Our funds
PCP’s investment operations are carried out by P Capital Partners AB which is the manager of the PCP funds. The investments are made in the PCP funds which in turn have raised capital by issuing debenture notes to external investors.
PCP I was raised in 2009 and had a committed capital of EUR 216 million.
PCP I had approximately 25 investors including Proventus AB, the Fourth Swedish National Pension Fund (AP4), Folksam, Länsförsäkringar, SEB’s and Vattenfall’s pension funds, the Swedish Foundation for Strategic Research, Sophiahemmet, the Swedish Union of Tenants and the Einar Mattsson Group, as well as a number of qualified private investors.
Focusing on financing to Nordic companies in need of capital for expansion, acquisitions, restructuring and refinancing as well as investments in public high-yield bonds, and the first institutional fund managed by Proventus Capital Management AB, the fund was fully invested in the second quarter 2011.
Its nineteenth and final loan investment was repaid in full in the third quarter 2015. As a consequence, the final amount outstanding under the participation loan debentures was repaid and the debentures were de-listed from the Debt Securities segment of Nordic Growth Market NGM in Stockholm in October 2015.
PCP I had approximately 25 investors including Proventus AB, the Fourth Swedish National Pension Fund (AP4), Folksam, Länsförsäkringar, SEB’s and Vattenfall’s pension funds, the Swedish Foundation for Strategic Research, Sophiahemmet, the Swedish Union of Tenants and the Einar Mattsson Group, as well as a number of qualified private investors.
PCP II was raised in 2011 and had capital commitments of SEK 5.3 billion from Proventus AB, the Fourth Swedish National Pension Fund (AP4), Swedish insurance company Folksam and an additional number of institutions as well as qualified individuals.
Focusing on financing to companies in Northern Europe in need of capital for expansion, acquisitions, restructuring and refinancing as well as investments in public high-yield bonds, and with a portfolio of 26 investments in total, Proventus Capital Partners II was fully invested in 2014.
The PCP II participation loan debentures are issued by P Capital Partners II AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The number of debentureholders amounts to approximately 30.
Its final loan investment was repaid in full in 2020. As a consequence, the final amount outstanding under the participation loan debentures was repaid and the debentures were de-listed from the Debt Securities segment of Nordic Growth Market NGM in Stockholm.
The Terms and Conditions does not constitute an offer to sell or a solicitation of an offer to buy the Debentures and no person is authorized to give any information or make any representation not contained in the Terms and Conditions in connection with the Debentures and, if given or made, such information or representation must not be relied upon as having been authorized.
This web page and the enclosed Terms and Conditions has not and will not be distributed in any jurisdiction other than Sweden where such distribution is restricted by law or regulation, or requires further measures by the Issuer. Persons who come into possession of the Terms and Conditions are required to inform themselves about, and to observe, such restrictions. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not subject to U.S. tax law requirements. Subject to certain exemptions, the Debentures may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons, or within any other jurisdiction where distribution or publication of the Terms and Conditions is in violation of applicable laws or requires additional prospectuses, registration or other measures than those applying by Swedish law.
In the case of any differences between the printed documents and the electronic documents provided on this web site, the printed versions will have precedence. Disputes regarding the Debentures, the contents of the Terms and Conditions and legal circumstances associated with them shall be resolved exclusively by a Swedish court by application of Swedish law with the Stockholm District Court as the first instance.
By downloading the material on this website you certify that you are aware of the above and are not resident in any jurisdiction where distribution of the Terms and Conditions is not in compliance with legal rules and regulations in the country in question.
2020
July 29, 2020
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2019
October 7, 2019
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2018
P Capital Partners II AB semi annual report 2018
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2017
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2016
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB semi annual report 2016
P Capital Partners II AB delårsrapport 2016
P Capital Partners announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2015
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
2014
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB semi-annual report 2014
P Capital Partners II AB delårsrapport 2014
P Capital Partners AB announces NAV of PCP II AB
P Capita Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners AB announces NAV of PCP II AB
P Capital Partners AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB (publ) annual report 2013
P Capital Partners II AB (publ) årsredovisning 2013
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB (publ) issues new debetures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
2013
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB interim report January-June 2013
P Capital Partners II delårsrapport för januari-juni 2013
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV for PCP II AB
P Capital Partners II AB issues new debentures
P Capital Partners II AB emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB issues new debentures
P Capital Partners II AB emitterar kapitalandelslån
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
2012
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Parners II AB interim report January-June
P Capital Partners II AB delårsrapport för januari-juni 2012
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
P Capital Partners II AB (publ) issues new debentures
P Capital Partners II AB (publ) emitterar kapitalandelslån
P Capital Partners II AB announces NAV of PCP II AB
P Capital Partners II AB offentliggör substansvärde för PCP II AB
2020
2019
2018
2017
2016
2015
2014
2013
2012
PCP III was raised in 2014 and has a committed capital of SEK 12.1 billion. The investment period ended in December 2018.
PCP III continues the debt investment strategy successfully executed by Proventus since 2002, focusing on financing to companies in Northern Europe in need of capital for expansion, acquisitions, restructuring and refinancing as well as investments in public high-yield bonds.
Investors in PCP III include public and corporate pension funds, insurance companies, foundations, endowments and family offices with approximately one third of the capital raised outside the Nordics. Proventus AB is one of the largest investors in the fund.
The PCP III series A1 participation loan debentures and series B participation loan debentures are issued by P Capital Partners III AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The number of debentureholders amounts to approximately 50.
The Terms and Conditions does not constitute an offer to sell or a solicitation of an offer to buy the Debentures and no person is authorized to give any information or make any representation not contained in the Terms and Conditions in connection with the Debentures and, if given or made, such information or representation must not be relied upon as having been authorized.
This web page and the enclosed Terms and Conditions has not and will not be distributed in any jurisdiction other than Sweden where such distribution is restricted by law or regulation, or requires further measures by the Issuer. Persons who come into possession of the Terms and Conditions are required to inform themselves about, and to observe, such restrictions. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not subject to U.S. tax law requirements. Subject to certain exemptions, the Debentures may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons, or within any other jurisdiction where distribution or publication of the Terms and Conditions is in violation of applicable laws or requires additional prospectuses, registration or other measures than those applying by Swedish law.
In the case of any differences between the printed documents and the electronic documents provided on this web site, the printed versions will have precedence. Disputes regarding the Debentures, the contents of the Terms and Conditions and legal circumstances associated with them shall be resolved exclusively by a Swedish court by application of Swedish law with the Stockholm District Court as the first instance.
By downloading the material on this website you certify that you are aware of the above and are not resident in any jurisdiction where distribution of the Terms and Conditions is not in compliance with legal rules and regulations in the country in question. By clicking below, you confirm that you accept the above.
2023
January 31, 2023
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
January 9, 2023
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2022
October 7, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
July 29, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
July 7, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
April 7, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
February 1, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
January 10, 2022
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2021
October 7, 2021
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
July 29, 2021
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
July 7, 2021
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
May 3, 2021
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
April 9, 2021
P Capital Partners announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2020
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2019
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2018
P Capital Partners III AB issues new debentures
P Capital Partners III AB emitterar kapitalandelslån
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners III AB issues new debentures
P Capital Partners III AB emitterar kapitalandelslån
P Capital Partners III AB semi annual report 2018
P Capital Partners III AB delårsrapport 2018
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2017
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners III AB semi annual report 2017
P Capital Partners III AB delårsrapport 2017
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners III AB issues new debentures
P Capital Partners III AB emitterar kapitalandelslån
2016
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners III AB semi annual report 2016
P Capital Partners III AB delårsrapport 2016
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
2015
P Capital Partners III AB (publ) issues new debentures
P Capital Partners III AB (publ) emitterar kapitalandelslån
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners AB announces NAV of PCP III AB
P Capital Partners AB offentliggör substansvärde för PCP III AB
P Capital Partners III AB (publ) issues new debentures
P Capital Partners III AB (publ) emitterar kapitalandelslån
2022
PCP III AB Interim Report 2022 (swe)
PCP III AB Interim Report 2022 (eng)
2021
PCP III AB Annual Report 2021 (swe)
PCP III AB Annual Report 2021 (eng)
2020
2019
2018
2017
2016
2015
PCP III AB Interim Report 2015 (eng)
2014
PCP III AB Annual Report 2014 (eng)
Proventus Capital Partners III AB (publ), a subsidiary of P Capital Partners AB, has issued participation loan debentures which are listed on the NDX segment of the Nordic Growth Market NGM. The debentures were issued in two series, A1 and B.The issue price for all debentures was equal to the nominal amount. All net cash inflows is distributed to debenture holders on the tenth business day following 31 December, 31 March, 31 June and 30 September.
Subject to the terms of the debentures, the quarterly payment may also contain partial repayment of the nominal amount to the extent any investments have been divested or repaid during the preceding quarter. Distribution of the Prospectus is subject to legal restrictions in certain judicial systems. To gain access to the full Prospectus, the conditions below must be accepted.
