TPG has had a long-standing commitment to fostering strong Environmental, Social and Governance (ESG) performance in its portfolio.1 Seeking positive ESG outcomes aligns with the core tenets of why – and how – TPG invests. From scrutiny of potential investments in diligence, to business building during ownership, to value creation at exit, we continue to expand the ways we put into practice our enduring commitment to build strong, sustainable companies. While 2020 presented many challenges – the global pandemic, social unrest and, acutely in the United States, a reckoning with our societal failings with respect to diversity, equity and inclusion – it was also a year that brought tremendous progress and innovation within our portfolio, and saw our companies – and our firm – emerge stronger and excited about the possibilities before us. We see increased importance – and value-creation potential – in our long-held commitment as an investor to engage meaningfully with all of our stakeholders. To best support broad stakeholder engagement and improve the environmental and social impacts of our deployed capital, material ESG considerations are managed across multiple functions, including Legal and Compliance, Human Capital, and Operations. Indeed, leaders from each of these areas are represented on the firm’s ESG Strategy Council, which reviews progress, activities, risks and opportunities related to the environmental and social impacts of our capital at work. In addition, a dedicated team of ESG-focused professionals supports the firm’s activities in these areas. To ensure alignment with other leading capital allocators and asset owners, as well as regulatory agencies, we collaborate with and publicly support leading ESG-focused organizations and standards setters, including the U.N. Principles for Responsible Investment (PRI), the Sustainability Accounting Standards Board (SASB), and the Taskforce for Climate-related Financial Disclosures (TCFD), among others.