Responsible Investment

Overall Approach

Oristan’s overall approach to responsible investment is integrating environmental, social, and governance (ESG) factors into its investment decision-making process. This means that Oristan considers the impact of its investments on the environment, society, and corporate governance when making investment decisions. The limited investment scope of Oristan provides many constraints, but Oristan is committed to promoting responsible investment where possible. The origin of the firm commitment to responsible investing is rooted in the personal beliefs of shareholders and managers of the company. First, the firm’s founders, Ran Fridrich and Hemi Raphael, started Ellomay, an integrated developer owner and operator of renewable energy projects. Investment committee members also have a deep conviction that integrated ESG factors is a means to improve mid to long-term fund performance. Many ESG topics, including fossil fuel and chemical companies, are considered while making investment decisions. The firm responsible investment governance mandates that one investment committee member and board member is also the UN Principal responsible investment (UN PRI) representative.

Oristan’s responsible investment approach is based on the following principles:

  • Integration: ESG factors are integrated into all aspects of Oristan’s investment process, from the initial screening of potential investments to the ongoing monitoring of portfolios.
  • Transparency: Oristan is transparent about its responsible investment policies and practices.

Oristan believes that its responsible investment approach is a way to generate attractive investment returns while positively impacting society. Here are some of the specific ESG factors that Oristan considers when making investment decisions:

  • Environmental factors: These include factors such as climate change, fossil fuel use, water scarcity, and chemical pollution.
  • Social factors: These include factors such as human rights, labour practices, and diversity and inclusion.
  • Governance factors include factors such as corporate transparency, accountability, and ethics.

Oristan believes these ESG factors are integrated within the fundamental approach investment philosophy core to the firm.

The firm is committed to responsible investment and believes it suits its investors, employees, and the environment. The fund will continue to progress on these issues in the coming years.

Responsible Investment Overall Approach (pdf version)

Sustainable Finance Engagement

Engagement with Policy Makers under Responsible Investment Strategy

As part of our commitment to responsible investment, Oristan Ireland DAC actively engages with policy makers and relevant stakeholders to support the development of a more sustainable and transparent financial system. Our approach aligns with the principles of the EU Sustainable Finance Disclosure Regulation (SFDR) and reflects our belief that long-term value creation is enhanced through proactive dialogue, evidence-based policy advocacy, and collaboration with academic and regulatory institutions.

Academic Collaboration

In 2025, Oristan Ireland DAC initiated a formal research collaboration with University College Dublin (UCD), aimed at advancing academic insight into the effectiveness of ESG integration within alternative investment structures. This partnership supports our internal research agenda while contributing to the broader policy debate on sustainability in private markets. The joint research effort includes data analysis, case studies, and policy recommendations that we intend to share with regulators and industry participants.

SFDR Article 8 Fund Launch

We are in the process of launching a fund under Article 8 of the SFDR, which promotes environmental and social characteristics in line with regulatory expectations and investor demand. This new vehicle will adhere to clear sustainability objectives, exclusion criteria, and enhanced transparency in disclosures, and we have shared our experience with national and EU-level stakeholders to support supervisory clarity on implementation issues for Article 8 funds.

Exclusion List Development

To reinforce our ESG standards, Oristan Ireland DAC has implemented a structured exclusion list targeting specific sectors with high environmental risks. Companies with significant exposure to oil-intensive operations and certain categories of chemical production have been excluded from our investment universe, based on third-party ESG data and internal risk assessments. This exclusion policy has been communicated in consultations with relevant policy makers to highlight market-led approaches to sustainability.

Ongoing Policy Engagement

Oristan Ireland DAC participates in industry consultations and policy roundtables convened by the Central Bank of Ireland, the European Securities and Markets Authority (ESMA), and other relevant bodies. Through these channels, we advocate for pragmatic and effective sustainable finance regulations, with a particular focus on proportionality for smaller AIFMs and clarity in ESG-related disclosures.