The Prospectus does not constitute an offer to sell or a solicitation of an offer to buy the Debentures and no person is authorized to give any information or make any representation not contained in the Prospectus in connection with the Debentures and, if given or made, such information or representation must not be relied upon as having been authorized.
This web page and the enclosed Prospectus has not and will not be distributed in any jurisdiction other than Sweden where such distribution is restricted by law or regulation, or requires further measures by the Issuer. Persons who come into possession of the Prospectus are required to inform themselves about, and to observe, such restrictions. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not subject to U.S. tax law requirements. Subject to certain exemptions, the Debentures may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons, or within any other jurisdiction where distribution or publication of the Prospectus is in violation of applicable laws or requires additional prospectuses, registration or other measures than those applying by Swedish law.
In the case of any differences between the printed documents and the electronic documents provided on this web site, the printed versions will have precedence. Disputes regarding the Debentures, the contents of the Prospectus and legal circumstances associated with them shall be resolved exclusively by a Swedish court by application of Swedish law with the Stockholm District Court as the first instance.
By downloading the material on this website you certify that you are aware of the above and are not resident in any jurisdiction where distribution of the Prospectus is not in compliance with legal rules and regulations in the country in question. By downloading the file below, you confirm that you accept the above and the Terms & Conditions.
The information brochure relating to Proventus Capital Partners III is available in Swedish upon request by email to fundadministration@pcapital.se
Download Prospectus (PDF)
Download Fact Sheet, Series A (available in Swedish only) (PDF)
Download Fact Sheet, Series B (available in Swedish only) (PDF)
2018
Ampersand
HOST
East London Pub Co.
Key Travel
Technopath
2016
Well You
Scandector
Cheplapharm
RLG – Reverse Logistic Group
Kat Express II
CityFibre
2015
Prem Group
Natsu Foods
Staycity
Kaefer
Thunderhead
Silverstream
2014
Riviera Tours Limited
Meltwater
066 Fast Ferry Leasing Ltd.
The Works
Digiweb/ Viatel
PCP Alpha was raised in 2015 primarily as a co-investment fund to PCP III.
The PCP Alpha participation loan debentures are issued by P Capital Partners Alpha AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm.
The Terms and Conditions does not constitute an offer to sell or a solicitation of an offer to buy the Debentures and no person is authorized to give any information or make any representation not contained in the Terms and Conditions in connection with the Debentures and, if given or made, such information or representation must not be relied upon as having been authorized.
2023
January 31, 2023
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
January 9, 2023
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2022
October 31, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
October 7, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
July 29, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
July 7, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
May 2, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
April 7, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
February 1, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
January 10, 2022
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2021
October 29, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
October 7, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
July 29, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
July 7, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
May3, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
April 9, 2021
P Capital Partners announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2020
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha ABa
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2019
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2018
P Capital Partners Alpha AB semi annual report 2018
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2017
P Capital Partners AB announces NAV of PCP Alpha AB
P Capital Partners AB offentliggör substansvärde för PCP Alpha AB
2022
PCP Alpha AB Interim Report 2022 (swe)
PCP Alpha AB Interim Report 2022 (eng)
2021
PCP Alpha AB Annual Report 2021 (swe)
PCP Alpha AB Annual Report 2021 (eng)
PCP Alpha AB Interim Report 2021 (swe)
PCP Alpha AB Interim Report 2021 (eng)
2020
PCP Alpha AB Annual Report 2020 (swe)
PCP Alpha AB Annual Report 2020 (eng)
2019
2018
2017
2016
Proventus Capital Partners Alpha was raised in 2015 primarily as a co-investment fund to Proventus Capital Partners III.
The Proventus Capital Partners Alpha participation loan debentures were issued by Proventus Capital Partners Alpha AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm.
Proventus Capital Partners Alpha is managed by P Capital Partners AB.
Download Prospectus (PDF)
Download Supplement Prospectus (PDF)
Download Fact Sheet (available in Swedish only) (PDF)
PCP IV was raised in 2018 and has a committed capital of EUR 1.67 billion split between two funds: PCP IV with a limited amount of leverage, and PCP IV B without leverage. The two funds co-invest pro rata in each investment with PCP IV C, an unlisted fund.
Investors in PCP IV include public and corporate pension funds, insurance companies, foundations, endowments and family offices with approximately one third of the capital raised outside the Nordics.
The PCP IV series A1 participation loan debentures are issued by P Capital Partners IV AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The P Capital Partners IV B series A1 and B participation loan debentures are issued by P Capital Partners IV B AB (publ) and listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The number of debentureholders amounts to approximately 50.
PCP IV made its final platform investment in October 2022 and at the same time the investment period of PCP V started.
The Terms and Conditions does not constitute an offer to sell or a solicitation of an offer to buy the Debentures and no person is authorized to give any information or make any representation not contained in the Terms and Conditions in connection with the Debentures and, if given or made, such information or representation must not be relied upon as having been authorized.
This web page and the enclosed Terms and Conditions has not and will not be distributed in any jurisdiction other than Sweden where such distribution is restricted by law or regulation, or requires further measures by the Issuer. Persons who come into possession of the Terms and Conditions are required to inform themselves about, and to observe, such restrictions. The Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not subject to U.S. tax law requirements. Subject to certain exemptions, the Debentures may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons, or within any other jurisdiction where distribution or publication of the Terms and Conditions is in violation of applicable laws or requires additional prospectuses, registration or other measures than those applying by Swedish law.
In the case of any differences between the printed documents and the electronic documents provided on this web site, the printed versions will have precedence. Disputes regarding the Debentures, the contents of the Terms and Conditions and legal circumstances associated with them shall be resolved exclusively by a Swedish court by application of Swedish law with the Stockholm District Court as the first instance.
By downloading the material on this website you certify that you are aware of the above and are not resident in any jurisdiction where distribution of the Terms and Conditions is not in compliance with legal rules and regulations in the country in question. By clicking below, you confirm that you accept the above.
2023
March 10, 2023
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
January 9, 2023
P Capital Partners announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
2022
December 16, 2022
P Capital Partners announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
December 1, 2022
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
November 16, 2022
P Capital Partners announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
October 7, 2022
P Capital Partners announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
September 14, 2022
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
August 30, 2022
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
August 10, 2022
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
August 1, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
July 26, 2022
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
July 15, 2022
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
July 7, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
June 16, 2022
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
June 10, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
May 24, 2022
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
May 19, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
May 4, 2022
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
April 26, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
April 7, 2022
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
April 7, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
March 23, 2022
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
March 8, 2022
Correction – PCP IV AB issues new debentures
Rättelse – PCP IV AB emitterar vinst- och kapitalandelsbevis
Correction – PCP IV B AB issues new debentures
Rättelse – PCP IV B AB emitterar vinst- och kapitalandelsbevis
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
2021
December 22, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
December 7, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
November 19, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
November 4, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
November 1, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
October 15, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
October 14, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
October 7, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
September 29, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
September 24, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
September 9, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
September 6, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
August 20, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
July 7, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
June 30, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
June 14, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
May 4, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
April 19, 2021
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
April 9, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
March 1, 2021
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
Correction_ PCP IV AB issues new debentures
Rättelse_PCP IV AB emitterar vinst- och kapitalandelsbevis
Correction_PCP IV B AB issues new debentures
Rättelse_PCP IV B AB emitterar vinst- och kapitalandelsbevis
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
2020
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
PCP IV AB issues new debentures
PCP IV AB emitterar vinst- och kapitalandelsbevis
PCP IV B AB issues new debentures
PCP IV B AB emitterar vinst- och kapitalandelsbevis
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
P Capital Partners AB announces NAV of PCP IV AB
P Capital Partners AB offentliggör substansvärde för PCP IV AB
P Capital Partners AB announces NAV of PCP IV B AB
P Capital Partners AB offentliggör substansvärde för PCP IV B AB
2022
2021
PCP IV AB Annual Report 2021 (swe)
PCP IV AB ESEF report 2021 (swe)
PCP IV AB Annual Report 2021 (eng)
PCP IV B AB Annual Report 2021 (swe)
PCP IV B AB ESEF Report 2021 (swe)
PCP IV B AB Annual Report 2021 (eng)
PCP IV AB Interim Report 2021 (swe)
PCP IV AB Interim Report 2021 (eng)
PCP IV B AB Interim Report 2021 (swe)
PCP IV B AB Interim Report 2021 (eng)
2020
PCP IV AB Annual Report 2020 (eng)
PCP IV B AB Annual Report 2020 (swe)
PCP IV B AB Annual Report 2020 (eng)
2019
2018
2017
Proventus Capital Partners IV was raised in 2018 and has a committed capital of EUR 1.67 billion split between two funds: Proventus Capital Partners IV with a limited amount of leverage, and Proventus Capital Partners IV B without leverage. The two funds co-invest pro rata in each investment with Proventus Capital Partners IV C, an unlisted fund.
Proventus Capital Partners IV continues the debt investment strategy successfully executed by Proventus since 2002, focusing on financing to companies in Northern Europe in need of capital for expansion, acquisitions, restructuring and refinancing as well as investments in public high-yield bonds.
