Private Equity
Legal & General Ventures Limited ('LGV') specialises in mid-market buy-outs of UK companies with an enterprise value of between £50 and £250 million in three principal sectors — consumer, leisure and services. The current limited partnership agreement prohibits investment in any US entities and in any entity principally involved in the business of tobacco, derivatives, casinos or gambling, other than casinos or gambling businesses which are licensed by the United Kingdom Gaming Board or equivalent body in other major European countries.
Management of social and environmental risk
Extensive due diligence is performed prior to investment, mainly covering financial, market, management and environmental due diligence. LGV is represented on the Board of most companies in the portfolio and is in regular contact with management teams, enabling LGV to monitor the emergence of any potential social or environmental risk and to encourage good practice in the companies in which we invest.
During 2005, LGV applied its established guidelines, where appropriate, for the standards expected when making significant investments in three companies.