32663 - NAVEGAR I LP

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Summary of Investment Information

Project Number

32663

Company Name

NAVEGAR I LP

Date SPI Disclosed

Nov 2, 2012

Country

Philippines

Region

East Asia and the Pacific

Projected Board Date

Dec 17, 2012

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Feb 21, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Dec 17, 2012
Signed : Feb 4, 2013
Invested : May 28, 2013

Sector

Growth Equity Fund

Project Description

Navegar I L.P. (Navegar or the Fund), a Cayman Islands exempted limited partnership, is a private equity fund seeking $100 million in capital commitments to build a portfolio of equity and equity-linked investments in middle market, growth-oriented companies operated in the Philippines.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

Development Impact

The Fund would help its portfolio companies create jobs, which potentially cover the rural areas in the Philippines. The Fund would help private sector development through supporting growth and operational improvement of its portfolio companies. The Project would support private equity investments in the Fund's target country and thus it would help develop the financial markets in the Philippines.

Through this investment, IFC would support a fund manager in the country where private equity capital is still very scarce. IFC's investment in the Fund is expected to demonstrate confidence in the Manager, catalyzing commitments from other investors, especially in the current tough fund raising environment and the lack of private equity investors' familiarity with the Philippines. IFC is also expected to play significant role in Fund's structuring and governance, both before the Fund's first closing as well as throughout the Fund's life. IFC would also to play important role in the development, implementation and the monitoring of Environmental and Social Management System (ESMS) in the Fund. Finally, through co-investment, IFC would be able to work together with the Fund Manager to invest in deals that otherwise would be too big for the Fund to invest in by itself.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project is categorized as FI:2 (medium risk) according to IFC's Environmental and Social review procedure. A review of the Fund's pipeline and investment themes indicate that the fund will prioritize investments in business process outsourcing, retail, consumer products and logistics, all of which are likely to entail limited adverse E&S risk and impacts that are few in number, generally site-specific, largely reversible and can be readily addressed through mitigation measures. The Fund Manager will be required to conduct an E&S due diligence and monitor the target investments against the IFC Exclusion List, applicable Philippines E&S laws and regulations, and PSs.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Intellicare	Philippines	O-JB - General Insurance (Non-Life)
TaskUs	Philippines	R-AC - Other Services (Including IT Enabled Services)
Bistronomia	Philippines	Q-BA- Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Bo s Coffee	Philippines	Q-BA- Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Royale Cold Storage	Philippines	E-CA- Storage (Including Agricultural Products)
The Bistro Group	Philippines	Q-BA- Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)

Key issues associated with this investment relate primarily to the E&S risks of the potential investments, and the capacity and systems in place to manage these risks. This is a first time Fund and as yet does not have an Environmental and Social Management System (ESMS) outlining the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities. In order to mitigate the key E&S risks, and formalize the approach to E&S management the Fund will implement a number of actions:(i) Develop an E&S Management System (ESMS) and capacity to review all sub-projects per the E&S laws and regulations of the sub-project's country and the Performance Standards, to be in place by commitment; (ii) conduct an E&S due diligence (ESDD), with the help of qualified professionals, to identify the applicable E&S risks of each sub-project and require corrective actions as needed to ensure that these risks are managed according to the Performance Standards and applicable laws; (iii) implement a monitoring framework to supervise the E&S risks of all sub-projects and report to IFC. In addition, IFC will review the first three ESDDs and that of all Category A sub-projects (if any) prior to the Fund’s investment to support the implementation of the ESMS.

Contacts

For Inquiries About the Project, Contact

Mr. Honorio Poblador
Managing Partner
Navegar I, GP, Ltd
c/o The Zuellig Building
Paseo de Roxas corner Makati Avenue
Makati City, Philippines
+632 – 808 – 2024

For Inquiries and Comments About IFC, Contact

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IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Navegar I, GP, Ltd
c/o The Zuellig Building
Paseo de Roxas corner Makati Avenue
Makati City, Philippines
+632 – 808 – 2024

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Nominate officers	01/31/2013
Establish SEMS	02/04/2013
Staff Training	03/29/2013

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