“We’re waving a flag for women when it comes to our portfolio companies”

Q. How mature is the ESG debate in Asia?

Haide Lui: There’s a hierarchy to that answer. On the one hand, many of the businesses in region, particularly in Greater China (where we are), are not yet particularly focused on ESG issues. But our investors really care about these issues, particularly our European and Australian and, increasingly, our American investors.

At the same time, every investor will have a different focus. Some are interested in the human and social side. Others are focused on environmental and sustainability. And many of those LPs are ready to give specific direction on where they want things to go.

ESG matters to us personally as a business. Many of us have worked internationally and studied overseas; we naturally lean-in when thinking about our place in the world.

Q. Where do diversity, equality, and inclusion come into that?

Haide Lui: The concept of DE&I has become a real area of interest, particularly for our American and Canadian LPs. They’re focused on race and gender, as well as sexuality. Gender is interesting because there is now an assumption that we are seeing greater equality, but that is not necessarily the case. GPs can set an example for the investee companies on this issue in their own hiring practices, particularly at the management level.

Ultimately, what matters is what people believe and the fact is that the partners at Ascendent genuinely respect women. Having worked in the sector for several years, I know that is not always the case, but I know I have an equal seat at the table here, that I’m taken seriously, and that what I say carries weight. In that sense, we’re waving a flag for women when it comes to our portfolio companies.

Q. What about other areas of DE&I?

Haide Lui: Modern slavery is an interesting issue. When we first began receiving questions about slavery, it wasn’t fully on my radar, but that prompted us to really investigate the issue; the numbers in human trafficking and forced labor are very worrying. We’ve talked to our deal team about the companies and sectors where the risks are higher and what is being done to address this problem.

Q. Where do you see this debate heading?

Haide Lui: I think increasingly businesses will see that, if they’re behaving well, they’ll be perceived more positively, which is something they can take to market. That’s going to be particularly important as the next generation of customers starts to increase its purchasing power. I get the sense that younger people are far more engaged with these issues, even in Asia, where consumers are largely less concerned than in markets such as America. As the members of that generation become the decision makers, this is going to matter more and more.