38939 - Jaguar RE Fund I

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Summary of Investment Information

Project Number

38939

Company Name

JAGUAR REAL ESTATE PARTNERS LP

Date SPI Disclosed

Nov 15, 2016

Country

Latin America and the Caribbean Region

Region

Latin America and the Caribbean

Projected Board Date

Dec 15, 2016

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jul 1, 2021

Department

Gbl Ind, Manufact, Agribus & Services

Industry

Funds

Previous Events

Approved : Dec 16, 2016
Signed : Dec 22, 2016
Invested : Jan 25, 2017

Sector

Real Estate Fund

Project Description

The project entails an IFC equity commitment of up to $25 million, not to exceed 20% of total commitments, in Jaguar Real Estate Partners LP (the “Fund”), an 8-year closed-end private equity fund raising about $300 million to make control or significant minority investments in 5-6 real estate platform companies in Latin America.

The Fund will target 4-5 investments of US$40-70 million each with an average of a 4-7 year holding period with the following estimated geographical distribution: (i) ~20-30% in Andean/Central American region; (ii) ~20% in Mexico; (iii) ~20% in Argentina; and (iv) ~30-40% in Brazil. Jaguar’s intended diversification strategy is multidimensional: (i) by geography within Latin America; (ii) by subsector, primarily including industrial and retail; and (iii) by stage of evolution in the life-cycle of the investee companies (green-field, value, growth plays).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

Development Impact

(i) Economic Development: The Fund will help address the supply of class A commercial and industrial real estate in Latin America and provide increased access to quality business infrastructure critical for economic growth in the region; (ii) Scale up integration: The Fund will provide long term equity to expand the operations of new or existing companies/platforms across the region to achieve economies of scale and risk diversification. (iii) Job creation: Provide employment during the development and construction periods of the investee companies; also support quality job opportunities in the manufacturing and services sector via the expansion of the existing supply of commercial and industrial assets in the fund; (iv) E&S Best Practice: Promote best E&S and green building standards, which would improve the efficiency and energy use in the industrial property sector.

(i) Stamp of approval: IFC to support a new manager in its first fund at a critical growth juncture, implying an important level of institutional backing; (ii) Sustainability practices: The fund will be compliant with the IFC E&S guidelines; in addition, IFC is expected to help create internal capacities that would instill energy efficient and green buildings development capacity at the fund level and/or the investee platforms; (iii) Countercyclical Role: IFC to provide capital in a first time fund during difficult fundraising environment in Latin America; (iv) Additional Financing: IFC will have the opportunity to provide additional equity and debt financing to the Fund's investee companies through co-investments.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

Key E&S impacts and risks derive from the Fund’s ability to identify and manage the environmental and social risks associated with its’ investment activities, including the occupational health and safety performance of third party contractors, emergency preparedness, energy efficiency and pollution prevention, and land acquisition. As these potential impacts and risks are generally site-specific and readily addressed through mitigation measures, the project’s E&S categorization is FI-2.

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, 2021.

Investee	Country of Investment	Sector
Aliansce	Brazil	Construction and Real Estate
City Express Hol	Mexico	City and Business Hotel
JREP I Logistic Acquisition	Latin America Region	Commercial Property - Industrial (Project Only)
Vesta Corp	Mexico	Construction and Real Estate

As a Private Equity Fund, the main E&S risks of the project are associated with the Fund’s investments. When assessing potential investments, Jaguar’s current due diligence process mainly considers the licensing aspects of environmental and social impacts, for example, national environmental impact assessment requirements, land use zoning regulations and permits for access to and use of water, electricity and sewage services. In order to identify and manage the full spectrum of E&S risk and impacts, Jaguar are committed to developing an Environmental and Social Management System (ESMS) that is both aligned and embedded with their overall mission and strategy. The ESMS should identify potential risks and mitigation measures of the companies where the fund plans to invest. In particular risks associated to real state such as land acquisition, health and safety during construction and implementation of the green buildings strategy. Jaguar will formally determine and communicate its objectives for incorporating E&S considerations. Jaguar will appoint an E&S committee involving employees from across different functions and levels of seniority to oversee the process of ESG integration. The ESG committee will handle specific ESG issues identified in the investment process and support the investment/operational teams. Jaguar will conduct E&S training for all staff and monitor the E&S performance of the funds and/or portfolio companies. In addition, IFC will review the ESDD (E&S Due Diligence) of the first three sub-projects assessed as well as that of all Category A, if any. All investments will require an ESDD considering the exclusion list, the local E&S laws, and the Performance Standards.

S.no	Title	Anticipated Completion Date	Status
1	Nominate officers	12/31/2016	Completed
2	Establish SEMS	12/31/2016	Completed
4	Develop guidelines	05/31/2017	Completed
6	Staff Training	12/31/2017	Completed

Contacts

For Inquiries About the Project, Contact

Bruce Wolfson
General Counsel
Jaguar Growth Partners
390 Park Avenue, 4th Floor
New York, NY 10022
T: +1 (646) 663 4936
E: bw@jaguargrowth.com

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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.

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.

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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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