Disclosure Statement

Operating Principles for Impact Management

KKR Global Impact Funds
Kohlberg Kravis Roberts & Co. L.P.
June 30, 2024

Kohlberg Kravis Roberts & Co. L.P. is a founding signatory to the Operating Principles for Impact Management
(the “Impact Principles”). The Impact Principles provide a reference point against which the impact management
systems of funds and institutions may be assessed. They draw on emerging best practices from a range of asset
managers, asset owners, asset allocators, and development finance institutions.
This Disclosure Statement hereby affirms that the investment assets included in the KKR Global Impact Funds SCSp
(the “Funds” or “Global Impact”) are managed in accordance with the Impact Principles. This Disclosure Statement
applies only to the KKR Global Impact Funds. The total commitments of these Funds, managed in alignment with
the Impact Principles, is US$4.1 billion as of June 30, 2024.1

Robert Antablin and Ken Mehlman

Co-Heads, KKR Global Impact
June 30, 2024

1
The sole purpose of this Disclosure Statement is to fulfill KKR’s obligations pursuant to Principle 9. KKR makes no guarantee or other promise as to any outcomes, including any financial or
development impact results that may be obtained from the practices disclosed in this Disclosure Statement. While past performance may be analyzed in this Disclosure Statement, it should not be
considered indicative of future performance. Accordingly, KKR shall not have any liability to any of the recipients of this Disclosure Statement, nor to any other party in connection with or arising in
any way from, or in relation to, the information or any opinions expressed in this Disclosure Statement, and KKR does not accept any responsibility whatsoever for any action taken, or omitted to be
taken by any party on the basis of any matter contained in, or omitted from, the Disclosure Statement. The information contained in this Disclosure Statement is only as current as the date indicated
and may be superseded by subsequent market events or for other reasons, and KKR assumes no obligation to update the information herein.

“KKR” means the Firm and, when the context requires, includes the investment funds and vehicles managed or sponsored by the Firm. The “Firm” means Kohlberg Kravis Roberts & Co. L.P. and the
other subsidiaries of KKR & Co. Inc. that operate its asset management business, including capital markets activities but excluding its insurance business and certain other acquired businesses.
“Portfolio companies” are companies held as investments by the investment funds and vehicles managed or sponsored by the Firm. Portfolio companies are not part of KKR as defined. “We”, “us”
and “our” refer to KKR, KKR Global Impact Fund I (EUR) SCSp, or Fund II (EUR) SCSP, as the context requires, and do not include portfolio companies.

The interests in KKR Global Impact Fund I (EUR) SCSp and Fund II (EUR) SCSp and together with Fund I (“Global Impact” or “Global Impact Funds”) referenced herein (the “Interests”) have not been
approved or disapproved by the U.S. Securities and Exchange Commission (the “SEC”) or by the securities regulatory authority of any state or of any other jurisdiction. The Interests have not been
registered under the U.S. Securities Act of 1933, as amended, the securities laws of any other state or the securities laws of any other jurisdiction, nor is such registration contemplated. None of the
Funds will be registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Consequently, limited partners of the Funds are not
afforded the protections of the Investment Company Act. This Disclosure Statement does not constitute an offer to sell or the solicitation of any offer to buy Interests, which may only be made at the
time a qualified offeree receives a Confidential Private Placement Memorandum describing the offering and related subscription agreement. The Interests shall not be offered or sold in any
jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied.

Private funds, such as the Funds, are speculative investments and are not suitable for all investors, nor do they represent a complete investment program. Private funds are available only to qualified
investors who are comfortable with the substantial risks associated with investing in private funds. An investment in a private fund includes the risk that there is no assurance that an investment
strategy will be successful. Investors in a private fund, such as the Funds, may have no right to or a limited right to redeem or transfer their interests in a private fund. No Interests will be listed on an
exchange and it is not expected that there will be a secondary market for any Interests.

Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This Disclosure Statement should not be viewed as a
current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Certain information contained in this document constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,”
“expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” “plan,” “believe,” the negatives thereof, other variations thereon or comparable terminology. Due to various risks and
uncertainties, actual events or results or the actual performance of the Funds may differ materially and adversely from those reflected or contemplated in such forward-looking statements.
Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results or actual performance. Certain information contained herein relating to the
Funds’ targets, intentions, or expectations, including with respect to the structure and terms of investments, and the size and type of individual investments (as applicable) is subject to change, and
no assurance can be given that such targets, intentions or expectations will be met. For further information regarding certain forward-looking statements herein, refer to the Cautionary Statement in
KKR’s 2022 Sustainability Report at [Link]/sustainability-report.

In this Disclosure Statement, we are not using terms such as “material” or “materiality” as they are used under the securities or other laws of the U.S. or any other jurisdiction, or as they are used in
the context of financial statements and financial reporting. Materiality, for the purposes of this document should not, therefore, be read as equating to any use of the word in other KKR reporting or
filings. “Material” sustainability issues are defined as those issues that KKR, in its sole discretion, determines have - or have the potential to have - a substantial impact on an investment’s ability to
create or preserve economic value.

