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Laxman Pai, Opalesque Asia:

A consortium including the Ford Foundation, Omidyar Network, S&P Global, and Hamilton Lane, are backing Novata, a new public benefit corporation aiming to streamline ESG measurement, data collection, and benchmarking for private companies and private-markets investors.

"Novata launched as an innovative new public benefit corporation and technology platform built to provide the private markets ecosystem, including private equity firms, with intuitive and effective Environmental, Social Good and Corporate Governance (ESG) measurement, data collection and benchmarking," said a press release.

Novata is led by Alex Friedman, formerly the chief financial officer of the Gates Foundation and chief investment officer at UBS Wealth Management. Novata is seeking to be a data hub to help companies gather, analyze and report ESG data that can be benchmarked against other companies.

Directly informed by the needs of general partners and limited partners, Novata is designed to offer a vetted ESG reporting framework built around 10 critical metrics that consistently appear across leading ESG methodologies and a secure technology platform that provides a clearer view of ESG impact, it added.

"The majority of the world's economic activity is driven by private companies. It is their approach to environmental and social impact which will ultimately accelerate the ideals of inclusive capitalism," said Alex Friedman, Chief Executive Officer ......................

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