1PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialDanielCook,CFAHeadofQuantitativeResearchInstitutionalResearchGroupAnalysisKeytakeaways1Introduction2OverviewofPRIsignatoryfunds2PerformanceofPRIsignatoryfunds6Privateequity9Realestate10Realassets11Privatedebt12ContentsPublishedonJune6,2023PublishingDesignedbyJennaO’Malleypbinstitutionalresearch@pitchbook.comExaminingtherelationshipbetweenPrinciplesofResponsibleInvestmentsignatorystatusandprivatefundreturnsAre“ESGInvestors”Underperforming?PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.Keytakeaways•TheprevalenceofESGintheprivatemarkets,usingPRIsignatorystatusasaproxy,isgrowing;thenumberofPRIsignatoryGPsincreasedfrom155in2010to2,351in2023,andthecapitalraisedbyprivatePRIsignatoryfundshasscaledto$2.5trillion.•WhilethereisadearthofprivatemarketdataonESGfundperformance,therearetwomaintheoriesaroundhowESGwillinfluenceinvestmentreturns.ThefirstisthatESGimproveslong-termperformancebymitigatingmaterialrisks,andthesecondisthatESGharmsperformancebyplacingartificialconstraintsontheportfolioandcreatingobligationsaroundspendingonunnecessaryoperationalimprovements.•Tohelpaddressthedatagap,weanalyzedthedispersionofIRRandTVPIforPRIsignatoryfundsandnon-signatoryfundsinPE,realestate,realassets,andprivatedebtfrom2010to2018.•Ultimately,wefindnoevidencethatPRIsignatoriesdifferinperformancefromtheirpeersinastatisticallymeaningfulway.AnikkaVillegasAnalyst,FundStrategies&SustainableInvestinganikka.villegas@pitchbook.comZaneCarmean,CFA,CAIALeadAnalyst,QuantitativeandFundsResearchzane.carmean@pitchbook.comParkerDeanAssociateQuantitativeResearchAnalystparker.dean@pitchbook.com群内每日免费分享5份+最新资料300T网盘资源+40万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长……全面赋能！添加微信，备注“入群”立刻免费领取200套知识地图+最新研报收钱文案、增长黑客、产品运营、...
