, and physical operations.
In September 2021, the Bank issued
a $600 million Sustainable AT1 Note
which was India’s first and only thesecond in Asia.
Axis Bank strives for greatertransparency and disclosure, andthe company’s annual Sustainability
Reports clearly outline its strategies
and action for managing material
governance topics. The company was
included in the FTSE4Good Emerging
Markets Index for the fifth consecutive
year in 2021, and improved its
performance in the Climate Disclosure
Project (CDP), MSCI ESG Ratings andS&P Dow Jones Sustainability Indices.

25

ACTIVE GOVERNANCE & STEWARDSHIPACTIVE GOVERNANCE & STEWARDSHIP

Double Impact Case Study

Key Milestones in
Blueprint Process
Double Impact has a standardized impact due
diligence toolkit and Impact Blueprinting process,which includes rigorous tracking and measurementof its companies’ impact value creation throughout
all stages of the investment lifecycle. As part of this,actively managed companies track company-specificimpact and DEI metrics as well as complete a B Impact
Assessment within the first 12 months of ownership.
Further, Double Impact companies develop strategies
and initiatives to improve their impact performance.
As a result, companies typically improve their B Impact
Assessment score by over 30% during the first year ofownership.
Together, these mechanisms enhance and improve
portfolio companies’ performance and positive impact
on key ESG dimensions. BlueMark, a leading providerof impact verification with a mission to strengthen
trust in impact investing and increase accountability
for impact, rated Double Impact’s approach as‘Advanced’ in December 2020 across all eight Impact
Principles – the highest possible score.

1

Impact Screening& Diligence

Assess impact fit andpotential through standard
framework and tools

•
•
•
•

Impact Screening ToolESG Due Diligence Questionaire
Stakeholder Assessment
Impact Thesis & Theory of Change

2

Impact Management& Measurement

Drive impact throughactive management

•
•
•
•
•
•

Management incentives tied to impact
B-Impact Assessment
Impact Metrics Tracking & Forecast
Stakeholder Toolkits
HPO Surveys
DEI Initiatives

3

Sustaining
Impact at Exit

Conduct exits, considering
effect on sustained impact•

Governance mechanisms
to sustain impact practices in saleprocess and purchase agreement•

Verify acquirer's impact track recordand commitment to preserving
impact created“We believe that active ownershipof portfolio companies can behighly additive to impact investing.
In addition to our value creation
playbooks, we work hard to continue
to pioneer impact management andmeasurement approaches.”– Cecilia Chao,
Managing Director, Double Impact

26

27

Active Governance& Stewardship:
Capital Markets
Our Credit and Special Situations teams have codified
an ESG approach, formalizing how ESG considerations
are incorporated. ESG factors are integrated in ourinvestment process, from the beginning of diligencethrough monitoring of the investment and asset
management. This framework leverages internallydeveloped sector-specific guidelines and wellrecognized ESG frameworks where possible. It also
accounts for material ESG factors to tailor diligenceand drive investment committee discussions. For
new investments, we evaluate material ESG risks andopportunities and assign each Liquid, Structured andPrivate Credit investment an ESG score which reflects
our analysis of the probability, severity and timing of
ESG-related risks and their impact where applicable.
We also assess a company and sponsor’s approach toresponsible business practices including track record
managing ESG issues, appointing board members
and business ethics. Our ESG analysis and scoresare discussed with our Investment Committee andPortfolio Management teams and monitored postinvestment as needed.
Given the data availability challenges for our private
investments, we seek to improve companies’ ESG
awareness and disclosure through our individual
engagements with companies and collaborative
methods with our peers. For example, a London based
Director on our Industry Research Team co-chairs theEuropean Leveraged Finance Association’s (ELFA) ESG
Committee, a leading industry organization working
to develop best practice guidance and improve ESG
disclosure in the leveraged finance market. Bain
Capital leverages its membership in various industry
organizations and collaborates across Bain Capital’sbusiness units to advance its ESG integration approachand share best practices.

ACTIVE GOVERNANCE & STEWARDSHIPACTIVE GOVERNANCE & STEWARDSHIP

Credit & Special Situations Case Study“

Our focus on ESG improves ourinvestment approach and outcomes.
We work toward reducing climate
impact, investing in our people anddiverse teams, and building long-termsustainable business models.”– Jonathan Lavine,
Co-Managing Partner

Algoma Steel
Partnering with Companies
to Create More Sustainable
Business Models
Algoma Steel is a leading Canadian flatrolled steel producer in which we hold aminority equity position across our Credit
and Special Situations strategies. Bain
Capital held a seat on the company’sboard from 2018 to 2021, helping lead
Algoma through creditor protection
and ultimately merge with a special
purpose acquisition company (SPAC) totake Algoma public. Through our board
participation, we advised and encouraged
the initial stages of the company’stransformation to a more sustainablebusiness model and production method,which we believe will meaningfully reduce
its environmental impact. Additionally,
we appointed a female director as our
successor on Algoma’s board when
stepping down in 2021.
Algoma is transitioning its steel
manufacturing process from thetraditional, carbon intensive blast
furnace route, which requires iron ore

and metallurgical coal as raw materials,
to electric arc furnace steelmaking thatutilizes electricity to recycle scrap metal.
Electric arc furnace production generates
substantially less greenhouse gas (GHG)
emissions and other air pollutants
compared to blast furnace production.
Further, Algoma utilizes Ontario’s
power grid, which is predominately
powered by non-emitting energy
sources including nuclear and hydro.
Through this improvement, which is set
to begin in 2024 and conclude by 2028,
Algoma is expected to reduce its annual
GHG emissions by 70% and sulfur
and nitrogen dioxide (SOx and NOx)emissions by over 50%. This reduction
represents 11% of the Canadian federal
2030 target and 100% of Ontario’s
provincial 2030 target for industrial
emitters under the Paris Agreement.

“

Algoma’s transition
to more sustainableproduction methods
can have a significant
impact on the company’s
financial performance andenvironmental footprint.”— Jeff Robinson, Managing
Director & Co-Head of Global
Special Situations

Within our Credit and Special Situations businesses,
we have a range of investment archetypes and varying
degrees of control across strategies. We typically havea greater ability to drive impact within companies
where we have equity, directorships or board observerrights. Where appropriate, we leverage these positions
to engage with companies on material ESG topics thatalign with our firm-wide core ESG commitments andadvocate for further adoption of ESG best practices.

28

29

Sustainable Growth& Reducing
Climate Impact
As investors, we champion reducing emissions
and improving resource efficiency, embedding
sustainability into our investments andcompanies and measuring the resulting
impact over time.

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Climate change poses a
systemic risk to the global
economy, representing not
only a strategic and businesschallenge for all companies andinvestors, but also a significant
opportunity for those that aligntheir businesses, operations
and portfolios on a pathway todecarbonization.
Significantly scaling back emissions by
mid-century requires businesses to develop
sustainable business lines, adapt to new
regulations, build stronger stakeholder
relationships and improve resource efficiency
and cost savings along the way.
We take a broad view of climate-relatedrisks and strive to embed sustainability
into our investment decisions and portfolio
management approach. Recognizing thatthe global transition to low carbon, climateresilient pathways will require change andcollaboration across industries, geographiesand communities, we aim to do our part toaccelerate this transition, consistent withthe goals of the Paris Agreement. We havegrounded our approach to sustainablegrowth and reducing climate impact in areas
where we believe we can have meaningful,measurable impact.

“

As we reflect on the ongoing urgencyof global action on climate, we findourselves at an inflection point.
Rising sea levels, prolonged droughts,
unprecedented wildfires and increased
extinction rates are just a handful of
proof points on the need to act now.”– Jurjen van der Wiel,Managing Director,
Private Equity

We achieved carbon neutrality for Bain Capital’s
operations in 2021 based on the CarbonNeutral Protocol
by reducing our total emissions and offsetting those thatcannot yet be reduced.
This builds upon efforts to reduce our carbon footprint
by transitioning our offices to renewable energy sources
where possible, securing real estate in several Leadershipin Energy and Environmental Design (LEED)-certified
offices and creating a robust waste reduction andrecycling system. We plan to maintain carbon neutrality
going forward and are exploring the possibility ofachieving net zero emissions over time.
30

31

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Carbon Neutrality

Given the work-from-home environment
in 2020, we started with a baseline
measurement of 2019 carbon emissions(Scopes 1, 2 and 3) to capture our more
typical activities. Following environmental
best practices, the firm engaged third-party
experts to help us measure and monitor

our global greenhouse gas emissions.
An external third-party completed anattestation review and certified our 2019
Bain Capital GHG emissions metrics for
Scopes 1 and 2, and Scope 3 business air
travel.

Carbon Offsets
Bain Capital partnered with Natural
Capital Partners, the leading experts
on carbon neutrality and climate
finance, to purchase a portfolio ofindependently verified offset projects
that offer carbon reduction, removal
and avoidance solutions. Alongsideoffsetting carbon, projects provide

Reduction

Our Carbon Footprint
Scope 1

Scope 2

Scope 3

Total

316

1,700

18,427

20,443

MT CO2e including directemissions from facilities
and fleets

MT CO2e including emissions fromelectricity use within offices anddata centers (location-based)

MT CO2e including emissions
from business travel, staff
commuting and waste

MT CO2eCarbon Reductions
We are committed to directly reducing
our firm’s carbon footprint and improving
our resource efficiency, while also
embedding sustainability into ourinvestments and rigorously measuring
the resulting impact over time.

We have developed plans for overall
emissions reduction, including several
initiatives already underway:• LEED certified offices• Boston dining room certified by“Green Restaurant Association”• Expanding the use of renewableenergy• Further optimizing energy and waste
management• Campaign to encourage employees tomeasure and reduce individual carbon
footprints

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACTan array of wider impacts relating
to poverty reduction, economic
development and general community
enhancement and support.
Bain Capital supports the following
projects:

Removal

Avoidance

Seneca Meadows
Landfill Gas (US)Native Forest Regeneration
Portfolio (Australia)

Kibale Forest
Restoration (Uganda)

This project captures
methane from landfillgas (LFG) emitted by
the 178-acre expansion
to the Seneca Meadows
landfill site and generates
electricity from the LFG
to power 18,000 homes.

