Force For Good 2024

Discolsures

This report includes information on Alpine’s program for incorporating ESG considerations. Such program is subject to Alpine’s fiduciary duties and applicable legal, regulatory, and contractual requirements and is expected to change over time. Case studies presented herein have been provided for illustrative purposes only. Descriptions of any ESG or other achievements or improved practices or outcomes are not necessarily intended to indicate that Alpine has substantially or directly contributed to such achievements, practices or outcomes. Case studies presented contain the opinions of past and present Alpine portfolio company executives. Alpine makes no representation or warranty as to the accuracy or completeness of the information presented here. It should not be assumed that the portfolio companies discussed in these case studies were profitable or that future portfolio companies or experiences will be comparable. Past performance is not necessarily indicative, or a guarantee, of future results. Under no circumstances should these case studies be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Alpine. Please see Alpine’s Terms of Use on Alpine’s website for disclosures.

Any awards and recognitions presented herein are the opinion of the respective parties conferring the award or recognition and not of Alpine. None of the awards or recognitions herein relate to Alpine’s abilities as an asset manager or are indicative of any asset management client’s experience or prior investment performance. Alpine paid a fee to participate in certain of the awards and recognitions. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or recognition. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing.

Certain statements about Alpine made by portfolio company executives herein are intended to illustrate Alpine’s business relationship with such persons, including with respect to Alpine’s facilities as a business partner, rather than Alpine’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Alpine-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein. Results may vary materially and adversely. Please see Alpine’s Terms of Use for additional disclaimers.

AB-1305 Disclosure

Alpine’s carbon footprint, for FY2022, includes three office locations (San Francisco, New York City, and Salt Lake City) and remote employees as of 12/31/2022. The emissions inventory was conducted by the third party Bridge House Advisors in accordance with the World Resource Institute’s GHG Protocol Corporate Standard, reviewing Scopes 1 and 2 (emissions from Alpine’s own operations and electricity consumption) and select Scope 3 emissions (including emissions from employee business travel, employee commuting, purchased goods and certain categories of waste). Alpine’s carbon footprint includes Alpine Operating Group and excludes Alpine’s portfolio companies (“financed emissions”). While Alpine seeks to mitigate its GHG emissions, for the avoidance of doubt, Alpine makes no claims of carbon neutrality or of having achieved significant emissions reductions.

As a part of Alpine’s efforts to help mitigate the climate impact of its operations, Alpine purchased ex ante, nature-based carbon removal credits from the third party Working Trees’ Brazilian carbon project (the “Project”), which is intended to fund the planting of ~28,000 trees across ~300 acres of degraded pasturelands in the Brazilian Amazon. The Project involves a practice called silvopasture, or the planting of trees on pasture with the intent to store carbon, improve pasture productivity, and provide for other ancillary benefits. Pursuant to Alpine’s purchase of ex ante carbon credits, the Project expects to generate carbon credits that will be verified according to the methodology for GHG emissions reductions or removals approved by a third-party carbon standards body and issued through a registry authorized by and in accordance with the rules of such voluntary standards body. Alpine is relying on the representations of Working Trees and makes no independent claims regarding verification or validity of the Project and/or the carbon credits.

Alpine has provided Working Trees with financial and professional development resources through the Alpine Social Ventures program. For the avoidance of doubt, Alpine does not market or sell carbon credits on behalf of Working Trees or any other entity.

Endnotes

1. Employee net promoter score (eNPS) is a survey that seeks to measure employee engagement and satisfaction. There can be no assurance that survey results will generate positive returns or outcomes. eNPS is measured by asking employees on a scale of 0 to 10, how likely they are to recommend their organization as a place to work. It is calculated as (Promoters – Detractors) / Total Respondents, where Detractors score 0–6, Neutrals score 7–8, and Promoters score 9–10. The above is a weighted average eNPS that considers the entire Alpine Portfolio, and weights each company score by the number of respondents. Simple average eNPS is calculated as the average of eNPS across all companies in the Alpine Portfolio. Weighted Average Retention weighs each company’s retention rate by the number of respondents. Simple average is average retention across all companies in the Alpine Portfolio.
2. Alpine implements the ESG Policy with consideration for materiality, which we define as those ESG issues that the Firm determines have – or have the potential to have – a material impact on an organization’s go-forward ability to create, preserve, or erode economic value for that organization and its investors. Alpine does not use such terms “material” or “materiality” as they are used under the securities or other laws of the U.S. or any other jurisdiction, or as they are used in the context of financial statements and financial reporting.
3. Adopted by all UN Member States in 2015, the SDGs provide a global blueprint for dignity, peace, and prosperity for people and the planet, now and in the future. They are a call to action to end poverty and inequality, protect the planet, and ensure that all people enjoy health, justice, and prosperity by 2030.
4. Fund VIII investments include Trilon Group, FEV Tutor and Wilson Language Training.
5. Fund VII investments include Innovative Systems.
6. The SDGs are aspirational in nature. The analysis involved in determining whether and how certain initiatives may contribute to the SDGs is inherently subjective and dependent on a number of factors and may not be completed prior to the decision to make an investment or at all. There can be no assurance that reasonable parties will agree on a decision as to whether certain projects or investments contribute to a particular SDG. Accordingly, investors should not place undue reliance on Alpine’s application of the SDGs, as such application is subject to change at any time and is in Alpine’s sole discretion. Further, statistics and metrics relating to ESG matters are estimates and may be based on assumptions or developing standards (including Alpine’s internal standards and policies).
7. Alpine defines underrepresented individuals within our industry as women, BIPOC, LGBTQIA+, and those who identify as first-generation college students, or those who are low-income.