Investors in Proventus Capital Partners IV include public and corporate pension funds, insurance companies, foundations, endowments and family offices with approximately one third of the capital raised outside the Nordics. Proventus AB is a large investor in the fund.
The Proventus Capital Partners IV series A1 participation loan debentures are issued by Proventus Capital Partners IV AB (publ) and are listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The Proventus Capital Partners IV B series A1 and B participation loan debentures are issued by Proventus Capital Partners IV B AB (publ) and are listed on the Debt Securities segment of Nordic Growth Market NGM in Stockholm. The number of debentureholders amounts to approximately 50.
Proventus Capital Partners IV is managed by P Capital Partners AB.
Download Prospectus PCP IV AB (swe) (PDF)
Download Prospectus PCP IV B AB (swe) (PDF)
Download Fact Sheet, PCP IV B, Series A1 Debentures (available in Swedish only) (PDF)
Download Fact Sheet, PCP IV B, Series B Debentures (available in Swedish only) (PDF)
Download Fact Sheet, PCP IV, Series A1 Debentures (available in Swedish only) (PDF)
2022
Nordic Leisure Travel group
Avia Pharma
Hima Seafood
KRY
The Kingfish Company
Urban Volt
EQ Bristol
Sunfarming Group
2021
Monaghan Mushroom
Aarke
Prem Group
Incat 093
Moena and i-solutions
MatHem
Brofund Group
Smava
Carestone
2020
DvH Medien GmbH
Venandi Livs
Chirisa
STRAX Group
Alektum Group
Travel Sentry
2019
Coeo Inkasso
Land Promotions
Arbuthnot Banking Group PLC
Ovzon
Better Energy
2018
PCP Transition Partner Fund (“PCP Transition”) had its first close in June 2021 with a committed capital of EUR 550 million.
PCP Transition is primarily focused on providing senior secured loans aimed at financing and supporting sustainability transition for mid-sized European companies. PCP Transition builds on the debt investment strategy successfully executed by Proventus since 2002, focusing on financing to companies in Northern Europe in need of capital and especially PCP’s track record in funding sustainability transition in industries such as renewable energy, recycling and sustainable food. PCP Transition has a lower risk and reward profile than PCP IV.
Investors in PCP Transition include public and corporate pension funds, insurance companies, foundations and family offices.
2021
July 5, 2021
P Capital Partners launches new fund to finance sustainability transition in European companies (eng)
P Capital Partners lanserar ny fond för att finansiera hållbar omställning i europeiska företag (swe)
P Capital Partners Transition Partner Fund – Sustainability Information
Summary
The P Capital Partner Transition Partner fund’s (“PCP Transition” or “the Fund”) investment mandate is to provide debt financing to companies driving or enabling a transition to:
– a net-zero emissions economy, and/ or
– a circular economy.
The fund invests in three categories of companies: carbon neutral, circular or transition ready companies or companies enabling others to achieve these goals in their business models. The asset allocation to such companies in the fund is 100%.
The Fund also promotes environmental characteristics in excluding certain sectors from its investment universe and promotes ethical standards.
All the above described ESG considerations are included throughout the Fund’s investment decision making process, including the 1) Stage zero; Stage one-two analysis, 3) Due diligence, and 4) Review.
Through the application of the investment strategy, the Fund maintains the share of investments (in terms of NAV) deriving significant revenue (as defined below) from economic activities/sectors that are excluded based on the negative assessment criteria set out in the Ethics and Sustainability Guidelines is 0%.
The percentage of new investments from which the Fund attains quantified evidence of activities of avoidance of CO2 emissions, generation of renewable energy, or replacement of virgin materials (evidence of Transition Contribution Metric, described below in Investment Strategy section), will be maintained at 100%.
No reference benchmark has been designated for the purpose of attaining the environmental characteristics promoted by the Fund.
No sustainable investment objective
This Fund promotes environmental characteristics but does not have sustainable investments as its objective.
Environmental or social characteristics of the financial product
The Fund promotes the following environmental characteristics:
1. Climate change mitigation;
2. Reduction in use of virgin materials; and
3. Protection and restoration of biodiversity.
The environmental characteristics promoted by the Fund stem from:
– The Fund’s investment mandate, focused on companies that contribute to lower CO2 emissions and reduced utilization of virgin material or that invest to reduce their negative environmental impact;
– PCP’s Ethics and Sustainability Guidelines, which outline a set of investment criteria to be satisfied by any investment. These include climate and environmental considerations, in addition to ethical and governance.
– PCP’s Ethics and Sustainability Guidelines further require that no investments are made in businesses involved in fossil fuels, coal, thermal generation, and related activities. Furthermore, PCP shall not invest in businesses involving weapons, alcohol and recreational drugs, gambling, tobacco and pornography.
– PCP’s due diligence process, as described in the Due Diligence section below.
Investment strategy
The strategy of the Fund is to invest in companies domiciled in the European Union or European Economic Area that help addressing climate change and contribute to reducing the environmental impact of human activities.
The investment strategy focuses on three main themes, as described above:
1. Carbon neutral companies;
2. Circular business models; and
3. Transition-ready companies.
The Fund’s investments shall contribute positively to the overall investment strategy, determined and quantified at the point of investment by one or more of the below transition contribution metrics (the “Metrics”):
1. Cumulative estimated tons of CO2 emissions avoided;
2. Cumulative estimated renewable energy generated; and
3. Cumulative estimated tons of virgin material replaced.
These Metrics are analysed as part of the investment decision making and thereafter monitored throughout the investment period. They also constitute the sustainability indicators used to measure attainment of the Fund’s environmental characteristics and, as such, the binding elements of the investment strategy.
As described above, the Fund has also adopted PCP’s Ethics and Sustainability Guidelines, which sets out positive and negative assessment criteria in relation to environmental aspects, including an assessment of good governance practices.
PCP shall ensure that the Fund only invests in companies whose business models fulfil the criteria described in PCP’s Ethics and Sustainability Guidelines and that contribute to the investment strategy as evidenced by the Metrics.
Monitoring of environmental or social characteristics
The attainment of the Fund’s environmental characteristics is monitored through the Fund’s sustainability indicators. The Fund requires information undertakings on behalf of its borrowers on environmental factors, and monitors these as part of the investment process. The Fund will systematically seek to influence the companies to adopt and implement better practices through its board observer seat, where available.
Methodologies
To measure the attainment of the environmental characteristics promoted by the Fund and calculate the sustainability indicators, the following methodologies are considered:
1. CO2 emissions avoided are defined by reference to industry specific standards. In the case of renewable energy, they are defined as the difference between average emissions from the energy mix in the country where the asset is located and the estimated CO2 emissions from the operation of the financed asset. We calculate the CO2 emissions avoided on a cumulative basis over the term of the financing.
2. Renewable energy generated is defined as the estimated production of renewable energy in MWh. We assess production on a cumulative basis over the term of the financing.
3. The replaced virgin material is calculated by reference to the production output from circular businesses the Fund invests in. We assess production output on a cumulative basis over the term of the financing.
Data sources and processing
Data sources used in the sustainability assessment in the investment process are publicly available information as well as data provided by the borrower. The Fund requires collection of environmental factor data and information from the borrowers and monitors this information as part of its lending activities. Where deemed as needed, the Fund requires third-party validation of the data provided. Data collected in relation to the sustainability assessment is used throughout the investment process.
Limitations to methodologies and data
Main limitation to the methodologies and data collection in relation to the Fund’s sustainability assessment relates to the availability of data. As such, data collection is dependent on the investment team’s engagement with the companies throughout the investment period. Data quality is ensured through the collection of multi-year data samples specific to the investment, and through engagement with the board of the borrower when the Fund is granted a board observer seat.
Due diligence, monitoring and engagement policies
The Fund integrates ESG considerations throughout the investment decision making process.
The initial investment analysis departs from the assessment of the material ESG related risks for each investment. Each material risk is evaluated at industry and company level, based on global standards. The outcome of the due diligence defines which aspects shall be monitored during the investment period.
For investments where the due diligence has identified areas of improvement, the Fund shall actively and systematically influence the company through the loan agreement and a board observer seat. The former may include terms to incentivize positive change and tangible progress towards sustainable operations. Through its board observer seat, the Fund may encourage companies to e.g. formulate action plans with measurable targets, adopt and implement a policy, code of conduct or similar.
Throughout the investment process, the investment team is augmented by an advisory network to collaborate on investment selections and assessments with critical knowledge around carbon neutral transition, carbon neutrality, biodiversity and circular business models.
Summary
1. English translation
The P Capital Partner Transition Partner fund’s (“PCP Transition” or “the Fund”) investment mandate is to provide debt financing to companies driving or enabling a transition to:
- a net-zero emissions economy, and/ or
- a circular economy.
The fund invests in three categories of companies: carbon neutral, circular or transition ready companies or companies enabling others to achieve these goals in their business models. The asset allocation to such companies in the fund is 100%.
The Fund also promotes environmental characteristics in excluding certain sectors from its investment universe and promotes ethical standards.
All the above described ESG considerations are included throughout the Fund’s investment decision making process, including the 1) Stage zero; Stage one-two analysis, 3) Due diligence, and 4) Review.
