London-based asset manager Intermediate Capital Group has appointed a new responsible investing officer to integrate environmental, social and governance (ESG) factors across all of its fund strategies.
Palmer was previously at Carlyle Group for seven years, implementing an enhanced ESG framework for Carlyle Europe Partners, which focuses on European leveraged buyout transactions. Prior to that, she also had a seven-year spell at KPMG as a manager in its private equity audit and assurance division.
Private debt has been playing catch-up when it comes to ESG, although attendees at the recent PDI Capital Structure Forum heard that it was becoming an increasing priority. Archie Beeching, head of private markets at the United Nations Principles for Responsible Investment, said that 19 of the firms in our PDI 50 ranking of the asset class’s top fundraisers are currently UNPRI signatories.
ICG has been one of these signatories since 2013, although its activities extend beyond private debt into corporate, capital markets, real assets and private equity. In all, it has nearly €34 billion of assets in third-party funds and proprietary capital, mainly in closed-end funds.
A statement from ICG said Palmer would “work closely with ICG’s business and investment teams as well as portfolio companies to add value to fund investors”. The firm stated its belief that companies successful in managing ESG risks will outperform over the long term.