Providence carefully considers environmental, social and governance (ESG) factors within our portfolio — both as responsible corporate citizens and stewards of investor capital.
We apply a common framework to evaluate, monitor and improve ESG related factors as part of managing the investment lifecycle. Our ESG efforts are led by a committee comprised of members from across the firm and each of our offices. We believe that broad ownership and involvement in our initiatives is fundamental to having ESG woven into the fabric of our investment process.
Stewardship and Transparency
Providence adopted a set of responsible investment guidelines in 2009 that incorporate environmental, health, safety, labor, governance and social issues into our decision-making processes and ownership activities. These guidelines grew out of a dialogue between members of the American Investment Council and a group of major institutional investors, under the auspices of the United Nations-supported Principles for Responsible Investment.
Diversity and Inclusion
At Providence, we recognize that diversity takes many forms, including race, ethnicity, gender, sexual orientation, religion, age, and socioeconomic status, among others. We celebrate these differences and are committed to a culture that values diversity of thought, experience and opinion. We believe that fostering a diverse team strengthens our firm and the quality of our decision making.
Our Diversity and Inclusion (D&I) committee leads Providence’s efforts to build and preserve a diverse culture within our firm and assist with the diversity efforts of our portfolio companies. We are proud partners of the organizations listed below that have developed successful programs to support diversity and increase the opportunities available to underrepresented members of our communities:
Employee and Community Engagement
At Providence, we believe that fostering a healthy culture requires a commitment to the ongoing development of our team and giving back to the communities where we live and work.
Providence has several employee-led affinity groups that bring together and empower our team members. One such group, the Providence Women’s Roundtable, offers educational engagement opportunities to encourage our female colleagues and others in the financial services industry to confidently advance their careers.
We are proud of our philanthropic efforts and the organizations we partner with and support who are agents of positive change in our communities. Our partnership with PCs for People is one example of an organization where we have built a philanthropic program that extends beyond Providence to our broader portfolio. PCs for People helps bridge the digital divide by bringing low-cost computers and internet connectivity to low-income individuals and families. Digital inclusion is an essential mission in today’s society where it is increasingly difficult to access education, healthcare or employment without access to a computer or the internet. PCs for People provides this valuable service in partnership with companies that donate their used hardware, allowing PCs for People to refurbish and make the technology available to individuals and families in need.
Organizations supported by Providence include:
The information provided herein is not backward looking unless otherwise stated, and is subject to change. Providence makes no claim that the investment vehicles it manages (“Funds”) or other products are ESG-focused, have ESG-based investment objectives, or that its business, Funds, or portfolio companies are compliant with any third party ESG principles. Providence preferences investment returns and performance above any ESG or similar factors, however defined. While Providence may consider certain ESG principles as it has discussed herein, it makes no claim that it changes its investment decisions based on any ESG factor(s). Providence makes no claim that it is responsible, in whole or in part, for the ESG activities of its portfolio companies. Providence's view of what “ESG” means is as discussed herein, and Providence makes no claim that it comports with any other definition of the term. Providence's definition of “ESG” is subject to change, and Providence may revise its ESG-related activities, including ceasing any practices described herein, in whole or in part, at any time. It should not be assumed that all prior investments exhibit characteristics with any ESG principles discussed herein or that all future investments will exhibit such characteristics. While Providence collects certain ESG-related information from its portfolio companies, there is no guarantee that it will act on such information or that such information will have any influence on its investment decisions or management of any portfolio company.