2023-07-19-PitchBook-2023年可持续投资调查（英）_39页_3mb

Summary of the 2023 Sustainable Investment Survey

Core Content

The 2023 Sustainable Investment Survey conducted by PitchBook provides an in-depth look at the current state and evolving trends in sustainable investing across the globe. It includes insights from both asset managers (GPs) and limited partners (LPs), covering topics such as ESG (Environmental, Social, and Governance) integration, Impact investing, and the challenges of measuring and reporting sustainability performance.

Main Points

• Survey Participation:

  • A total of 814 individuals completed at least one response, with 419 completing the full survey.
  • The survey was open for 27 days and $2,095 was donated to World Central Kitchen (WCK) as a result of the completed surveys.
  • The ratio of respondents with implemented sustainable investment programs to those without is 437:273.

• Trends Over Time:

  • The proportion of respondents who have fully integrated sustainable investment principles into their portfolios has increased from 30% in 2021 to 37% in 2023.
  • Conversely, the percentage of respondents with no plans to incorporate sustainability has risen from 9% in 2021 to 17% in 2023.
  • The number of respondents who have only started implementing sustainable investing practices has decreased, indicating a more mature approach in the industry.

• Geographical Distribution:

  • North America had the highest percentage of respondents with no plans to incorporate sustainable investment work at 24%, followed by Europe at 10%.
  • The geographical mix of respondents in 2023 was similar to 2022, with a slight decrease in North American representation and an increase in European.
  • Central & South America and the Caribbean (CSAC) had 42% of respondents fully integrated into sustainable investing, which is higher than Europe, North America, and Asia-Pacific.
  • The Middle East and Asia-Pacific were more likely to have started their sustainable investment programs in the last year.

• Allocator Perspective:

  • Over 75% of respondents indicated that at least some consideration of sustainability is important when evaluating potential investments.
  • 23% of LPs and Both respondents have declined to make or recommend an investment due to ESG concerns.
  • 51% of LPs plan to increase their attention to ESG risk factors in the coming year, while 18% have already fully implemented an ESG program.

• ESG and Impact Integration:

  • 68% of VC respondents and 69% of non-VC GPs have integrated sustainable investment principles into their portfolios.
  • VCs are more likely to use ESG factors as a screening tool before due diligence (68%), while non-VCs are more likely to apply ESG frameworks in managing portfolio companies (39% of VCs do not do so, compared to 25% of non-VCs).
  • 66% of VCs cited aligning their organization's mission or values with investment practices as a reason for implementing sustainable investment programs, versus 58% of non-VCs.

• Challenges and Measurement:

  • The survey highlights the ongoing challenges in measuring, reporting, and benchmarking ESG data.
  • There is a growing sentiment that ESG is a performance factor, with 28% of North American respondents and 18% of European respondents indicating that performance is the only important factor.
  • The politicization of ESG has led to a retraction of support from some allocators, particularly in terms of evaluating ESG risk factors during due diligence.

• Future Outlook:

  • The future of sustainable investing is expected to see more integration into investment processes, especially as ESG becomes more mainstream.
  • The survey suggests that many firms are still in the early stages of their sustainable investment journey, with only 31% of GPs having started more than five years ago.
  • The increasing demand from LPs for ESG-aligned investments is likely to drive further changes in how asset managers approach sustainable investing.

Key Information

• Survey Design: The survey included 30 questions and was open for 27 days.
• Participation: The survey attracted responses from every global region, with a notable increase in CSAC representation.
• Donation: For every completed survey, $5 was donated to WCK, a global nonprofit that provides meals to those affected by disasters.
• VC vs. Non-VC: VCs are more likely to use ESG as a pre-due diligence screening tool, but non-VCs are more likely to apply ESG frameworks in managing portfolio companies.
• Implementation Stages: The majority of respondents have either partially or fully integrated sustainable investment principles into their portfolios.
• Regional Differences: Europe is more likely to evaluate ESG as part of the investment process, with 63% of European respondents probing GPs on their ESG approach.

Conclusion

The 2023 Sustainable Investment Survey reveals a diverse and evolving landscape in sustainable investing. While there is a growing interest in integrating ESG and Impact principles into investment strategies, there is also a segment of investors who are disengaging from the space. The survey underscores the importance of ESG in investment decision-making, the geographical variations in adoption, and the increasing complexity of sustainable investment practices.