There can be no assurance that KKR’s sustainability policies and procedures as described in this Disclosure Statement, including policies and procedures related to responsible investment or the
application of sustainability-related criteria or reviews to the investment process are applied with respect to the Funds or any particular investment and if applied will continue. Such policies and
procedures could change materially. KKR is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its sustainability initiatives, policies, and
procedures based on cost, timing, or other considerations. KKR does not represent that it has adopted, or will in the future adopt, any particular practice or policy referenced in this Disclosure
Statement at the Firm-level.
To the extent any information described herein relates to any goals, targets, intentions, or expectations in respect of the Funds, then they should be construed as being goals, targets, intentions, or
expectations that are set by KKR as part of its risk management framework in respect of the Funds. Any such goals, targets, intentions, or expectations may be subject to change, and no assurance
can be given that such goals, targets, intentions, or expectations (including with respect to any climate-related targets or decarbonization efforts and related timelines) will be met. The United
Nations Sustainable Development Goals (“SDGs”) are aspirational in nature. The analysis involved in determining whether and how certain initiatives may contribute to the SDGs is inherently
subjective and dependent on a number of factors. There can be no assurance that reasonable parties will agree on a decision as to whether certain projects or investments contribute to a particular
SDG. Accordingly, investors should not place undue reliance on the Firm’s application of the SDGs, as such application is subject to change at any time and in the Firm’s sole discretion.

Where statements about sustainability initiatives or practices relate to the Funds, such statements are made in the context of the risk management framework employed in respect of the Funds. In
addition, all such statements, including statements about sustainability initiatives or practices related to portfolio companies, do not apply in every investment and depend on a variety of factors
including, but not limited to, the relevance or implementation status of an sustainability initiative to, or within, the investment; the nature and/or extent of investment in, ownership of or, control or
influence exercised by KKR with respect to the investment; and other factors as determined by investment teams, corporate groups, asset management teams, portfolio operations teams,
companies, investments, and/ or businesses on a case-by-case basis. The extent to which KKR engages with an investment on sustainability-related practices and potential enhancements thereto
varies depending on the nature of the investment and, to the extent KKR does so engage in respect of the Funds, it does so for risk management purposes. There is no guarantee that such
engagements will improve the risk profile of the investment and/or the Funds and, accordingly, positively impact financial returns. There can also be no assurance that portfolio company policies and
procedures, as described in this Disclosure Statement, will continue. The sustainability factors are only some of the many factors KKR considers when making an investment, and there is no guarantee
that consideration of sustainability factors will improve the risk profile of the investment and/or the Funds and, accordingly, positively impact financial returns. In addition, the act of selecting and
evaluating material sustainability factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by KKR will correlate with the perceived material
sustainability risks, internal policies or preferred practices of investors, other asset managers or with market trends.

Certain information contained herein necessarily involves a number of assumptions and relies upon information from third parties, and in certain cases has not been updated through the date hereof.
KKR does not independently verify all sustainability information it receives from investments or third-party advisors or data sources, and it may decide in its discretion not to use certain information
or accept certain recommendations. KKR makes no representation or warranty, express or implied, with respect to the accuracy, fairness, reasonableness, fitness for use, or completeness of any of
the information contained herein, and expressly disclaims any responsibility or liability therefor. Descriptions of portfolio company climate-related targets or strategies, including use of the term "net
zero" or "net negative" in relation to such targets or strategies, are based on the relevant portfolio company's internal assessment or own description of their target. KKR makes no representations
regarding the validity of such targets or strategies or portfolio companies' ability to meet or implement them.

References to “KKR Capstone” or “Capstone” are to all or any of KKR Capstone Americas LLC, KKR Capstone EMEA LLP, KKR Capstone EMEA (International) LLP, KKR Capstone Asia Limited and their
Capstone-branded subsidiaries, which employ operating professionals dedicated to supporting KKR deal teams and investments.

Nothing contained herein is intended to predict the performance of any investment. There can be no assurance that actual outcomes will match the assumptions or that actual returns will match any
expected returns.

The information contained in this Disclosure Statement has not been verified or endorsed by the Global Impact Investing Network (“the GIIN”) or the Secretariat or Advisory Board. All statements
and/or opinions expressed in these materials are solely the responsibility of the person or entity providing such materials and do not reflect the opinion of the GIIN. The GIIN shall not be responsible
for any loss, claim or liability that the person or entity publishing this Disclosure Statement or its investors, Affiliates (as defined below), advisers, employees or agents, or any other third party, may
suffer or incur in relation to this Disclosure Statement or the impact investing principles to which it relates. For purposes hereof, “Affiliate” shall mean any individual, entity or other enterprise or
organization controlling, controlled by, or under common control with the Signatory.
Overview of Global Impact’s Approach

KKR has built a proprietary model to source, diligence, and help create value in companies around the world.
Since formalizing its approach to sustainability management in 2008, KKR has deepened its integration of
material sustainability topics into the investment process across asset classes, to further its ambition to create
and protect value. In the same time period, KKR invested over $40bn in total equity committed to sustainability-
focused investments, including $30bn+ committed to climate and environmental sustainability investments since
2010.1 For more information, refer to KKR’s 2023 Sustainability Report on the KKR website.
Launched in 2018, the KKR Global Impact strategy seeks to help investors achieve meaningful financial outcomes
by helping to solve important societal challenges. We aim to invest in leading companies where financial
performance and positive societal impact are aligned, across four investment themes: climate action, sustainable
living, lifelong learning, and inclusive growth. To accomplish this, the Global Impact team utilizes KKR’s full suite
of global resources. These include KKR Capstone, the KKR Global Institute, KKR Public Affairs, the Global Macro
and Asset Allocation team, KKR Capital Markets, and the SEAC, along with other external collaborators.2
To demonstrate our commitment to transparency, we continue to leverage third-party measurement
frameworks designed to bring greater credibility and consistency to the impact investing market. We measure
each company’s contribution toward one or more of the United Nations Sustainable Development Goals (SDGs),
using indicators defined by third-party reporting frameworks wherever possible.
More information on Global Impact’s strategy, portfolio, and impact management approach is available on the
KKR website.
For purposes of Global Impact, the definition of an impact investment is as follows:

