34809 - IFC Global Emerging Markets Fund of Funds

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Summary of Investment Information

Project Number

34809

Company Name

IFC GLOBAL EMERGING MARKETS FUND OF FUNDS, LP

Date SPI Disclosed

Jul 11, 2014

Country

World Region

Region

Global

Projected Board Date

Sep 25, 2014

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Nov 30, 2016

Department

Disruptive Tech, Service & Funds

Industry

Financial Markets

Previous Events

Approved : Oct 2, 2014
Signed : Aug 17, 2015
Invested : Aug 19, 2015

Sector

Other Funds

Project Description

The project entails an IFC equity investment of up to $150 million in the IFC Global Emerging Markets Fund of Funds (‘GEM Fund” or the “Fund”). The Fund will seek to raise $750 million to $1 billion to invest in a diversified portfolio of private equity funds in the emerging market space.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	150.0

Development Impact

The proposed Fund is expected to have significant developmental impact by supporting a minimum of 20-25 private equity and venture capital funds which will:
(i) Support private sector development: investee funds will help to improve local companies'' competitiveness by providing equity capital and management advice; (ii) Stimulate economic growth and job creation: investee funds will invest in high-growth companies that will create new employment opportunities and contribute to economic development and employment; (iii) Promote international best governance practices: investee funds will be required to adhere to IFC''s ESG requirements and implement these at their investee companies.
By mobilizing third-party institutional capital, the Fund will allow IFC to leverage its existing resources and thus expand its developmental impact. In addition, the Fund will help to deepen private equity markets by being able to provide liquidity to investors via secondary purchases, which will improve the attractiveness of the asset class as it provides for an alternative exit mechanism.

IFC is uniquely placed to develop and implement the proposed global emerging markets fund of funds ("GEM FoF") because of the combination of IFC''s experience and track record of investing in emerging markets PE funds and the AMC platform, specifically:
(i) IFC''s global footprint: With nearly 100 offices around the world, IFC has a local presence in emerging markets that no other investor can match; (ii) IFC''s track-record: Since 2000, IFC has invested over $4 billion in more than 200 funds since 2000 and generated a top-quartile return on its portfolio of PE funds; and (iii) IFC''s dedicated AMC platform: Since its establishment in 2009, AMC has successfully demonstrated its ability to raise and invest third-party funds and now has over $6 billion in assets under management.
As the anchor investor in the Fund, IFC will have a significant catalytic role by mobilizing large global institutional investors that have, to date, not invested in emerging markets private equity and see the value in developing long-term strategic partnerships with an organization like IFC.

E&S Category Rationale / Risks and Mitigation

This project has been classified as Category FI-1 according to the IFC''s Environmental and Social Review Procedures. It involves the establishment of a global emerging markets'' private equity fund of funds to be managed by AMC (IFC''s subsidiary). The Fund will be investing, alongside IFC, at least 80% of its capital in a diversified set of new equity funds. The Fund will also be allowed to invest up to 20% of its capital into co-investments alongside investee funds (direct investments in investee companies) and acquire stakes from eligible sellers.

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
Actera III	Turkiye	P-BA- Growth Equity Fund
Adenia IV	Africa Region	P-BA- Growth Equity Fund
Africa Dvpt I	Africa Region	P-BA- Growth Equity Fund
Africa Dvpt II	Africa Region	P-BA- Growth Equity Fund
Africa Dvpt III	Africa Region	P-BA- Growth Equity Fund
Australis Fund I	Latin America and the Caribbean Region	P-BA- Growth Equity Fund
CT Yifeng	China	P-BA- Growth Equity Fund
Everstone III	India	P-BA- Growth Equity Fund
Falcon House II	Indonesia	P-BA- Growth Equity Fund
Full Truck Alliance	China	R-AC- Other Services (Including IT Enabled Services)
GenBridge I	China	P-BA- Growth Equity Fund
Genesis China I	China	P-BB- Venture Capital Fund
Genesis China II	China	P-BB- Venture Capital Fund
Helios Fund II	Africa Region	P-BA- Growth Equity Fund
Helios Fund III	Africa Region	P-BA- Growth Equity Fund
Helios Fund IV	Africa Region	P-BA- Growth Equity Fund
Helios Towers PLC	Africa Region	R-AA- Engineering Services
Innova SCA SICAV-RAIF	United States	P-EA- Other Non-Fund
Lighthouse III	India	P-BA- Growth Equity Fund
MS NHaven Thai I	Thailand	P-BA- Growth Equity Fund
Multiples II	India	P-BA- Growth Equity Fund
Multiples III	India	P-BA- Growth Equity Fund
Riverwood LAC I	Latin America and the Caribbean Region	P-BA- Growth Equity Fund
SBCVC V	China	P-BA- Growth Equity Fund
Vinci CP III	Brazil	P-BA- Growth Equity Fund

Contacts

For Inquiries About the Project, Contact

Mr. Reyaz Ahmad
Head of IFC Catalyst Fund, AMC
2121 Pennsylvania Ave
20433 Washington, D.C.
Telephone: +1 (202) 473-7785
Email: mailto:rahmad@ifc.org

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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.

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