Excellence in ESG

For 2023 there are five categories:

1. GP (above £1bn AUM)
2. GP (below £1bn AUM)
3. LPs (all sizes)
4. Venture Capital (all sizes)
5. Portfolio company (backed by a BVCA member)

Entries opened on 23 June 2023 and closeed on 12 September 2023.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

The judges will be looking for evidence of good practice of an overall ESG framework by the firm, with a focus on improvement, as well as examples to illustrate the firm’s engagement with portfolio companies. The judging panel will consider submissions against the following criteria and the individual criteria for each category outlined below.

• How responsible investment is embedded at the firm level, including why it is important to the firm, existence of an ESG policy/reporting, and commitment by senior management
• How ESG is considered as part of origination and due diligence
• Regularity and depth of post-acquisition / funding engagement with portfolio companies / GPs on ESG matters
• Evidence of ESG reporting to LPs / investors or other stakeholders (formal or informal)
• Examples of value creation at exit / capital distribution due to ESG engagement
• Support for external initiatives such as the PRI, TCFD, iCI.

Entries opened on 23 June 2023 and closed on 12 September 2023.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

The judges will be looking for evidence of best practice in ESG integration and engagement over the last 12 months.

This could include one (or more) of the following:

• How the firm has enhanced and developed its overall ESG framework during the year, either the first-time adoption of a framework, or the refreshing of an existing framework
• Thematic engagement across its portfolio on one or more ESG topics
• Specific engagement by the GP with one or more portfolio companies to address any ESG risks or opportunities, (this may include responses to the pandemic, but does not necessarily need to do so) please provide examples of how your specific involvement/active ownership of portfolio companies made decisive contributions to ESG-led value creation

The submission should give details of the development or engagement which has taken place, covering how and why the GP has taken action, and what the outcome has been. The judges will be looking for a clear explanation of the GP’s rationale, commitment to responsible investment principles, linkage to investment strategy, and why the outcome has been positive.

The submission should be 500-1000 words and can be made via our online entry form. Your submission may be accompanied by one or two relevant supporting documents, of maximum 3 pages each, if referred to in the submission, but please keep these concise. These can be uploaded to your entry via the online form.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

The judges will be looking for evidence of best practice in ESG integration and engagement by LPs over the last 12 months.

This could include one (or more) of the following:

• How the firm has enhanced and developed its overall ESG framework during the year, either the first-time adoption of a framework, or the refreshing of an existing framework
• How the firm has worked with GPs to integrate ESG within reporting
• Thematic engagement across its portfolio on one or more ESG topics
• Specific engagement by the LP with one or more managers to address any ESG risks or opportunities (this may include responses to the pandemic, but does not necessarily need to do so)

The submission should give details of the development or engagement which has taken place, covering how and why the LP has acted, and what the outcome has been. The judges will be looking for a clear explanation of the LP’s rationale, commitment to responsible investment principles, linkage to investment strategy, and why the outcome has been positive.

The submission should be 500-1000 words and can be made via our online entry form. Your submission may be accompanied by one or two relevant supporting documents, of maximum 3 pages each, if referred to in the submission, but please keep these concise. These can be uploaded to your entry via the online form.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

This year, the BVCA has introduced this new category, to specifically recognise VC firms that have demonstrated good practice in integrating ESG into start-up and early-stage companies. This category is to open to any venture capital firm within the BVCA membership.

Submissions should set out:

• How you integrate ESG into your due diligence.
• How your firm has assisted companies take the first steps into integrating ESG into their day-to-day business, and setting KPIs to make improvements.
• How you are fostering relationships with LPs and assisting with reporting standards.
• Utilisation and engagement with initiatives such as ESG_VC, Venture ESG and Impact VC.
• How you firm is prioritising ESG internally, for example, having an ESG champion.

You can find the VC content recently discussed at the BVCA ESG conference here, and a thought leadership piece of ESG in VC here.

Submissions can be made by either the portfolio company or by the investing BVCA member, or jointly, and should be 500-1000 words and can be made via our online entry form. Your submission may be accompanied by one or two relevant supporting documents, of maximum 3 pages each, if referred to in the submission, but please keep these concise. These can be uploaded to your entry via the online form.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

This category seeks to recognise portfolio companies that have demonstrated good practice in embedding the management of ESG issues in their day-to-day commercial activity and have been supported by their investors to do so. This category is to open to any portfolio company with a UK presence which is currently backed by a BVCA member (or which was backed at some point during the last 12 months and has now been exited).