GLOBAL IMPACT CRITERIA

Criteria Description
Achieves Attractive A company that has an attractive business model and where Global Impact is able to
Risk-Adjusted Returns identify a credible path to generating private equity-related returns through the
investment

Contributes Solutions to A company whose business model contributes a solution to a challenge (or challenges)
the SDGs identified by the SDGs and relevant in its market, either directly through the core product
or service or indirectly through the way the company differentiates its core product
or service

Generates Impacts That A company whose positive contributions toward the SDGs are measurable and reportable
Are Measurable using credible third-party metrics
During the lifetime of the investment, Global Impact seeks to develop metrics to monitor
the impact of the product or service and assess progress, which we will report to Fund
investors annually

Seeks to Improve A company that actively manages and seeks to improve, during Global Impact’s
Management of Material ownership, its performance on material sustainability-related topics as guided by the
Sustainability Topics Sustainability Accounting Standards Board (SASB) materiality analysis
During KKR Ownership During our ownership period, Global Impact will measure, monitor, and report on
these matters to Fund investors annually

1
Includes investments made from 2010 to December 31, 2023 by KKR funds and co-investors, Global Atlantic, and syndicated co-investments. Sustainability-focused investments
include the following
sustainability-focused sectors: climate, environmental sustainability, cybersecurity, lifelong learning (including education and workforce development), and social equality
(including financial inclusion and food security)
2
Participation of KKR Private Equity, KKR Capital Markets, and KKR Capstone personnel in the public markets investment process is subject to applicable law and inside
information barrier policies and procedures, which may limit the involvement of such personnel in certain circumstances and KKR Credit’s ability to leverage such integration
with KKR & Co; discussions with Senior Advisors and employees of the Firm’s managed portfolio companies are also subject to the inside information barrier policies and
procedures, which may restrict or limit discussions and/or collaborations with KKR Credit.
PRINCIPLE 1 – DEFINE STRATEGIC IMPACT OBJECTIVE(S), CONSISTENT WITH THE INVESTMENT STRATEGY

The Manager shall define strategic impact objectives for the portfolio or fund to achieve positive and measurable social
or environmental effects, which are aligned with the Sustainable Development Goals (SDGs), or other widely accepted
goals. The impact intent does not need to be shared by the investee. The Manager shall seek to ensure that the impact
objectives and investment strategy are consistent; that there is a credible basis for achieving the impact objectives
through the investment strategy; and that the scale and/or intensity of the intended portfolio impact is proportionate to
the size of the investment portfolio.

Global Impact aims to invest behind four core impact themes – climate action, lifelong learning, sustainable
living, and inclusive growth – where we believe we can create value for our investors and contribute
meaningful solutions to the SDGs.
As part of our diligence process, we seek to assess prospective companies’ alignment with Global Impact’s
investment strategy using standardized assessment criteria (see above for Global Impact’s criteria). The
diligence is led by the investment team, which is then reviewed by Business for Social Responsibility (BSR), a
sustainable business network and consultancy focused on sustainable business strategies and solutions.
Diligence findings relating to Global Impact’s criteria and comments from BSR are included in materials
evaluated by Global Impact’s Investment Committee, and the diligence typically includes:
▪ An Impact Thesis that explains how the company’s core product or service provides a solution to a
locally relevant challenge in its market.
▪ A Sustainability Context, which describes the locally relevant challenge the company is addressing in
further detail, including whether the challenge is consistent with those identified by one or more of
the SDGs, and whether there is additional credible third-party qualitative and quantitative evidence
supporting the relevance and size of the challenge.
▪ Compilation of Impact Projections, which seek to quantify how the expected growth of the company’s
core product or service over the investment period is expected grow contributions to the SDGs; for
example, improvements in student literacy and numeracy linked to the use of an educational
technology product contributing to SDG 4 (Quality Education).
▪ Further analysis including the scale and depth of intended impact outcomes, which considers the
expected size and degree of positive change related to the growth of a company’s core product or
service over the investment period. In addition, any potentially harmful or conflicting negative impacts
to the SDGs and risks to delivering impact (e.g., severity and likelihood of the risks) are also considered
(refer to Principle 4).
▪ An Investor Contribution, which outlines how KKR and KKR Capstone — a team dedicated to support
KKR investment teams and portfolio companies — plan to create value, including the expected scaling
of a company’s core product or service and associated growth in contributions toward the SDGs (refer
to Principle 3).
Following investment, Global Impact identifies relevant metrics to monitor progress on each portfolio
company’s contributions toward one or more of the SDGs, in collaboration with BSR. The metrics are sourced
from third-party frameworks wherever possible (refer to Principle 4). Global Impact includes a review of its
portfolio’s progress in contributing to the SDGs in its quarterly portfolio review process, including quantitative
metrics on a quarterly basis wherever feasible.
Global Impact provides annual Impact Reports to its LPs, reporting on the contributions of its portfolio
companies to the SDGs at both the individual company and overall portfolio level. These reports have been
shared with LPs since 2019. Additionally, since 2020, Global Impact has published a publicly accessible
brochure on its website. The brochure includes information on the Fund’s themes, details about each
company’s positive contributions towards societal challenges aligned with the SDGs, and key highlights of the
portfolio’s overall contributions towards the SDGs. The brochure can be found on the KKR website.
PRINCIPLE 2 – MANAGE STRATEGIC IMPACT ON A PORTFOLIO BASIS

The Manager shall have a process to manage impact achievement on a portfolio basis. The objective of the process is to
establish and monitor impact performance for the whole portfolio, while recognizing that impact may vary across individual
investments in the portfolio. As part of the process, the Manager shall consider aligning staff incentive systems with the
achievement of impact, as well as with financial performance.