Through the application of the investment strategy, the Fund maintains the share of investments (in terms of NAV) deriving significant revenue (as defined below) from economic activities/sectors that are excluded based on the negative assessment criteria set out in the Ethics and Sustainability Guidelines is 0%.
The percentage of new investments from which the Fund attains quantified evidence of activities of avoidance of CO2 emissions, generation of renewable energy, or replacement of virgin materials (evidence of Transition Contribution Metric, described below in Investment Strategy section), will be maintained at 100%.
No reference benchmark has been designated for the purpose of attaining the environmental characteristics promoted by the Fund.
2. Danish translation
P Capital Partner Transition Partner Funds (”PCP Transition” eller ”Fonden”) investeringsmandat er at yde gældsfinansiering til virksomheder, der driver eller muliggør en overgang til:
• en økonomi med netto-nul udledninger, og/eller
• en cirkulær økonomi.
Fonden investerer i tre kategorier af virksomheder: CO2-neutrale, cirkulære virksomheder eller overgangsparate virksomheder, eller virksomheder, der gør det muligt for andre at nå disse mål i deres forretningsmodeller. Aktivallokeringen til sådanne virksomheder i Fonden er 100 %.
Fonden fremmer også miljømæssige karakteristika ved at udelukke visse sektorer fra sit investeringsunivers og ved at fremme etiske standarder.
Alle de ovenfor beskrevne ESG-overvejelser indgår i hele Fondens investeringsbeslutningsproces, herunder 1) Fase nul-analyse; 2) Fase et-to analyse, 3) Due diligence, og 4) Gennemgang.
Gennem anvendelsen af investeringsstrategien vil Fonden fastholde andelen af investeringer (i form af indre værdi (NAV)), der opnår betydelige indtægter (som defineret nedenfor) fra økonomiske aktiviteter/sektorer, der er udelukket på grundlag af de negative vurderingskriterier, som er fastsat i Retningslinjerne for Etik og Bæredygtighed yderligere beskrevet nedenfor, på 0 %.
Procentdelen af nye investeringer, hvorfra Fonden opnår kvantificerede beviser for aktiviteter til undgåelse af CO2-emissioner, produktion af vedvarende energi eller erstatning af nye materialer (beviser for Transition Contribution Metric, beskrevet nedenfor i afsnittet om Investeringsstrategi), vil blive fastholdt på 100 %.
Der er ikke udpeget noget referencebenchmark med henblik på at opnå de miljømæssige karakteristika, som Fonden fremmer.
3. Dutch translation
Het beleggingsmandaat van het P Capital Partner Transition Partner Fund (“PCP Transition” of het “Fonds”) bestaat uit het verstrekken van schuldfinanciering aan bedrijven die aansturen op een transitie of een transitie mogelijk maken naar:
• een net-zero emissies economie, en/of
• een circulaire economie.
Het Fonds belegt in drie categorieën ondernemingen: CO2-neutrale ondernemingen, circulaire ondernemingen of transition klaar of ondernemingen die anderen in staat stellen om deze doelstellingen binnen hun bedrijfsmodellen te realiseren. De vermogensallocatie aan dergelijke bedrijven in het Fonds is 100%.
Het Fonds bevordert ook milieu doelstellingen door bepaalde sectoren van het beleggingsbeleid uit te sluiten en ethische standaarden te bevorderen.
Alle hierboven beschreven ESG-overwegingen zijn meegenomen in het besluitvormingsproces omtrent investeringen van het Fonds, dat onder meer bestaat uit de 1) fase nul-analyse; 2) fase één-twee analyse, 3) due diligence, en 4) beoordeling/evaluatie.
Door toepassing van de beleggingsstrategie zal het Fonds ervoor zorgen (uitgedrukt in NAV) dat beleggingen uit de economische activiteiten/sectoren die zijn uitgesloten op basis van de negatieve beoordelingscriteria van de Ethische Richtlijnen 0% zijn.
Het percentage aan nieuwe beleggingen waarvan het Fonds gekwantificeerde bewijs verkrijgt met betrekking tot activiteiten ter vermijding van CO2-emissies, opwekking van hernieuwbare energie of vervanging van nieuwe materialen (bewijs van Transition Contribution Metric, hieronder beschreven in sectie Beleggingsstrategie), op 100% behouden.
Er is geen referentiebenchmark aangewezen om de door het Fonds bevorderde milieu doelstellingen te bereiken.
4. French translation
Le mandat d’investissement du fonds P Capital Partners Transition Partner Fund (“PCP Transition” ou le “Fonds”) consiste à fournir un financement par la dette à des entreprises qui conduisent ou permettent une transition vers :
• une économie à zéro émission nette, et/ou
• une économie circulaire.
Le Fonds investit au sein de trois catégories d’entreprises : des entreprises neutres en carbone, circulaires ou prêt pour la transition, ou des entreprises permettant à d’autres d’atteindre ces objectifs dans leurs modèles économiques. L’allocation d’actifs à ces entreprises au sein du fonds est de 100%.
Le Fonds promeut également les caractéristiques environnementales en excluant certains secteurs de son univers d’investissement et en promouvant des normes éthiques.
Toutes les considérations ESG décrites ci-dessus sont incluses tout le long du processus de prise de décisions d’investissement du Fonds, y compris 1) l’Analyse de l’étape zéro (Stage zero analysis), 2) l’Analyse de l’étape un-deux (Stage one-two analysis), 3) la Diligence raisonnable (Due diligence) et 4) la Revue (Review).
Au travers de l’application de la stratégie d’investissement, le Fonds maintient de 0% la part des investissements (en termes de VNI (NAV)) tirant des revenus importants (tels que définis ci-dessous) d’activités/secteurs économiques exclus sur la base des critères d’évaluation négatifs définis dans les Lignes Directrices en matière d’Ethique et de Durabilité (Ethics and Sustainability Guidelines).
Le pourcentage de nouveaux investissements pour lesquels le Fonds obtient des preuves quantifiées d’activités visant à éviter les émissions de CO2, à produire de l’énergie renouvelable ou à remplacer des matières vierges (preuve de la Mesure de Contribution à la Transition (Transition Contribution Metric), décrite ci-dessous dans la section Stratégie d’Investissement (Investment Strategy)), sera maintenu à 100%.
Aucun indice de référence n’a été désigné pour atteindre les caractéristiques environnementales promues par le Fonds.
5. German translation
Das Investitionsmandat des „P Capital Partner Transition Partner Fund“ (nachfolgend „PCP Transition“ oder „Fonds“) bezieht sich auf die Gewährung von Fremdkapital an Unternehmen, die eine Transition betreffend die folgenden Ziele vorantreiben oder ermöglichen:
• „Net-Zero Emissions Economy“; und/oder
• Kreislaufwirtschaft.
Der Fonds investiert in drei Kategorien von Unternehmen: Kohlenstoffneutrale Unternehmen, Unternehmen der Kreislaufwirtschaft, Unternehmen, übergangsfähige Unternehmen, die durch ihr Geschäftsmodell anderen Unternehmen die Erreichung dieser Ziele ermöglichen. Die Allokation der Vermögensgegenstände des Fonds in Bezug auf diese Unternehmen beträgt 100%.
Der Fonds fördert überdies ökologische Merkmale durch den Ausschluss bestimmter Sektor aus seinem Investmentuniversum und durch die Förderung ethischer Standards.
Alle zuvor beschriebenen Berücksichtigungen in Bezug auf ESG werden in jedem Investitionsprozess berücksichtigt, insbesondere 1) Stage zero analysis; 2) Stage One-Two Analysis, 3) Due Diligence, und 4) Überprüfung.
Durch die Investmentstrategie erfüllt der Fonds die folgenden Merkmale der Anteil der Investitionen (bezogen auf das NAV), abgeleitet von significant revenue (wie nachfolgend definiert) aus wirtschaftlichen Aktivitäten oder Sektoren, die durch negative Ausschlusskriterien auf Grund der unten näher beschriebenen Ethics and Sustainability Guidelines ausgeschlossen werden ist 0%.
Der prozentuale Anteil neuer Investitionen, von denen der Fonds quantifizierte Nachweise über Aktivitäten zur Vermeidung von CO2-Emissionen, Generierung von erneuerbaren Energien oder Ersetzung von Neumaterialien (Nachweis einer Transition Contribution Metric, wie im Abschnitt zur Investmentstrategie beschrieben) erhält, wird bei 100% erhalten.
Es wurde kein Index als Referenzwert bestimmt, um die ökologischen Merkmale zu erreichen, die der Fonds fördert.
6. Italian translation
Il mandato di investimento del fondo P Capital Partners Transition Partner Fund (“PCP Transition” o il “Fondo”) è quello finanziare a titolo di debito società che promuovono o facilitano una transizione verso:
• un’economia a emissioni nette zero, e/o
• un’economia circolare.
Il Fondo investe in tre categorie di società: società a emissioni zero, attive nell’ambito dell’economia circolare o società a transizione pronta, ovvero società che consentono ad altri di raggiungere tali obiettivi nell’ambito dei propri modelli di business. L’asset allocation del Fondo in tali società è pari al 100%.
