31942 - Altus

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Summary of Investment Information

Project Number

31942

Company Name

ACP Investments One Inc.

Date SPI Disclosed

Jul 19, 2013

Country

Philippines

Region

East Asia and the Pacific

Projected Board Date

Aug 19, 2013

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Sep 18, 2013
Signed : Nov 21, 2014
Invested : May 31, 2017

Sector

Distressed Assets Servicer

Project Description

The project entails a twofold investment:
IFC will provide a loan to a to-be formed Special Purpose Vehicle (SPV), which along with the equity investment of the two sponsors of Altus Capital Partners (“Altus”), will establish a platform for the acquisition and resolution of Distressed Assets (“DAs”) in the Philippines. The SPV will acquire DAs consisting of sub/non-performing portfolios of assets and sub/non-performing single assets, including real estate-related performing, sub/non-performing loans, securities, assets and similar instruments, and distressed assets derived from special situations.

IFC will invest equity in a to-be formed Altus Holding Company (“HoldCo”) that will be the vehicle that holds interests in local servicing companies, such as 100% in Altus Capital Partners (PH) and potentially other servicing companies in Asia.

The proposed project is part of IFC’s Debt and Asset Recovery Program (“DARP”), a crisis response initiative approved by the Board in August 2009, which focuses on DAs, roll-over risk and restructurings. DARP’s strategy is to revitalize financial systems through investments in DAs and servicing companies / platforms.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	41.17
Equity	0.15

Development Impact

- Economic Development: The successful implementation of the project will improve the secondary market for distressed assets in the countries of investment.

- Business Environment: As banks in the region increase the sale of their distressed assets to independent private investors, the transparency of those institutions'' balance sheets should improve as these assets would be priced according to market conditions.

- Financial Infrastructure: IFC''s involvement in this project would allow Altus to positively impact the market place by building NPL servicing capacity in the financial markets. The project is expected to increase the ability of financial intermediaries in the country to offload their assets, particularly non-performing ones, improve liquidity and devote resources to originating new transactions.

- Market Support: The vast number of opportunities for distressed assets investments in the developed world, including United States and Western Europe, is significantly crowding out other regions. IFC''s participation in the project would send a signal to the market that transparent transactions are possible and that IFC is supporting the development of a critical element in the financial sector related for financial cycles. This would support the positive evolution of distressed asset markets in the region.

- Liquidity: IFC will provide liquidity for distressed assets investments when liquidity is scarce to non-existent for these types of investments. Accordingly, IFC would be leveraging further private sector investment in this sector.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project will support the establishment of Altus Holdco and also the acquisition of eligible DA in the Philippines through a SPV under the Holdco. The DA includes sub-performing/non-performing loan portfolios, sub-performing/non-performing loan single-assets including real estates and other properties, and distressed-debt special situation opportunities, but in no event direct equity investments. The E&S risks and impacts of most DAs are expected to be low, however, a limited number of properties may involve ongoing or unfinished construction or informal squatters and SME or corporate non-performing loans may also have E&S issues. The project has been classified as a Category FI-2 project according to the IFC Sustainability Framework.

Contacts

For Inquiries About the Project, Contact

Pavan Gidwani
Managing Director
Altus Capital Partners
16/F Robinsons Summit Centre
6738 Ayala Avenue
Makati City, Philippines 1200
Tel: +632 844 2551

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
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Local Access of Project Documentation

Eduardo Martinez-Miranda
International Finance Corporation
23rd Floor, One Global Place
5th Avenue corner 25th Street,
Bonifacio Global City, 1634 Taguig, Philippines
Tel: +(632) 465-2700

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