Global Impact’s process to manage impact achievement begins during the first stage of diligence, when we seek to
assess prospective companies’ alignment with Global Impact’s strategy. The diligence includes but is not limited to
how a company’s business model addresses a challenge outlined by one or more of the SDGs, how the expected
growth of the company’s core product or service over the investment period is expected to increase contributions
to the SDGs, alongside the company’s potential to generate commercial returns. The deal teams are responsible for
leading diligence and monitoring performance, with support from BSR and KKR’s Sustainable Investing team.
Following investment, Global Impact identifies relevant metrics to monitor progress on each portfolio
company’s contributions toward one or more of the SDGs, in collaboration with BSR. The metrics are sourced
from third-party frameworks wherever possible (refer to Principle 4). Global Impact includes a review of
progress each company has made in its contributions to the SDGs as part of its quarterly portfolio review
process, including quantitative metrics wherever feasible.
Global Impact provides annual Impact Reports to its LPs, reporting on the contributions of its portfolio
companies to the SDGs at both the individual company and overall portfolio level. These reports have been
shared with LPs since 2019. Additionally, since 2020, Global Impact has published a publicly accessible
brochure on its website. The brochure includes information on the Fund’s themes, details about each
company’s positive contributions towards societal challenges identified the SDGs, and key highlights of the
portfolio’s overall contributions towards the SDGs. The brochure is available on the KKR website.
Given that Global Impact’s portfolio companies’ core product or service must contribute toward the SDGs, we
believe that commercial growth and achievement of positive impact outcomes are highly aligned. Annual
compensation for each investment team member is based on multiple factors, including portfolio company
impact performance and sustainability management. In 2021, Global Impact developed formal criteria to help
standardize the consideration of contributions to impact objectives and the management of material
sustainability-related topics within 2021 personal development goal setting across the team. In 2022 and early
2023, we further refined our approach to formally include contributions to impact objectives and the
management of material sustainability topics as standalone categories within the Global Impact investment team’s
individual evaluation framework, which is reviewed as part of determining certain components of compensation.
Global Impact also worked with third-party experts to analyze trends and leading practices when linking
companies’ management team compensation to impact objectives and performance against material
sustainability topics, which is now in place at over half of its portfolio companies.
PRINCIPLE 3 – ESTABLISH THE MANAGER’S CONTRIBUTION TO THE ACHIEVEMENT OF IMPACT

The Manager shall seek to establish and document a credible narrative on its contribution to the achievement of impact
for each investment. Contributions can be made through one or more financial channels (e.g., improving cost of capital,
specific financial structuring, offering innovative finance instruments) and/or non-financial channels (e.g., active
shareholder engagement, assisting with resource mobilization, providing technical advice or capacity building, helping
investees meet higher operational standards). The narrative should be stated in clear terms and supported, as much as
possible, by evidence.

Global Impact utilizes a private equity strategy that incorporates active governance and leverages KKR’s
expert global resources to drive impact and commercial outcomes. We seek to engage with management
teams to help our portfolio companies scale their businesses and achieve more — greater financial success,
incremental positive impact, and improved performance against material sustainability-related topics. We
leverage the full suite of KKR’s global resources including KKR Capstone, the KKR Global Institute, KKR Public
Affairs, KKR Global Macro and Asset Allocation, KKR Capital Markets, and others, to achieve these goals.
As part of diligence, our investment team drafts a description of the applicable company’s Investor
Contribution, which outlines how KKR and KKR Capstone — a team dedicated to support KKR investment
teams and portfolio companies — plan to create value, including the expected scaling of a company’s
core product or service and associated growth in contributions to the SDGs. In addition, the Investor
Contribution includes a description of how we expect to protect and create value at each company by
enhancing the management of its material sustainability-related topics.
Global Impact reports on its Investor Contribution across its portfolio in our annual Impact Report to LPs;
first provided to LPs in 2019. The narrative reports on progress against contribution initiatives set out at
investment providing specific examples of Global Impact’s financial and non-financial contributions at each
portfolio company.
Global Impact has also published an annual public-facing brochure on its website since 2020, which contains
further specific examples of Global Impact’s Investor Contribution. For example, the 2021 brochure includes
a case study on how KKR has supported Viridor, a waste management company in the U.K., as it integrated
climate and circular economy considerations into its commercial strategy to position itself as a market
leader in the responsible handling of waste, including the launch of an industry-leading net-zero 2040 and
net-negative 2045 carbon emissions ambition. In addition, the brochure contains examples of how we have
collaborated with certain portfolio companies in our lifelong learning thematic to implement efficacy
studies which compare student learning or graduation outcomes relative to a benchmark. The brochure is
available on the KKR website.
Other examples of Global Impact’s Investor Contribution are included in the KKR 2023 Sustainability Report
also available on the KKR website. For example, we have supported Lightcast in improving its approach to
impact measurement and management, including establishing an Impact Center of Excellence, developing
customer surveys, and creating customer impact stories highlighting Lightcast’s value-add. The company
has made meaningful strides and published their first public-facing impact report in 2024 which surveyed
nearly 1,400 clients to better understand how the data is contributing towards impact, available here.
PRINCIPLE 4 – ASSESS THE EXPECTED IMPACT OF EACH INVESTMENT, BASED ON A SYSTEMATIC APPROACH