Il Fondo, inoltre, promuove caratteristiche ambientali escludendo investimenti in taluni settori e promuovendo standard etici.
Tutte le suddette considerazioni ESG sono incluse nel processo decisionale di investimento del Fondo, comprese le seguenti fasi 1) Stage zero analysis; 2) Stage one-two analysis; 3) Due diligence, e 4) Review.
Attraverso l’attuazione della strategia di investimento, il Fondo mantiene allo 0% la quota di investimenti (calcolata su base NAV) che traggono ricavi significativi (come infra definiti) da attività ovvero settori economici esclusi in base ai criteri di valutazione negativa previsti nelle Ethics and Sustainability Guidelines.
Mantiene al 100% la percentuale di nuovi investimenti da cui il Fondo ottiene evidenze su base quantitativa di attività che consentano di evitare emissioni di CO2, di generare energia rinnovabile, ovvero sostituire materiali vergini (Transition Contribution Metric, come infra descritto nella sezione della Strategia di Investimento).
Non è stato designato alcun benchmark di riferimento per il raggiungimento delle caratteristiche ambientali promosse dal Fondo.
7. Norwegian translation
Investeringsmandatet til P Capital Partner Transition Partner Fund (”PCP Transition” eller ”Fondet”) er å tilby fremmedkapital til selskaper som driver eller muliggjør skiftet til:
• en netto nullutslippsøkonomi og/eller
• en sirkulær økonomi.
Fondet investerer i tre kategorier selskaper: karbonnøytrale selskaper, sirkulære selskaper, selskaper som er overgangsklare eller selskaper som gjør det mulig for andre å oppnå disse målene i sine forretningsmodeller. Fondet allokerer 100% av sine aktiva til slike selskaper.
Fondet fremmer også miljømessige egenskaper ved å ekskludere enkelte sektorer fra sitt investeringsunivers og ved å fremme etiske standarder.
Alle ESG-hensynene beskrevet ovenfor er integrert i Fondets prosess for å selektere investeringer, herunder 1) ”Stage zero”-analysen, 2) ”Stage one-two”-analysen”, 3) Due diligence og 4) Review.
Gjennom å anvende denne investeringsstrategien holder Fondet andelen av investeringer (beregnet ut fra NAV) som oppnår vesentlige inntekter (”significant revenue”, som definert nedenfor) fra økonomiske aktiviteter/sektorer som er ekskludert på grunnlag av de negative vurderingskriteriene angitt i Fondets Ethics and Sustainability Guidelines nærmere beskrevet nedenfor, på 0%.
Fondets prosentandelen av nye investeringer hvorfra Fondet mottar kvantitative bevis på aktiviteter som unngår CO2-utslipp, produserer fornybar energi eller erstatter jomfruelige materialer (bevis på Transition Contribution Metric, beskrevet nedenfor under Investment Strategy), holdes på 100%.
Ingen bestemt indeks er utpekt som referanseverdi for å oppnå de miljømessige egenskapene Fondet fremmer.
8. Spanish translation
El mandato de inversión del fondo P Capital Partner Transition Partner Fund (”PCP Transition” o el “Fondo”) consiste en proporcionar financiación a través de deuda a empresas que impulsen o permitan una transición hacia:
• una economía de emisiones netas cero, y/o
• una economía circular.
El Fondo invierte en tres categorías de empresas: neutras en emisiones de carbono, circulares o que están listas para la transición, o aquellas que permiten a otras alcanzar estos objetivos en sus modelos de negocio. La asignación de activos a este tipo de empresas en el Fondo es del 100%.
El Fondo también promueve características medioambientales al excluir determinados sectores de su universo de inversión y promover normas éticas.
Todas las consideraciones ASG descritas anteriormente se incluyen a lo largo del proceso de toma de decisiones de inversión del Fondo, incluyendo (1) Etapa cero de análisis; (2) el análisis de la etapa uno-dos, (3) la diligencia debida, y (4) la Revisión.
Mediante la aplicación de la estrategia de inversión, el Fondo mantiene en el 0% el porcentaje de inversiones (en términos de valor liquidativo) que obtienen ingresos significativos (según se define más adelante) de actividades/sectores económicos excluidos con base a los criterios de evaluación negativa establecidos en las Directrices de Ética y Sostenibilidad que se describen más adelante.
El porcentaje de nuevas inversiones de las que el Fondo obtenga pruebas cuantificadas de actividades para evitar emisiones de CO2, generación de energía renovable o sustitución de materiales vírgenes (prueba de la Métrica de Contribución a la Transición, descrita más adelante en la sección Estrategia de Inversión), se mantendrá en el 100%.
No se ha designado ningún índice de referencia para alcanzar las características medioambientales promovidas por el Fondo.
9. Swedish translation
Investeringsmandatet för P Capital Partners Transition Partners Fund (”PCP Transition” eller ”Fonden”) är att tillhandahålla skuldfinansiering till företag som driver eller möjliggör en omställning till:
• en netto-nollutsläppsekonomi; och/eller
• en cirkulär ekonomi.
Fonden investerar i tre företagskategorier: koldioxidneutrala, cirkulära eller övergångsfärdiga företag eller företag med en affärsmodell som möjliggör för andra att nå dessa målen. Fonden allokerar 100% av sina tillgångar till sådana företag.
Fonden främjar också miljörelaterade egenskaper genom att exkludera vissa sektorer från sitt investeringsuniversum och främja etiska standarder.
Alla ovan beskrivna ESG-överväganden inkluderas genomgående i Fondens beslutsprocess för investeringar, inklusive 1) Stage zero-analysen; 2) Stage one-two-analysen; 3) Due Diligence; och 4) Utvärdering.
Genom att tillämpa investeringsstrategin upprätthåller Fonden att andelen investeringar (i förhållande till NAV) som uppbär väsentliga intäkter (enligt nedan definition) från ekonomiska aktiviteter/sektorer som exkluderas enligt de negativa utvärderingskriterierna i nedan beskrivna Ethics and Sustainability Guidelines, är 0%.
Procentandelen nya investeringar där Fonden uppnår kvantitativa bevis på aktiviteter för att undvika koldioxidutsläpp, generera förnybar energi eller ersätta jungfruliga material (bevis på Transition Contribution Metric, som beskrivs nedan i avsnittet Investeringsstrategi), kommer att bibehållas på 100 %.
Inget referensvärde har utsetts i syfte att uppnå de miljörelaterade egenskaper som Fonden främjar.
PCP V started its investment period in October 2022.
PCP V continues the debt investment strategy successfully executed by PCP since 2002, focusing on financing to companies in Northern Europe in need of capital for expansion, acquisitions, restructuring and refinancing as well as investments in public high-yield bonds.
P Capital Partners Corporate Credit Fund V– Sustainability Information
Summary
The P Capital Partner Corporate Credit Fund’s (PCP Corporate Credit) provides debt financing to companies whose business models obtain a high-level of ethical standard, or in other words fulfil all of the Fund’s positive assessment criteria as set out in the Ethical Policy and/or companies that work actively to reduce their negative environmental impact.
Furthermore, the fund integrates ESG considerations throughout the investment decision making process in respect of the Fund based on the Ethics and Sustainability Evaluation Process, including the (1) Stage zero analysis, (2) Stage one-two analysis, (3) Due Diligence, and (4) Review, as further described under section D. Investment Strategy. With respect to the above, the PCP Corporate Credit uses the Negative Assessment Criteria and the Positive Assessment Criteria to select investments to attain the environmental and social characteristics promoted by the Fund.
Through the application of the investment strategy, the PCP Corporate Credit ensures that the Fund:
- Maintains the share of investments (in terms of NAV) deriving significant revenue (as defined below) from economic activities/sectors that are excluded based on the negative assessment criteria set out in the Ethical Policy further described below, at 0%.
- Maintains the share of investments (in terms of NAV) in compliance with the Fund’s the responsible governance and corruption criteria, the human rights criteria, and the climate change and environment criteria as part of the Fund’s positive assessment criteria, at 100% (excluding cash, cash equivalents, etc.).
The percentage of new investments with an ethical standard below high will be maintained at 0%.
The above are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product.
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the fund.
No sustainable investment objective
This fund promotes environmental or social characteristics, but does not have as its objective sustainable investments.
Environmental or social characteristics of the financial product
PCP Corporate Credit provides debt financing to companies whose business models obtain a high-level of ethical standards, or in other words fulfil all of the Fund’s positive assessment criteria as set out in the Ethical Policy (described below) and/or companies that work actively to reduce their negative environmental impact.
To that end, PCP has adopted a set of Ethics and Sustainability Guidelines, which sets out the said positive and negative assessment criteria in relation to ESG aspects. PCP shall use commercially reasonable efforts to ensure that all of the PCP Corporate Credit’s investments are made in accordance with these Guidelines.
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the Partnership.
Investment strategy & methodologies
PCP Corporate Credit is a debt fund whose purpose is to provide mid-sized companies in Northern Europe funding to enable them to realise their potential. PCP sees good ethics and a holistic view on sustainability as a prerequisite for companies to be able to deliver long-term return. Incorporating the ethics and the sustainability aspects in the investment process as an active credit investor and loan provider supports the Funds’ overall goals.
