OUR ENVIRONMENTAL APPROACH
We aim to minimize the environmental impact of our business wherever we are around the world. Our approach to a healthy environment is to reduce our energy usage where practical and recycle where local facilities allow. This helps us to reduce our day-to-day environmental impact and costs, and also provides for small productivity gains.
With the round-the-clock nature of airports, balancing a comfortable environment with energy efficiency creates particular challenges. In the Dominican Republic, where Aerodom operates the largest airport group, energy consumption represents one of the highest running costs. When we acquired Aerodom, we made environmental management central to our operational improvements, both to reduce costs and to become as appealing as possible to passengers, airlines and other users of our airports.
Simple measures such as switching off lights and information screens when no passengers were present and turning air conditioning down in quieter periods, cut energy consumption significantly. Power-hungry old equipment was replaced with more efficient technology, including LED lighting. The installation of motion sensors allowed different areas to be centrally controlled. Campaigns to raise awareness of the commercial and environmental importance of energy conservation have also help to change employee actions.
Today, Aerodom uses approximately 20% less energy than before our acquisition and continues to work towards global standards for airport energy efficiency.
OUR INVOLVEMENT IN SOCIETY
We believe that personal choice and engagement bring the most benefits to both the employee and the cause they choose to support. We encourage Advent team members’ involvement in areas of social responsibility such as fundraising, voluntary work, mentoring, external appointments and memberships. In January 2012, 32 of our people from 10 offices across Europe, the US, Latin America and Asia took part in India’s Mumbai Marathon, achieving double their fundraising target for The Akanksha School Project. This is an initiative to equip the children of low-income families in Mumbai and Pune with the education and skills to redefine their prospects and improve their lives. In addition, our Boston office participates in “YearUp,” a community initiative helping young urban adults to reach their potential through mentoring and internships.
ADVENT IN THE COMMUNITY MUMBAI MARATHON
THE SCHOOL PROJECT
In developing countries like India, the lack of any quality state-sponsored education can leave children from low-income families facing poor prospects, trapped in a cycle of enormous struggle without the skills to fulfill their potential and transform their lives. The School Project, run by non-profit organization, The Akanksha Foundation, aims to break this negative cycle among such communities in Mumbai and Pune. Its driving force is a belief that an excellent education can bridge social and opportunity divides – a belief shared by our firm.
“India’s Mumbai Marathon brought us together to share the opportunities of education that we ourselves have been so privileged to have"
GEORG STRATENWERTH, ADVENT INTERNATIONAL
VISION AND VALUES
Already, Akanksha reaches out to around 4,000 children from low-income families in Mumbai and Pune through 40 after-school centers and 13 “School Project” schools. Through the centres, a commitment is made to support each child by providing a strong educational foundation, self-esteem and sound values, and to help them plan a steady livelihood as a step towards improving their standard of living. The School Project is an ambitious move towards wider systemic reform: a venture to offer high-quality schools in partnership with local municipalities, with the vision of creating small clusters of model schools to positively impact the mainstream education system. Built on principles of investment in teacher excellence, a challenging curriculum, rigorous student assessment and expanded learning hours, the schools also aim to engage with parents as partners to support their children’s achievement. To continue to develop the School Project, Akanksha needed to raise funds.
RUNNING FOR SUCCESS
Team members from our Mumbai office wanted to help and identified the Mumbai Marathon as the ideal focus for their fundriaisng. Running through the streets of Mumbai, the Marathon brought our people close to the grass roots of the children they most wanted to support. The cause also drew a positive response from our offices worldwide, with colleagues volunteering their sponsorship, participation and goodwill. On January 15, 2012, 32 team members from 10 Advent offices across Europe, the US, Latin America and Asia arrived in Mumbai to take up the challenge of running either the 21km half or 42km full marathon. Before the race, our runners visited an Akanksha school in Mumbai to see for themselves the quality of education, values, integrity, teamwork and joy their efforts would help to bring.
Our team members not only achieved their fundraising goal for the School Project, but doubled it, bringing Akanksha closer to fulfilling it’s aim.
We are grateful to have had the opportunity to share in Akanksha’s vision for the future. For those of us that work from or visit our Mumbai office, it is a humbling experience to be able to witness first-hand the meaningful impact the Project is already making in redefining what is possible for children from low-income communities, enabling them to maximize their potential and transform their lives.
Advent International Corporation (AIC) is a fund manager. The majority of Advent offices act as advisors to AIC, providing advice on the investment and divestment of portfolio companies.
AIC raises capital commitments privately for closed-end funds, from qualified institutional investors globally. These closed-end funds are typically a limited partnership in which investors are limited partners. AIC receives an annual fee for managing the funds and a share of any profits made.
AIC is regulated by the US Securities and Exchange Commission. Where applicable, our advisory businesses are registered with their local regulator, such as the Financial Services Authority in the UK, and we abide by their rules and disclosure requirements.
AIC is advised by dedicated investment advisory committees of local senior partners and at least one partner from another region. This model ensures the consistent application of global Advent standards and helps to enhance cooperation and knowledge sharing between regions.
Each fund typically has a dedicated advisory committee of limited partner representatives who meet with us periodically to review the portfolio, discuss issues and opportunities and monitor certain actions.
A global compliance and risk management team led by our Chief Compliance Officer maintains policies and controls in this area and oversees our internal governance programs worldwide.
TALKING TO STAKEHOLDERS
We attend portfolio company board meetings and are in contact with management at least weekly and often several times a day. We also maintain a continuous dialogue with our limited partners who invest with us, and our portfolio companies, M&A intermediaries and the wider private equity community.
We provide our limited partners with regular communications on investment and exit activity and the progress of our portfolio companies. We send them quarterly fund financial reports, and hold an annual investor conference. Our investors can access information about our funds and their investments any time through a secure extranet.
TRANSPARENCY AND DISCLOSURE
We follow the guidelines on transparency and disclosure for private equity firms produced by the Walker Working Group in the UK and the BVK Large Buyout Group in Germany.
For additional disclosures on investment activities in the UK and Germany that fall within these guidelines, please go to www.adventinternational.co.uk and www.adventinternational.de respectively.
We provide regular information to trade associations to assist them in analyzing the economic role and contribution of the private equity industry.
IMPROVING PORTFOLIO COMPANY GOVERNANCE
Good corporate governance is at the heart of our value creation plans. We work in close partnership with our management teams and take our responsibilities seriously. We are consistently thinking about how we can drive long-term improvements.
We encourage our portfolio companies to adopt appropriate corporate governance practices in line with established best practices and local legal and regulatory requirements.