Patron is exceptionally focused on responsible investing and endeavours to adhere to relevant industry reporting guidelines and where appropriate, will report in line with relevant industry ESG standards. Patron’s strong sense of social responsibility and ethics has been in place over its 24-year history across Patron’s entire team and governs its relationships with partners, investors, and wider society.
Patron’s initial investment reviews consider the ESG impact of all the respective investments and the related business plans including key characteristics in the various regulations and standards as set out above. This review explicitly considers the existing and possible environmental improvements and social impacts that can be generated by the investment, as well as the governance mechanisms that are employed to achieve them. This review is detailed within the relevant Investment Memorandum. Throughout the life of an Investment, Patron continuously monitors ESG matters, and goals set at the investment’s inception, and these are reported on in fund investor reports, and where appropriate, by the local investment team as well. Patron has effective control throughout the life of the investment.
Patron’s approach is guided by the below principles and investment level application includes:
As well as being a signatory of UN PRI, Patron is also now a member of GRESB as it relates to Fund VI and the new Fund (currently raising). GRESB rate managers on their environmental measurement and reporting as well as on overarching fund and firm level policies and practices relating to environmental and social factors. As a member, Patron will be able to more closely monitor the ongoing trends in best practice ESG management, and their practices and reporting will continue to evolve in this regard.
Patron have registered Fund VII as an Article 8 fund under the SFDR framework. Beginning in 2023 Patron will be reporting the Fund’s metrics on the relevant Principal Adverse Indicators as well as on relevant environmental and social characteristics, both at investment and fund level, and they are currently selecting appropriate consultants to advise us in this respect.
Sustainability is a core element of Fund VII’s investment strategy.
A fundamental aspect of our strategy is to continuously monitor to stay ahead of updates to European environmental regulations. This proactive approach enables us to anticipate changes, ensuring that we are consistently prepared and compliant. Adhering to both European regulations and international standards provides the basis for developing an exemplary sustainability strategy. The key point to achieve the Paris objectives is to reduce the carbon footprint of existing buildings.
We focus on identifying underperforming assets and refurbishing them to meet stringent environmental standards, while our new developments are designed and built with rigorous environmental requirements in mind. To achieve consistency across our investments, we employ a comprehensive sustainability strategy aligned with the ISO 14001:2015 standard, following the Plan/Do/Check/Act cycle.
Emilio Cereijo is a Senior Partner leading Sustainability and DEI, he manages the implementation, and monitoring of Patron's ESG principles and targets with respect to the Funds' investments. Daniel Cohn (Senior Legal Advisor) works closely with Emilio and are further supported by an ESG & Investor Relations Analyst (Florence Goldring).
Patron encourages collective responsibility across the firm, and ESG matters are part of the company ethos, and incorporated as a key objective / metrics within all existing and new investments. With the oversight from relevant Investment Directors and the Development Department external consultants are appointed, where relevant, to assess environmental or social value aspects of an investment. ESG matters on a global level will be considered by the Operational Executive Board (Keith Breslauer, Shane Law, Stephen Green, Christoph Ignaczak, Jonatas Szkurnik, Daniel Weisz), along with the ESG team, Kendall Langford (General Counsel) and Mark Parnell, (Finance Director).
Emilio Cereijo
Chief Sustainability Officer
emilio@patroncapital.com