EG is excited to announce the launch of the EG Delta Fund (“EG Delta”), which will deliver strong environmental and social outcomes to underserviced parts of the office and industrial markets.
With four initial assets worth $125 million, EG will grow the fund to encompass a portfolio of socially and environmentally sustainable office and industrial assets.
Delta means change and EG Delta Fund will focus on climate change, the preservation of land and water, and social objectives for empowerment and inclusiveness together with health and wellbeing.
Supported by cornerstone investors Clean Energy Finance Corporation (CEFC), Uniting Financial Services and Deakin University, the Fund is open-ended and raising further capital.
“Existing assets, which make up the majority of the built environment, need to be addressed if the Paris Agreement targets and Green Building Council net zero goals are to be reached. The EG Delta Fund encourages investors to participate in the solution as the Fund optimises the operational efficiency of these buildings,” said EG Fund Manager, Linh Pham.
EG has worked with existing investors and experts to develop the Delta Framework, a unique performance measurement tool, which is aligned with the United Nations Sustainable Development Goals (SDG). The Delta Framework enables objective and transparent measurement of built environment outcomes that have the greatest impact on achieving the UN SDGs.
Embedded within EG’s proprietary risk management software, PRISMS®, the Delta Framework will be used as a reporting tool to measure performance both at an asset and portfolio level.
“EG saw this as an opportunity to deliver a benchmark framework that will provide a detailed track record of the financial and social performance objectives that align with both our investors’ and our own objectives,” said Pham. “It’s been a rewarding experience to collaborate with our investors as we refine the sustainable and ethical goals of this Fund.”
EG’s Head of ESG, Ian Lieblich added, “The Delta Fund will deliver a prime experience for tenants by implementing intelligent ESG strategies in upgrading the built environment whilst reducing emissions towards zero.”
Founded in 2000, EG has $5.1 billion under management on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.