Based around the Southwest
Darling Downs region of
Queensland, the projectis regenerating the native
forests which have been
suppressed throughagriculture such as grazing.

Based in Southwest Uganda,
the project is rehabilitating
more than 10,000 hectaresof degraded land in the Kibale
National Park where naturalcauses, human disturbanceand poor land management
has led to severe degradationand soil erosion.

Rural Clean Cooking(China)Tamil Nadu Community
Reforestation (India)

These projects support
low-income farmers inrural areas across central
and southern China byusing their farm animal
waste to create clean andaffordable energy.

Connected to morethan 1,000 small groups
throughout Tamil Nadu,
the project integrates
reforestation to sequester
carbon with community
development activities.

Acre Amazonian
Rainforest
Conservation REDD+
Portfolio (Brazil)
This collection of threeprojects aims to prevent
deforestation acrossmore than 100,000
hectares of pristine
rainforest in the Amazon
basin, protecting someof the world’s most
biodiverse habitats.

Million Mangroves: Catalyzing
Additional Climate Impact
Alongside CarbonNeutral certification,
Bain Capital has chosen to invest in
restoring some of the world’s mostthreatened ecosystems – mangroves.
Through its partnership with Natural
Capital Partners, we support the Million
Mangroves project in Mexico where
nearly half of all mangrove forests havebeen destroyed. With restoration efforts,
the water has been brought to healthier32

levels to grow and sustain reforested
mangroves. Comunidad de Restauradoresdel Manglar en Isla Aguada is working toplant ~650,000 trees working with a local
mangrove expert. These new mangroves
will sequester carbon over and above ourmeasured footprint, and will also protect
local communities from storm surges.
Mangroves are estimated to store up to

four times more carbon than rainforests,
making them a highly effective natural
climate solution. Mangroves haveadapted to grow in harsh environmental
conditions and act as a bridge between
sea and land. They play a critical role,
helping to draw down carbon from theatmosphere, protecting coastlines andproviding important ecosystems forhealthy, thriving fish.

33
04
30

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Sustainable Growth &Reducing Climate Impact:
Private Investments

On climate, we embed environmental strategies into theblueprint of new investments and have begun to operationalize
carbon baselines and incorporate carbon emission reduction
targets across our Private Equity portfolio companies. To
scale carbon measurement and reduction across our portfolio
companies, we have partnered with Persefoni, a carbon
management platform that helps organizations and financial
institutions measure and manage their carbon footprint acrosstheir portfolios in a centralized, cloud-based application.
We continue to collaborate with management teams across
our portfolio companies and external advisors to conduct
diagnostics, embed meaningful and relevant ESG strategies
and evolve our approach to drive progress against identified

34

Private Equity Case Study

Fedrigoni
Committed to Sustainable
Supply Chains and the Pathway
to Decarbonization

We believe in building great companies
where meaningful progress on sustainability
and reducing environmental impact are key
to driving positive, lasting impact.

Our Global Private Equity team has developed goals toimprove management of environmental and climate-related
factors during our course of investment. The pillars of ourportfolio company approach are built around measurement ofenvironmental footprints, reduction in impact, and integrationof environmental consideration into business operations.
We work in partnership with our portfolio companies on
individual plans, defining their ESG ambition and progressing
on short- and long-term goals during each year of ourownership. We are partnering with our portfolio companies
across the globe on carbon baselining, target setting andutilizing external certification approaches to measure progress.
Many of our portfolio companies have already set carbon
reduction targets and completed environmental certifications
with external validators.

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

core ESG commitment ambitions for our businesses.
To advance our commitment to ESG, Private Equity has
partnered with EcoVadis, a leading sustainability monitoring
platform, to help portfolio companies track material ESG
factors and validate progress. EcoVadis is a trusted providerof business sustainability ratings backed by powerful
technology and a global team of experts with more than 10
years of sustainability expertise. Their assessments primarily
focus on environmental criteria, as well as labor and humanrights, ethics and sustainable procurement.

Several of our Private Equity portfolio companies
are signatories to the UN Global Compact Principles:•

Ahlstrom-Munksjo

•

Hugel

•

Bugaboo

•

IQVIA

•

Chindata Group•

Kantar•Consolis•

Nova Austral•Engineering Ingegneria
Informatica S.p.A

•

STADA

•

Fedrigoni•

US LBM•

Grupo NotreDame
Intermedica•

WitturBased in Italy, Fedrigoni is a leading global player
in the production of specialty papers for luxury
packaging, publishing, and graphics, as well as
premium labels and self-adhesive materials.
Fedrigoni has embedded sustainability into
its business strategy and committed toprogressing over the medium and long term on
this ambition, which include efforts to reduce
environmental impact and enhancing productofferings to be more sustainable. Fedrigoni has
recently introduced Materia Viva, a collection ofnine families of fine papers made from recycledmaterials, some dating back to 1996, which we
believe is a testament to the group’s long term
vision in sustainability and the circular economy.
Further, Fedrigoni’s 2030 sustainability
roadmap aims to build more sustainablebusiness practices and fosters operations for
product circularity, resource efficiency andsupply chain efforts towards reducing carbon
emissions. The roadmap focuses on sustainableproduct design with routine assessment on
feasibility of sustainable product innovation,
replacing plastic products with paper and moresustainable alternatives and increasing volumesof ESG solutions in product lines. For example,
Fedrigoni aims to increase its use of Chain of
Custody (CoC) or Controlled Wood (CW), Forest
Stewardship Council (FSC®) certified cellulose
to reach 100% of total cellulose used in 2022.

Management has articulated priorities to improve overall impact with agoal of reducing CO2 emissions 30% by 2030 relative to 2019 emissions
using Science-Based Targets. Along these goals, Fedrigoni strives toeliminate industrial waste to landfill and increase the proportion of
ESG qualified suppliers to 95% over the next ten years (versus 50% in2020). With ESG deeply integrated into the operating model, Fedrigoni
has advanced the strength of its organization and approach to people,
reducing workplace injuries, driving gender diversity in management
ranks and working to build employee engagement. Fedrigoni has a goal
to reach 30% gender diversity in managerial positions and is currently at
25%. Fedrigoni is a member of the UN Global Compact, adheres to GRI
standards and has received a Gold rating by EcoVadis, placing Fedrigoni
in the top 5% of EcoVadis-rated companies and validating the company’ssustainability strategy and roadmap.

30%

95%

Reduced Emissions
Relative To 2019

ESG Qualified
Suppliers
Over Next 10 Years

35

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Private Equity Case Study

Diversey

Ventures Case Study

CrusoeTo Protect and Care for People andContribute to a Healthier World

Repurposing Wasted Energy to
Fuel the Growing Demand for
Computational Power

Diversey creates sustainable hygiene, infection
prevention, and cleaning solutions for customers
around the globe. The company’s sustainability
strategy to “Protect. Care. Sustain.” is supported byboth near- and longer-term targets that act to further
reduce Diversey’s environmental footprint, improvesocial responsibility, and deliver solutions to help
customers achieve their sustainability goals.

Diversey’s products deliver sustainability benefits, someof which include:

The company set out to establish a science-basedcarbon target in 2023 , outline progressive steps
to lower its carbon footprint and achieve net zerocarbon emissions in company operations by 2050.
Despite drastic changes in production due to the
COVID-19 pandemic, Diversey reduced its carbon
footprint in manufacturing sites, warehouses andoffices. A partnership with the World Wildlife Fund
Climate Savers reduced Diversey’s GHG footprintby 48% in absolute emissions. Diversey also set a
net positive goal, meaning the energy, water, waste
and GHG emissions reductions they deliver for theircustomers will more than offset their environmental
footprint.

• DryFormance™ – Can eliminate the need for water inconveyor lubrication systems in food and beverage plants

Bain Capital Private Equity supports management’s
ESG strategy and priorities. Diversey's Vice Presidentof Sustainability oversees operationalizing the
ESG strategy and annual internal and externalreporting and works with supply chain management
to identify best practices, influence projects andmeasure impacts. The Director of Quality, EHS, andCrisis Management sets strategies in supply chain
management and initiating projects to achieveenvironmental impact reduction. In addition,
Diversey has sophisticated hiring, engagement, wellbeing and safety practices to care for its employees
and innovative community involvement activities toenhance its positive impact on society.

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT• Super Concentrates – Highly concentrated cleaningproducts packaged in closed-loop systems save up to 98%
packaging compared to ready-to-use products• TASKI® – Innovative product line reduces energy and GHG
emissions up to 60%; reduces chemical and water use
67%; optimizes energy consumption

Diversey’s consulting services can help customers save water,conserve energy, eliminate waste, and reduce GHG emissions.
Customer savings in 2021 include:

Eliminate

6K

Conserve

7B

Metric Tons
of Waste

Gallons of Water

Save

Save

500M

206K

kwH of Energy

Metric Tons
of CO2

Crusoe is on a mission to align the futureof computation with the future of theclimate. By repurposing otherwise wasted
energy, Crusoe fuels the growing demandfor computational power and advanced
computing systems, such as digital currency
mining, artificial intelligence and deeplearning, rendering and computing intensive
research. In doing this, the company provides
oil and gas companies with a fast, low costand simple solution to natural gas flaring, amajor cause of waste and emissions in theoil production process. As the industry works
to address infrastructure constraints andincreasing environmental standards aroundflaring and emissions, Crusoe is navigating amore sustainable solution that reduces CO2eemissions by up to 63%. Crusoe's patented
Digital Flare Mitigation® reduces carbon
emissions released into the atmosphereavoiding more carbon emissions per dollar
spent than installing new wind and solar
power project.

Crusoe unlocks value from wasted energy with computation bycapturing flare gas with their patented Digital Flare Mitigation®
systems. Relative to continued flaring, this technology eliminate
emissions up to:
Methane

98%

CO2 e

63%

CO

95%

VOC

100%

NOx

89%

In addition to the company’s environmentally conscious mission,
Crusoe incorporates strong ESG principles to enhance work
environments, idea generation and employee engagement. Crusoe has
five core values, each grounded in a set of actionable practices:• Cultivate an idea meritocracy• Think like a mountaineer• Relentless commitment to resource efficiency• Tap into the collective genius• Be and become your best self
The combination of philosophical values and actionable practices
creates a decision-making framework for each employee to achieve
success at Crusoe.