PCP has integrated ESG considerations throughout the investment decision making process in respect of the Fund based on the below “Ethics and sustainability Evaluation Process”:
- Stage zero analysis: Check that the company or company group comply with the negative assessment criteria as well as the positive assessment criteria.
- Stage one-two analysis: Engage the ESG committee in investment processes where the Ethics and Sustainability aspect is viewed material and ensure that the initial analysis conducted on the positive assessment criteria achieves a satisfactory outcome.
- Due diligence: Validate the initial analysis of the positive assessment criteria from the stage two analysis.
- Review: Review all existing investments at least annually to validate and ensure that the underlying positive assessment criteria are satisfied.
With respect to the above, PCP uses the following elements to select investments to attain the environmental and social characteristics promoted by the Fund:
- Negative Assessment Criteria.
The negative assessment criteria are checked early in the process (stage zero analysis). If the company or the company group do not comply with the negative assessment criteria, the PCP Corporate Credit refrains from making the investment. PCP, through its investment, will not participate in companies or company groups deriving revenue (i.e., typically this means the lower of (i) one percent of the reported income or (ii) EUR one million) to certain economic activities/sectors that are involved in unethical practices.
The full list of excluded sectors is
- alcohol and other recreational drugs,
- gambling,
- pornography,
- tobacco,
- weapons and
- certain raw materials.
Furthermore, PCP Corporate Credit will not invest in capital in securities issued by companies or company groups who have any business undertaking in any occupied territory or which is an industrial real estate business whose main purpose is to provide real estate for any of the activities restricted by the negative assessment criteria or who otherwise provide real estate that has been modified to a point exceeding what can be considered normal tenant adaption, to facilitate any of the activities restricted by the negative assessment criteria.
- Positive Assessment Criteria
PCP Corporate Credit chooses to invest the Funds’ capital in responsible companies or company groups. Prior to any investment the investment team is expected, through the Ethics and sustainability Evaluation Framework, to make a preliminary analysis of the positive assessment criteria listed below to ensure an acceptable outcome. The positive assessment criteria, all of which companies need to fulfil to meet the Fund’s high-level of ethical standards, are:
- a) Responsible governance and Corruption (G) – Uphold responsible governance, meaning make efforts to systematically prevent all forms of bribery and corruption in their business relations.
– Systematically prevent means having a strategy and action plan to enhance responsible governance and to counter corruption. Suitable strategies of responsible governance are based for example on the OECD Guidelines for Multinational Enterprises and the United Nations Global Compact. Suitable strategies to counter corruption are based for example on the activity principles produced by Transparency International.
– By all forms of bribery and corruption is meant both direct and indirect forms.
– Business relations include subsidiary companies, joint venture partners, agents, suppliers and other business partners.
- b) Climate and environment (E) – Companies that work to actively reduce their negative environmental impact, by the company or company group having defined the most important goals for its environmental work and has objectives for its environmental strategy and has produced a strategy and an action plan with a timeframe or working consistently to reduce the company’s negative environmental impact. PCP Corporate Credit collects information on the carbon footprint from its portfolio companies.
- c) Human rights (S) – Additionally, PCP shall seek to influence companies to systematically work with fundamental work rights for their employees and to have a policy, code of conduct or equivalent which includes human rights as defined in the International Labor Organization’s Convention.
All existing investments are reviewed at a minimum of once per year to validate that the positive assessment criteria remains satisfied.
As a result of the positive and negative assessment criteria, when the PCP Corporate Credit sees business models obtaining a high ethical standard, the Fund may over-allocate to those industries.
Proportion of investments
100% of the fund’s assets are invested in accordance with the investment objectives of the fund.
Monitoring of environment or social characteristics
PCP Corporate credit includes ESG issues in its investment process. The fund requires information undertakings on behalf of the borrower on environmental and social factors, and monitors these as part of overall loan monitoring.
Investments that fail to achieve a satisfactory outcome based on the positive assessment criteria are monitored during the investment period, the PCP Corporate Credit shall work actively and systematically to influence the company through its board observer seat and where applicable also formulate action plans. Actively influence means to influence the companies to adopt and implement a policy, code of conduct or similar where needed.
Good governance
To further ensure good governance practices of the investee companies, PCP Corporate Credit follows the Ethics and Sustainability Guidelines it has adopted. Additionally, PCP has developed a Code of Conduct, which sets out the PCP core values and is shared with all companies in which the Fund invests. By sharing it, the PCP Corporate Credit communicates its core values which shall also apply in its investment activities.
Principal Adverse Impacts
This financial product does not consider principal adverse impacts on sustainability factors.
Proportion of Investments
The Fund is expected to invest at least 98% of its NAV in assets that are aligned with one or several of the environmental and/or social characteristics promoted by the Fund.
The Fund can invest up to 2% of its NAV in cash, cash equivalents, and/or hedging instruments.
EU taxonomy
The Fund does not currently commit to invest in any “sustainable investment” within the meaning of the SFDR or the Taxonomy Regulation, accordingly the minimum share of Taxonomy-aligned investments is 0%.
Data sources and processing
The Ethics and sustainability Evaluation Process includes assessment based on external market information as well as information received from the potential investment. The data source on company performance on indicators monitored by PCP Corporate Credit are the investee companies themselves. To ensure data quality, PCP Corporate Credit requests the company verifies this information with the management team before sharing it with us, and additionally provides national or industry recognised benchmark reference data that is publicly available for the agreed upon indicator. PCP normally have an information undertaking on environmental and/or social characteristics as part of the PCP corporate credit loan agreements. PCP corporate credit requests to receive this information at least on an annual basis. Additionally, PCP subscribes to industry established sustainability data portals, including the Value Reporting Foundation and Upright, and may use this data to benchmark the information it receives from the investee companies, or finds in the public market.
The limitations to methodologies and data include scarce data availability from investee companies, and lack of specification of some disclosure methodologies on specific indicators.
Due diligence, monitoring and engagement policies
Due diligence carried during the investment analysis period departs from a focus on the material aspects for each industry. Material aspects are evaluated on an industry and company level.
The outcome of the due diligence defines which aspects shall be monitored during the investment period. Where deemed as needed, PCP Corporate credit shall actively and systematically influence the company through the loan agreement and board observer seat. Actively influence means to influence the companies to e.g. formulate action plans with measurable targets, adopt and implement a policy, code of conduct or similar. As such, engagement is based on dialogue, monitoring processes and legal obligation of the borrower in relation to the loan agreement.
The investment team is augmented by an advisory network to collaborate on investment selections and assessments with critical knowledge around the environmental and social characteristics promoted.
The fund undertakes a range of engagement activities in order to affect and influence companies in a sustainability context. In line with PCP Corporate Credit’s Ethical and Sustainability Guidelines, the fund actively and systematically influences the company through the loan agreement and board observer seat. As such, engagement is based on dialogue, monitoring processes and legal obligation of the borrower in relation to the loan agreement.
1. English
1.1 P Capital Partners Corporate Credit Fund AB
The P Capital Partners Corporate Credit Fund’s (“PCP Corporate Credit” or the “Fund”) provides debt financing to companies whose business models obtain a high-level of ethical standard, or in other words fulfil all of the Fund’s positive assessment criteria as set out in the Ethical Policy and/or companies that work actively to reduce their negative environmental impact.
Furthermore, the Fund integrates ESG considerations throughout the investment decision making process in respect of the Fund based on the Ethics and Sustainability Evaluation Process, including the (1) Stage zero analysis, (2) Stage one-two analysis, (3) Due Diligence, and (4) Review, as further described under section D. Investment Strategy. With respect to the above, the PCP Corporate Credit uses the negative assessment criteria and the positive assessment criteria to select investments to attain the environmental and social characteristics promoted by the Fund.
Through the application of the investment strategy, the PCP Corporate Credit ensures that the Fund:
1. Maintains the share of investments (in terms of NAV) deriving significant revenue (as defined below) from economic activities/sectors that are excluded based on the negative assessment criteria set out in the Ethical Policy further described below, at 0%.
2. Maintains the share of investments (in terms of NAV) in compliance with the Fund’s responsible governance and corruption criteria, human rights criteria, and climate change and environment criteria as part of the Fund’s positive assessment criteria, at 100% (excluding cash, cash equivalents, etc.).
The percentage of new investments with an ethical standard below high will be maintained at 0%.
The above are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by the Fund.
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the Fund.
2. Danish translation
P Capital Partners Corporate Credit Fund AB
P Capital Partner Corporate Credit Fund (”PCP Corporate Credit” eller ”Fonden”) yder gældsfinansiering til virksomheder, hvis forretningsmodeller opnår en høj etisk standard, eller med andre ord opfylder alle Fondens positive vurderingskriterier som fastsat i den Etiske Politik og/eller virksomheder, der arbejder aktivt for at reducere deres negative miljøpåvirkning.
