Georgian Purpose Report 2023
Introduction
Looking back at 2023, we witnessed developments in technology, including the continued emergence of Generative AI (GenAI), alongside advancements in sustainability. However, the technology sector as a whole faced continued headwinds. During the year, Georgian celebrated its 15th anniversary in this dynamic market, by revisiting and reaffirming our strategy, focusing on investing in market-leading companies and supporting their growth through our dedicated Value-Add teams - Research & Development (R&D), Customer Success (CS) and Community.
Our commitment to value creation and protection also extends to our focus on Environmental, Social, and Governance (ESG) principles: aligning our investments with our Responsible Investment Policy & Procedures and considering ESG factors as part of our pre-investment diligence of potential investments and post-investment management of our portfolio. We remain dedicated to investing in companies that prioritize environmental sustainability, workplace and labor practices, diversity and inclusion, data privacy, cybersecurity and corporate governance. As a testament to this commitment, we became a UNPRI signatory last year, underscoring our dedication to responsible and sustainable investing.
Internally at Georgian, 2023 was a year of continued effort towards enhanced:
- Corporate Governance and Business Integrity: Enhancing our internal governance model and our compliance program.
- Privacy and Cybersecurity: Enhancing data governance protocols and information security controls.
- Diversity, Equity, and Inclusion (DEI) and Employee Wellbeing: Fostering an inclusive workplace and supporting underrepresented entrepreneurs.
- Climate and Sustainability: Developing our carbon emissions profile in line with the GHG protocol and implementing initiatives such as office waste reduction and carbon offsetting.
We believe that accountable and transparent reporting is important to running an effective ESG program. To measure and enhance our performance on ESG, we refer to industry benchmarks like the ESG Data Convergence Initiative (EDCI), use specialized ESG software and reference our own proprietary frameworks. In 2023, we continued to see increased participation by our portfolio companies in our annual ESG Survey, which allows us to actively engage with our portfolio companies and provide participating companies with reports that are benchmarked against peers and industry standards.
Engagement and collaboration are cornerstones of our approach to active ownership. We work closely with portfolio companies to raise awareness of material ESG topics and utilize our Collective methodology, a multi-company, co-creation approach, to address shared ESG challenges. In 2023, we partnered with executive leaders from Georgian companies on such topics as corporate governance, employee belonging and gender representation in the technology sector.
In this report, we look forward to sharing more about our progress against our ESG priorities, the lessons we’ve learned along the way and our future objectives.
Sonia Lagourgue
Purpose & ESG Leadership, Georgian
About Georgian
Georgian invests in high-growth B2B software companies and builds software to help those companies scale faster. Founded by three former software entrepreneurs, Georgian differentiates based on technical value-add. We seek to identify and accelerate leading growth-stage software companies in our thesis areas of Applied AI, Conversational AI, Trust and Product-Led Purpose. Based in Toronto, Georgian’s team brings together investors with machine learning professionals, software entrepreneurs and experienced operators.
Assets under management
$5.6B
As of December 31, 2023.
Year founded
2008
Georgian was founded by three former software entrepreneurs.
Investments
72
We've made investments in the US, UK, Canada and Israel.
Exits
29
We have supported both IPOs and strategic exits to public and private companies.
R&D team
30
Our AI scientists and engineers are dedicated to solving probles with our customers.
Community members
2000+
Our community is like a private social network for customers.
Responsible Investment Process
Georgian’s responsible investment practices guide our ESG considerations throughout our investment process. Our commitment to responsible investment is underpinned by our Responsible Investment Policy and Procedures, which we review and update annually, and is available on our website.
ESG Diligence
In 2023, one area of focus included our due diligence approach. Screening potential investments for ESG issues helps us understand a company’s maturity level, culture and potential risk areas. It also enhances our overall understanding of the material factors for that company, and prepares us for engagement on these topics at later stages in the process.
Our ESG diligence consists of three phases:
Negative Screening:
Georgian primarily invests in business-to-business (B2B) enterprise software, which means we typically do not encounter opportunities in restricted sectors such as fossil fuels, weapons manufacturing, pornography, tobacco, alcohol and cannabis. Our fund documents may also include sector-specific restrictions, which further limits our exposure to these sectors.
Preliminary Review:
Early in the investment process, we undertake secondary research and review available materials to perform a preliminary ESG-related screen of potential investments. This qualitative review considers material ESG factors such as corporate governance and compliance, social and human rights, and environmental sustainability. This review aims to give our investment team a high-level ESG perspective and may indicate which topics may benefit from a more substantive inquiry as diligence progresses.