“

Strong ESG management is more
important than ever – as we navigate
the climate crisis and strive for increased
diversity, innovation and sustainability
need to go hand in hand.”– Matt Harris, Managing
Director, Ventures

36

37

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Real Estate Case Study

Genesis Marina
Building for a
Sustainable Future
Genesis Marina is our Real Estate platform’s
marquee, Class A+ life science campus located on
Sierra Point, one of the top life science clusters in
the world. Acquired in January 2019, the 561,000
square foot project will feature three purposebuilt life science campus buildings located near
Highway 101, the area’s most traveled freeway,
and several public transportation options. The
campus boasts noteworthy health and wellbeing
amenities, including direct access to the Bay Trail–a
500+ mile premier walking and cycling path–anindustry-leading conference center, multiple
food and beverage venues and a state-of-the-art
fitness center. The project is ~59% pre-leased
to Freenome, a dynamic biotech group and Life
Sciences portfolio company.
Bain Capital Real Estate (BCRE) embeds ESG
considerations in diligence and decision-making
processes and understands the importanceof conservation and resilience efforts. Prior toacquiring Genesis Marina, BCRE engaged abiologist to ensure the protection of the clapper
rail habitat, commissioned a survey to ensure
the burrowing owl habitat was not disturbed by
the site development and conducted a surveyof tree removal to identify native bird nesting.
The project’s footprint was also redesigned inconsideration of new sea level conditions.

In December 2021, Genesis Marina became theworld’s first Total Resource Use and Efficiency(TRUE) pre-certified construction site, which
recognizes projects with policies and proceduresto effectively pursue zero waste and havedemonstrated a commitment to achieving TRUE
certification. Located on the site of a former landfill,
Genesis Marina expects to divert more than 90% of
its waste from landfills and incineration. The projectis expected to achieve TRUE certification uponcompletion in August 2023. All subcontractors at
the project are unionized, demonstrating BCRE’sstrong commitment to fair employment practices.
BCRE has also incorporated ESG language into
standard leases to ensure stewardship from ourtenants.
Through Genesis Marina’s pursuit of LEED Gold
Certification, BCRE will reduce indoor water use by
installing efficient restroom fixtures, solar panels
and roof materials with a high Solar ReflectanceIndex and electric vehicle charging stations toencourage carbon efficient transportation.

90%of Waste Diverted
from Landfills &Incineration“

We have an opportunity andresponsibility to positively contributeto the built environment by making
choices that improve environmental
impact and resilience. We arecommitted to continuing thesepractices in the decades to come.”– Ben Brady,
Managing Director, Real Estate

38

39

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

Sustainable Growth &Reducing Climate Impact:
Capital Markets

Public Equity

Credit & Special Situations
As a credit investor with exposure to
the energy sector, we understand theoutsized environmental impact ofenergy systems, and we believe thatenvironmental and climate risks arefundamental credit risks.
The decarbonization of economies, industries and individualcompanies’ operations and assets to align with the goalsof the Paris Agreement will both require and precipitate
significant techno-economic and policy shifts, including deep
carbon reductions of the power sector and reduction in fossil
fuel production. Our Credit and Special Situations teams
anticipate and are committed to being an active participant inthis transition. Accordingly, we developed an Energy Transition
Framework to help guide our investment professionals andoperationalize our approach across the energy value chain.

“With our deep expertisein the energy sector, we
can add sophisticationin due diligence andscrutiny of our investments
to align with optimal
decarbonization pathways
over the coming years.”– Viva Hyatt,
Managing Director, Credit

Our framework takes a tailored approach to evaluating thedifferentiated risk and opportunities across the energy subsectors, taking into consideration the range of investments
and varying degrees of control across our strategies.
This requires specific expertise, investment capabilities
and risk management processes. Our investment teamcontinually evaluates underlying market dynamics, impactsof the broader climate transition, physical and transition
risks, governance of climate-related issues among other deal
specific factors.

40

SUSTAINABLE GROWTH &REDUCING CLIMATE IMPACT

In addition to these considerations, we seek to approacheach investment with a robust diligence process andinvestment decision-making framework in which we
consider material ESG factors. This may include, but is
not limited to, water and waste management, workplace
health and safety, labor relations, land rights, community
engagement and emergency preparedness and responses
systems. Our investment decisions are based on the totalityof the circumstances, including a given investment’s tenor
and liquidity, to help support a determination to make an
investment on a case-by-case basis.

In December 2021, our Public Equity teampartnered with Union Bancaire Privée to subadvise a fund with a formalized objective toexhibit a low carbon intensity and promote
diverse leadership and board representation.
Public Equity’s investment strategy anddomain expertise focus on industries
and companies that are typically lesscarbon intensive. We aim to invest incompanies with sustainable businessmodels, assessing and tracking theirperformance on material ESG factors
tied to our core ESG areas. In addition to
Bain Capital’s core ESG commitments,
Public Equity’s core ESG priorities
include climate change, diversity andtransparency on ESG-related issues.
Our integrated ESG approach considers
the impact of a company’s products,
operations and governance on a rangeof stakeholders and the environment.
During due diligence, our investment
team analyzes the competitive andregulatory environments and ESG
considerations including greenhousegas emissions; labor practices; board,
executive and workforce diversity;and other material ESG factors. If
considering a potential investment
with a relatively higher carbon
intensity, our investment team
generally requires the company has

GHG emissions disclosure and statedemissions reduction initiatives. Where
possible, we work constructively withcompanies to advocate for improved
sustainability policies and practices
such as increasing disclosure on
GHG emissions and developing
science-based emissions reduction
targets. We also seek to engage withcompanies that do not have adequate
board diversity of at least two female
board directors to increase diverse
representation.
Public Equity believes that proxy voting
is an extension of our ESG integration
and responsible investment efforts,
and thoughtfully considers proxy items
addressing ESG policies and practices
on a case-by-case basis, in alignment
with our ESG criteria. Our CIO andsector heads work in partnership with
our dedicated ESG professionals toreview and vote proxies.

“

As an investor, ignoring ESG considerations
increases the risk of investing on thewrong side of change. For us, ESG, andsustainability analysis are critical for ourinvestment process.”– Josh Ross, Managing Director & Chief
Investment Officer, Public Equity

41Fair Employment,
Engagement &Well-being

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEINGAt Bain Capital, we value growing
talent from within. We pride
ourselves on being a purposedriven team with a distinct
collaborative culture.
We aim to be a high-performing organization with engaged
employees. To attract, retain and develop people, we continue
to refine and evolve our talent value proposition to provide
tailored and relevant growth opportunities for our employees
through ongoing training, mentorship opportunities andsenior leadership engagement. We prioritize employee wellbeing through employee networks, comprehensive programsand benefits. With a strong commitment to pay equity, we
conduct regular pay practice reviews.

Bain Capital’s ambition is to lead by example andempower our businesses to treat employees with
fairness and respect, building an environment andculture that at its core promotes employee safety,
well-being and engagement.

We continue to build leading teams with strong, positive
culture and working dynamics globally despite recent
challenges associated with the COVID-19 pandemic.
Our apprenticeship-based culture grounds our talent strategy.
As we scale teams and functions across business units,
we have doubled down on investing time and resources on
employee development and training opportunities.
Across business units, we provide dedicated resources,
training tools and leadership development opportunities
to position our people for success. Our overall talentengagement and development strategies are highly informedby feedback from employee engagement surveys.

“

We view equipping management
teams to enhance capabilities,
engagement and well-being
as a key driver of success. We
continue to evolve our approachand share best practices tosupport our companies andaccelerate our impact.”– Susan Levine, Managing Director,
North America Private Equity

We continue to refine and evolve our talent value
proposition to provide tailored and relevant growth
opportunities for our employees. Bain Capital offers
several programs to support employees’ needs and theirwell-being in the workplace. As wellness and well-being
took on new meaning and prominence in recent years– from balancing work and home to learning new skills
and ways of working – we hosted a global firm-wide
event in 2021 on the importance of health, wellness andmindfulness in our everyday lives.

42

34

Across our investments, we review our investment
practices and work with our portfolio companies andinvestments to help them provide fair and equitable work
environments that foster employee safety, well-being,
inclusion and engagement. We believe that these focus
areas are inextricably linked to our overall ESG ambitions
and seek to collaborate closely with relevant stakeholders
where feasible and appropriate to promote positive andhealthy practices.

43

Fair Employment,
Engagement & Well-being:
Private Investments
Within Private Equity, we are embedding ourpriorities to further promote fair employment,
engagement and well-being and have worked tomeaningfully engage with various stakeholders.
As one example, we host a bi-monthly forum with
CHROs from our portfolio companies to provide
support and a community to share best practices
on employee engagement and DEI initiatives.
These discussions are opportunities forcollaboration and provide valuable resources
to foster people process excellence, fair andequitable employment, employee health andwell-being, inclusive and engaged workforcesand diverse teams. Recent forum topics haveincluded enhancing senior leadership diversity andemployee wellbeing, utilizing engagement surveys
to drive organizational health, creating learning
opportunities for our portfolio companies as wellas our own Portfolio Group team members.

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

Private Equity Case Study

L&T Financial Services

Further, we are working with our companies
across North America, Europe and Asia Private
Equity to ensure employee engagement surveys
are in place and reviewed for insight into diverseand underrepresented talent. Survey results help
company management as well as our teams
develop fact bases, identify needs for processes
and procedures, initiate pilots with relevant
partners and refine goals and priorities.
Fundamentally, we believe that our Private Equity
team’s ability to support our portfolio companies
in advancing people excellence is critical to ourvalue-add and aligned with our commitment tobuilding great businesses.

