Since its inception in 1999, Bencis has created a distinctive company culture around three key objectives:
We have long relied on these objectives to govern our way of doing business in an informal way. For us, this company culture secures responsible investment effectively. Regardless, we formalised our efforts on Responsible Investment from 2014 onwards, as we wanted to make our commitment more explicit, to our investors, to the companies we invest in and to ourselves.
To us, Responsible Investment means that we invest in companies that make a positive contribution to a more sustainable, better, fairer and more transparent world. We like to invest in companies that have this as a prime objective, but we also invest in businesses that do not: in these cases we still choose to invest if we believe we can support the companies to reduce the impact on the environment, improve the contribution to a healthy and fair society and/or increase the transparency around the governance or conduct of the business. Our commitment to this is much wider than the general exclusion of certain sectors: on each and every investment we evaluate, we consider counterparties, business practices, reputations and impact on the environment. Most importantly, we consider this with the entire team and we expect everyone at Bencis to contribute to this debate and to dissent if relevant. When in doubt, we do not invest.
To assess the impact of our companies, Bencis integrates Environmental, Social, and Governance (ESG) considerations throughout its investment lifecycle using a proprietary four-step framework, which is also aligned with the Sustainable Finance Disclosure Regulation (SFDR). This framework ensures that ESG factors are systematically evaluated and addressed in each investment decision.
Prior to investment, Bencis conducts ESG-related due diligence, as part of its wider due diligence, to identify material risks and opportunities. This includes evaluating counterparties, business practices, reputational risks, and environmental impact and we take a view on where this industry is moving over time. The entire investment team participates in this process, and dissenting views are encouraged to ensure robust decision-making. In every case the ESG-related due diligence is proportionate to the size, sector, region and maturity of the potential portfolio company.
1. Materiality Heatmaps:
Bencis assesses the relevance of seven ESG factors across industries and develops materiality heatmaps. These heatmaps highlight the friction between industry value chains and, where possible, sustainable development goals, guiding investment priorities and engagement strategies.
2. Performance Assessments:
Each portfolio company undergoes an ESG performance assessment based on operational data. This analysis identifies areas for improvement and informs the development of tailored action plans with measurable objectives, as relevant and proportionate to that portfolio company.
3. Progress – Annual Updates and Third-Party Reviews:
ESG performance is reviewed annually by an independent third party [at portfolio company [and fund] level]. These reviews are discussed in board meetings and shared with investors to ensure transparency and accountability. Bencis also subjects itself to this review process to demonstrate leadership and commitment.
This comprehensive approach ensures that ESG and sustainability considerations are embedded in Bencis’ investment philosophy, supporting long-term value creation and positive environmental and societal contributions, where possible.
4. Roadmap – Aligning Sustainability with Value Creation
In the final step of Bencis’ ESG framework, a bespoke roadmap is developed in close collaboration with the management team to identify priority projects where sustainability and value creation go hand in hand. These initiatives are selected based on their potential to deliver both environmental or social impact and tangible business value. The roadmap balances short-term actions—such as operational efficiency improvements or emissions tracking—with long-term ambitions like circular product design or carbon neutrality. By embedding these priorities into the company’s strategic agenda, Bencis ensures that ESG progress is not only measurable but also integral to long-term performance and resilience.
Bencis primarily targets investments in portfolio companies headquartered in, or with significant business operations in, the Benelux region or Germany. New investments outside Europe are not permitted. In line with our commitment to responsible investment, Bencis excludes companies involved in immoral or illegal activities, as well as those operating in sectors that conflict with our values. These include businesses primarily engaged in the production or sale of tobacco products or hard spirits, gambling operations, adult entertainment or pornography, fur products, the manufacture of “dirty weapons” (conventional weapons modified with radioactive materials), and those known to engage in abusive child labour practices.
At Bencis, we recognise that conflicts of interest may arise in the course of integrating ESG considerations into our investment processes. These may include, but are not limited to, situations where personal, commercial, or strategic interests could compromise the objectivity of ESG assessments or stewardship activities. To mitigate such risks, we maintain a firm-wide Conflicts of Interest Policy that requires all team members to disclose potential conflicts promptly and to recuse themselves from decision-making where impartiality may be compromised.
In the context of responsible investment, we apply enhanced scrutiny to ensure that ESG-related decisions—such as exclusions and engagement priorities—are made in the best interest of our investors and aligned with our stated sustainability objectives.
This policy reaffirms Bencis’ commitment to embedding sustainability, integrity, and accountability into every investment decision. By integrating a robust ESG framework aligned with SFDR, applying clear exclusion criteria, and maintaining transparency through third-party reviews and stakeholder engagement, we ensure that our investments contribute to long-term value creation and a more equitable, sustainable future.
As we continue to evolve our practices, this policy serves as both a compass and a commitment—to our investors, our portfolio companies, and society at large—that responsible investment is not a separate strategy, but a core principle guiding how we build resilient businesses and deliver lasting impact.