Closing Diligence:
As part of our closing diligence of an investment, we perform a comprehensive ESG assessment using the Georgian ESG Survey (see Highlights from Georgian’s 2023 ESG Survey for more details). Georgian analyzes the responses, and prepares a final ESG report, which is presented to the investment team and respective company. Our goal is to make the experience both collaborative and productive, and we bring together key members of the company’s management team, Georgian board representatives and internal professionals (e.g. cybersecurity) to review the company’s existing performance on ESG, and lay the groundwork for further ESG development and support.
Our structured approach to ESG diligence aims to ensure that we not only identify and mitigate sustainability risks but also actively support our portfolio companies in developing their ESG programs over time.
Post-Diligence Planning
After completing ESG diligence, we measure the company's results against an established portfolio benchmark.. We believe that incorporating quantitative metrics and benchmarks helps Georgian and the company to measure and track performance effectively.
During a debrief session, we work with various members of the management team to identify a set of priorities. The goals set during this session aim to mitigate potential ESG risks and advance key growth and operational objectives for the company.
Based on the specified topics, Georgian may offer additional support resources and access to relevant advisors in an effort to help the company progress in their ESG initiatives and overall business objectives.1
Annual Monitoring
On an annual basis, Georgian encourages its portfolio companies to participate in the Georgian ESG Survey.
Using ESG software, and alignment with industry standards like the ESG Data Convergence Initiative (EDCI), this survey allows us to gather key ESG data. 2 The information provided by companies is evaluated both on an aggregate basis year-over-year and on an individual company level. 3 By doing so, we aim to provide an overview of each company's ESG performance.
Additionally, we provide each participating company with a customized ESG performance report, which includes insights and recommendations on how the company can develop its ESG management practices. This report not only identifies potential sustainability risks but also highlights value creation opportunities.
2023 ESG Survey Higlights
Reporting Period:
January 1 - December 31, 2023
4th Annual Cycle
Data Contributors:
95% response rate from 41 surveyed companies.
Data Quality:
88% median response rate to material KPIs; 50% increase from previous year.
Through our annual monitoring efforts, we also develop proprietary benchmarking and portfolio-level ESG performance insights. By summarizing aggregate results, we can identify overall trends, potential risks and opportunities for value creation across our portfolio.
1. Responses provided by companies are not independently verified.
2. Data is collected on a voluntary basis from portfolio companies where Georgian has a board director position.
3. All Survey questions are optional, responding companies can opt-out of providing data for certain metrics. Responses may vary year-over-year.
Engagement & Active Ownership
We engage with companies in a meaningful way that may lead to value on behalf of our investors. With respect to ESG, we strive to understand the unique characteristics of each company and their operating context. Our annual ESG Survey helps us identify overarching trends in the portfolio, as well as evaluate individual company performance on ESG topics in a data-driven way.
With a notable focus on operational efficiency in 2023, companies aimed to balance cost-management with investment in new initiatives. To this end, our data suggests that companies prioritized financially-material ESG topics, particularly those that could help: (1) mitigate risk-related costs, (2) improve productivity and (3) support sales.
Highlights from Georgian’s 2023 ESG Survey
ESG Oversight Gains Momentum with Executives and Boards
In 2023, the survey results indicate a growing engagement with ESG topics among senior leadership and board members of Georgian companies.
Nearly 40% of responding companies indicated that they have identified an executive leader with responsibility for ESG-related topics, nearly double the previous year’s total.
Similarly, almost 30% of responding companies reported that they are providing ESG-related reporting to their boards of directors. This data is in line with National Association of Corporate Directors’ (NACD) 2023 NACD Private Company Board Practices and Oversight Survey4, which found that 30% of private company boards increased their prioritization of ESG issues.
Cyber-risk Management Practices Remain a Priority
The survey data suggests that responding companies are maintaining and/or increasing their efforts to implement cybersecurity and data protection practices, including ensuring strong internal controls with 97% of companies having Employee Security and Privacy policies. Further, 97% of respondents reported providing employee training on the respective policies, a ~6% increase from the previous year.
Approximately 71% of responding companies reported that they have attained certification with globally-recognized cybersecurity standards such as SOC 2 or ISO 27001, and approximately 95% of responding companies reported that they have procedures to actively monitor and report on potential incidents. Lastly, nearly all responding companies (97%) reported that they continue to invest in cyber insurance as a proactive measure.