Growing Together –Across People, Businesses
and Communities
L&T Financial Services (LTFS) serves clientsin India to provide financial products andservices, including farm equipment, auto,
housing and micro loans, as well as real estate
finance, infrastructure finance and investment
management services. LTFS’s vision is to create
sustainable value for all stakeholders. The
company’s business goals are aligned with thesustainable development imperatives of India
by being an enabler for the rural sector, thereby
supporting the country's onward march towards alarger, more robust economy.
People are important business enablers andbrand ambassadors for L&T Financial Services.
Recognizing this, the company offers anempowering work environment that promotes
entrepreneurship. Furthermore, the organization’s
focus on professional development has laid thefoundation for LTFS to become a learning hub. The
company understands how important workplaceculture is, and creates a workforce that is diverse,
agile, eager to learn and driven to succeed. These
leadership competencies form the core of robust
leadership development processes followed by thecompany and can enable employees to achieve
their full potential.

“

It is important to consider ESG impacts
rigorously in the context of different regions andindustry verticals while establishing global goals
and priorities to scale impact.”– David Gross-Loh,Managing Partner, Asia

44

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

L&T Financial Services aims to be a service-centered businessthat takes full advantage of its end-to-end digital capabilities
to help employees progress and sustain their career growth.
In line with their goal of a responsible, future-driven, peopleoriented organization, the company has incorporated various
digital initiatives that create an impact throughout the lifecycleof the employee working with the organization. One example isproviding courses on behavioral skills, data analytics, technology
and business acumen in partnership with the e-learning
provider Coursera. These initiatives help nurture a learning anddevelopment culture, encouraging talent development andenhancing the company's overall performance.

45

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

Ventures Case Study

Justworks
Envisioning a World inwhich Starting, Running,and Joining a Business is
Accessible for All

Tech Opportunities Case Study
Founded by Isaac Oates in 2012, Justworks is a high-growth
software company whose mission is to help entrepreneurs
and businesses grow with confidence. At his first startup,
Isaac felt that the time he spent on administrative tasks kept
him from focusing on what mattered most—people. He set
out to build an HR tech platform that would make it easier forother founders to start, run, and grow a business.

Justworks created a modern, easy to use solutionthat takes administrative pressure off entrepreneurs
and helps teams live happier, healthier lives. The
platform provides access to benefits, payroll, HR
tools, and compliance support to over 8,000 smalland medium-sized businesses (SMBs) and theirmore than 140,000 employees across the UnitedStates. SMBs often struggle to attract and retain top
talent due to the relative cost of securing benefits
packages in-line with what larger organizations
can offer. Meanwhile, regulations can place adisproportionate burden on SMBs, particularly thosewith a geographically distributed workforce, forcing
them to deal with complex compliance hurdles they
are ill-equipped to handle.
To level the playing field, Justworks aggregatescustomers under a single federal EIN as a professional
employer organization. This “co-employment” model
creates economies of scale, enabling attractive
cost savings for SMBs and access to a richer suiteof health insurance plans, primary care, dental andvision, mental health support, and wellness perks
for their employees. Justworks’ model also enables
entrepreneurs to minimize the risks and costs of noncompliance, empowering them to focus on runningtheir core business and creating great culture.
Justworks provides free HR consulting, online
trainings on harassment prevention and fostering
inclusion in the workplace, and 24/7 support that’s
available to every employee on the platform. The
company has committed 1% of its equity and profits
to removing unfair barriers for underrepresented
founders by providing high-impact grants toorganizations that support early-stage minority- andwomen-owned businesses (MWBEs) and building
its own incubator for MWBE startups. Justworks
also aims to make its core products more accessible,
inclusive, and valuable for MWBE businesses throughJust Thrive, a program it started in 2020.

46

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

AxtriaConnecting the Right Patientto the Right Treatment
By seamlessly blending information, analytics
and technology on the cloud, Axtria helps
life sciences organizations gain a competitiveedge to improve patient outcomes and drive
business growth. Axria is committed to creatinga sustainable, responsible and rewarding futurefor our communities and future generations andstrives to make this world a better place to live
and be inclusive in our approach, transforming
lives and environment for the greater good.
Axtria has repeatedly been recognized for
its high-trust, high-performance culture. The
company is Great Place to Work-Certified™ –2021 marks the second year Axria’s US offices
have been awarded this certification, andAxtria’s India offices count 2021 as their fourth
certification in a row. Axtria has met the criteriaof the Great Place to Work® gold standard,
excelling on the five dimensions of the Trust
Model™ – credibility, respect, fairness, pride andcamaraderie.
By embracing diversity of background,thought and experience, Axtria augments anenvironment where employees feel valued,
and can contribute their best in their own
unique ways, leading to creativity, productivity
and engagement. The company endeavors
to promote people development and growthwith new and exciting work, high-performance
culture and policies designed to keep our
people’s well-being at the center.

Axtria has met the criteriaof the Great Place to Work® gold standard,
excelling on the five dimensions of theTrust Model™ – credibility, respect, fairness,pride and camaraderie.

47

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

Private Equity Case Study

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

Life Sciences Case Study

Healthcare

Excelling in Innovation
and Patient Outcomes

Expanding Access to Care andImproving Patient OutcomesAt Bain Capital, successful healthcare investing is about
expanding access to care and improving quality andoutcomes for patients and healthcare consumers. With
more than three decades of experience, we have seen
firsthand how evolving regulatory and payer dynamics,
trends in medical practice, technology and new consumer
models are shaping the future of healthcare.
We build companies with the conviction that the key tostrong business and patient outcomes is people throughout
the organization. The COVID-19 crisis made clear the impactthat dedicated, talented people can have on the well-beingof a population, from frontline healthcare workers delivering
care to the most vulnerable to pharmaceutical R&D teams
racing to develop game-changing vaccines.

Healthcare skills at all levels of the industry are in finite
supply – meaning that the ability to attract and retain
the best talent can make the difference between merely
participating in a healthcare sector and leading it. As such,when we make a new healthcare investment where we havesignificant influence, one of our first moves is to ensure asenior focus on employees by empowering the Chief Human
Resources Officer, creating a trickle-down awareness thatpeople are the center of growth plans.
Across our investments, we make concerted effort todemonstrate our care for the needs of frontline staff,
partnering with companies to strengthen relationships
between caregivers, patients and communities, andenergizing employees to provide high-quality patient care.

As of yearend 2021, we have added more than 130,000
jobs across our healthcare portfolio companies sinceinitial investment and have more than 149,000 current
healthcare portfolio company employees.

Our Life Sciences business aims to drive innovation
across the value chain and enable innovation to
improve the lives of patients with unmet medical
needs. Through driving medical discoveries andadvancements to improve global health andwell-being, the Life Sciences strategy is inherently
linked to growing mission-driven companies that
contribute to society.
Success for us is about expanding access to careand improving quality for patients and healthcare
consumers. Thus far, Life Sciences has funded
80 trials to help deliver advanced solutions topatients in need. We have actively contributed todrive progress and have held 34 board positions in
portfolio companies from the start of investment.
We believe it is critical to focus on all stakeholders,
and we prioritize patient care as well as employee
engagement and satisfaction.

“

Our guiding principle is to invest
in companies with innovation
focused on the patient, quality ofcare, and outcomes. The results
are exceptional value creation for
all stakeholders.”“
48– Adam Koppel,
Managing Director, Life Sciences

It is critical to invest in a place people want to work, a place that
motivates all employees to develop over time and mentor theirsuccessors. Building organizations and culture that prioritize people
creates value and strategic advantage.”— Chris Gordon, Co-Head of North America
Private Equity & Global Head of Healthcare

49

Fair Employment,
Engagement &Well-being:
Capital Markets
Our Credit and Special Situations businesses aim
to integrate ESG considerations throughout ourinvestment process, from sourcing to our asset
management activities. To do this, we start with afoundational set of ESG considerations embedded
within our five core commitments and further
tailor ESG considerations based on materiality.
We seek to assess organizational health, labor
relations and treatment, and employee health,wellness and safety. We further evaluate factors
such as employment practices, worker safety andaccident prevention, pay practices and humanrights. In our real estate portfolio, we look beyond
environmental liabilities and prioritize contractor
health and safety, fair wages, sourcing practices,
tenant demographics and community relations.
Our investment team aligns with best practices
across Bain Capital to enhance our assessmentof ESG considerations. We also motivate ourpartners, whether they be management teams,
asset managers, loan servicers or joint venture
partners, to align with our ESG approach and otherindustry leading practices.

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

FAIR EMPLOYMENT, ENGAGEMENT & WELL-BEING

Special Situations Case Study

Urban Redevelopment
in SpainConstructing with Employee Best
Practices and Local Partners
Special Situations targets real estate opportunities
across the US, Europe and Asia created by
distressed situations, localized inefficiencies
and other catalysts. Our expertise allows us
to maximize the value of real estate assets
through development, servicing and active asset
management. We seek to restore unproductive,
and at times neglected or vandalized, assets into
performing assets that comply with relevant
regulations post-corrective action, and create
lasting impact for local communities.
In our real estate developments, we are committed
to fair employment, engagement and well-being.
We foster relationships with local partners andseek to work with contractors and servicers that
demonstrate best-in-class labor practices andstrong health and safety track records.
Through our Special Situations Europe (SSE)
strategy, we engaged in an urban redevelopmentof a neglected industrial area located in Zaragoza,
Spain’s fifth largest city. The transformation
included remediation of land after industrial use,“development of over 200 new residential units
and improved access to local transportation.
We partnered with a local contractor who wasaligned with our focus on employee safety andwell-being, and health and safety practices
were above Spanish regulatory requirements.
The contractor implemented continuous healthand safety training programs and conducted
regular audits and monthly reports on safety
performance across sites. Additionally, we
automated and standardized design processes toimprove efficiency, reduce construction errors andimprove compliance with construction standards.
The four residential complexes were developedin accordance with Passivhaus energy efficiency
construction standards, which aim to achievenear-zero energy buildings and A+ energy
efficiency ratings under European Union Energy
Efficiency Directive. These developments will
result in reduced carbon emissions and over
75% in energy savings for end users. We arealso pursuing improvement of biodiversity in thesurrounding areas.

We adhere to health and safety bestpractices and the highest green
building standards in our real estatedevelopments, partnering with local
companies that are ESG minded to drive
positive impact.”— Alon Avner, Managing Director& Head of Bain Capital Credit Europe

5051

Diversity, Equity& Inclusion
As investors, we commit to be champions of DEI
and to drive meaningful progress by cultivatinga high performance culture that advances
diversity, equity and inclusivity.

