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Code of conduct 


Act in fairness

Fairness means “playing by the rules,” whether legislative or not, based on facts and circumstances. Fairness must also take account of the impact of decisions and actions on others, both as individuals and groups, and how these actions would be perceived.

Rules for conducting business may vary between countries, regions, societies, legal systems and transactions.

“Fairness” can have a regulatory as well as a commercial dimension when considered in the context of relationships with investors. Whilst management must be in accordance with the structure’s strategy and objectives as agreed in the documentation, there are other occasions when we consider the treatment of investors on an individual basis to be satisfied that it is treating them fairly. In particular, we consider carefully whether any particular investor is being given preferential treatment and if so whether this has been disclosed to the other investors. Fairness may not always mean treating everyone the same way, but transparency in this context can be a key element of “fairness”. Legal and regulatory requirements may also make specific provisions relating to disclosures.

Ensuring adequate information is available ensures actions are judged objectively for their fairness. We pay due regard to the information needs of the investors, and communicate, within the confines of confidentiality, adequate information to them in a way which is timely, clear, fair and not misleading.

We ensure clear disclosure and timely communication of relevant and material information.


Act with Integrity

Integrity is the fundamental building block of trust in our business relationships.

Trust is built upon repeated interactions between individuals that involve clarity, reliability, honesty and a high standard of both personal and professional behavior. Integrity implies that our competitive advantage and commercial success are derived through the application of superior individual and collective skill and not through the use of inappropriate pressure, or manipulative, coercive or deceptive devices or practices. We act with integrity towards our customers, consultants, agents, brokers, financial institutions and other stakeholders. In order to maintain these high standards of behaviour we implement and maintain processes and controls to both detect and address conduct that is either unethical or breaks the law.


Maintain confidentiality

In the ordinary course of business, we obtain a range of financial and non-financial information from other market participants and through their role in the managing of investments. Some of this information will be publicly available; however, some will be commercially sensitive and the dissemination of which could cause damage or a financial loss to the information’s owner.

We treat investors information as confidential in so much as they are made aware that, or should expect that, it is confidential or commercially sensitive. Any usage of such information is restricted to what has been agreed with the owner of such information or may be mandated by law or regulation.

In an effort to safeguard the commercial interests of disclosing parties, we take reasonable steps to protect information from inappropriate disclosure and take due care to follow any agreed procedures.


Keep our promises

Ethical business behaviour implies keeping promises regardless of whether or not there is a legal  obligation to do so.

Promises are made in the light of circumstances which are known at the time that the promise is made. Within the industry, commitments are often made subject to conditions such as the provision of further information, carrying out due diligence, the results of uncertain external events and other matters.

Promises are of equal importance regardless of to whom they are made.


Do no harm to the industry

Success in commercial enterprise requires the pursuit of competitive advantage.

The pursuit of competitive advantage is not in itself harmful to the industry. However we conduct our business in a responsible manner and do not engage in practices that are foreseeably damaging to the public image and general interests of the industry and its stakeholders. We promote best practices and a high standard of both personal and professional behaviour to support the wider benefits of long-term, sustainable investment, economic growth and value creation.

We comply with the applicable laws and regulations in the jurisdictions in which we operate. We create lasting value in the companies we advise to. Therefore, causing reputational damage to the industry through the violation of applicable laws and regulation for gain or gratification is harmful to the industry  as a whole.


Disclose conflicts of interest

Conflicts of interest can occur when a person who has a duty to another also has a personal or professional interest that might interfere with the exercise of independent judgment. They inevitably arise within business.

In private equity, conflicts can arise between the advisors and agents, management at beneficiary owners, auditors and portfolio managers, GPs and LPs, etc.

We ensure that all such conflicts of interest are diligently identified and disclosed to all parties concerned.

To facilitate the management of conflicts, we declare our own conflicts of interest in any situation.

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