Sustainability in the portfolio

Spotlight on Climate

SavATree, Apax Portfolio Company

Even with limited physical assets in the portfolio, climate and the environment continue to be among the most cited topics by stakeholders.

Climate risk1

This year we completed our first climate risk scenario analysis using the Altitude platform (AXA Climate) and covering 41 portfolio companies. On an AUM-weighted basis, overall exposure is low to medium, in line with expectations for an asset light portfolio. The most material physical hazards are water stress, extreme heat and storms; the main transition drivers are carbon pricing and regulation. We plan to leverage this analysis to sharpen our materiality perspectives and engage with high-exposure portfolio companies accordingly.

Apax PE funds AUM covered in climate risk analysis1

low-medium

overall climate risk exposure1

Financed emissions

Since launching our carbon measurement programme in 2021, we have supported 30+ majority-owned companies to establish baseline GHG inventories across Scopes 1, 2 and material Scope 3 categories. With robust footprints now in place for over 90% of majority owned companies across the Apax Buyout funds, we disclosed financed emissions for the first time in this year’s Task Force on Climate-related Financial Disclosures (TCFD) report. We intend to continue expanding our reported coverage as the portfolio scales.

Decarbonisation*

We also adopted the Private Markets Decarbonisation Roadmap (PMDR) and will begin reporting against the PMDR alignment scale in 2025. The PMDR, a collaborative private markets initiative gaining significant momentum, provides a common, industry-backed language to communicate where portfolio companies are on their decarbonisation journey, enabling consistent and transparent reporting to limited partners. Reflecting our focus on materiality and practical implementation, we hosted our first decarbonisation workshop in London for a subset of the highest-emitting Apax funds' portfolio companies, with planning for a similar US event underway. These workshops are designed to be in-person knowledge-sharing forums where management teams can explore and develop emission reduction initiatives and strategies.

Apax Decarbonisation Workshop, London, August 2025

SavATree, Apax Portfolio Company

Financed emissions1

of financed emissions concentrated across 10 portfolio companies

reduction in emissions intensity2

Financed emissions by Sector

0%

Tech

0%

Services

0%

Consumer/Internet

0%

Legacy Healthcare

Financed emissions by Scope

0%

Scope 1

0%

Scope 2

0%

Scope 3

SavATree, Apax Portfolio Company

  1. As at December 2024. Refer to the 2024 Apax TCFD report for additional details.
  2. Represents percentage reduction in total emissions intensity for Apax Buyout funds' portfolio companies between 2022 and 2024. Emissions intensity is defined as total metric tons of CO2e per $ million of revenue and is calculated on a like-for-like basis, including only companies owned across the full period.