At Bain Capital,
DEI is a top priority.
Bain Capital has a deep commitment to diversity,
equity and inclusion and the application of evidencebased practices to further equity and inclusion within
our high-performance culture. We aspire to set aleadership example and create demonstrable change.
We view a diversity of backgrounds, experiences,perspectives and opinions as vital to building
thriving businesses, engaging talent and driving
high performance and financial returns. Our seniorleadership and partnership group are highly engaged inadvancing our DEI strategy, including efforts to nurtureand strengthen our culture of inclusivity.
Over the past two years, we have progressed onincreasing our diversity representation at all levels of
our firm and recognize it’s an ongoing journey to drive
better DEI outcomes. We strive to invest with diverse
management teams in all our strategies and support
diversity, equity and inclusion across our portfolio
companies and investments.

“

Bain Capital’s diversity,
equity and inclusion visionand strategy provide teammembers with the tools,
opportunities, networkand sponsorship to
progress in their careers.
Together we create acommunity of excellenceand belonging.”— Victoria Budson
Global Head of Diversity,
Equity and Inclusion

DEI
Aspiration

We aspire to have our teamreflect the diversity of thebroadest talent sources

We aspire to creativea highly inclusive culture
and to be the industry
employer of choice

We aspire to set aleadership example
and create demostrable
change in diversity,
equity and inclusion

DEI Pillars
andBuilding
Blocks

Pipeline & Recruiting

Culture & Inclusion

Talent Development

In our recruiting processes,
we have made deep
investments to open theaperture and expand
our candidate pipelines
to include more diverse
representation, as well as tointegrate DEI best practice
into our interview processes

In support of an inclusive
culture, we commit to an annual
assessment of inclusion ineach region, business unit, andfunction. We support inclusive
leadership practices, leveragecommunication as a building
block of inclusion, and wehave a wide array of Employee
Resource Groups:

In employee development
practices, we embracesponsorship, apply best inclass DEI evidence-based
practices to our review
processes focusing onorganizational attention.
Enhancing our firm-wide
policies, programs, andwork approach to ensure
they effectively support allteam members. Continued
investment in equity andtransparency across theplatform – remaining a
best-in-class employer on
topics as varied as equal
pay and benefits offerings• LGBTQ+ Network• Women Connecting Network• Women in Tech Network• Multicultural Network
•
•
•
•
52

DIVERSITY, EQUITY & INCLUSIONAAPI Affinity Group
Black at Bain Capital
Hispanic/Latinx
Affinity Group
Middle Eastern Affinity
Group

53

DIVERSITY, EQUITY & INCLUSION

Private Equity Case Study

Diversity, Equity & Inclusion:
Private Investments

Surgery Partners
As part of our Private Equity value creation strategy, we
strive to improve the diversity of the Board, management
team and overall workforce at our portfolio companies.
Through ESG blueprinting for new investments, we
aim to identify opportunities to partner with company
management to determine the current state of DEI andincorporate an action plan to drive improvements.
We actively work with our portfolio companies and provide
them with DEI diagnostics, tools and expertise to support
their DEI efforts and practices. In 2021, our Private Equity
business established DEI goals for portfolio companies
and provided DEI resources on accountability mechanisms,
recruiting, talent development, inclusive cultures andstakeholder engagement to management teams in North
America, Europe and Asia.

In summer 2021, NAPE hosted a CEO Forum where ourCEOs connected to discuss their shared interest – evenmission – to make a real difference in DEI. Those CHROs
continue to connect, share best practices & problem solve
collaboratively through a monthly DEI session.
We are proud of the collective efforts of our portfolio
companies and leadership to develop a real practical
approach, toolkit and on-going forums to advance DEI.
Throughout this effort, Bain Capital portfolio groupmembers maintained ongoing engagement and provided
guidance and stewardship.
54

Improving Quality of Care,
Patient Well-being, and Accessibility
Surgery Partners, a leading operator of short stay surgicalfacilities with more than 130 locations nationwide, provides
integrated healthcare experiences between providers
and patients. The company is dedicated to improving thequality of care in a convenient and cost-effective manner by
providing quality, compassionate and personalized care, tomeet the needs of diverse patients, employees and physician
partners. The company understands people are criticalin achieving this mission and is committed to advancing
diversity, equity and inclusion.
Comprised of more than 7,000 employees and 4,600
affiliated physicians, Surgery Partners’ team serves morethan 600,000 patients annually. Because each community
is unique, the company works with its partners to develop
a customized strategy for each facility. Surgery Partners
emphasizes supporting patients and physicians, as evidenced
by historically strong patient satisfaction rates, physician
retention trends and industry-leading track recordof growth.

Cross-business Unit
DEI Workshop& Opportunity Finder
North America Private Equity partnered with our portfolio
companies to advance our DEI efforts and outcomes acrossthe portfolio. Members of NAPE deeply engaged our CEOs
& HR leaders, built a DEI opportunity identifier tool anddeveloped a resource guide on DEI best practices. Thiseffort was expanded to include our Double Impact, Ventures
and Tech Opportunities portfolios.

DIVERSITY, EQUITY & INCLUSION“

We engage with ourportfolio companies
to create lasting
impact by helping
them grow andcreate value – having
sound DEI policies
and practices is a
crucial piece of that.”— David Humphrey, Co-Headof North America Private Equity

In 2021, Surgery Partners participated in the Bain Capital
DEI Workshop and Opportunity Identifier to advancediversity, equity and inclusion at the company. Throughthe workshop, the company identified priorities across DEI
accountability mechanisms, recruiting practices to promote
diverse representation, talent policies to support diversity andequitable outcomes, actions that encourage inclusive work
environments and externally focused efforts.

Since then, the company’s leadership has launched a DEI
Council to drive progress and mobilize initiatives to increase DEI
across the company and with partners. In addition, the company
conducts employee engagement surveys to understand internalsentiments and reviews the data by various diversity vectors.
Surgery Partners completed an ESG materiality assessment andidentified pillars of ESG focus:• Commitment to Quality of Care and Excellent
Patient Satisfaction• People Excellence & Human Capital Development• Diversity, Equity & Inclusion

130

7,000

• Community Impact• Business Ethics & Integrity• Environmental Stewardship

Locations
Nationwide

Employees

4,600

600K

AffiliatedPhysicians Serving

Patients Anually

Developing ESG priorities and action plans has enhanced
Surgery Partners’ goal to provide high quality care andpatient experience and adds value to the company and its
stakeholders. To further its engagement and impact in local
communities, Surgery Partners launched HEAL (Health Equity
Access Leaders), a program to provide free surgical care touninsured patients.

55

DIVERSITY, EQUITY & INCLUSION

DIVERSITY, EQUITY & INCLUSION

Ventures Case Study

Double Impact Case Study

Rent the Runway

Rural Sourcing

Run by Women, for Women
Founded in 2009, Rent the Runway (RTR) is disrupting the
fashion industry and changing the way women get dressed,
empowering them to feel their best every day. Through RTR,
customers can rent clothing and accessories and shop resale
from over 780 designer brands.
Founded by and for women, and recognized as the first IPO witha female founder/CEO, COO and CFO, RTR has and always willprioritize DEI. RTR believes it can not only help curb fashion’s
pollutive practices, but also its exclusive norms. RTR has taken
real steps towards building a more diverse, equitable andinclusive fashion community through four key areas of focus:
Representation, Belonging, Behaviors and Accountability.
Notable achievements include:• 45% of US Senior Leadership identifies as a racial and ethnic
minority as of June 2021
• As of spring 2021, exceeded its commitment of $1 million to
support Black-owned businesses through RTR platform andtripled number of Black-owned brands offered on its site
• Introduced inclusive hiring, anti-harassment anddiscrimination and unconscious bias training• Debuted four Employee Resource Groups as a platform forthought leadership and community building“

We are proud of the progress
we’ve made across key focus
areas of DEI, but we know
there is more to do. We
will keep engaging to drive
progress and we’re in it for
the long haul.”— Scott Friend,Managing Director, Ventures
56

45%

$1M+

US Senior Leadership
Diversity

Support Black-owned
Businesses

3X

4

Number of Blackowned Brands on RTR

New Employee
Resource Groups

Empowering Employees
Through DEI, Opportunity
and Community
Rural Sourcing is an Atlanta, Georgia-based
leading digital engineering outsourcing provider
with a cost-effective, agile approach to high quality
software development, platform modernizationand cloud application development. As partof its mission statement to create high-quality
technology careers in places where they would
not otherwise exist and create positive changes in
the communities in which the company operates,
Rural Sourcing began to discuss what diversity,
equity and inclusion means to the organization
many years ago.

In addition to DEI efforts and progress, RTR is helping drive
sustainability in fashion and was heralded for its impact in thecompany’s 2021 IPO. Since joining RTR, 89% of customers
say they buy fewer clothes. RTR estimates it has displaced
the production of over 3M garments since 2010, and 1M
products have been diverted from landfills as of June 2021.
Renting through RTR uses 24% less water, and 6% lessenergy, and emits 3% less emissions on average per garment
versus purchasing new. Additionally, RTR has committed tooffset 100% of carbon emissions on shipments to and from
customers starting in fiscal year 2022.

The company’s DEI ambition is to have a workforce
representative of the cities in which it operates
and to have an inclusive workforce that employees
speak highly of and helps attract outstanding
talent. These goals led to the formation of theEquity, Inclusion & Diversity (EI&D) Council –a group that solicits engagement across thecompany, sets the DEI framework, metrics andgoals, and develops initiatives to achieve progressinternally, within local communities, and within thetechnology industry at large.

“

Rural Sourcing is demonstrating
how companies can thoughtfully
integrate DEI practices at alllevels to empower individuals,
inspire authentic exchanges ofideas and improve organizational
performance.”— Todd Cook,Managing Director, Double Impact

92%
Employee
Satisfaction

900
SoftwareDevelopers

Rural Sourcing also encourages informal workplacecommunities where employees can come together
for open and honest dialogue. The company has
formalized these communities into Colleague
Resource Groups (CRGs) including: Rainbow,
Women and Friends, Black Voices, Disabilities,
and Veterans. The CRGs offer direct input on
local and companywide DEI initiatives such as
Pride celebrations, identifying diverse talentmanagement and recruitment platforms andpartnerships with non-profits. Formalizing CRGs
has had a direct impact on employee satisfaction
as well as Rural Sourcing’s role in the technology
industry and the level of service it offers toclients. The company reports positive employee
satisfaction from 92% of its employees and now
employs over 900 software developers in small
and mid-sized metro areas across the country.

