We understand that creating value in funds investee companies goes beyond economics. We strive to leave a positive impact on all our operations by adopting the Principles for Responsible Investments.

In 2013, we started to integrate environmental, social and governance issues into the investment process by developing the first version of the Environmental, Social and Governance Management System (ESGMS) Manual.

We use a dynamic strategy, able to accommodate improvements and changes, for the mitigation and monitoring of ESG impacts.

ESG in the investment process


Exclude investment projects listed on the IFC and IDBG Exclusion Lists. Check the level of risk and the specific risks of the invested sector


Apply the Risk Categorization Tool (FMO) to assess ESG risks and the level of governance of the target company.


Define the covenant clauses as minimum criteria to cover the ESG aspects of the investment opportunity. Include the clauses in the term sheet.

Due Diligence

Specific chapter and possible involvement of specialized advisors in the investigation of ESG topics. Comparison with minimum requirements and goal/no-goal decision.


Include standard contractual clauses in the Investment Agreement to assure the compliance with the ESG principles.


Follow-up of the Action Plan. Monthly monitoring of the main KPI's.


Disclosure of the relevant ESG events and evolution of KPI´s to enable continuity of the ESG management.