41148 - RIVERWOOD CAPITAL PARTNERS LATAM, LP

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Summary of Investment Information

Project Number

41148

Company Name

RIVERWOOD CAPITAL PARTNERS LATAM, LP

Date SPI Disclosed

Jun 28, 2018

Country

Latin America and the Caribbean Region

Region

Latin America and the Caribbean

Projected Board Date

Sep 6, 2018

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jan 19, 2024

Department

CDFPE - Disruptive Technologies and Funds/Private Equity Funds

Industry

Funds

Previous Events

Approved : Sep 6, 2018
Signed : Dec 20, 2018
Invested : Mar 28, 2019

Sector

Growth Equity Fund

Project Description

The project entails an IFC equity commitment of up to US$15 million in Riverwood Capital Partners Latam L.P., (the “Fund”). The Fund will make investments in technology and technology-enabled companies in Latin America

Associated Advisory Engagement

Sponsor / Cost / Location

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

Development Impact

(i) IFC's Own Account Equity: IFC is able to provide Riverwood investee companies with additional growth capital in instances where the General Partner is seeking co-investors; (ii) Contribution to the creation of a dedicated post-VC investor in LAC: There are few private equity firms with dedicated LAC investment program who is focusing solely on growth and expansion stage investments in technology companies.

E&S Category Rationale / Risks and Mitigation

This project has been classified as category FI-2 in accordance with IFC’s Policy on Environmental and Social Sustainability. This is based upon the Fund’s investment strategy and pipeline of technology and tech-enabled investments. The environmental and social risks and impacts associated with these activities are considered limited and can be addressed through mitigation measures; the overall project risk is thus considered medium. The identified applicable requirements for this project are the IFC Exclusion List, applicable E&S laws in the countries where the investee companies are located 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
RD Station	Brazil	R-BA - Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Technysis	Argentina	R-BA - Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Alegra	Colombia	X-XY- Other
Arquivei	Brazil	X-XX- Other (For Non-Investment Projects)
Cortex Brazil	Brazil	X-XY- Other
CRM and Bonus	Brazil	X-XY- Other
Digital House	Argentina	X-XY- Other
Geopagos	Uruguay	X-XY- Other
Gupy	Brazil	X-XY- Other
Intelipost	Brazil	X-XY- Other
Invgate	Argentina	X-XY- Other
Petlove	Brazil	X-XY- Other
Sensedia	Brazil	X-XY- Other
Ubits	Colombia	X-XY- Other

The E&S risks and impacts associated with this fund relate to the ability of the fund manager, Riverwood Capital, to identify and manage the E&S risks associated with the activities of its investee companies, in line with the requirements of Performance Standard 1. The E&S risks and impacts associated with technology-related businesses tend to be limited and are primarily related to labor and working conditions, and management of electronic wastes. Riverwood will be required to incorporate environmental and social risk management into its investment process by developing and implementing an Environmental and Social Management System (ESMS). To ensure the effectiveness of the ESMS, IFC will review the E&S assessments conducted for the first three investments as part of IFC’s E&S monitoring process. The fund manager will also be required to nominate an E&S Officer for the Fund and ensure that adequate E&S risk management training is provided to the Fund’s team. In addition, the fund manager will be required develop a mechanism for receiving, documenting and addressing E&S concerns about its investment activities raised by affected parties or members of the public.

Contacts

For Inquiries About the Project, Contact

Riverwood Capital
Francisco Alvarez-Demalde
Managing Partner
+1 (650)618-7300
info@rwcm.com
70 Willow Road, Suite 100, Menlo Park, CA 94025 USA
https://www.riverwoodcapital.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.

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	07/13/2018
Establish SEMS	07/13/2018
Staff Training	01/09/2019
Development of an External Communication Mechanism	01/09/2019
Review of E&S assessments for the first three investments	01/09/2019

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