57

Diversity, Equity& Inclusion:
Capital Markets
Our Capital Markets teams are committed to
attracting top talent that reflects the diversity ofthe broadest talent sources. Our Credit team aims
to improve diversity, equity and inclusion at thefirm, including with our investment teams and at
our portfolio investments.
The topics we tackle include governance andmethods for accountability, recruiting anddevelopment of our team, and a culture ofinclusion. Our investment teams are also focusedon diversity, equity and inclusion, and conduct
diligence across a broad range of factors to identify
risks and value creation opportunities, including
assessment of human resource policies, practices,
staffing and organizational culture. We continue
to enhance our diligence practices to include

DIVERSITY, EQUITY & INCLUSION

DIVERSITY, EQUITY & INCLUSION

Credit Case StudyADT Pizza
an assessment of DEI in our investment review
processes as well. We extend these concepts to
our investments, including enhanced diversity atboard, management team and company levels, aswell as in our community engagement and support
for racial equity and social justice.

Driving Diversity, Equity
and Inclusion
ADT Pizza, a Pizza Hut franchiseewith 200 locations across theSoutheast and Southwest UnitedStates, is an investment within our
Private Credit Group. ADT Pizza’s
board and management team arefocused on effective governanceand holistic ESG strategies. Seniorleadership has been motivated to
improve diverse representation
across its workforce and enhance
employee well-being and benefits.
At the corporate level in 2021,
the company created and filled a
new senior management position,
Head of Human Resources, whose

200
Locations
Across the US

responsibilities include oversightand advancement of ADT Pizza’s
DEI strategy. The company
has also emphasized diversity
as a consideration for senior
management promotions andhires. At the restaurant level,
ADT Pizza embeds diversity in
its recruiting processes and has
established partnerships andinitiatives to include persons
with disabilities, refugees
and previously incarcerated
individuals in recruitment
pipelines.

ADT Pizza has ambitious plans to develop leadership pipelines and provide
opportunities of upward mobility for diverse restaurant employees with potential
to advance to more senior positions. Further, to better support team members fromlower income backgrounds, the company is exploring an expansion of its benefits toprovide low-cost healthcare alternatives to uninsured employees. Our Credit teamcontinues to work in close partnership with ADT Pizza and its Chief Executive Officer
in advancing the company’s ESG efforts.

“

We engage with our portfolio companies onmaterial ESG topics and, where possible, partnerwith and support management teams in thedevelopment of their ESG strategies.”– Carolyn Hastings,
Managing Director, Credit

58

59Community
Engagement
At Bain Capital, we engage and contributeto our communities locally and across theglobe while also encouraging our companies
and investments to establish meaningfulcommunity initiatives.

COMMUNITY ENGAGEMENT

Giving back to our communities with our time, expertiseand resources has long been a part of Bain Capital’sDNA. Our guiding philosophy is to engage withintention and do our part across our local and global
communities.
Since our founding, Bain Capital has supported a widearray of charitable and nonprofit organizations incommunities around the world with our time, expertiseand resources. Our commitment to citizenship has
been a longstanding priority for our partnership andour employees. Our employees are collectively involved
with more than 220 nonprofit organizations, serving
on a variety of boards, and donate time and resources
to hundreds more. Through Bain Capital Community
Partnership (BCCP), we strive to make real impact in
the neighborhoods where we work and live. Acrossour investments, we encourage and support ourinvestments’ efforts to engage and contribute to theircommunities, locally and across the globe.
Bain Capital has established multiple initiatives andongoing programs to solidify our contribution tocommunities around the world:— Ernesto Anguilla,
Managing Director, Head of Public Affairs

Supporting Children& Young Adults

Supporting
Community Needs

Bain Capital partners have supported organizations
focused on children’s education, welfare and healthsince our founding. 2021 marked the 25th Anniversary
of Bain Capital Children’s Charity. Since our partners
created the program in 1997, we have given nearly $3.5
million to over 100 charities every year, totaling $62
million over the program’s history. Each year, funds
are donated to a broad range of organizations that arefocused on education, healthcare, music and the arts,
equity, child development and mentoring.

We strive to make a real impact in the communities where wework and live by addressing the most acute needs. The Bain
Capital Relief Fund was established in 2017 to build on ourpartners’ significant history of giving to support individuals
affected by Hurricane Katrina, Hurricane Sandy, Fukushima, theBoston Marathon bombing and numerous other crises.
The Bain Capital Relief Fund has donated over $35M in
response to 16 disasters around the world. To date, the Bain
Capital Relief Fund has supported relief and recovery efforts inthe wake of Hurricane Maria in Puerto Rico, Hurricane Michaelin Florida, the Camp wildfire in northern California, Cyclone Idai
in Southern Africa, flooding in Nebraska, Hurricane Dorian in
the Bahamas, the 2021 bushfires in Australia, the explosion in
Beirut, Hurricanes Eta and Iota in Central America, wildfires in
Greece and Turkey, the Afghanistan refugee crisis, the 2021
wildfires in California, the earthquake in Haiti, Hurricane Ida in
the southern US and the 2021 tornadoes in Kentucky.

In addition, Bain Capital Europe Children's Fundsupports nonprofits focused on securing health,providing education and alleviating poverty for children
in Europe. Since our inception, Bain Capital has given
more than €1.25M across 30 employee nominatedcharities in Europe.
60“

Giving back andvolunteering have been
an integral part of Bain
Capital’s DNA since
the firm’s founding in
1984. Working with
nonprofit organizations
at all levels is of criticalimportance to us andsomething we look forin future generations of
employees.”

61

COMMUNITY ENGAGEMENT

In response to global crises, Bain Capital has established
two additional initiatives to improve community welfare
during the COVID-19 pandemic and advance racial
equity and social justice:

Supporting
COVID Relief
In 2020, we established a dedicated $40 million
COVID-19 Community and Company Relief Programto aid organizations in our local communities andprovide support to affected employees in our portfolio
companies.
We helped organizations in our local communities
including providing support for first responders andclinical providers, economic relief for vulnerable
populations, fighting food insecurity and helping
children.
Bain Capital also developed a Portfolio Company
Resource Center with partner organizations to provide
expert thinking to help our leaders tackle the criticalissues and evolve with greater agility.
Through a wide variety of initiatives, our portfolio
companies achieved impact by repositioning their
existing resources to meet emergency response
needs, creating programs to support their employees,
supporting the communities where they live and work,and tackling evolving longer-term needs.

Matching Gifts:
Doubling Our Impact

62

Advancing Racial
Equity & Social Justice
We are committed to making faster progress to racial equity,
social justice and civil rights for all and mobilizing efforts at
the firm and across our businesses. In 2020, our partnershipcommitted to providing more than $100 million over the next
10 years to nonprofit organizations focused on social justice,civil rights and racial equality while also doubling our matching
gifts to causes supported by our employees.

COMMUNITY ENGAGEMENT

Partnerships
Bain Capital has contributed to hundreds of organizations
with our time, expertise and resources. We strongly value ourpartnerships with non-profit organizations and will continue ourcontributions with a goal of bringing positive lasting impact tocommunities around the world. Organizations we work with on an
ongoing basis include:

We launched an economic development initiative in the Cityof Boston focused on businesses owned by underrepresented
groups. Bain Capital is a founding participant of Management
Leaders of Tomorrow’s Black Equity at Work program, acertification that enables employers to advance Black equity.
Through the program, we work across five key pillars to achievemeasurable progress.
The key pillars include: 1) representation, 2) inclusive, anti-racist
work environment, 3) employee compensation, 4) raciallyjust business practices and 5) racially just contributions andinvestments. We also work with a variety of organizations– Seizing Every Opportunity (SEO), Out4Undergrad (O4U),
Girls Who Invest (GWI) – to expand the pipeline of diverse
talent coming into our firm and created a bespoke program– Investors of Tomorrow – that invites college sophomores
from underrepresented groups to learn more about alternative
investing and life at a firm like Bain Capital.

The Bain Capital Community Partnership matches employee
gifts to eligible nonprofits and enables employees to sharevolunteer opportunities and resources through a firm-wide
portal. In summer 2020, Bain Capital increased its commitment
and announced the firm will double matching gifts to nonprofit
organizations focused on promoting equity and social justice aswell as COVID-19 relief.

63

COMMUNITY ENGAGEMENTCOMMUNITY ENGAGEMENT

Community Initiative

Foundation for Business Equity Case Study

Foundation for
Business Equity

PharmaLuxe
Improving Health Outcomesfor Underserved Patients

Building Collaborative
Ecosystems and Programs that
Remove Structural Barriers
As part of our commitment to help achieve racial
equity and social justice and create a community
economic development initiative focused on
businesses owned by underrepresented minorities,
Bain Capital partnered with The Foundation for
Business Equity (FBE), a Boston-based nonprofit
organization working to close the racial wealthgap by scaling Black and Latinx enterprises.
FBE works to develop programs that dismantle
structural barriers and provide capacity, capitaland connections to Black and Latinx businesses tohelp realize untapped potential to grow revenues,
create good jobs and build wealth.
Since its inception in 2017, FBE has supported over
60 companies and since 2020, FBE supported
45 businesses by providing over 8,600 hours ofstrategic advisory support. Additionally, 99% of
the businesses supported by FBE remained open
during the pandemic and 100% of businesses
supported by FBE that applied for Paycheck
Protection Program received funds.
Our philanthropic support of $2.5 million over the
next five years will help expand FBE’s businessaccelerator program, allocate more capital tosupport the growth of businesses and deepen
the strategic advisory, technical and operational
assistance FBE provides to Black and Latinx
business owners.
In addition to funding, a Managing Director on the
Double Impact team serves on FBE’s board. We
have also developed a volunteer program whichallows employees from Bain Capital to offer oneon-one expertise directly to the entrepreneurs
participating in FBE’s accelerator program.
To date, six of our employees have collaborated
with companies in FBE’s most recent cohorts
to provide industry expertise and support thedevelopment of their strategic growth plans. A
Managing Director from our Credit team also
serves on the Advisory Board of JBS, a familyowned accounting and tax firm that graduatedfrom FBE’s program.

