Summary

No Such Friends of Troy Coöperatief U.A. is classified as an Article 8 financial product under the EU Sustainable Finance Disclosure Regulation (SFDR). This financial product promotes environmental and social characteristics by integrating ESG considerations into its investment selection and post-investment engagement. It does not have sustainable investment as its primary objective and makes no claim to sustainable investments within the meaning of Article 2(17) of the SFDR.

No sustainable investment objective

This financial product promotes environmental and social characteristics but does not have sustainable investment as its objective. No portion of the investments is committed as sustainable investments within the meaning of Article 2(17) of the SFDR. No reference benchmark has been designated to measure the attainment of the environmental and social characteristics promoted by this financial product.

Environmental and social characteristics promoted

SDG 8 —Decent Work and Economic Growth

Troy is a German fintech that combines debt collection with a digital CRM platform, enabling businesses to recover outstanding debts while preserving customer relationships. By replacing traditional adversarial collection methods with data-driven, customer-friendly engagement, troy creates economic value for businesses across sectors while reducing the social friction typically associated with debt recovery. Troy's approach directly advances SDG 8.2 using technological upgrading and innovation to improve productivity in a historically labour-intensive sector.

Good governance

Troy is assessed against the SASB (Sustainability Accounting Standards Board) standards framework, covering core business practices and company-level governance policies. Governance quality is a binding consideration in the investment decision.

Diversity and inclusion

Troy is contractually required to evaluate and implement best practices with respect to diversity in its employee base. This commitment is embedded in the investment's legal documentation.

Principal Adverse Impacts

A Principal Adverse Impact (PAI) assessment was conducted as part of the pre-investment due diligence process, identifying potential negative effects on sustainability factors.

Investment strategy

No Such Ventures B.V. invests in early-stage European technology companies. ESG considerations are integrated into the investment process: companies are screened against an exclusion list, assessed on SDG contribution, evaluated on governance quality using the SASB framework, and subject to a PAI assessment. Findings are documented in the Information Memorandum and form part of the investment decision.

Proportion of investments

100% of the capital invested through this financial product is directly invested in Troy. As a single-company vehicle, no portion is held in cash or other instruments outside the investment.

Monitoring of environmental and social characteristics

No Such Ventures II B.V. monitors adherence to the promoted characteristics through active portfolio ownership. Post-investment, ESG practices are monitored through regular engagement with Troy's founders and management team, including monthly and quarterly touchpoints. Portfolio company compliance with contractual ESG commitments is tracked as part of the standard reporting cycle.

Methodologies

The UN SDG framework serves as the primary methodology for assessing positive environmental and social contribution. Governance quality is assessed using SASB standards. PAI potential is assessed using a proprietary framework applied pre-investment and documented in the investment proposal.

Data sources and limitations

ESG data is sourced primarily through direct engagement with Troy during pre-investment due diligence and through ongoing portfolio monitoring. No third-party ESG data providers are used at this time.

Limitations: Early-stage companies are typically not yet subject to mandatory sustainability reporting obligations. As a result, standardised or externally verified ESG data is generally not available at the time of investment. This is addressed through direct engagement and proprietary due diligence.

Due diligence

ESG due diligence is conducted as an integral part of the pre-investment process. This includes screening against the exclusion list, assessing SDG contribution, evaluating governance quality against SASB standards, and conducting a PAI assessment. Findings are documented in the Information Memorandum and presented to the investment committee.

Engagement policies

No Such Ventures II B.V. takes an active ownership approach. Post-investment, it works closely with Troy to support ESG development. ESG matters are addressed through regular contact with founders and management, consistent with No Such Ventures' hands-on support model.

Reference benchmark

No reference benchmark has been designated to measure the attainment of the environmental and social characteristics promoted by this financial product.

This disclosure is published pursuant to Article 8 of Regulation (EU) 2019/2088 (SFDR) and Commission Delegated Regulation (EU) 2022/1288. It will be reviewed and updated at least annually, or when material changes occur. No Such Ventures II B.V. Last updated: September 2026.