ESG & Impact

Our commitment to sustainability is applied both externally, as part of ESG incorporation into the investment process, and internally through the adoption of sustainable business practices.

We are committed to responsible investment. This commitment incorporates transparency and fairness into all of our activities. To this end, we believe that an assessment of ESG issues is a crucial part of investment and operational risk management.

Download our ESG Policy

Investcorp-Tages Impact Strategy

The Covid-19 pandemic has increased global awareness of dealing with important social and environmental issues such as inequality, structural unemployment, health care and climate change.

In the words of a Gen Z representative (Giulia) we have addressed key questions to one of our board members, Panfilo Tarantelli (our baby boomer representative):

  • What are we doing to better change the world?
  • How quick can we act in finding solutions?
  • What is impact investing?

Giulia and all her generation will keep an eye on firms like us and how effective we will be!

United Nations Principles for Responsible Investment (PRI)

Tages Capital became a signatory of the Principles for Responsible Investment (PRI) in May 2018 and have used the following six principles as a framework across all investment activities:

  • Incorporate ESG issues into investment analysis and decision-making processes
  • Be active owners and incorporate ESG issues into our ownership policies and practices
  • Seek appropriate disclosure on ESG issues by the entities in which we invest
  • Promote acceptance and implementation of the principles within the investment industry
  • Work together to enhance our effectiveness in implementing the principles
  • Report on our activities and progress towards implementing the principles

Tages Capital received a maximum score of A+ in the 2020 PRI Assessment Report for its overarching approach to ESG strategy, governance and infrastructure.

Tages Capital reports to the UNPRI on the activities undertaken in each assessment year. The UNPRI Transparency Report is available on the UNPRI website following each assessment.

ESG Oversight

Tages Capital has expanded its ESG governance by establishing a designated ESG team with board-level supervision, with the mandate to implement responsible investing. The team is made up of delegates from key divisions involved in the investment selection, risk management and asset management process.

The role of the ESG team is to set the agenda for all ESG activities within the firm. The investment team member is responsible for the implementation of ESG integration in the investment process.

ESG Integration & Impact Projects

Tages Capital has integrated its investment and operational due diligence process to reflect ESG factors in the selection of alternative managers. The integration of ESG factors has been motivated by the conviction that such factors have a direct effect on risk management and performance.

The ESG policy, which disciplines all investments irrespective of geography or asset class, drives the due diligence process of all third-party managers. On a yearly basis, Tages Capital organises a manager survey to track any major change in the managers’ approach to ESG.

Events & Insights

Sustainability & Impact Investor Forum Virtual

How to manage an ESG hedge fund

Moderator: Manuela Cedarmas, Head of ESG and Impact Investing, Investcorp-Tages

  • Paula Luff, Director of ESG Research and Engagement, DSC Meridian
  • Lei Fu, Founder & CIO, Y2 Capital Partners
  • Jason Landau, EVP & Lead Portfolio Manager, Waratah Capital Advisors

Date: June 14, 2021  15:50-16:20 CET/CEST (GMT+2)
Location: Digital Seminar

Read more

Investcorp-Tages Impact Investing Webinar

The webinar will focus on Impact investing in private markets and will host a keynote speech on Impact, a panel of practitioners on Establishing a Framework for Impact Investments, and a final panel on Challenges and Considerations on Impact from a Pension Fund Perspective and some of the challenges that can arise.

Date: February 24, 2021
Location: Digital Seminar

Read more

IM|Power Sustainability & Impact Investor Forum

With new ESG risk and reporting regulation mandated across Europe, the building blocks are being laid to transition to the greening of the financial system. The forum will host an exclusive group of smart practitioners at the online only event to build distinctive, trusted ESG products and solutions.

Date: October 12, 2020
Location: Digital Seminar

Read more

Itinerari Previdenziali Event – Integrated Welfare Forum

ESG indices, a new investment and social philosophy: Population aging, environmental conservation and better social coexistence based on rights and duties: this is the triple challenge that, under penalty of its very survival, our society will have to face in the coming years. A challenge that also directly involves institutional investors and integrated welfare actors, who can and must play a fundamental role, making responsible investment choices and committing themselves to the adoption of appropriate criteria (ESG).

