SilverStreet Capital wins ESG award from CDC Group and GPCA as it celebrates 15-year anniversary
London, 10 February 2022 – SilverStreet Capital, the UK and Africa-based investment firm, has been named as one of two winners of the ESG Performance Award for Private Capital Funds, winning the Sector-Focused Fund Manager Award. CDC Group and the Global Private Capital Association (GPCA) have partnered together and this is the inaugural award of an annual series.
This ESG Performance Award for Private Capital Funds was set up to “showcase leading ESG practices that private capital funds in emerging markets have developed and how these investment houses are making progress in adopting and integrating ESG standards into their day-to-day operations”.
Judges commended SilverStreet Capital for its “bespoke ESG approach to agri-investments in Africa and how it has been able to demonstrate the impact in each portfolio company over several years.”
Guy Alexander, ESGI Director at CDC stated: “SilverStreet’s proposal stood out due to a clearly articulated ESG framework and experienced team which was able to identify holistic portfolio improvements through active monitoring, in addition to delivering on a number of impact and climate strategic objectives at fund level.”
The panel received 33 award submissions, representing close to $33 billion in committed capital and with the experience of investing in over 700 portfolio companies. The high-profile panel included representatives from HarbourVest, Coller Capital, FiveOak, Actis and IFC/World Bank Group.
SilverStreet Capital
SilverStreet Capital was established in January 2007 and the award coincides with its 15-year anniversary. It is a leading impact investor into the agricultural sector, managing two funds: Silverlands I, the largest African agricultural fund, and Silverlands II.
SilverStreet Capital invests across the agricultural value chain including the seed sector, primary production, processing, protein and storage. The investments have brought a multitude of positive impacts to the region, employing 10,400 people and with direct economic benefits for 577,000 people, who have seen their annual incomes rise, on average, by over 50%.
Both funds are classified as Article 9/Dark Green under the EU’s new Sustainable Finance Disclosure Regulation (SFDR).
Gary Vaughan-Smith, Chief Investment Officer at SilverStreet Capital, said:
“We see ESG as a key investment function which is integrated throughout the investment process. In order to reach high standards, ESG needs to become a fundamental part of the investment team’s culture – not a separate, tick-box exercise. To ensure this, it must be championed by the Chief Investment Officer, who needs to be sufficiently involved in the detail.”
Julia Wakeling, Head of Impact and ESG at SilverStreet Capital, added:
“Successful ESG management is about raising ESG standards in companies to high levels, regularly checking performance against these benchmark standards and being fully transparent on the outcomes, fixing any shortfalls on an ongoing basis.”
About SilverStreet Capital’s ESG approach
SilverStreet Capital is committed to making responsible investments that are sustainable from an economic, ESG and developmental perspective. It has adopted three sets of standards as its ESG framework: the IFC Performance Standards, the UN Global Compact and its own Responsible Investment Code, based on CDC’s.
SilverStreet Capital incorporates ESG into all phases of the investment cycle. Prior to making an investment, SilverStreet Capital will perform an ESG due diligence against its ESG standards. The Head of Impact and ESG is a voting member of the investment committee and holds a veto right on transactions. After acquisition, the board of the portfolio company is engaged with and responsibility for ESG management is allocated and implemented. An independent annual ESG “audit” of performance vs standards is conducted with transparent reporting to investors. Finally at exit, care is taken to ensure that ESG management continues going forward.
Ends
Reference: CDC Announcement
https://www.cdcgroup.com/en/news-insight/news/celebrating-the-acceleration-of-esg-standards-in-emerging-markets/
SilverStreet Capital:
Website: www.silverstreetcapital.com
LinkedIn: https://www.linkedin.com/company/9589981/admin/
For further information, please contact:
Tom Straker, Lansons
toms@lansons.com
07505 425 961
Hugh James, Lansons
hughj@lansons.com
07870 397 524