Parvest Climate Impact
Last updated 11 May 2020, by Impactyield.
Parvest Environmental Opportunities Fund makes investments globally in companies that offer services that improve the environment including water treatment, pollution control, and waste management through clean technologies.
● Parvest Climate Impact helps investors to benefit from the potential growth anticipated in the environmental sector by investing globally in companies specialised in the provision of clean technologies.
● In order to qualify as “sector specialists”, companies must have at least 50% business exposure to the following sub-sectors: renewable energy, energy efficiency, water treatment, pollution control, waste management and environmental services.
● The investment universe comprises c. 660 quoted companies, predominantly small and mid-sized, with a total market cap of c. US$400 billion. The sector’s rapidly evolving technology and regulations lead to widespread mis-pricing of assets and therefore offer a major opportunity for a specialist investor.
● The portfolio invests in 60-80 “sector specialist” and provides full exposure to the earnings growth potential of the environmental sector. The fund maintains a balanced approach between different regions and technologies, and offers the scope for rerating.
Impax’s investment philosophy is based upon the premise that the most profitable approach to listed equity investing is to invest in companies that operate in markets where there are long term themes that underpin growth and where those companies are poorly understood and, therefore, inefficiently priced to provide opportunities for a specialist active manager to add value.
The objective is to generate out-performance over the long term by investing in the most attractive stocks identified by our research intensive, bottom up, stock picking process. Impax does not invest in companies with "average" prospects simply due to their size in the index
Companies in these markets are generally characterised by high levels of corporate activity, low levels of sell-side coverage, rapid technological innovation and regulatory momentum. This means that the sectors we invest in are complex to understand and challenging to navigate, leading to a prevalence of mis-pricing that Impax seeks to exploit for its clients through a specialist focus and expert team.
Affordable and sustainable transport systems
Substantially reduce waste generation
Improve water quality, wastewater treatment and safe reuse
Universal access to modern energy
Increase global percentage of renewable energy
Double the improvement in energy efficiency
Expand and upgrade energy services for developing countries
Key performance indicators
Asset manager: BNP Paribas IP
Product track record: Fund has 13 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Risk-adjusted market-rate of return
Fund domicile: France
Product status: Open - no committed capital
Inception year: 2009
Vintage year: 2009
Target region: Global
Target close date: n.a.
Product term: n.a.
Assets under management: 471,000,000 EUR (Euro)
Investment size: Min: 0; Max: 0; Avg: 0
Currency of investments: EUR (Euro)
Currency for fund / product figures: EUR (Euro)
Fund investments to date: 0
Fund investments to date exited or repaid: 0
Management fee: 2.2%
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: n.a.
Limited Partner / Investor Type: n.a.
Phone number: +33 684154466
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We started by identifying the metrics against which we would measure the impact of the various companies. These included:
-Greenhouse gas (“GHG”) emissions: net impact from GHG emitted less GHG avoided (tonnes of CO2-e)
-Renewable energy: positive impact from renewable energy generated (MWh)
-Water: positive impact from water treated/water saved/clean water provided (litres)
-Materials: positive impact from materials recovered/waste treated (tonnes)
The relevance of each metric was also assessed for each company based on their business activities. The fund has over 80% of the underlying revenue of the portfolio companies generated by sales of environmental products and services. It is also one of the first listed equity fund to demonstrate a net positive carbon impact.