The data indicates a commitment among companies to bolster their cyber-risk management frameworks in 2023.
Prudent Employment Cost Management Leads to Higher Morale
In 2023, the tech industry saw widespread layoffs affecting numerous companies and sub-sectors.5 Some Georgian companies also faced these challenges, but data from the year indicates responding companies managed employment costs cautiously, indicating an approximately 4% increase in involuntary turnover. Moreover, companies reported enhancing efforts to retain employees, resulting in a 37% decrease in voluntary turnover relative to the previous year.
Additionally, responding companies reported that they have a sustained commitment to cultivating employee morale, with ~87% of companies reporting that they invest in regular employee feedback surveys that have an ~84% employee response rate and a ~77% employee engagement score - 6% higher relative to a comparable industry benchmark.6
Emerging sustainability awareness and climate reporting capabilities
Over the past year, continued acceleration of regulations around climate disclosure and decarbonization has led to sustainability requirements from enterprise customers.7 Navigating complex sustainability standards and emissions data collection hurdles associated with these disclosures may pose significant challenges for growth-stage software companies.8
The integration of advanced AI systems is also altering expectations for software companies, including startups, and driving greater demand for sustainability reporting.9
Our 2023 ESG Survey shows a significant spike of companies responding to climate-related questions compared to previous years. Approximately 73% of respondents provided qualitative responses describing their current carbon emissions reporting capabilities and their intentions for future reporting cycles. Additionally, for the first time, approximately 13% of companies offered quantitative data on their greenhouse gas emissions.10
In our view, these findings indicate a growing awareness and evolving response to regulatory and market expectations regarding sustainability within the technology sector.
Collectives
In addition to highlighting progress on ESG-related topics, Georgian leverages the annual ESG Survey to identify areas where we can offer companies additional support. Furthermore, the survey data allows us to monitor the potential impact of initiatives year-over-year.
Leveraging our Collective method, in 2023, we focused on two opportunities: Employee Belonging and the Policy Hub.
What Is The Collective?
Addressing ESG topics often requires strategic oversight and operational capacity. To support companies as they pursue ESG milestones, we developed a collaboration methodology known as The Collective, which brings together interested companies into a temporary working group that dedicates time, knowledge and resources to solve shared ESG challenges.
Once the projects among workplaces are complete, the learnings and assets they created are made broadly available to all the companies in the Georgian portfolio.
Employee Belonging Initiative
Amid turbulence in the technology sector over the past two years, many companies have sought to boost employee engagement and morale by fostering "Employee Belonging" through volunteerism and charitable giving.11 Studies have linked Belonging programs to enhance productivity, reduce absenteeism and improve retention.12
About the Employee Belonging Initiative:
By working together, over 25 Georgian customers optimized how belonging programs, such as employee volunteerism and charitable giving, are implemented.
Employee belonging refers to an individual's sense of acceptance, inclusion, and identity within their organization. It means feeling valued and being authentic without fear of exclusion. When employees have a strong sense of belonging, they feel comfortable, connected, and engaged in their workplace.
By collaboratively tackling issues such as the lack of executive sponsorship, low employee participation and the absence of measurable results, the initiative developed solutions to common employee belonging program challenges. These solutions included models for executive buy-in, surveys to boost participation and metrics linked to business KPIs.
The outcomes of the Employee Belonging Initiative included:
- Three downloadable and customizable resources, including:
- A survey question bank to generate employee engagement surveys
- A KPI and metrics dashboard to accurately measure the impact of belonging-related initiatives
- An executive dashboard to improve executive sponsorship of such initiatives
- Three challenge maps to help leaders accurately identify barriers to success and key stakeholders
- Three customer-led videos explaining the usage and application of the resources
Data from the 2023 ESG Survey suggests that Georgian portfolio companies increased investment in belonging-related programming like employee volunteerism and charitable giving. Specifically, we’ve seen an ~32% increase in companies implementing formal programs relative to 2022.
Additionally, we have observed that participating companies reported:
- 37% decrease in voluntary turnover relative to the previous year.
- 84% employee participation rate in feedback surveys - 6% increase relative to previous year.
