40622 - Innova VI

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Summary of Investment Information

Project Number

40622

Company Name

INNOVA 6 SCA SICAV-RAIF

Date SPI Disclosed

Dec 1, 2017

Country

Poland

Region

Europe

Projected Board Date

Jan 12, 2018

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 14, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Mar 22, 2018
Signed : Mar 29, 2018
Invested : Jun 25, 2018

Sector

Growth Equity Fund

Project Description

The proposed project consists of an equity investment in the Innova 6 SCA/SICAV (“Innova 6” or the “Fund”), a closed-end private equity fund, domiciled in Luxembourg. The Fund will have a generalist approach with a primary focus on financial services, telecom/technology, business services, manufacturing, consumer, healthcare, and retail.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	24.44

Development Impact

(i) Job creation: The Fund will focus on mid-cap companies with growth capital needs, which tend to have the largest impact on job creation and the most potential for IFC to develop direct relationships through potential co-investment opportunities. (ii) Access to finance: Long-term equity and risk-oriented capital is limited in Poland; mid-cap companies usually access bank loans in the absence of equity investors. IFC's investment will support Polish companies by providing additional equity in this segment. (iii) Private sector development: The Fund will play an active role in strengthening governance and transparency of the investee companies through its hands-on involvement. Operational efficiencies of the portfolio companies will improve, thus promoting growth and sustainability.

(i) Mobilization: Given the challenging fundraising environment, IFC's commitment to Innova is expected to send a positive signal to other international investors about the private equity landscape in Poland and catalyze fundraising for the second closing. (ii) Closer partnerships through co-investments: Given IFC's interest in the Fund's target sectors and countries, through potential participating in co-investment opportunities, IFC could help the Fund complete investments that would otherwise be too large for the Fund to invest in alone. (iii) Best Practices: IFC will advocate the implementation of corporate governance and E&S standards in the Fund's investee companies.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Investees with SME Classification at time of Acquisition (%)	SME Investees (%)	Not Available	Not Available	Not Available
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement	Not Available	Not Available	Not Available
Investees in IDA Countries (%)	Investees in IDA Countries (%)	Not Available	Not Available	Not Available
Corporate Governance: Investees where Fund Manager has Board Seat (%)	Investee Boards with Fund Manager (%)	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project has been classified as category FI-2 according to IFC’s Sustainability Policy. The proceeds will be used by the Fund Innova 6 to invest in mid-market growth/buyout capital for private companies. Innova 6 will focus on lower mid-cap companies from Poland and other CEE countries in several sectors, including financial services, telecommunication, business services (logistics, IT outsourcing), manufacturing, consumer products, healthcare, and retail. The investment pipeline at the appraisal included mostly medium and low risk projects for which environmental and social potential impacts are limited, generally site-specific, largely reversible and readily addressed through mitigation measures. The Fund Manager will be required to apply IFC Exclusion List, national E&S laws and regulations as well as 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
Bielenda	Poland	Miscellaneous Consumer Products (Including Sporting and Athletic Goods, Exercise Equipment, Jewelry, Musical Instruments, Toys, Games, Diversified)
Inelo Group	Poland	Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
Optical Investment Group S A	Romania	Retail (Including Supermarkets, Grocery Stores, etc)
Oshee	Poland	Soft Drink
PayPoint Romania	Romania	Online payments, ecommerce payments
PLIC SA	Poland	Paper Packaging Products (Including Boxes, Cartons, etc.)
STX Next	Poland	Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Wenet	Poland	Marketing Consulting Services

Investee	Country Of Investment	Sector
Bielenda	Poland	Miscellaneous Consumer Products (Including Sporting and Athletic Goods, Exercise Equipment, Jewelry, Musical Instruments, Toys, Games, Diversified)
Inelo Group	Poland	Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
Optical Investment Group S A	Romania	Retail (Including Supermarkets, Grocery Stores, etc)
Oshee	Poland	Soft Drink
PayPoint Romania	Romania	Online payments, ecommerce payments
PLIC SA	Poland	Paper Packaging Products (Including Boxes, Cartons, etc.)
STX Next	Poland	Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Wenet	Poland	Marketing Consulting Services

The main E&S risks and impacts of the project derive from the E&S risks of the Fund's capacity and system in place to identify and manage E&S risks associated with its investment activities. Innova 6 has developed key elements of the Environmental and Social Management System (ESMS) and nominated ESMS staff. E&S due diligence is integrated into the investment approval process and includes the E&S risk assessment and compliance with applicable national laws on environment, health, safety and social issues. The Fund engages external qualified consultant to conduct E&S due diligence when its internal E&S due diligence program identifies areas of concern prior to an investment and develops Action plan for its investees. At present, the Fund has adopted the UN Principles of Responsible Investment and published Innova’s ESG reports on annual basis. As a new IFC client, the Fund will be required to finalize development of an ESMS, outlining procedures, responsibilities and tools for undertaking E&S risk management of its investment activities prior to commitment. The Fund's staff will undergo an E&S training to ensure adequate E&S risk management associated with their investment. IFC will review the Fund’s E&S due diligence for the first three investments and all Category A projects (if there is any) prior to the Fund’s investment to ensure proper ESMS implementation. The Fund will develop and implement a procedure for external communication allowing for receiving and registering communication from external stakeholders in accordance with the IFC's Sustainability Framework.

Contacts

For Inquiries About the Project, Contact

Innova Capital
Ms. Katarzyna Kaczmarek
Head of Investor Relations
+48 225449400
kkaczmarek@innovacap.com
00-124 Warsaw, Poland
www.innovacap.com

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Fax: 202-974-4384

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.

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
Staff Training	05/01/2018
Establish a communication mechanism for external stakeholders	01/31/2018
Upgrade and formalize ESG procedures	01/31/2018

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