Castle Hall is pleased to attend this year's GAIM Ops West conference in Palm Springs, California. Today's session focused on the perspectives of investors, with a separate track addressing private equity due diligence.
The ESG discussion ended in a final question. While investors are interested in topics, and certainly require more disclosure (ideally in a more standardized form), how many investors are prepared NOT to allocate if a manager does not meet their ESG criteria? Equally, how many investors will allocate to a "hot" PE manager - even if the level of disclosure and transparency falls short of the investor's policy and requirements imposed on other allocations?
Rome was not built in a day, and it is important to work incrementally to improve procedures, in a sense of partnership between investors and the asset managers in their investment "supply chain".
Equally, at one point in time, AML rules were such that it was fine to not ask for a copy of the passport of someone you knew really well, or someone who would be really offended if you demanded the utility bill. AML is certainly one area where diligence workflow has become standardized, and over time loopholes in asset management diligence will also close.
Looking forward to Day 2!
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