Venture Capital as an engine of growth
CDP Venture Capital SGR sets great store by environmental, social and governance (ESG) issues, integrating them into both investment decisions and day-to-day operations. Sustainability is considered a strategic element for generating economic and social value in the long run. This commitment drives conscious and responsible choices and helps attract talented people who share the vision of a more sustainable future.
7 Material Topics
CDP Venture Capital SGR integrates ESG criteria into its operations, promoting a sustainability-oriented approach both at the SGR level and across its managed portfolio. Seven material topics have been identified based on a double materiality analysis conducted in line with the ESRS standards developed by EFRAG and adopted on a voluntary basis:
- National technological innovation, cybersecurity, and AI governance
- People and employee well-being at the SGR
- Focus on employee well-being within startups
- Transparency towards investors
- Business conduct
- Affected communities
- Climate change
Pre–investment
During the pre-investment phase, an ESG Due Diligence is carried out through a digital platform tailored to the specific features of venture capital, with the aim of capturing the ESG value potential of target companies.
The analysis includes:
i) the verification of exclusion criteria, aimed at ensuring that the counterparty does not operate in sectors or areas considered critical from an environmental and social sustainability perspective;
ii) the assessment of specific sustainability indicators, shaped by various factors (such as the counterparty’s level of maturity, sector, and the type of product or service developed). For funds classified under Article 8 of the SFDR, additional and more detailed environmental and/or social indicators are also assessed, in order to substantiate the promotion of the environmental and/or social characteristics identified by the fund;
iii) the assessment of sustainability risk associated with the investment, which contributes to the overall investment Risk Rating.
This process enables the investment team to gather information on the ESG practices of the target company and to prepare ESG disclosure to be included in the Investment Memorandum submitted to the Board of Directors.
Management portfolio
The digital tool used during the pre-investment phase is administered annually to portfolio companies in order to regularly monitor the key ESG topics across the portfolio, identify any changes in ESG management practices, and highlight potential areas for improvement. These insights also support the definition of possible engagement actions with portfolio companies.
Strategic pillars and ESG Guidelines
The 2026–2028 ESG Guidelines define the strategic framework throught which we structurally integrate ESG aspects into our operational and investment model.
Through these Guidelines, we integrate sustainability and innovation into our Venture Capital model, contributing to the development of high-potential innovative solutions and the responsible growth of the Venture Capital ecosystem.
ESG Guidelines
- Strengthen disclosure and transparency in relation to the market
- Strengthen and innovate the ESG governance model in terms of organisation, processes and tools
- Promote an approach based on the development and responsible use of AI
Main commitments (2026-2028)
- Annual voluntary disclosure consistent with the main ESG standards and structuring an ESG performance communication flow for LPs
- New ESG performance evaluation model and digitisation of the data collection process
- Development and publication of an AI policy
Responsible leadership
ESG Guidelines
- Enhance the financial products’ offering focusing on sustainability
- Measure the impact generated by CDP VC's investment activities
- Promote a positive social impact generated by CDP VC people
Main commitments (2026-2028)
- Structure new products as sustainability-focused products, where this is consistent with the financial product's investment strategy
- Define a model to assess the impact and monitor investments
- Develop a structured volunteering programme aimed at 100% of employees
Positive impact
ESG Guidelines
- Activate specific initiatives to raise awareness, support and engagement for start-ups
- Enable partnerships with key stakeholders to address the country’s major sustainability challenges
Main commitments (2026-2028)
- Develop toolkits on work quality, good governance and the ethical use of digital tools
- Subscribe to the Principles for Responsible Investment (PRI)
Driver for change
ESG Guidelines
- Promote an inclusive and fair work environment
- Consolidate a corporate culture focusing on people’s development and well-being
Main commitments (2026-2028)
- Develop a DE&I plan and policy
- 100% of employees involved in skills mapping and evaluation processes