- 77% employee engagement score - consistent with previous year performance and 6% higher relative to a comparable industry benchmark.13
Policy Hub Initiative
As companies scale, we believe it is important that their internal rules, controls and processes keep pace. To help companies navigate the complexity of regulatory compliance, risk management and ethical business practices, we established the Policy Hub Initiative. Through the Growth Network, executives set the goal of the project to: accelerate the maturity of companies' corporate governance posture through efficient and credible policy creation.
Over the course of several months, the Policy Hub Initiative delivered:
- An online directory of 60+ policies, contributed by 24 Georgian companies
- Policies that are classified across key management areas relevant to growth stage software companies, including:
- Cybersecurity/IT
- People Operations/HR
- Diversity, Inclusion, Belonging & Equity (DIBE)
- Financial and Legal
- A request feature for new content for specialized topics or to address new regulations
- A playbook co-developed by company leaders with guidance on developing a governance program.
The assets developed as part of the EBI and Policy Hub Initiative are now housed in the Growth Network and available to its members across all Georgian companies.
Women (and Allies) in Tech
Employee resource groups (ERGs) are a talent management approach that organizations use to foster inclusion, support personal and career development.14 While the benefits of ERGs are numerous, they can be challenging to set up, especially for smaller companies, who may lack sufficient resources and staff sizes to launch and maintain them.15
To help companies de-risk the implementation while still gaining the benefits, the Growth Network partnered with Ilene Vogt to establish a cross-company ERG. Launched in September 2023, the Women (and Allies) in Tech group has delivered programming to 100 members from over 20 portfolio companies in the Georgian community. The group is purpose-built for individuals from genders historically underrepresented in the technology sector, offering a supportive space to share insights and experiences. Participants come together every two months to learn and share knowledge that may be helpful to their professional development.
Recent topics have included:
- Craft Your Unique Personal Brand for Maximum Impact
- Master the Art of Networking Online and In-Person
- Negotiate Your Way to Success and Career Growth
- Thrive by Understanding and Collaborating with Various Personalities
In addition to delivering 100+ engagement hours of programming, the Women (and Allies) in Tech group offers members an online platform with tailored content, a discussion forum and the opportunity to seek peer guidance.
Ilene Vogt, Chief Strategy Officer at Total Exert, has over three decades of marketing, sales, and customer-focused leadership experience. Ilene has been a force in fintech, driving customer digital transformation, aligning internal teams toward revenue goals, and optimizing business processes.
What are employee resource groups?
Employee resource groups (ERGs) are voluntary, employee-led groups that encourage feelings of inclusivity, belonging, and support amongst people in the workplace. Often, ERGs bring together employees with shared identities (race, religion, nationality, gender, sexual orientation, disabilities, etc.), interests, and/or hobbies.
4. NACD: 2023 NACD Private Company Board Practices and Oversight Survey
5. Techtarget: Tech sector layoffs explained: What you need to know
6. Cultureamp: Computer Software North America, July 2024
7. Grant Thornton: Round-up of 2023 sustainability reporting
8. Crunchbase: Why Startups Should Embrace Measuring Greenhouse Gas Emissions
9. Forbes: Green Intelligence: Why Data And AI Must Become More Sustainable
10. Quantitative GHG emissions may include full or partial or full scope 1, 2, 3 data as per the GHG Protocol.
11. Evan Carr et al, Harvard Business Review, “The Value of Belonging at Work”
12. Evan Carr et al, Harvard Business Review, “The Value of Belonging at Work”
13. Cultureamp: Computer Software North America, July 2024
14. McKinsey & Co: Effective employee resource groups are key to inclusion at work. Here’s how to get them right
15. Great Place to Work: What Are Employee Resource Groups (ERGs)?
ESG in Operations
In addition to ESG consideration as part of our investment process and our efforts to support our companies as they explore ESG-related topics, we strive to enhance our internal practices across all three pillars of environmental, social and governance.
In 2023, Georgian’s focus was on maturing our corporate governance foundation, as well as keeping pace with emerging regulatory changes and implications from technological developments - like generative AI.
Lessons Learned: Carbon Offsets
Georgian successfully offset ~84% of our Scope 1 & 2 emission in 2023.
However, it may be challenging to maintain this momentum due to the rising costs of high-fidelity credits, which are pricing smaller buyers out of the market.
This situation appears exacerbated by the decline of vendors - in the past two years, nearly half of the vendors we explored ceased operations or reduced inventory.
