Altamir - Registration Document 2016

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FINANCIAL AND LEGAL INFORMATION

Business description

Committed and responsible investors To manage its portfolio, Altamir relies on the services of Apax Partners France and Apax Partners LLP, which are major players of sustainable financing for companies. Apax Partners France employs 45 people, of whom 25 are investment professionals, and Apax Partners LLP employs 200 people, of whom about 100 are investment professionals spread among eight offices around the world. These professionals are recruited according to criteria of excellence ( i.e. , prestigious universities, MBA and international experience). The two companies enjoy a strong reputation and are recognised as leaders who attract the best talent. Their employment policy is instrumental in developing the loyalty of the staff andmotivating them, and includes: good working conditions, competitive remunerationpolicy compared tomarket practices and incentives (profit sharing and bonuses based on fund performance), individual and group training programs, formalised evaluation process, career development, and internal promotion. The direct environmental footprint of the two management companies remains limited; both have conducted carbon assessments, however, which helped to heighten awareness and establish some initiatives (for example, Apax Partners France finances projects that aim to reduce greenhouse gas emissions as a way to offset its own carbon emissions). At the business level, both management companies have always made sure that best practices were implemented within the companies inwhich they are shareholders, especiallywith regard to governance (alignment of interests of shareholders and the management team, composition of the Board, independence of directors, Audit Committees, etc.). They have also excluded certain business sectors (such as weaponry and tobacco) from their investment universe. For several years, they have each taken the additional step of formalising anESG (environmental, social andgovernance) policy with thegoals ofmaking the companies’ performance sustainable and thereby optimising the creation of value. ESG policies Apax Partners MidMarket and Apax Partners LLP signed the PRI (Principles of Responsible Investing) in 2011, committing themselves to integrate the responsibility criteria into their management and investment policies (www.unpri.org). The two companies have the dedicated means to lay out and manage their ESG action plans: Apax Partners MidMarket has a partner responsible for defining the ESG policy and an ESG manager toput it inplace; Apax Partners LLPhas a “Sustainability Committee”, and the portfolio companies have installed data collection software.

Apax Partners MidMarket and Apax Partners LLP integrate ESG criteria at every stage of the investment cycle: before an acquisition, they conduct ESG due diligence to identify risks and opportunities to create value; throughout the investment period, they create a road map and implement ESG reporting in order tomeasure the progress achieved throughout the term of the investment; upon exit, they conduct due diligence so as to assign a value to the company’s ESG performance. Since they are most often majority or lead shareholders across the funds they manage, the two companies have the ability to influence companies’ strategies, and can help them implement and deploy their ESG policies. In this way, Apax Partners France influences about 15 companieswithmore than50,000employees, and Apax Partners LLP about 30 companies with more than 150,000 employees. The two management companies communicate the information they collect and process to their investors through biannual reporting on the performance of the funds and the companies in the portfolios. A summary is communicated to a wider audience; it is available online at www.apax.fr and www.apax.com. Apax Partners France publishes a Responsibility section on itswebsite, in which it presents its ESG policy, the actions and initiatives of its portfolio companies and a HR report on all companies in its portfolio (changes in staff and payroll, HR policies). Apax Partners LLPpublishes a dedicated “SustainabilityReport” which also describes its ESG policy and provides an overview of the environmental, social and governance data collected from the portfolio companies. Both companies participate actively in industry discussions and contribute to thedevelopment of thesepracticeswithin theprivate equity profession. For example, Apax Partners MidMarket is a member of the steeringcommitteeof theAFIC’s ESGcommission. Moreover, in 2015 it united with four other private equity firms to launch Initiative Carbone 2020 aimed at tackling climate change by committing to measure, manage and reduce the greenhouse gas emissions of its portfolio companies. They figure among themost advanced private equity companies in this field and the most widely recognised by the financial community. Apax Partners MidMarket received the very first “GP Responsible InvestingAward” fromPantheon in 2012, and in 2015 and 2016 obtained an A+ (the highest grade) for its overall ESG approach in line with the PRI assessment report. Apax Partners LLP was awarded the “2015 Responsible Investment Award” by the British Private Equity & Venture Capital Association (BVCA) for its work in the ESG arena and its commitment to its portfolio companies.

56 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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