38818 - MAISON CAPITAL FUND LP

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Summary of Investment Information

Project Number

38818

Company Name

MAISON CAPITAL FUND LP

Date SPI Disclosed

Sep 15, 2016

Country

China

Region

East Asia and the Pacific

Projected Board Date

Feb 21, 2017

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Feb 21, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Feb 21, 2017
Signed : May 24, 2017
Invested : Jul 24, 2017

Sector

Growth Equity Fund

Project Description

Maison Capital Fund L.P. (“Maison Capital” or the “Fund”) is a 10 year closed-end generalist private equity fund targeting fast growing mid-market companies in China. The Fund is seeking to raise $200 million in total committed capital.

Sponsor / Cost / Location

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

Development Impact

Expected development impact includes (i) implementation of an Environment and Social Management System by the Fund Manager and subsequent implementation of ESG best practices at portfolio company level, (ii) job creation that is expected to come through the business growth of the portfolio companies and (iii) operational improvements and enhanced corporate governance in portfolio companies.

IFC's support as an anchor investor in the Fund Manager is expected to help the fund to institutionalize its investor base and promote the adoption of ESG best practices in its portfolio companies. IFC is expected to have a seat on the Fund's Advisory Committee, and will thus play an active role in ensuring the Fund adopts best practice fund management and governance practices. Through co-investments, IFC can also provide additional capital to investee companies where needed.

E&S Category Rationale / Risks and Mitigation

This transaction involves providing a US$25 million investment to a new IFC client, Maison Capital Fund III (the “Fund”). The Fund’s proposed portfolio is focused on consumer technology, consumer services and consumer lifestyle-oriented businesses in China. The proposed portfolio entails mainly potentially limited adverse E&S risks and impacts that are generally site-specific, largely reversible and readily addressed through mitigation measures. None of expected portfolio projects will entail significant adverse environmental and social risks that are irreversible. The project has therefore been categorized as FI-2 in accordance with the IFC’s Policy on Environmental and Social Sustainability. The Fund will be required to comply with the IFC Exclusion List, national E&S laws and the IFC’s 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
Ambilight	China	M-DC- Other Machinery (Including Metalworking Machinery, Ventilation, Heating and Air-Conditioning, etc.)
Biomedomics	China	S-AC- Other Health Services
Boomplay	China	X-XZ- Other
Elpiscience	China	S-AC- Other Health Services
ET Healthcare	China	S-AC- Other Health Services
Hengrui	China	M-DC- Other Machinery (Including Metalworking Machinery, Ventilation, Heating and Air-Conditioning, etc.)
Insilico Medicine	United States	S-AC- Other Health Services
Little Freddie	China	F-AI- Other Food
Sandstone Medical	China	S-AC- Other Health Services
Sharkgulf Technologies	China	M-CF- Motor Bicycle (Including Bicycles)
Simple Love	China	F-AF- Dairy Products
Sungiven Foods	China	Q-BA- Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Wallaby Medical	China	T-AA- Elementary and Secondary Schools
Wook	China	X-XZ- Other
Youlife	China	X-XZ- Other

The key risk is related to the ability of the Fund to identify and manage the environmental and social risks associated with its investment activities, in particular investments in companies exposed to manufacturing of goods. Additional E&S risks and impacts of the Project derive from the capacity and systems in place to manage these risks. At present the Fund does not have a sufficient Environmental and Social Management System (ESMS) outlining the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities. The Fund will therefore be required to enhance its E&S risk management practices by a) nominating an E&S officer; b) establishing an ESMS commensurate with the level of risks; c) providing necessary training to all staff involved in ESMS implementation. The fund manager will be also required to establish an external communication mechanism accompanying the ESMS.

Contacts

For Inquiries About the Project, Contact

Ellaine Zhou, Director
Maison Capital Management Limited
1302, Tower One, Kerry Plaza, Zhongxinsi Road,
Futian District, Shenzhen, China, 518000
Tel: +86 755 8826 6877
Email: mailto:ellainezhou@maisoncapital.com

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

Local Access of Project Documentation

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

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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.

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	10/15/2016
Establish SEMS	10/15/2016
Staff Training	10/15/2016
Establish external communication mechanism	10/15/2016

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