38040 - ADENIA CAPITAL (IV) LP

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Summary of Investment Information

Project Number

38040

Company Name

ADENIA CAPITAL (IV) LP

Date SPI Disclosed

Mar 16, 2016

Country

Africa Region

Region

Africa

Projected Board Date

Jul 26, 2016

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 26, 2016
Signed : Nov 1, 2016
Invested : Nov 29, 2016

Sector

Growth Equity Fund

Project Description

The proposed project is for an equity investment of up to €20 million in Adenia Fund IV L.P. (“the Fund”), a 10 year closed-end generalist private equity fund targeting mid-market companies in West Africa and the Indian Ocean Region. The Fund is seeking to raise € 200 million total committed capital.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	22.29

Development Impact

Adenia IV Fund is expected to deliver strong development impact in the following areas: (i) Job Creation: The growth of the Fund's portfolio companies is expected to result in strong job creation. Mid-cap growth equity investments, which the Fund is focusing on, have significant reach to SMEs, the largest impact on job creation, and the potential for IFC to develop direct relationships with the underlying companies. IFC's portfolio experience has been that non-SME's in the growth equity space create more jobs than SMEs at a lower capital commitment per job created. (ii) IDA countries: The Fund will target to invest to invest 50% of the investments in companies located in IDA countries. (iii) Private sector development: The Fund will employ hands-on management in its portfolio companies. By investing in controlling stakes, the manager will leverage on its know-how to add value , implement best-practice corporate governance and social and environmental standards, and support regional intergration by expanding investee companies into neighboring countries to build "regional champion" companies.

- Catalytic role in attracting additional investors into the Fund to allow it to reach its target size.- - Expects to work with the Manager to provide additional funding to investee companies through equity and debt co-investments. - Assist the Manager to build and implement environmental and social management system ("ESMS") and adoption of E&S standards across the investee companies.

E&S Category Rationale / Risks and Mitigation

This project has been categorized as an FI-2 in accordance with IFC's Environmental and Social Review Procedure. The proposed investment consists of a up to $20 million into Adenia, a 10-year closed-end generalist equity fund targeting Euro 200 million, which is raising US$300 million to invest in the following sectors: financial services, agribusiness, consumer goods, telecom, health care, education, business services, and hospitality. The overall portfolio risks includes a limited number of business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. For this project, the Fund will be required to screen all new investments against the IFC Exclusion List, applicable environmental and social laws and regulations and the IFC Performance Standards.

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
Africa Biosystems	Kenya	S-AC - Other Medical
Eastcastle	Africa Region	N-AD - Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
Herholdts Group	South Africa	M-HB - Solar Photovoltaic Equipment
KANU EQUIPMENT	Africa Region	M-DA - Agriculture, Construction, and Mining Machinery
Newpack	Madagascar	J-AG - Paper Packaging Products (Including Boxes, Cartons, etc.)
Overseas Catering Services	Morocco	F-AI - Other Food
Proximed Africa Biosystems	Mauritius	Q-AC - Medical Equipment and Supplies Wholesalers
Quick Mart	Kenya	Q-BA - Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Red Lands Roses	Kenya	A-AH - Flowers and Ornamental Plants

The key E&S risks and impacts derive from the Fund's capacity to identify and manage the potential environmental and social risks associated with its investment activities, particularly those related to companies in sectors such as agribusiness, services, and hospitality sectors, which typically have medium environmental risks (waste management, effluent treatment, air emissions, disposal of hazardous materials, etc.) and social risks primarily related to occupational, health and safety (lack of occupational training, use of personal protective equipment, lack of emergency training, etc). Additional environmental and social risks and impacts of the project derive from the capacity and systems in place to manage these risks. The Fund has developed an environmental and social management system (ESMS) and has dedicated environmental and social staff in place, and is currently implementing the ESMS across all investments. This entails undertaking an initial environmental and social review including screening against the Exclusion List, verification of compliance with national environmental and social regulatory requirements and the IFC Performance Standards. Key environmental staff has been trained in the management of the environmental and social aspects. As part of this investment, the Fund will be required to continue to implement the Environmental and Social Management System to ensure that all investments are in compliance with the applicable environmental and social requirements. Also, the Fund will be required to develop and implement an external communications mechanism.

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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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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.

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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
Enhance ESMS	04/28/2016

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