Endvidere integrerer Fonden ESG-betragtninger i hele investeringsbeslutningsprocessen i forhold til Fonden baseret på Processen for Evaluering af Etik og Bæredygtighed, herunder (1) Fase nul-analyse, (2) Fase et-to analyse, (3) Due diligence og (4) Gennemgang, som beskrevet yderligere under afsnit D. Investeringsstrategi. Med hensyn til ovenstående anvender PCP Corporate Credit de negative vurderingskriterier og de positive vurderingskriterier til at udvælge investeringer, der skal opfylde de miljømæssige og sociale karakteristika, som Fonden fremmer.
Gennem anvendelsen af investeringsstrategien sikrer PCP Corporate Credit, at Fonden:
1. Fastholder andelen af investeringer (i form af indre værdi (NAV)), der opnår betydelige indtægter (som defineret nedenfor) fra økonomiske aktiviteter/sektorer, der er udelukket på grundlag af de negative vurderingskriterier, der er fastsat i den Etiske Politik, som beskrives yderligere nedenfor, på 0 %.
2. Fastholder andelen af investeringer (i form af NAV), der overholder Fondens kriterier for ansvarlig regeringsførelse og korruption, menneskerettighedskriterierne og klimaændrings- og miljøkriterierne som en del af Fondens positive vurderingskriterier, på 100 % (eksklusive kontanter, likvide midler etc.).
Procentdelen af nye investeringer med en etisk standard under høj vil blive fastholdt på 0 %.
Ovenstående er de bindende elementer i den investeringsstrategi, som anvendes til at udvælge de investeringer, der skal opfylde hver af de miljømæssige eller sociale karakteristika, som Fonden fremmer.
Der er ikke udpeget noget referencebenchmark med henblik på at opnå de miljømæssige eller sociale karakteristika, der fremmes af Fonden.
3. Dutch translation
Het P Capital Partner Corporate Credit Fund (“PCP Corporate Credit” of het “Fonds”) verstrekt schuldfinanciering aan ondernemingen waarvan de bedrijfsmodellen een hoog niveau van ethische standaard bereiken, of anders gezegd aan alle positieve beoordelingscriteria van het fonds voldoen zoals uiteengezet in het Ethisch Beleid en/of ondernemingen die zich actief inzetten om hun negatieve milieu-impact te verminderen.
Voorts worden ESG-overwegingen door het Fonds geïntegreerd in het besluitvormingsproces omtrent investeringen op basis van het Evaluatieproces voor Ethiek en Duurzaamheid, onder meer bij (1) fase nul-analyse, (2) fase één-twee-analyse, (3) due diligence, en (4) beoordeling/evaluatie, zoals verder beschreven in deel D van de Beleggingsstrategie.
Met betrekking tot het bovenstaande gebruikt PCP Corporate Credit de negatieve beoordelingscriteria en de positieve beoordelingscriteria om investeringen te selecteren om de milieu- en sociale doelstellingen te bereiken die door het fonds worden bevorderd.
Door de toepassing van de beleggingsstrategie zorgt het PCP Corporate Credit Fonds ervoor dat:
1. Het aandeel van de beleggingen (uitgedrukt in NAV) die aanzienlijke inkomsten genereren (zoals hieronder gedefinieerd) uit economische activiteiten/sectoren die zijn uitgesloten op basis van de negatieve beoordelingscriteria uit het Ethisch Beleid (hieronder nader beschreven) op 0% blijft.
2. Het aandeel van beleggingen (uitgedrukt in NAV) die voldoen aan de criteria voor verantwoord bestuur en corruptie, de mensenrechtencriteria en de criteria voor klimaatverandering en milieu als onderdeel van de positieve beoordelingscriteria van het Fonds, op 100% (exclusief contanten en daarmee vergelijkbare instrumenten etc.) blijft.
Het percentage aan nieuwe investeringen met ethische standaarden die lager dan ’hoog’ kwalificeren wordt op 0% behouden.
Het voorgaande wordt beschouwd als de bindende elementen van de beleggingsstrategie. Deze bindende elementen worden gebruikt om de investeringen te selecteren die elk om de door het Fonds bevorderde milieu- of sociale doelstellingen moeten bereiken.
Er is geen referentiebenchmark aangewezen om de door het Fonds bevorderde milieu- of sociale doelstellingen te bereiken.
4. French translation
P Capital Partners Corporate Credit Fund AB
Le fonds P Capital Partners Corporate Credit Fund (“PCP Corporate Credit” ou le “Fonds”) fournit un financement par la dette aux entreprises dont les modèles d’entreprise atteignent un niveau élevé de normes éthiques, ou en d’autres termes remplissent l’ensemble des critères d’évaluation positifs du Fonds tels que définis dans la Politique Ethique (Ethical Policy) et/ou aux entreprises qui travaillent activement à la réduction de leur impact environnemental négatif.
En outre, le Fonds intègre des considérations ESG tout au long du processus de prise de décisions d’investissement concernant le fonds sur la base du Processus d’Evaluation de l’Ethique et de la Durabilité (Ethics and Sustainability Evaluation Process), y compris (1) Analyse de l’étape zéro (Stage zero analysis), (2) l’Analyse de l’étape un-deux (Stage one-two analysis), (3) la Diligence raisonnable (Due Diligence) et (4) la Revue (Review), comme cela est décrit plus en détails à la section D. Stratégie d’investissement (Investment Strategy). En ce qui concerne ce qui précède, PCP Corporate Credit utilise les critères d‘evaluation négatifs et les critères d’evaluation positifs pour sélectionner les investissements afin d’atteindre les caractéristiques environnementales et sociales promues par le Fonds.
Au travers de l’application de la stratégie d’investissement, le PCP Corporate Credit s’assure que le Fonds :
1. Maintient à 0% la part des investissements (en termes de VNI (NAV)) tirant des revenus significatifs (tels que définis ci-dessous) d’activités/secteurs économiques exclus sur la base des critères d’évaluation négatifs définis dans la Politique Ethique (Ethical Policy) décrite plus en détails ci-dessous.
2. Maintient à 100% la part des investissements (en termes de VNI (NAV)) conformes aux critères de gouvernance responsable et de corruption, aux critères relatifs aux droits de l’homme et aux critères relatifs au changement climatique et à l’environnement, dans le cadre des critères d’évaluation positifs du Fonds (à l’exclusion des liquidités, des équivalents de liquidités, etc.)
Le pourcentage de nouveaux investissements dont la norme éthique est inférieure à la valeur élevée sera maintenu à 0%.
Les éléments ci-dessus sont des éléments contraignants de la stratégie d’investissement utilisée pour sélectionner les investissements permettant d’atteindre chacune des caractéristiques environnementales ou sociales promues par le Fonds.
Aucun indice de référence n’a été désigné pour atteindre les caractéristiques environnementales ou sociales promues par le Fonds.
5. German translation
P Capital Partners Corporate Credit Fund AB
Der „P Capital Partner Corporate Credit Fund“ (nachfolgend „PCP Corporate Credit“ oder „Fonds“) gewährt Fremdkapital an Unternehmen, deren Geschäftsmodell ein hohes Maß an ethischen Standards erreichen. Mit anderen Worten ausgedrückt, erfüllen diese Unternehmen die positiven Beurteilungskriterien des Fonds, die sich aus der Ethical Policy ergeben oder es handelt sich um Unternehmen, die aktiv an der Reduzierung ihrer negative Umwelteinflüsse arbeiten.
Darüber hinaus integriert der Fonds Berücksichtigungen in Bezug auf ESG innerhalb des gesamten Prozesses zur Investmententscheidung mit Bezug zum Ethics and Sustainability Evaluation Process des Fonds, insbesondere (1) Stage zero analysis, (2) Stage one-two analysis, (3) Due Diligence und (4) Überprüfung, wie näher in Abschnitt D. „Investment Strategy“ beschrieben. In Bezug auf das Beschriebene, benutzt die PCP Corporate Credit negative und positive Ausschlusskriterien um Investments auszuwählen, die die ökologischen und sozialen Merkmale, die der Fonds fördert, zu erreichen.
Durch die Anwendung der Investmentstrategie, versichert PCP Corporate Credit, dass der Fonds die folgenden Merkmale erfüllt.
1. Der Anteil der Investitionen (bezogen auf das NAV), abgeleitet von significant revenue (wie nachfolgend definiert) aus wirtschaftlichen Aktivitäten oder Sektoren, die durch negative Ausschlusskriterien auf Grund der unten näher beschriebenen Ethical Policy ausgeschlossen werden, wird bei 0% erhalten.
2. Der Anteil der Investitionen (bezogen auf das NAV) in Übereinstimmung mit den Kriterien des Fonds verantwortungsvoller Unternehmensführung, Korruption, Menschenrechten und Klimawandel und ökologischen Kriterien, als Teil der positiven Beurteilungskriterien, wird bei 100% erhalten (exklusive Bargeld, Bargeldäquivalenten, etc.).
Der prozentuale Anteil neuer Investitionen mit einem ethischen Standard unter „high“ wird bei 0% erhalten.
