37243 - ESIP Learn Capital Coinvestment Fund

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Summary of Investment Information

Project Number

37243

Company Name

LEARN CAPITAL - IC, LP

Date SPI Disclosed

Sep 29, 2015

Country

World Region

Region

Global

Projected Board Date

Oct 22, 2015

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Oct 25, 2025

Department

TMT, Venture Capital & Funds

Industry

Funds

Previous Events

Approved : Oct 22, 2015
Signed : Oct 27, 2015
Invested : May 6, 2022

Sector

Venture Capital Fund

Project Description

The Summary of Investment Information is re-posted as per below to reflect the co-investment nature of this proposed investment with IFC’s existing investee fund Learn Capital Venture Partners III, L.P. (“Learn Capital Fund”, Project #32429 https://disclosures.ifc.org/#/projectDetail/SII/32429 )

The SII will reflect IFC’s revised proposed investment of up to US$15 million in a co-investment vehicle (“IFC Co-investment Fund”), of which the first investment would be in Andela Inc.

The project consists of an IFC equity investment of up to US$15 million in a co-investment vehicle (“IFC Co-investment Fund” or the “Project”) with IFC’s existing investee fund Learn Capital Fund. The purpose of the vehicle is for IFC to participate in co-investment opportunities with Learn Capital Fund on a selective basis.

The first project consists of an equity investment of up to $500,000 in Andela Inc, an education start-up that recruits and trains local talents in Africa to become fully employable in the innovation economy through a New Economy Skills Training (NEST) curriculum.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

Development Impact

- Accelerate the introduction and expansion of latest education technologies in selected markets, contributing to improved access, quality, efficiency and relevance of local education systems.

- Promote innovation in early stage technology companies through the access to growth capital for expansion in emerging markets.

- Provide a demonstration effect of the potential for the private sector to bring innovative solutions to long-standing problems in education systems in emerging markets, mainly through the use of technology.

- Provide debt and equity financing that might otherwise not be available to the Learn Capital Fund's investee companies.

- Mobilize capital from other investors into what is still a relatively new and innovative sector.

- Leverage experience and network in emerging markets with the IFC Co-investment Fund's investee companies to facilitate their expansion in new markets.

- Promote best practices in monitoring the IFC Co-investment Fund's performance in terms of students access, learning outcomes, employability, and other relevant dimensions as necessary.

E&S Category Rationale / Risks and Mitigation

The project is categorized as FI:2 (medium risk) according to IFC's Environmental and Social (E&S) review procedure. A review of the proposed investment themes indicate that the IFC Co-investment Fund will target investments in the education sector, focusing on investments in education technology, including software and platform development and online delivery of educational content, which may have minimal or no adverse environmental or social impacts. The IFC Co-investment Fund may also invest opportunistically in projects which may include construction and operation of schools and may 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 host country E&S laws and regulations, and Performance Standards (PS).

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 IFC Fund and as yet does not have an ESMS outlining the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities.

Key Mitigation Measures:

In order to mitigate the key E&S risks, and formalize the approach to E&S management the Learn Capital Fund has implemented a number of actions: (i) Developed an 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; (ii) designed a system to conduct E&S due diligence (ESDD), with the help of qualified professionals, as appropriate, 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) implemented a monitoring framework to supervise the E&S risks of all sub-projects and report to IFC.

Contacts

For Inquiries About the Project, Contact

Paul Strange mailto:mailto:paul@learncapital.com 
Telephone: +1-650-275-3030 
Learn Capital 
20 E. 3rd Ave
San Mateo, CA 94401

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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.

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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.

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