For each investment the Manager shall assess in advance and, where possible, quantify the concrete, positive impact
potential deriving from the investment. The assessment should use a suitable results measurement framework that aims
to answer these fundamental questions: (1) What is the intended impact? (2) Who experiences the intended impact?
(3) How significant is the intended impact? The Manager shall also seek to assess the likelihood of achieving the
investment’s expected impact. In assessing the likelihood, the Manager shall identify the significant risk factors that could
result in the impact varying from ex-ante expectations. In assessing the impact potential, the Manager shall seek evidence
to assess the relative size of the challenge addressed within the targeted geographical context. The Manager shall also
consider opportunities to increase the impact of the investment. Where possible and relevant for the Manager’s strategic
intent, the Manager may also consider indirect and systemic impacts. Indicators shall, to the extent possible, be aligned
with industry standards and follow best practice.

As part of our diligence process, we seek to assess prospective companies’ alignment with Global Impact’s
investment strategy using standardized assessment criteria (see above for Global Impact’s criteria). The
diligence is led by the investment team, which is then reviewed by BSR. Diligence findings relating to
Global Impact’s criteria and comments from BSR are included in materials evaluated by Global Impact’s
Investment Committee, and the diligence typically includes:
▪ An Impact Thesis that explains how the company’s core product or service provides a solution to a
locally relevant challenge in its market.
▪ A Sustainability Context, which describes the locally relevant challenge the company is addressing
in further detail, including whether the challenge is consistent with those identified by one or more
of the SDGs, and whether there is additional third-party evidence supporting the relevance and size
of the challenge. The Sustainability Context is drafted with support from BSR.
▪ Compilation of Impact Projections, which seek to quantify how the expected growth of the
company’s core product or service over the investment period is expected to grow contributions to
the SDGs; for example, improvements in student literacy and numeracy linked to the use of an
educational technology product contributing to SDG 4 (Quality Education). The investment team is
responsible for compiling initial impact projections that seek to quantify a company’s expected
impact over time using a consistent approach, which is reviewed by BSR. Relevant metrics to
support measurement against impact objectives over the investment period are identified
leveraging existing reporting frameworks (e.g. those referenced by the SDG Indicators, SDG
Compass, or IRIS catalogue of metrics).
▪ Further analysis which seeks to take the Impact Management Project (IMP)’s five dimensions of
impact into account; for example, a review of the scale and depth of impact outcomes, which
considers the expected size and degree of positive change related to the growth of a company’s
core product or service over the investment period. Where feasible, we also work with companies
to conduct customer surveys to further inform impact diligence assessments.
▪ Consideration of any risk factors that may result in lower contributions to the SDGs than expected;
for example, execution risk or external factors that could affect the growth in a company’s product
or service and associated SDG contributions. IMP’s nine types of potential risks are taken into
account, among other considerations. In addition, any potentially harmful or conflicting negative
impacts to the SDGs are also considered.
▪ Compilation of an Investor Contribution, a description of how we intend to support companies in
scaling their contributions to the SDGs and managing their material sustainability-related topics
(see Principle 3).
Analysis from diligence on impact and material sustainability-related topics is included in materials
evaluated by Global Impact’s Investment Committee.
PRINCIPLE 5 – ASSESS, ADDRESS, MONITOR, AND MANAGE POTENTIAL
NEGATIVE IMPACTS OF EACH INVESTMENT

For each investment the Manager shall seek, as part of a systematic and documented process, to identify and avoid, and
if avoidance is not possible, mitigate and manage Environmental, Social and Governance (ESG) risks. Where appropriate,
the Manager shall engage with the investee to seek its commitment to take action to address potential gaps in current
investee systems, processes, and standards, using an approach aligned with good international industry practice. As part
of portfolio management, the Manager shall monitor investees’ ESG risk and performance, and where appropriate,
engage with the investee to address gaps and unexpected events.

We believe that adopting an appropriate framework for sustainability governance — supported by