Pharmaluxe is a locally owned, community-based independent
pharmacy focused on providing excellent customer service toits patients through its pharmacy in Roxbury, Massachusetts
and home delivery services. The company is led by three
entrepreneurs, two of whom are Latino, and predominately
serves Spanish speaking customers.
In April 2021, Pharmaluxe started FBE’s Business Equity Initiative
business accelerator program and we paired the company withtwo volunteers, an Operating Partner and Senior Vice President
from our Private Equity team, with deep expertise in healthcare
and pharmacy experience. Our volunteers worked in close
partnership with Pharmaluxe’s entrepreneurs and FBE Strategic
Advisor to help develop the company’s strategic growth plan,
providing their industry knowledge and sharing strategic andoperational advice.
Through a series of productive discussions, they evaluated thecompany’s business drivers, assessed different business models
and collaborated with the entrepreneurs to assess the strategic
growth options for the business and focus on how to continue
to deliver increasing value to their customers. Pharmaluxe
completed FBE’s business advisory program December 2021.
The company continues to implement its strategic growth planand continues to engage with FBE.

“

Our partnership with Bain Capital has
allowed us to increase our impact andimprove the quality of the experience ofthe entrepreneurs in achieving their longterm, sustainable business success."— Glynn Lloyd
Executive Director at Foundationfor Business Equity

64

65

Portfolio Company Initiatives

COMMUNITY ENGAGEMENT

Looking Ahead
We learn from the pastand look forward with hope,
purpose and action.

Improving Health Outcomesfor Underserved Patients
Over the course of the COVID-19 pandemic, manyof our portfolio companies across our platform
have marshalled efforts to support their customers
and communities. Through a wide variety of
initiatives, our portfolio companies and theirpeople have achieved impact by repositioning their
existing resources to meet emergency response
needs, creating programs to support theiremployees, supporting the communities where
they live and work, and tackling evolving longerterm needs.
• Producing and distributing PPE• Directly supporting frontline hospitals• Adapting manufacturing and supply chain to
produce air-purifying respiratory systems forhealthcare workers

Portfolio Company Examples
Dynavax — Formed five partnerships withbiotech companies, NGOs and academic
institutions to utilize its vaccine adjuvant CpG 1018
in the development of COVID-19 vaccines
Presence Learning — Equipping school-based
special education teams with clinical training andaccess to award-winning teletherapy platform sothey can continue to provide critical services tospecial education students at home

As we look ahead, we strive to continue
advancing with our strategic vision to drive
meaningful and measurable progress across our
five core ESG commitments with our investments
and portfolio companies while simultaneously
building capabilities to promote lasting ESG
impact. We will contribute to society and ourplanet through better governance practices, moresustainable operations with less environmental
impact and healthier settings for people to thriveand feel supported. We remain motivated tocontinue embedding our core ESG commitments
into all that we do – within our four walls andthroughout our businesses and investments.
Looking into 2022 and beyond, we will continue
to lean into ESG as a value creation opportunity.
We are enthusiastic to continue refining our ESG
approach, improving ESG performance among
our portfolio companies and investments andtransparently articulating our progress and ESG
priorities as they evolve. As investors, we willcontinue to develop strategic plans incorporating
ESG factors across our investments and portfolio
companies, and we look forwarding to tracking
and driving meaningful progress.

STADA — Record-setting production of 1.2
billion doses of pharmaceuticals and allocationof medical supplies to healthcare facilities acrossEuropeChinData — Quickly mobilized the donation of
6.5MRMB in air purification equipment to criticallyaffected Chinese communities• Providing financial help to strengthen relief
efforts• Providing resources to children in need tosupport remote learning• Providing software products free of charge toassist public safety agencies
66

67

BIBLIOGRAPHY

Bibliography
Page

Content

Description

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Description

All

QuotesData as of: 3/31/2022
Source: Bain Capital unless otherwise noted
Notes: Titles represent Bain Capital positions unless otherwise noted

4, 5

23 offices

Data as of: 3/31/2022
Source: Bain Capital
Notes: Represents number of Bain Capital global office locations

4, 5

575+ active portfolio companies& real estate assets

Data as of: 12/31/2021
Source: Bain Capital
Notes: Represents number of active portfolio companies and real estate assets;
Includes Global Private Equity, Ventures, Double Impact, Life Sciences, Tech
Opportunities, and Japan Middle Market portfolio companies; includes numberof active Real Estate assets

4, 51800+ active investments

Data as of: 12/31/2021
Source: Bain Capital
Notes: Represents number of active investments in capital markets; Includes
Credit, Public Equity, and Partnership Strategies

4, 5

Carbon Neutral for firm
operations

Data as of: 3/31/2022
Source: Bain Capital
Notes: Bain Capital is Carbon Neutral for firm operations; Carbon Neutrality
achieved in 2021 in line with CarbonNeutral Protocol

4, 5

76% of firm office space ingreen-certified buildings

Data as of: 3/31/2022
Source: Bain Capital
Notes: Represents percent of Bain Capital office square footage that is ingreen-certified buildings; Green certifications include Leadership in Energy
and Environmental Design (LEED), Wirescored Certification, Energy Star
Certification, Building Energy Efficiency Ordinance (BEEO) standard, Building
Environmental Assessment Method (BEAM) Plus, Nabers Energy, Nabers
Water, Renewable Power Supply Certificate

4, 5

100% of businesses
participate in ESG Leadership
Coordination Team

Data as of: 12/31/2021
Source: Bain Capital
Notes: Represents Bain Capital businesses that participate in ESG Leadership
Coordination Team4, 5

Nonprofit boards andinvolvement with 220+
organizations

Data as of: 1/31/2022
Source: Bain Capital
Notes: Represents number of nonprofit organizations Bain Capital employees
have Board seats or are involved with

Overview - Bain Capital’s Global Platform
4, 5$160B assets undermanagement

Data as of: 12/31/21 unless otherwise noted
Source: Bain Capital
Notes:
1.

2.

4, 5

68

1400+ employees

Firm-level AUM for Bain Capital is approximate and reflects assets undermanagement for Bain Capital’s affiliated registered investment advisors. Notethat AUM presented for a particular affiliated advisor may not reflect thatadvisor’s regulatory AUM as disclosed in its Form ADV.
AUM for Bain Capital Private Equity, Bain Capital Double Impact, Bain CapitalLife Sciences, Bain Capital Ventures, and Bain Capital Tech Opportunities includes
gross asset value plus committed but uncalled capital for applicable active funds.
In addition, the AUM includes the gross value plus committed but uncalled capitalfor internal coinvest commitments where applicable.

3.

AUM for Bain Capital Credit includes Bain Capital Credit, LP, its subsidiaries andcredit vehicles managed by its AIFM affiliate.

4.

AUM for Bain Capital Public Equity represents the aggregate net asset value ofthe Funds advised by Public Equity.

5.

AUM for Bain Capital Real Estate represents the gross assets in the active funds
and affiliated LP coinvest vehicles, as well as committed but uncalled capital forthe active funds and affiliated LP coinvest vehicles managed by Bain Capital Real
Estate.

6.

AUM for Bain Capital Partnership Strategies includes NAV plus committed but
uncalled capital for applicable active Funds. AUM includes Funds advised by BCPS
as well as the value of certain other Partnership Strategies investments.

7.

AUM for Bain Capital Insurance Solutions (“BCI”) incudes net asset value of
Insurance Dedicated Funds (“IDFs”) sub advised by BCI and the gross asset
value plus committed but uncalled capital for the Bain Capital Insurance Fund.
In addition, the AUM includes the gross asset value plus committed but uncalled
capital for internal coinvest commitments. The committed capital for the Bain
Capital Insurance Fund includes commitments from the IDFs.

Data as of: 3/31/2022
Source: Bain Capital
Notes: Represents Bain Capital full-time employees

69BIBLIOGRAPHY

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Content

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Overview - Cross-platform Learning Centers
18

19

19

Life Sciences has funded 80
trials to help deliver advanced
solutions to patients in need. We
have actively contributed to drive
progress and have held 34 board
positions in portfolio companies
from the start of investment.
Companies typically improve their
B Impact Assessment score byover 30% during the first year ofownership.

BlueMark, a leading providerof impact verification, with a
mission to strengthen trust in
impact investing and to increaseaccountability for impact, rated
Double Impact’s approach as‘Advanced’ in December 2020
across all eight Impact Principles –the highest possible score.

BIBLIOGRAPHY

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30

Our footprint
Scope 1: 316 MT CO2e including
direct emissions from facilities
and fleets
Scope 2: 1,700 MT CO2e including
emissions from electricity use
within offices and data centers(location-based)
Scope 3: 18,427 MT CO2e
including emissions from businesstravel, staff commuting and waste
Total: 20,443 MT CO2e

Data as of: 12/31/2019
Source: Bain Capital and third-party analysis
Notes:

Data as of: 12/31/2021
Source: Bain Capital

Data as of: 12/31/21 unless otherwise noted
Source: Bain Capital
Notes: B Impact Assessment score improvement includes actively managed
companies, that completed consecutive assessments at the start and end of
their first year of ownership. These companies include Rodeo Dental, Living
Earth, TeachTown, Hand in Hand, Broadstep, Impact Fitness and Penn Foster.

Data as of: 12/10/2021
Source: BlueMark

Axis Bank case study

Data as of: 3/31/2022
Source: Axis Bank data

27

Algoma Steel case study

Data as of: 3/31/2022
Source: Algoma Steel data70

We achieved carbon neutrality in
2021 based on the CarbonNeutral
Protocol by reducing our total
emissions and offsetting thosethat cannot yet be reduced.