Environmental Sustainability
In our second year of sustainability initiatives, we focused on establishing a foundation for carbon emission estimation and disclosure, aiming to develop credible decarbonization targets amidst challenges in securing high-quality data for greenhouse gas (GHG) reporting, especially financed emissions, which constitute a substantial component of our Scope 3 emissions.
We are incorporating lessons learned from our first two years, such as our exploration of carbon offsets, which, in our experience, are complicated due to issues with costs, credibility and reliability.16 Additionally, we are drawing insights from other organizations with the aim of developing a more robust understanding of these topics.17
Calculating a comprehensive carbon emissions profile entails inherent uncertainties and involves extensive estimation. We leveraged third-party supplier-provided data where possible to help address these concerns. However, we found that external information is often not available or may be inaccurate. In these cases, we calculated our carbon emissions profile using two types of data: physical activity-based data and economic data. Physical activity-based data generally results in a more accurate carbon estimate, but is typically more difficult to collect. Economic spend data is usually readily available, but is less precise and also, in our view, requires scrutiny and judgment to apply.
For each category of emissions, we evaluated the data available and chose the dataset that we believed would best reflect the actual activity that took place. As noted above, we found that Category 15 (financed emissions) was particularly difficult to calculate due to lack of quality data. However, we believe that the key to improving this data is an increase in transparency; as such we are disclosing our high-level estimate for Category 15 emissions, which were 85,412 MTCO2e (an increase from 2022 where we estimated 70,892 MTCO2e).
Most categories in our calculation were based on data that ranks in Tier 4 or Tier 5 on the PCAF data quality score. We are working to improve the reliability of data collected, with an emphasis on validating that it is complete, accurate and consistent over time.
Our programs aim to improve data transparency and accuracy, in an effort to ensure that our carbon emissions profile aligns with regulatory expectations and supports our sustainability goals.
"In the evolving landscape of sustainability, using standards like the GHG Protocol and the PCAF methodology is helpful. These frameworks provide us with rigor and guidance for estimating and disclosing our carbon emissions, in an effort to ensure our activities align with regulatory expectations."
Lauren Pineau
Head of Fund Operations, Georgian
Georgian GHG Emissions Profile - 2023
Sustainability Spotlight: Reducing our eWaste
As software investors, the emission categories where we have direct control to make active reductions are somewhat limited. Despite this, we are motivated to find areas where efforts may yield some quantifiable results. In 2023, we launched an eWaste program, which is aimed to recycle and reuse electronic assets in an effort to reduce waste.
To address this, we implemented a program designed around the principles of reduce, reuse and recycle. This program operates on three levels:
- Employee Device Raffle: Decommissioned laptops and phones are fairly distributed to employees through a random-selection raffle, giving these devices a second life and helping our employees reduce new hardware purchases for personal use.
- Donation to Canada Learning Code: Any unclaimed devices from the employee raffle are donated to a non-profit organization that provides STEM education to underrepresented groups in tech. These donations help another organization reuse this inventory.
- eWaste Recycling: Any remaining devices and/or accessories that did not meet the needs of our stakeholders are responsibly recycled through a qualified vendor.
This program helps reduce our e-waste, by ensuring that our electronic assets are managed in an environmentally responsible manner, and also supports community engagement and education.
| MacBook Pro - Late 2019 -2020 | 35 |
| iPhone 7, X, XS, iPhone 11 | 31 |
Social Responsibility
As members of the Institutional Limited Partners Association’s (ILPA) Diversity in Action initiative, Georgian endeavors to foster a workplace culture that champions DIBE.18
At Georgian we aim to cultivate a diverse team that reflects a breadth of perspectives. Our internal initiatives are inspired by our DIA membership.
As of December 31, 2023, these charts represent the makeup of the Georgian team based on self-reported data:
| Self-identified as women | 45.1% |
| Self-identified as men | 40.2% |
| Self-identified as BIPOC women | 14.7% |
| Self-identified as BIPOC men | 18.6% |
| Chose not to disclose their gender | 10.8% |
| Chose not to disclose their ethnicity | 8.8% |
| Did not report an answer | 3.9% |
| Languages Spoken | 26 |
| Educational Backgrounds | 30+ |
26
Languages spoken at Georgian
30
Educational backgrounds:
- Computer Sciences / Machine Learning
- English & Literature
- Economics & Law
- Accounting & Business
- Software Engineering
Data Protection and Cybersecurity
At Georgian, we prioritize cybersecurity and data privacy to protect sensitive information, maintain client trust and support regulatory compliance. Our strategy includes developing policies, procedures, technologies and employee training, supported by a dedicated team of IT and security leaders.
