CDC adds to ESG team
CDC Group, a UK development finance institution that focuses on investments in South Asia and Africa, has appointed Ritu Kumar as director for environmental and social responsibility.
Kumar, who was most recently senior advisor for responsible investment at Actis, will have a specific focus on CDC's direct equity investments. She will also address the environmental and social performance and value-add of investments made through the Department for International Development's (DFID) Impact Fund and lead CDC's approach to climate change.
The fund, a GBP75 million vehicle launched in 2012 and managed by CDC, invests in intermediaries providing capital to businesses that improve the lives of poor people in sub-Saharan Africa and South Asia. DFID is CDC's shareholder.
"Supporting companies to achieve strong environmental and social policies and systems is an important part of how we add value to the businesses in which our capital is invested," said Diana Noble, CEO of CDC, in a statement. "Ritu's expertise from over 20 years' experience of working in sustainable development will help us continue to strengthen this support."
A commitment to environmental, social and governance (ESG) principles is a growing priority for private equity firms globally, given the importance many LPs attach to responsible investment.
Development finance institutions were arguably at the forefront of this movement due to their exposure to jurisdictions and sectors typically considered to have a high level of ESG risk.
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