Submissions should set out:

• How ESG is considered within the portfolio company’s day-to-day commercial activities
• Either evidence of the portfolio company seeking to minimise negative ESG impacts or examples of positive impacts on the environment, workplace, marketplace and/or community (or both)
• How the portfolio company’s approach to ESG has changed or evolved as a result of the BVCA member’s investment
• Evidence of engagement on ESG with wider stakeholders (including employees, suppliers, customers, and/or local communities)

Submissions can be made by either the portfolio company or by the investing BVCA member, or jointly, and should be 500-1000 words and can be made via our online entry form. Your submission may be accompanied by one or two relevant supporting documents, of maximum 3 pages each, if referred to in the submission, but please keep these concise. These can be uploaded to your entry via the online form.

The firms recognised were selected in September by an independent judging panel and presented at the BVCA Summit on 5 October 2023.

2023's Excellence in ESG judging panel comprised of:

• Eimear Palmer, Partner, Pantheon
• Ben Robson, General Counsel and Group Compliance Officer, Molten Ventures
• Tomas Sys, Principal, Ramboll

At the 2022 BVCA Summit, we recognised members that had demonstrated an outstanding commitment to ESG principles into the investment cycle over the past year without our ‘Excellence in ESG’ initiative, produced in association with Ramboll and Kroll. Learn more about these firms below.

Recognition when to the following firms:

• GPs with AUM above £1bn: Permira
• GPs with AUM below £1bn: ETF Partners
• LPs of all sizes: Neuberger Berman Private Markets
• Any portfolio company backed by a BVCA member: Reconomy Group

The judges also wish to award special recognitions across all four categories. These were:

• GPs with AUM above £1bn: Ares Management and EMK Capital
• GPs with AUM above £1bn: Ares Management and EMK Capital
• LPs of all sizes: Church Commissioners for England and Universities Superannuation Scheme#
• Any portfolio company backed by a BVCA member: Findel Education, Bright Data and Williams Advanced Engineering

Read the judges' comments

At the BVCA Summit on 7 October 2021, we recognised those members that had demonstrated an outstanding commitment to embedding ESG principles over the past year with our ‘Excellence in ESG’ initiative, produced in association with Ramboll.

Recognition went to:

GP category (AUM of less than £1bn): Beringea

For driving industry collaboration through its ESG_VC benchmarking initiative and its commitment to bringing more firms onboard.

GP category (AUM of more than £1bn): EMK Capital

For an impressive response to the pandemic from across its portfolio, as well as strong evidence for each portfolio company regarding their ESG targets and achievements.

Special commendation: Palatine and Permira

LP category: Church Commissioners for England

For having outstanding ESG measurement systems in place across their portfolio, alongside ethical investment standards, set at Board level, that all its fund managers are assessed against.

Portfolio company categoruy: Weener Plastics (Backed by 3i)

For demonstrating excellent innovation and a clear focus on moving towards more recyclable and reusable products.

Special commendation: Oddbox

Read the judges' comments

At the BVCA Summit on 8 October 2020, we recognised those members that had demonstrated an outstanding commitment to embedding ESG principles over the past year with our ‘Excellence in ESG’ initiative, produced in association with Ramboll.

Recognition went to:

GP category: Tikehau Capital

The judges said ESG was clearly a part of Tikehau’s DNA. Special praise went to their sustainability-themed investing, and their comprehensive reporting, which sets out what they are doing with the companies they invest in. They have clearly demonstrated that ESG is an important point through all their workstreams. Hugely impressive.

LP category: HarbourVest

The judges commended HarbourVest’s demonstration of how they are driving improvements with their GPs, using strong, evidence-based results. One particular highlight was the creation of scorecards, stretching back over 10 years, looking at fund managers’ overall ESG performance. They already have an excellent standard, but demonstrated they have invested and improved over the course of this year.

Portfolio company category: TTC Group, backed by Palatine

The judges applauded TTC’s commitment to utilising Palatine’s six sustainability pillars. They have adopted a holistic approach to ESG, and it is clear that Palatine has had, and is continuing to have, a very positive influence over the direction of the business.

Due to the strength of the nominations in 2020, we also made two special commendations:

Special commendation – GP category: Oxford Capital

The judges said Oxford Capital demonstrated very effectively how they are embracing ESG, and deserve special recognition for showing that it does not matter how big you are, any firm can make a difference.

Special commendation – LP category: Coller Capital

The judges were impressed by how Coller demonstrated their engagement with GPs and pushing them to become better. Coller have a long and strong history of ESG commitment, and their consistent high-level of performance should be commended.