We use a risk-based approach for new systems and controls, assessing vendor risks through collaboration among IT, Security, Legal and Compliance teams.
We conduct annual penetration tests with third-party ethical hackers, including phishing simulations and targeted attacks. In 2023, we enhanced our incident response capabilities with a specialized Managed Detection and Response provider.
Last year, we deployed an Enterprise Browser across our employee base, governing system access, designed to prevent data leaks and auditing user behavior. This Browser defends against web-based threats like malware, phishing attacks and session hijacking, ensuring robust protection for our SaaS and web applications.
Corporate Social Responsibility
At Georgian, we recognize that technology in its myriad forms can significantly improve people’s lives, whether it’s through advances in medicine, transportation, education, employment and much more.
However, we also recognize that technology poses risks. In 2023, the theme of mental health and technology emerged as part of our corporate citizenship endeavors.
Technology and Mental Health
Techminds with CAMH
Last year, Georgian joined a community of industry leaders and philanthropists to support the launch of the Center for Addiction and Mental Health’s (CAMH) Techminds initiative. Over the next three years, Georgian’s contribution will be dedicated to the advancement of mental health care through the innovation of technology to help address the global mental health crisis.19
About CAMH
As Canada's largest mental health teaching hospital, and one of the world's leading research centres in its field, CAMH sets the standards for care, research, education and leading social change.
- 5,000 physicians, clinicians, researchers, educators and support staff.
- Clinical care to more than 38,000 patients each year.
"Leading the Movember fundraiser is important to me because it raises vital awareness and funds for men's health. It's fulfilling to see our team unite for a cause that makes a real difference."
Evan Kerr
Investor, Georgian
Men’s Mental Health with Movember
Since 2021, Georgian employees have participated in the annual Movember Challenge through a series of month-long activities and fundraising. To date, our team raised over $80,000. In 2023, spearheaded by Evan Kerr, our Movember champion, our employees launched the Mo Sistas & Mo Bros twin challenges, including “Grow a Mo” and “Move for Movember” - in total 15 employees participated, raising $17,300, moving over 3,200 KMs in support of men’s mental health.
Sponsorships & Philanthropic Causes
Georgian strives to participate in societal initiatives, channeling our resources into community support, philanthropic efforts and innovation ecosystem advancement. Some of the causes we supported in 2023 include:
St. Michael’s Foundation stops at nothing to fund the relentless pursuit of solutions to some of the world’s toughest health challenges.
Institut du Cancer de Montréal - the Canderel Challenge/Défi Canderel represents the largest donor entity of the Montreal Cancer Institute.
The Vector Institute is a globally-renowned AI Institute that empowers researchers, businesses and governments, to develop and adopt AI responsibly.
Canada Learning Code believes that digital skills are tools of empowerment. CLC makes sure that all people in Canada - particularly women, transgender, and beyond binary individuals; racialized people - have access to the knowledge they need to prosper in our digital world.
Looking Ahead
As we look ahead, we believe that ESG-related topics will continue to be top of mind for our stakeholders. Recognizing the complexity of these issues, we believe that meaningful progress will entail tailored approaches bolstered by data and business context. 20
By maintaining our commitment to responsible investment and actively engaging with our companies and ecosystem, we hope to foster sustainable growth and create long-term value for all our stakeholders.
19. CAMH Annual Report, 2023-2024, pg. 46
20. Forward looking statements are not guarantees of future performance and there can be no assurance that forward-looking statements will prove to be accurate. Actual outcomes and results may differ materially from those expressed in these forward-looking statements.
Disclosures
The Purpose Report (the “Report”) is prepared by Georgian Partners Growth LP Inc. and/or its affiliates (collectively, “Georgian”) and is for discussion and informational purposes only. This document is not intended for dissemination, publication, distribution, disclosure, or duplication and use of the information, documents, or disclosures contained herein is expressly prohibited by Georgian.