Das zuvor Beschriebene enthält die bindenden Elemente der Investmentstrategie zur Auswahl der Investments, die die sozialen und ökologischen Merkmale erreichen sollen, die der Fonds fördert.
Es wurde kein Index als Referenzwert bestimmt, um die sozialen oder ökologischen Merkmale zu erreichen, die der Fonds fördert.
6. Italian translation
P Capital Partners Corporate Credit Fund AB
Il fondo P Capital Partners Corporate Credit Fund (“PCP Corporate Credit” o il “Fondo”) fornisce finanziamenti a titolo di debito a società i cui modelli di business si attengano a livelli elevati di standard etici ovvero soddisfino i criteri di valutazione positiva del Fondo come previsto nella Ethical Policy e/o a società impegnate attivamente nella riduzione del loro impatto negativo sull’ambiente.
Il Fondo, inoltre, integra considerazioni ESG nel corso dell’intero processo decisionale di investimento sulla base del Ethics and Sustainability Evaluation Process, comprese le seguenti fasi (1) Stage zero analysis, (2) Stage one-two analysis, (3) Due Diligence, e (4) Review, come meglio descritto nella sezione D. In relazione a quanto sopra indicato, PCP Corporate Credit utilizza i criteri di valutazione negativa e criteri di valutazione positiva per selezionare gli investimenti al fine di soddisfare le caratteristiche ambientali e sociali promosse dal Fondo.
Attraverso l’attuazione della strategia di investimento, PCP Corporate Credit assicura che il Fondo:
1. Mantenga allo 0% la quota di investimenti (calcolata su base NAV) che traggono ricavi significativi (come infra definiti) da attività ovvero settori economici esclusi in base ai criteri di valutazione negativa previsti nelle Ethical Policy descritte di seguito.
2. Mantenga al 100% la quota di investimenti (calcolata su base NAV, ed escludendo dal computo la liquidità o equivalenti della stessa) conformi ai criteri di governance responsabile, lotta alla corruzione, rispetto dei diritti umani, cambiamento climatico e tutela dell’ambiente quali elementi dei criteri di valutazione positiva del Fondo.
La percentuale di nuovi investimenti con uno standard etico inferiore ad alto verrà mantenuta allo 0%.
Quelli descritti in precedenza costituiscono gli elementi vincolanti della strategia di investimento usata per selezionale gli investimenti al fine di soddisfare le caratteristiche ambientali o sociali promosse dal Fondo.
Non è stato designato alcun benchmark di riferimento per il raggiungimento delle caratteristiche ambientali e sociali promosse dal Fondo.
7. Norwegian translation
P Capital Partners Corporate Credit Fund AB
P Capital Partner Corporate Credit Fund (“PCP Corporate Credit” eller “Fondet”) tilbyr fremmedkapital til selskaper med forretningsmodeller som oppnår et høyt nivå av etiske standarder, dvs. selskaper som oppfyller alle Fondets positive vurderingskriterier som angitt i Ethical Policy, og/eller selskaper som jobber aktivt for å redusere sin negative innvirkning på miljøet.
Videre integrerer Fondet ESG-vurderinger i hele sin prosess for å selektere investeringer, basert på sin Ethics and Sustainability Evaluations Process, herunder (1) ”Stage zero”-analysen, (2) ”Stage one-two”-analysen, (3) Due Diligence og (4) Review, som nærmere beskrevet under del D. Investment Strategy. I prosessen beskrevet i det foregående, bruker PCP Corporate Credit sine negative vurderingskriteriene og positive vurderingskriteriene for å selektere investeringer for å oppnå de miljømessige og sosiale egenskapene Fondet fremmer.
Gjennom å anvende denne investeringsstrategien, sikrer PCP Corporate Credit at Fondet:
1. holder andelen av investeringer (beregnet ut fra NAV) som oppnår vesentlige inntekter (”significant revenue”, som definert nedenfor) fra økonomiske aktiviteter/sektorer som er ekskludert på grunnlag av de negative vurderingskriteriene angitt i Fondets Ethics Policy nærmere beskrevet nedenfor, på 0%.
2. holder andelen investeringer (beregnet ut fra NAV) som er i tråd med Fondets kriterier for forsvarlig styring og korrupsjon, kriterier for menneskerettigheter og kriterier for klimaendringer og miljø (kriterier som inngår i Fondets positive vurderingskriterier), på 100% (ekskludert kontanter, kontantekvivalenter osv.).
Prosentandelen nye investeringer med en etisk standard lavere enn høy vil holdes på 0%.
Elementene redegjort for ovenfor er de bindende elementene i investeringsstrategien benyttet for å velge ut investeringene med henblikk på å oppnå hver av de miljømessige eller sosiale egenskapene som Fondet fremmer.
Ingen bestemt indeks er utpekt som referanseverdi for å oppnå de miljømessige eller sosiale egenskapene Fondet fremmer.
8. Spanish translation
P Capital Partners Corporate Credit Fund AB
El fondo de Crédito Corporativo de P Capital Partner Fund (“PCP Corporate Credit” o el “Fondo”) proporciona financiación de deuda a empresas cuyos modelos de negocio obtienen un alto nivel de estándar ético, o, en otras palabras, cumplen todos los criterios de evaluación positiva del Fondo establecidos en la Política Ética y/o empresas que trabajan activamente para reducir su impacto medioambiental negativo.
Además, el Fondo integra consideraciones ASG en todo el proceso de toma de decisiones de inversión con respecto al Fondo, basándose en el Proceso de Evaluación de Ética y Sostenibilidad, que incluye (1) Etapa cero de análisis, (2) Etapa uno-dos de análisis, (3) Diligencia debida y (4) Revisión, como se describe con más detalle en la sección D. Estrategia de inversión. Con respecto a lo anterior, el PCP Corporate Credit utiliza los criterios de evaluación negativa y los criterios de evaluación positiva para seleccionar inversiones que alcancen las características medioambientales y sociales promovidas por el Fondo.
Mediante la aplicación de la estrategia de inversión, el PCP Corporate Credit garantiza que el Fondo
1. Mantenga en el 0% la cuota de inversiones (en términos de valor liquidativo) que obtengan ingresos significativos (según se define más adelante) de actividades/sectores económicos excluidos sobre la base de los criterios de evaluación negativa establecidos en la Política Ética que se describe más adelante.
2. Mantiene en el 100% el porcentaje de inversiones (en términos de valor liquidativo) que cumplen los criterios de gobernanza responsable y corrupción, los criterios de derechos humanos y los criterios de cambio climático y medio ambiente como parte de los criterios de evaluación positiva del Fondo (excluidos el efectivo, los equivalentes de efectivo, etc.).
El porcentaje de nuevas inversiones con un nivel ético inferior a alto se mantendrá en el 0%.
Los anteriores son los elementos vinculantes de la estrategia de inversión utilizada para seleccionar las inversiones destinadas a alcanzar cada una de las características medioambientales o sociales promovidas por el Fondo.
No se ha designado ningún índice de referencia a efectos de la consecución de las características ambientales o sociales promovidas por el Fondo”
9. Swedish translation
P Capital Partners Corporate Credit Fund AB
P Capital Partners Corporate Credit Fund (“PCP Corporate Credit” eller “Fonden”) tillhandahåller skuldfinansiering till företag vars affärsmodell uppnår en hög nivå av etisk standard, eller med andra ord som uppfyller alla Fondens positiva utvärderingskriterier i enlighet med Ethical Policy och/eller företag som aktivt arbetar med att minska deras negativa miljöpåverkan.
Vidare integrerar Fonden ESG-överväganden genomgående i Fondens beslutsprocess för investeringar, på basis av Ethics and Sustainability Evaluation Process, inklusive 1) Stage zero-analysen; 2) Stage one-two-analysen; 3) Due Diligence; and 4) Utvärdering, vilka beskrivs vidare i avsnitt D Investeringsstrategi. Med hänsyn till ovanstående använder PCP Corporate Credit negativa utvärderingskriterier och positiva utvärderingskriterier för att välja investeringar för att uppnå de miljörelaterade och sociala egenskaper som Fonden främjar.
Genom att tillämpa investeringsstrategin säkerställer PCP Corporate Credit att Fonden:
1. Upprätthåller att andelen investeringar (i förhållande till NAV) som uppbär väsentliga intäkter (enligt nedan definition) från ekonomiska aktiviteter/sektorer som exkluderas enligt de negativa utvärderingskriterierna i nedan beskrivna Ethics and Sustainability Guidelines, är 0%.
2. Upprätthåller att andelen investeringar (i förhållande till NAV) som efterlever Fondens kriterier avseende ansvarsfull styrning och korruption, mänskliga rättigheter, klimatförändring och miljö, som en del av Fondens positiva utvärderingskriterier, är 100% (exklusive kontanter, likvida medel, etc.).
Procentandelen av nya investeringar med en etisk standard under ”hög” kommer bibehållas till 0%.
Det ovan beskrivna är investeringsstrategins bindande element som används för att välja investeringar för att uppnå de miljörelaterade och sociala egenskaper som Fonden främjar.
Inget referensvärde har utsetts i syfte att uppnå de miljörelaterade eller sociala egenskaper som Fonden främjar.