board-level and executive capabilities, accountability, and performance measurement of a company’s
material topics — is important for companies to create and protect value in the long term.
During diligence we seek to undertake a number of activities to help identify, avoid, monitor, and/or manage
material sustainability risks and opportunities in order to protect and enhance value, such as:
▪ Screening companies for demonstrated strength in managing their material, business-relevant
sustainability topics, or a commitment to improving such management over the investment period.
▪ Drawing on the SASB Engagement Guide to conduct an initial sustainability materiality review in
collaboration with BSR, to help identify potential material, business-specific sustainability risks faced
by a company.
▪ SFDR-related analysis for GIF II, a fund disclosing under Article 9, including but not limited to a
review of principal adverse impact indicators
▪ Considering potential negative effects, including conflicting or harmful SDG impacts and potential
mitigants.
In addition to engaging with BSR, deal teams leverage KKR’s network of industry advisors and in-house
expertise to better understand potential risks and opportunities, including KKR’s Global Public Affairs
team, which represents the core of sustainability-related expertise at KKR. Investment teams may also
commission additional third-party diligence, for example in cases where sector-specific technical
expertise is required.
In the post-investment phase, Global Impact and portfolio companies seek to collaboratively set goals
and priorities, including those related to their material, business-relevant sustainability topics. In
addition, we support our companies across four key objectives which we believe can help companies
across a wide variety of industries, sectors, and geographies to mitigate risk and create value. These
objectives include managing material sustainability topics and adopting an appropriate governance
framework, engaging human capital, managing climate risks and opportunities, and ensuring data
security. For further information on KKR’s approach to sustainability management, including policies,
reporting, and disclosures, please refer to KKR’s 2023 Sustainability Report, available on the KKR
website.
In addition, Global Impact seeks to monitor progress on goals, risks and opportunities related to
material sustainability topics as part of its quarterly review of portfolio performance.
Global Impact has provided commentary on sustainability-related performance and metrics at the company
and portfolio levels in our annual Impact Report to LPs, first provided to LPs in 2019. Global Impact has also
published an annual public-facing brochure on its website since 2020, which contains further examples of
Global Impact’s sustainability management efforts, including portfolio-wide sustainability metrics. The
brochure is available on the KKR website.
PRINCIPLE 6 – MONITOR THE PROGRESS OF EACH INVESTMENT IN
ACHIEVING IMPACT EXPECTATIONS AND RESPOND APPROPRIATELY

The Manager shall use the results framework (referenced in Principle 4) to monitor progress toward the achievement of
positive impacts in comparison to the expected impact for each investment. Progress shall be monitored using a
predefined process for sharing performance data with the investee. To the best extent possible, this shall outline how
often data will be collected; the method for data collection; data sources; responsibilities for data collection; and how,
and to whom, data will be reported. When monitoring indicates that the investment is no longer expected to achieve its
intended impacts, the Manager shall seek to pursue appropriate action. The Manager shall also seek to use the results
framework to capture investment outcomes (i.e., short-term and medium-term effects of an investment’s outputs, which
are the products, capital goods, and services).

Global Impact’s portfolio monitoring and management system follows the same core approach that is used
across all of KKR’s private equity funds. As such, the system includes oversight by a Portfolio Management
Committee that meets regularly to assess company and portfolio performance. Global Impact’s Portfolio
Management Committee’s materials include a review of the portfolio’s progress in contributions towards
the SDGs, including quantitative metrics on a quarterly basis wherever feasible. In addition, the committee
reviews progress on the management of business-relevant sustainability topics (refer to Principle 5).
To demonstrate our commitment to transparency, we continue to leverage third-party measurement
frameworks to bring greater credibility and consistency to the impact investing market. We measure each
company’s contribution toward one or more of the SDGs, using indicators defined by third-party reporting
frameworks wherever possible. These include but are not limited to: SDG Target Indicators, SDG Compass,
IRIS’ catalogue of metrics and other industry recognized reporting standards. In cases where there are no
existing metrics sufficiently capturing a company’s impact, Global Impact’s process is to consult with third-
party subject matter experts to develop and confirm appropriate metrics.
We continue to focus on measuring beyond outputs and seeking to measure outcomes. For example, in 2022,
we supported the launching of a second life cycle assessment for another product of CMC Packaging
Automation (CMC) to better understand the environmental impacts of its products relative to a benchmark,
which was completed in early 2023. Global Impact’s Lifelong Learning portfolio has also implemented efficacy
or benchmarking studies to better understand learning or employment outcomes, including at Education
Perfect, EQuest, and Graduation Alliance.
Global Impact has developed data collection processes and timelines outlining roles and responsibilities for
impact and sustainability data at both KKR and portfolio company level. Global Impact’s onboarding
processes include the refinement of estimated impact projections, and processes for companies to measure
and report on performance against impact and material sustainability objectives to us on a quarterly basis.
Within KKR, processes to support monitoring include the completion of an annual reporting survey,
guidance provided for the survey questions, office hours and webinars with additional survey guidance, and
a quality check process in collaboration with third-party sustainability experts.
In addition, Global Impact’s annual reporting to Fund investors communicates year-over-year and year-over-
baseline data for select impact and sustainability metrics.
PRINCIPLE 7 – CONDUCT EXITS CONSIDERING THE EFFECT ON SUSTAINED IMPACT

When conducting an exit, the Manager shall, in good faith and consistent with its fiduciary concerns, consider the effect
which the timing, structure, and process of its exit will have on the sustainability of the impact.

Global Impact is committed to making investment decisions consistent with our fiduciary duty to our investors
and exercises this duty by investing according to our strategy, which is to target companies whose core
business model contributes to the SDGs. By investing in businesses in which financial and impact outcomes are
aligned, we believe that we increase the likelihood of continued impact post-exit. In addition, the Funds seek to
create and protect value by enhancing sustainability management practices with long-term sustainability in
mind, for example by enhancing board oversight and governance relating to material sustainability topic risks
and opportunities.