•

Scopes 1/2/3 emissions as defined by The Greenhouse Protocol: A Corporate
Accounting and Reporting Standard, Revised Edition•

Scope 1 – Direct GHG emissions: Direct GHG emissions occur from sources thatare owned or controlled by the company•

Scope 2 – Electricity indirect GHG emissions: GHG emissions from thegeneration of purchased electricity consumed by the company. Purchased
electricity is defined as electricity that is purchased or otherwise brought into theorganizational boundary of the company. Scope 2 emissions physically occur at
the facility where electricity is generated.

•

Scope 3 – Other indirect GHG emissions: Scope 3 is an optional reporting
category that allows for the treatment of all other indirect emissions. Scope 3
emissions are a consequence of the activities of the company, but occur fromsources not owned or controlled by the company.

Million Mangroves: Catalyzing
additional climate impact

Data as of: 12/31/2021
Source: Natural Capital Partners

31

Bain Capital supports thefollowing projects: Seneca
Meadows Landfill Gas, Rural
Clean Cooking, Native Forest
Regeneration Portfolio, Tamil
Nadu Community Reforestation,
Kibale Forest Restoration,
Acre Amazonian Rainforest
Conservation REDD+ Portfolio

Data as of: 12/31/2021
Source: Natural Capital Partners

32

Several of our Private Equity
portfolio companies are
signatories to the UN Global
Compact Principles: AhlstromMunksjo, Bugaboo, ChindataGroup, Consolis, Engineering
Ingegneria Informatica S.p.A,
Fedrigoni, Grupo NotreDame
Intermedica, Hugel, IQVIA,
Kantar, Nova Austral, STADA,US LBM, Wittur

Data as of: 3/31/2022
Source: UN Global Compact
Notes: Includes Bain Capital Private Equity portfolio companies that are
signatories of the United Nations Global Compact Principles.

33

Fedrigoni case study

Data as of: 3/31/2022
Source: Fedrigoni data

Sustainable Growth & Reducing Climate Impact
29

Includes carbon emissions from 1/1/19-12/31/19

30

Active Governance & Stewardship25•

Data as of: 12/31/2021
Source: Bain Capital
Notes: Bain Capital is Carbon Neutral for firm operations. Carbon Neutrality
achieved in 2021 in line with CarbonNeutral Protocol.

71BIBLIOGRAPHY

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Diversey case study

Data as of: 3/31/2022 unless otherwise noted
Source: Diversey data
Notes: Diversey’s ESG performance is from 1 January – 31 December 2020

53

Rural Sourcing case study

Data as of: 3/31/2022
Source: Rural Sourcing data

55

ADT Pizza case study

Data as of: 3/31/2022
Source: ADT Pizza data

35

Crusoe data

Data as of: 3/31/2022
Source: Crusoe data

36

Genesis Marina case study

Data as of: 3/31/2022
Source: Genesis Marina data

Community Engagement
56-59

•

Since our partners created theprogram in 1997, we have given
nearly $3.5 million to over 100
charities every year, totaling$62 million over the program’s
history.

•

Since our inception, Bain Capitalhas given more than €1.25M
across over 30 employee
nominated charities in Europe.

Fair Employment, Engagement & Well-Being
42

L&T Financial Services case study

Data as of: 3/31/2022
Source: L&T Financial data

43

Justworks case study

Data as of: 3/31/2022
Source: Justworks data

44

Healthcare case study

Data as of: 3/31/2022
Source: Bain Capital
Notes: Represents number of current healthcare portfolio company employees
and number of jobs added across our healthcare portfolio companies; Includes
individuals employed at healthcare portfolio companies within Global Private
Equity, Ventures and Life Sciences; For Life Sciences, it is an assumed there isan average of 50 employees per active portfolio company

45

Axtria case study

Data as of: 3/31/2022
Source: Axtria data

47

Urban Redevelopment in Spaincase study

Data as of: 3/31/2022
Source: Bain Capital

Diversity, Equity & Inclusion

Data as of: 12/31/2021
Source: Bain Capital

To date, the Bain Capital Relief
Fund has donated over $1.35M
in response to 16 disasters
around the world.

Data as of: 12/31/2021
Source: Bain Capital

Organizations we work with on an
ongoing basis include: City Year,
Boston Children’s Hospital, Boys
& Girls Club, Cycle for Survival,
Dana Farber, Heading Home,
Cradles to Crayons, Horizons forHomeless Children, Rosie’s Place,
GreenLight Fund, New Profit, Year
Up, Up Education Network, Right
to Play, The Spartans Community
Football Academy, Orchid Project,
The Literacy Pirates, Esperance
Banlieues, Peak 24

Data as of: 12/31/2021
Source: Bain Capital

51

Surgery Partners case study

Data as of: 3/31/2022
Source: Surgery Partners data

60

Foundation for Business Equity
case study

Data as of: 3/31/2022
Source: Foundation for Business Equity data

52

Rent the Runway case study

Data as of: 3/31/2022
Source: Rent the Runway data

62

PharmaLuxe case study

Data as of: 3/31/2022
Source: Pharmaluxe data

72

73

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61

Dynavax - Formed fivepartnerships with biotech
companies, NGOs and academic
institutions to utilize its vaccine
adjuvant CpG 1018in thedevelopment of COVID-19
vaccines

Data as of: 12/31/2021
Source: Dynavax data

Presence Learning - Equipping
school-based special education
teams with clinical training
and access to award-winningteletherapy platform so they
can continue to provide criticalservices to special education
students at home

Data as of: 12/31/2021
Source: Presence Learning data

STADA - Record-setting
production of 1.2 billion doses ofpharmaceuticals and allocationof medical supplies to healthcare
facilities across Europe

Data as of: 12/31/2021
Source: STADA data

61

61

61

ChinData - Quickly mobilized
the donation of 6.5MRMB in air
purification equipment to criticallyaffected Chinese communities

Disclaimers

Please consider the following:

Data as of: 12/31/2021
Source: ChinData data

In this material Bain Capital, LP and
its affiliated advisers are collectively
referred to as “Bain Capital”. Certainof Bain Capital’s affiliated advisers areinvestment advisers registered with the
U.S. Securities and Exchange Commission(the "Commission"). Registration with
the Commission does not constitutean endorsement of Bain Capital or its
affiliated advisers by the Commission
nor does it imply a certain level of skill
or training. No securities commission or
regulatory authority in the United States
or in any other country has in any way
passed upon the merits of an investment
in a Bain Capital investment vehicle or theaccuracy or adequacy of the informationor material contained herein or otherwise.
This written material provides a general
introduction to Bain Capital and its
business and is intended for your soleuse. It should not be relied upon as thebasis for making any investment decision,entering into any transaction or for any
other purpose.
Bain Capital, its subsidiaries andaffiliates and its and their respective
employees, officers and agents make norepresentations as to the completenessand accuracy of any information
contained within this written material.
Information contained in this material
is for informational purposes only andshould not be construed as an offer orsolicitation of any security or investment
product, nor should it be interpreted tocontain a recommendation for the saleor purchase of any security or investment
product.
Bain Capital and its affiliates act for thefunds and investment vehicles which
they manage or advise (the "Funds")

74

and will not be acting for anyone else.
Bain Capital will not advise potential
investors on subscriptions in any Fundor co-investments and will not arrange
transactions on behalf of anyone otherthan the Funds or provide advice on
the merits of such transactions. No
representative of Bain Capital has theauthority to represent otherwise. Bain
Capital is not responsible for providing
you with the protections afforded to its
clients and you are strongly advised totake your own legal, investment and tax
advice from suitably qualified advisers.
This material contains proprietary andconfidential information and analysis
and may not be distributed or duplicatedwithout the express written consent of
Bain Capital or its affiliates. By accepting
this presentation, the recipient agrees tokeep it confidential and return it promptly
upon request.
The opinions and information
contained in this material are provided
for informational purposes only andrepresent the current good-faith views of
the contributor at the time of preparation.
These views are subject to change
without notice of any kind.
Certain information contained herein
are not purely historical in nature, but
are "forward-looking statements," which
can be identified by the use of terms
such as "may," "will," "should," "expect","anticipate," "project," "estimate,""intend," "continue," or "believe" (ornegatives thereof) or other variations
thereof. These statements are based on
certain assumptions and are intended
to illustrate hypothetical results underthose assumptions (not all of which are
specified herein). Due to various risks anduncertainties, actual events or results may
differ materially from those reflected orcontemplated in such forward-looking
statements. As a result, investors
should not rely on such forward-looking
statements.
Certain information contained in thiswritten material has been obtained frompublished and non-published sources
and/or prepared by third parties andin certain cases has not been updated
through the date hereof. Such information
has not been independently verified by
Bain Capital, and Bain Capital does notassume responsibility for the accuracyof such information (or updating thepresentation based on facts learned
following its issuance). All information
contained herein is subject to revision andthe information set forth herein does not
purpose to be complete.
This material has been provided to you
solely for your information and may not
be copied, reproduced, further distributed
to any other person or published, in whole
or in part for any purpose without theexpress written consent of Bain Capital oraffiliates. Any other person receiving thismaterial should not rely upon its content.
The Bain Capital square symbol isa
trademark of Bain Capital, LP.

75

Endnotes
Represents Bain Capital’s view as of the dateof this presentation and is subject to change.
Activities are a representative list and not
exhaustive. While Bain Capital considers ESG
factors when making investment decisions,this does not imply the pursuit of an ESG based
investment strategy or mean that investments
are limited to those meeting specific ESG criteria
or standards. Bain Capital seeks to drive thesecommitments, where relevant, through its
engagement with issuers and borrowers (where
possible) who are ultimately responsible for theaffairs of the relevant investment. While Bain
Capital business units intend to collaborate acrossthe Firm with other affiliates, there is no guaranteethat they will be successful in doing so. Actual
results may vary.
The processes noted herein are presented
for illustrative purposes only and may not
be performed in the same manner for every
investment. The procedures noted are
representative and may not be exhaustive.
The noted case studies are presented forillustrative purposes only. These investments are
not necessarily indicative of any investments that
Bain Capital will or could make in the future. The
companies identified herein do not represent allof the investments made by Bain Capital, andit should not be assumed that the investments
identified were or will be profitable. Please see
the Bain Capital website for more details on ourinvestments across business units.

Bain Capital
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