Invest Europe has revised its ESG reporting template,
The group has released the revisions in a standalone document on its website, writing that it has sought to include as many emerging issues in reporting as it could. However, it added that more will ‘inevitably’ rise within the coming months and years. The Investor Reporting Guidelines document, it added, replaces all previous versions.
Invest Europe said the backbone for the changes in the guidance are due to the evolution of the private equity sector. As such, the new guidelines include specific sections, in addition to the ‘standard’ direct private equity funds. These sections are:
- Real estate
- Private debt (including credit funds)
- Infrastructure
- Venture capital
- Fund of funds
- Secondary funds
- Other strategies: Special situations/Distressed funds, Litigation funds, Turnaround/Restructuring funds and similar
The specific sections, Invest Europe said, will allows the managers of those funds to both comply with the guidelines while maintaining the ‘expected style, form, and content that investors in those funds would require’.
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The authors wrote: “The guidelines have also been updated to cover key emerging issues such as fund bridge and leverage facilities and enhancements to ESG reporting. Our aim remains to ensure that the guidelines remain among the most advanced and user-friendly guidance in the private capital sector.”
They also warned that the changing landscape of ESG means that the rules also have to continually be adapted, warning that they will be ‘updated more frequently’.
As part of the new developments, Invest Europe said it had developed a new reporting template. This, it said, considers the regulations relevant to the Invest Europe membership, best practices from existing international initiatives, and wider stakeholder expectations as highlighted by the membership. These templates are available publicly on the Invest Europe website.
It added: “The Invest Europe ESG Reporting Guidelines should be considered alongside these Invest Europe Investor Reporting Guidelines and should be regarded as effective for reporting periods beginning on or after 1 January 2023. The Invest Europe GP-LP ESG reporting template, which is intended for investor reporting (as opposed to public reporting), is not mandatory. It is a voluntary tool and reference for PE/VC practitioners, including both GPs and LPs, to use at their convenience.”
It concluded: “The Invest Europe template also provides separate guidance for portfolio companies reporting into the GP, which is important for those investors who do consolidated reporting that covers their entire portfolio.”