Date: October 14, 2020
Location: Digital Seminar

Read more

Get in touch to find out more


Investcorp-Tages Website Terms of Use


The Tages Capital element of this website (“website” or “site”) is issued by Tages Capital LLP (“Tages Capital”) which is authorised and regulated by the UK Financial Conduct Authority (Register number 563369). Tages Capital is incorporated in England and Wales under registered number OC364873 with registered office 39 St James’s Street, London, SW1A 1JD.

Tages Capital LLP’s VAT number is 119 8245 00.

Queries in relation to this website can be sent to However, do not use this email address in relation to any investment or other business correspondence.

Professional investors

The content of this site is aimed at professional investors who meet:

  • the Financial Conduct Authority definitions of Eligible Counterparty or Professional Client (together “professional investor”; or
  • fall into one of the categories of person listed in FCA Handbook COBS 4.12; Click here to access FCA Definitions

If you are not a professional investor, please exit the site. Information on this site is unsuitable for and should not be relied upon by any Retail client. If you have any doubts about your status, please contact

By accessing any page of this site, you agree to be bound by the Terms below. If you do not agree to the Terms, please exit the site. This page is designed to filter out unsuitable categories of investors from accessing the site and as such Tages Capital cannot be responsible for any explicit or implicit misrepresentations you may make in gaining unauthorised access to the site.


The site does not constitute an offer by Tages Capital to enter into any contract / agreement nor is it a solicitation to buy or sell any investment. It should not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. Investors must inform themselves about the laws which are in force in their country or jurisdiction. You should ensure that you are legally allowed access to this website and its contents in the country from which you connect.

Investment risk

There are significant risks associated with investments in collective investment schemes and other financial instruments. Investment in such schemes is intended for sophisticated investors who can accept the risks associated with such an investment, including a substantial or complete loss of their investment. Schemes may be permitted to and use gearing as an investment strategy. The effect of such gearing is that movements in the price of the schemes will be more volatile than the movements in the prices of their underlying investments.
Past performance is not a guide to future performance and your entire investment is at risk of loss. The value of investments and any income derived from them can go down as well as up and the value of an investor’s investment may be extremely volatile and be subject to sudden and substantial falls. The prices of commodities contracts and all derivatives instruments, including futures and options, are highly volatile. Certain investment positions may be illiquid. The funds may invest in securities of financially troubled companies, illiquid over-the-counter securities and non-publicly traded securities.

Investment in a fund with exposure to emerging markets involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalisation or other confiscation could result in loss to the fund.

Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. You should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Fund charges may be applied in whole or part of capital, which may result in capital erosion.

The foregoing list of risk factors is not complete, and reference should be made to the funds’ constitutional documents, KIIDs and application forms.

Please note, the investment products mentioned on the UCITS Funds page of the website are directed only at those who are Eligible Counterparties and Professional Clients as defined by the Financial Services and Markets Act 2000 of the United Kingdom.


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All the information and opinions on this website are provided by Investcorp-Tages for general information purposes only. We make every effort to ensure that the information on this website is accurate and complete at the time of its publishing. Any view or opinion expressed on this website is subject to amendment without notice. We cannot guarantee that the information on this website has not been altered as a result of technical malfunctions. We accept no liability for any loss or damage of any nature whatsoever, whether direct arising from accessing, using, consulting or navigating its website, or from links to other websites.

Notice to persons in the United States

The information contained in this site about Tages Capital is not directed to any person in the United States. The provision of the information in this site does not constitute an offer of securities to any person in the United States or to any U.S. Person. Shares in the funds have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “1933 Act”), or qualified under any applicable state statutes, and the Shares may not be offered, sold or transferred in the United States of America (including its territories and possessions) or to or for the benefit of, directly or indirectly, any US Person, except pursuant to registration or an exemption. The funds are not, and will not be, registered under the US Investment Company Act of 1940, as amended (the “1940 Act”), and investors will not be entitled to the benefit of such registration. Consequently, it cannot be offered for sale or be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas. The funds may make a private placement of the Shares to a limited number or category of US Persons.


Tages Capital maintains a complaints handling policy and procedures in accordance with which it handles complaints, including complaints made by complainants who are eligible to bring a complaint before the Financial Ombudsman Service, the independent statutory dispute-resolution body for the financial services industry in the United Kingdom.

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