We aim to continue to build out our approach to conducting an exit, including a template with guidance that is
intended to capture impact and sustainability performance to be completed as part of exit discussions. The
template includes information on buyer reputation in impact and/or sustainability management, a summary of
impact and sustainability performance to date, as well as consideration of any potential effects that the exit
timing, structure or process may have on the sustainability of impact or risks to employees, customers, or other
stakeholders. Going forward, we aim to update the template to consider additional types of exit scenarios for
continued impact post-exit.
PRINCIPLE 8 – REVIEW, DOCUMENT, AND IMPROVE DECISIONS AND PROCESSES
BASED ON THE ACHIEVEMENT OF IMPACT AND LESSONS LEARNED

The Manager shall review and document the impact performance of each investment, compare the expected and actual
impact, and other positive and negative impacts, and use these findings to improve operational and strategic investment
decisions, as well as management processes.

Global Impact’s quarterly reviews of portfolio performance are the main forum through which we monitor
expected and actual performance on contributions to the SDGs and the management of sustainability
issues, as well as other positive and negative impacts. We seek to share lessons learned from the
performance of individual companies amongst the Portfolio Management Committee members and deal
teams as part of these discussions, especially those that are relevant to improving operational and strategic
investment decisions, as well as management processes.
Global Impact strives to communicate performance on contributions to the SDGs and management of
material sustainability topics – including lessons learned – in its annual report to LPs.
Global Impact seeks to continually improve its impact and sustainability-related diligence and portfolio
management processes often in collaboration with third party experts; for example, updating team training
and onboarding approach, annual survey process, and impact or sustainability-related value creation
activities. In addition, Global Impact has integrated lessons learned from its first and second verification
conducted in 2019 and 2021 to update its approach to the assessment and management of impact
objectives in its portfolio, and aims to continue to do so in the future.
We focus on measuring beyond outputs and seeking to measure outcomes wherever feasible. For example, in
2022, we supported the launching of a second life cycle assessment for a product of one of our portfolio
companies, CMC Packaging Automation (CMC), to better understand the environmental impacts of its products
relative to a benchmark, which was completed in early 2023. Global Impact’s Lifelong Learning portfolio has
also implemented efficacy or benchmarking studies to better understand learning or employment outcomes at
certain portfolio companies, including Education Perfect, EQuest, and Graduation Alliance. Results from these
studies and lessons learned are shared amongst the deal team in portfolio management committees and at
team training sessions, to enhance future strategic investment decision-making and portfolio management,
where relevant to other companies.
Global Impact hosts regular investment team training sessions, which in 2023 included discussions on
improving annual reporting processes, decarbonization, and material sustainability-related topics.
PRINCIPLE 9 – PUBLICLY DISCLOSE ALIGNMENT WITH THE PRINCIPLES
AND PROVIDE REGULAR INDEPENDENT VERIFICATION OF THE ALIGNMENT

The Manager shall publicly disclose, on an annual basis, the alignment of its impact management systems with the
Principles and, at regular intervals, arrange for independent verification of this alignment. The conclusions of this
verification report shall also be publicly disclosed. These disclosures are subject to fiduciary and regulatory concerns.

This Disclosure Statement will be updated and published annually, in compliance with the Impact Principles.

Global Impact is committed to a high level of transparency and to the value of independent verification. We
intend to have our impact management system reviewed against the Impact Principles regularly, with areas of
alignment and improvement disclosed publicly as a part of this Disclosure Statement.

As other signatories of the Impact Principles publish their disclosure statements, we will take note of peer
approaches and consider adjustments to help ensure that our processes are in line with industry best practice.

We completed our first verification at the end of 2019, our second in early 2021, and our most recent in 2024.
We expect to complete and publish a third-party verification of our Disclosure Statement every three years at a
minimum.

We worked with BlueMark on our verification in 2024. BlueMark, a Delaware-registered public benefit
company, is a leading provider of impact verification services in the impact investing market. BlueMark was
founded with a mission to “strengthen trust in impact investing” and to help bring more accountability to the
impact investment process. BlueMark has conducted this verification with an independent and unconflicted
team experienced in relevant impact measurement and management issues. BlueMark has implemented a
Standard of Conduct requiring our employees to adhere to the highest standards of professional integrity,
ethics, and objectivity in their conduct of business activities. BlueMark has office locations in London, UK; New
York, NY; and Portland, OR; and is headquartered at 154 W 14th St, 2nd Floor, New York, NY 10011. Its outside
investors include S&P Global, Temasek Trust Capital, Blue Haven Initiative, Gunung Capital, Tsao Family Office,
Ford Foundation and Radicle Impact. For more information, please visit [Link].
Verifier Statement
Independent Verification Report

Prepared for KKR Global Impact Funds: May 24th, 2024

Introduction
As a signatory of the Operating Principles for Impact Management (the Impact Principles)1, KKR Global Impact Funds (defined
as KKR Global Impact Fund I (EUR) SCSp together with Fund II (EUR) SCSp) engaged BlueMark to undertake an independent
verification of the alignment of KKR Global Impact Funds’ impact management (IM) system with the Impact Principles. KKR
Global Impact Funds’ assets under management covered by the Impact Principles (Covered Assets) totals $4.1 billion2, as of June
30, 2024.

Summary assessment conclusions

BlueMark has independently verified KKR Global Impact Funds’ extent of alignment with the Impact Principles. Key takeaways
from BlueMark’s assessment are as follows:

Principle 1: KKR's impact strategy targets investments aligned with the SDGs across four themes. Each theme, directly linked
to 2-5 SDGs, is selected with input from experts and informed by external research and evidence. Deal teams regularly
conduct market research into target sub-themes to validate impact potential and refine their strategy.

