Livonia Partners is proud to announce the release of our fifth annual Sustainability Report, which highlights the significant progress made in 2023. As we navigate an increasingly complex global environment, this report reflects our unwavering commitment to responsible investing and long-term value creation.
In 2023, we achieved a symbolic milestone by becoming the first climate-neutral private equity fund manager in the Baltics, offsetting our greenhouse gas (GHG) emissions through carbon credits. We also strengthened our internal governance by updating our code of conduct and whistleblowing policies. Our membership in the Lithuanian Responsible Business Association (LAVA) further enhances our responsible business practices. Additionally, several team members joined Level 20, reinforcing our commitment to gender diversity initiatives within private equity.
While we prioritize internal sustainability, our most significant impact arises from our portfolio companies. By the end of 2023, the majority of our portfolio companies adopted essential ESG measures, including employee satisfaction tracking, codes of conduct, and accident monitoring, with the remaining companies on track for implementation by the end of 2024. All Fund II companies calculated their GHG emissions and identified areas for improvement, demonstrating our commitment to helping businesses transition toward greener operations and enabling them to incorporate environmental considerations into their budgeting processes. As a result, in line with our pledge to allocate at least 10% of our fund to green contributions, we recorded that 2.7% of our invested fund was directed toward these commitments, with expectations for this number to grow to 11.3% in 2024.
Notable examples featured in the report include Glassense's investment in energy-efficient equipment, which has reduced energy consumption by 17% in the production site, and CSUB's successful delivery of the Paradis Bridge in Norway, constructed from maintenance-free composite materials. Additionally, Bagfactory launched a 95% recycled fruit and vegetable bag, providing a sustainable alternative to single-use plastics in supermarkets.
These initiatives reflect Livonia Partners’ commitment to green innovation and advancing sustainability. We look forward to continuing our efforts in supporting the green transition and delivering long-term value for our stakeholders.