ESG Incidents and Fundraising in Private Equity by Teodor Duevski, Chhavi Rastogi, Tianhao Yao

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Using a sample of global buyout investments,<br>we find that PE firms experiencing E&S incidents in their portfolio companies are<br>less likely to raise a subsequent fund and the subsequent funds are smaller. The relative size<br>of subsequent funds is 9%-12% smaller for PE firms experiencing above-median number of<br>E&S incidents. The decrease in capital commitment does not seem to be related to fund<br>performance, instead it is driven by E&S concerns of limited partners (LPs). LPs trade off<br>their E&S concerns with cost of divestment and as a result the impact of E&S incidents<br>is weaker for high reputation PE firms. PE firms relying on E&S-concerned LPs in turn<br>engage with their portfolio companies to manage E&S risk. The threat of “exit” by E&S<br>concerned investors incentivizes PE firms to exert “voice”. <P></p> </div> <center> </center> <p><strong>Keywords:</strong> Private equity, fundraising, buyouts, limited partners, ESG, sustainability</p> <div id="ssrn-paper-declarations-widget" data-papers-api-url="https://api.ssrn.com/papers" data-abstract-id="4641071"></div> <script type="module" src="https://cdn.ssrn.com/ssrn-paper-declarations-widget/app.bundle.js"></script> <p><strong>JEL Classification:</strong> G10, G24, M14</p> <p> <strong class="hidden-xs hidden-sm">Suggested Citation:</strong> <a href="#" class="suggested-citation-btn btn-link visible-xs visible-sm">Suggested Citation<i class="icon icon-gizmo-navigate-right"></i></a> </p> <div id="selectable" onclick="selectText('selectable')" class="suggested-citation"> Duevski, Teodor and Rastogi, Chhavi and Yao, Tianhao, ESG Incidents and Fundraising in Private Equity (November 22, 2023). 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ESG Incidents and Fundraising in Private Equity by Teodor Duevski, Chhavi Rastogi, Tianhao Yao :: SSRN