Principle 2: KKR assesses impact potential across investments through a common framework in its due diligence process,
and reviews and compares the impact results of its investments at the portfolio level. The firm broadly considers impact,
ESG, and DE&I considerations as part of its staff performance review framework. To further align, KKR should consider
opportunities to more formally assess individual team members’ contributions towards the achievement of impact
outcomes within staff performance reviews.

Principle 3: KKR contributes to its investees’ achievement of impact through impact-linked value-creation activities and
ESG initiatives. Intended contribution is captured as part of the due diligence process and reported annually as part of
the impact report.

Principle 4: KKR assesses impact across multiple dimensions using a three-pass due diligence process and evaluates impact
risks associated with each prospective investment. KKR also establishes impact projections and targets during the last
stage of the due diligence process.

Principle 5: KKR leverages a multi-stage due diligence process to identify underlying ESG risks. During onboarding, the
firm discusses improvement initiatives and sets goals with investees during onboarding. The firm tracks key ESG KPIs
and activities on a quarterly basis and engages with investees if new risks and/or underperformance emerge.

Principle 6: KKR collects impact and ESG data from investees quarterly and annually. The data are reviewed, compared,
and analyzed against prior year and expectations. The firm has also conducted stakeholder surveys and commissioned
studies to validate the long-term impact outcomes.

Principle 7: KKR has developed an exit template to evaluate the influence of factors, such as timing and buyer’s
experience in ESG management, could have on the long-term impact sustainability of its investees beyond the exit point.

Principle 8: KKR regularly hosts impact-management training sessions and an Annual Meeting to reflect on lessons
learned through its investments. The firm continuously integrates insights gained into its strategy and process refinement.
To further align, KKR should consider more formally reviewing the unintended and indirect impacts of its investments.

1 Principle 9 states that signatories “shall publicly disclose, on an annual basis, the alignment of its impact management systems with the Impact Principles and, at regular intervals, arrange
for independent verification of this alignment. The conclusions of this verification report shall also be publicly disclosed. These disclosures are subject to fiduciary and regulatory concerns.”
2 Assets under management figure as reflected in KKR Global Impact Funds Disclosure Statement 2024. BlueMark’s assessment did not include verification of the AUM figure.
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Verifier Statement
Independent Verification Report

Prepared for KKR Global Impact Funds: May 24th, 2024

Assessment methodology and scope

KKR Global Impact Funds provided BlueMark with the relevant supporting documentation for the policies, processes, and tools
related to the IM system applicable to the Covered Assets. The scope of BlueMark’s work was limited to processes in place related
to the Covered Assets as of May 2024. BlueMark’s assessment of the IM system included an evaluation of both the system itself and
supporting documentation, as well as the consistency of the draft disclosure statement with the IM system. BlueMark believes that
the evidence obtained in the scope of its assessment is sufficient and appropriate to provide a basis for our conclusions.3

BlueMark’s full assessment methodology, based on its professional judgment, consisted of:
1. Assessment of the IM system in relation to the Impact Principles, using BlueMark’s proprietary rubric, and examining
processes and policies against the following criteria:
• Compliance of the IM system with a threshold level of practice;
• Quality of the IM system’s design in terms of its consistency and robustness; and
• Depth of sub-components of the system, focused on completeness
2. Interviews with KKR Global Impact Funds’ staff responsible for defining and implementing the IM system;
3. Testing of selected KKR Global Impact Funds transactions to check the application of the IM system; and
4. Delivery of detailed assessment findings to KKR Global Impact Funds, outlining areas of strong alignment and
recommended improvement, as well as BlueMark’s proprietary benchmark ratings on the extent of alignment to each of
the Impact Principles.

Permissions
This statement, including our conclusions, has been prepared solely for KKR Global Impact Funds in accordance with the
agreement between our firms, to assist KKR Global Impact Funds in fulfilling Principle 9 of the Operating Principles for Impact
Management. We permit KKR Global Impact Funds to disclose this statement in its entirety online, or to furnish this statement to
other interested parties to demonstrate KKR Global Impact Funds’ alignment with the Operating Principles for Impact
Management. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KKR Global
Impact Funds for our work or this statement except where terms are expressly agreed between us in writing.

About BlueMark
BlueMark, a Delaware-registered public benefit company, is a leading provider of impact verification services in the impact investing
market. BlueMark was founded with a mission to “strengthen trust in impact investing” and to help bring more accountability to
the impact investment process. BlueMark has conducted this verification with an independent and unconflicted team experienced
in relevant impact measurement and management issues. BlueMark has implemented a Standard of Conduct requiring our
employees to adhere to the highest standards of professional integrity, ethics, and objectivity in their conduct of business activities.
BlueMark has office locations in London, UK; New York, NY; and Portland, OR; and is headquartered at 154 W 14th St, 2nd Floor,
New York, NY 10011. Its outside investors include S&P Global, Temasek Trust Capital, Blue Haven Initiative, Gunung Capital,
Tsao Family Office, Ford Foundation and Radicle Impact. For more information, please visit [Link].

3 The scope of BlueMark’s assessment procedures does not include the verification of the resulting impacts achieved. BlueMark’s assessment is based on its analyses of publicly available
information and information in reports and other material provided by KKR Global Impact Funds. BlueMark has relied on the accuracy and completeness of any such information provided
by KKR Global Impact Funds. The assessment results represent BlueMark’s professional judgment based on the procedures performed and information obtained from KKR Global Impact
Funds.
2