These materials and the information herein (the “Information”) do not purport to be all-inclusive, but contain a summary of the results of Georgian’s 2023 Environmental, Social and Governance (“ESG”) survey (the “2023 Survey”). The 2023 Survey was sent to Georgian portfolio companies in which Georgian has invested through a fund or vehicle managed by Georgian (individually, the “Fund” and collectively, the “Funds”) and in which Georgian held an active board seat as of December 31, 2023. The Information herein includes ESG data self-disclosed, voluntarily, by 39 Georgian portfolio companies. We note that certain Georgian portfolio companies did not provide responses to the 2023 Survey, but may have provided responses to Georgian surveys in prior year(s). Likewise, we note that certain portfolio companies may not have provided responses to any Georgian surveys in any prior year(s). Portfolio companies in which Georgian had exited as of December 31, 2023 are not included herein. Accordingly, the information herein may not be reflective of Georgian’s entire portfolio or the respective Funds. Further, while Information herein may be based on third-party sources that Georgian believes to be reliable, Georgian has not in all cases independently verified such Information and does not guarantee that the Information is accurate, complete or up to date.
These materials are merely for preliminary discussion only and may not be relied upon for making any investment decision with respect to any Fund.
The limited partner interests in the Funds have not been registered under the United States Securities Act of 1933, as amended, or under any applicable state securities laws, nor have such limited partner interests been approved or disapproved by the United States Securities and Exchange Commission (the “SEC”) or the securities regulatory authority of any state or other jurisdiction. Neither the SEC nor any commissioner of any such state authority or other jurisdiction has passed upon the accuracy or adequacy of this Report, and any representation to the contrary is unlawful. This Report does not constitute an offer to sell or a solicitation of interest to purchase any securities nor should it be deemed to imply an offer of securities. Furthermore, this Report does not provide an offer for investment advisory services in any state or in any other jurisdiction in which such offer or solicitation is not authorized. Any such offerings can only be made to qualified persons (as defined under applicable law). While all the Information prepared in this document is believed to be accurate, neither Georgian nor any of the Funds or their respective affiliates make any representation or warranty as to the completeness or accuracy of the information in this document and accept no responsibility.
All currency in US dollars (USD) except as otherwise indicated. All Information is as of December 31, 2023 except as otherwise indicated.
Any use of index, market or transaction comparables is for illustrative and informational purposes only and may not be relevant or applicable to a particular portfolio company or to the Funds.
An investment in each Fund is speculative and involves a high degree of risk. Opportunities for withdrawal and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests, and none is expected to develop. An investor should not make an investment unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. Past performance is not necessarily indicative of future results and may not be repeated. Investors may lose capital up to the entire amount invested.
The Report may contain forward-looking statements (within the meaning of applicable securities laws). Forward-looking statements are identified by words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. These statements are based on Georgian’s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Georgian cautions that no such statement is a guarantee as to future matters and that actual circumstances, events, results and performance will be affected by a number of factors, many of which are beyond our control, and may be materially different from what Georgian currently anticipates. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. You acknowledge that you should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Georgian undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
Any target, forecasted or projected outcomes, proceeds and performance (the “Projections”) included in this Report represent a range of potential outcomes and are estimated by the firm’s team members. These Projections are for illustration purposes only and should not be relied on. The Projections do not reflect any actual outcomes, proceeds and performance. Actual outcomes, proceeds and performance will be materially higher or lower than the Projections presented in this Report and there can be no assurance that the Projections will be attained. The Report speaks as of the date hereof and neither the general partner of any Georgian fund, vehicle or product nor any affiliate or representative thereof assumes any obligation to provide any recipient with subsequent revisions or updates to any historical or forward-looking information contained herein to reflect the occurrence of events and/or changes in circumstances after the date hereof.
The case studies and the companies profiled or discussed in certain sections of this Report represent a subset of the firm’s prior investments and may not be representative of the firm’s investment experience or performance as whole. The Information may contain logos of third-party companies. These logos are the trademarked property of the respective companies and do not suggest or imply any affiliation, endorsement, or sponsorship of Georgian or any managed pooled investment vehicle by such third parties.
Nothing presented herein is intended to constitute investment, financial, legal, tax or other advice, and no decisions should be made based on any information provided herein. Past performance is not necessarily indicative of future results and may not be repeated. Investors may lose capital up to the entire amount invested. There is no guarantee that Georgian or any Fund will achieve its investment strategy or meet their respective targets or goals.
The Information is provided solely for informational purposes and does not constitute pre-marketing or marketing activities under the Alternative Investment Fund Managers Directive (“AIFMD”) or any other similar statute, regulation, directive or practice in any jurisdiction.
Any questions about Georgian or this Report should be directed to Sonia Lagourgue.