41648 - ACTERA PARTNERS III LP

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Summary of Investment Information

Project Number

41648

Company Name

ACTERA PARTNERS III LP

Date SPI Disclosed

Feb 19, 2019

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Jun 14, 2019

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 14, 2019
Signed : Jun 27, 2019
Invested : Mar 16, 2021

Sector

Growth Equity Fund

Project Description

The proposed project consists of an equity investment of up to USD50 million in Actera Partners III L.P. (“Actera III” or the “Fund”), a generalist, closed-end private equity fund domiciled in Jersey. Fund will invest in mid-market growth capital/buyout transactions in Turkey.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	50.0

Development Impact

Project Outcomes: - Stakeholder: Access to growth capital for Fund investees: The Fund, while maintaining a generalist strategy, will provide access to much needed long-term equity capital for mid-market companies in Turkey. - Stakeholder: Increased Investee Growth: IFC expects the Fund to help in knowledge transfer and bring operational value-add to its investees. Contribution to Market Creation - Competitiveness: The project is expected to increase PE market activity in Turkey by demonstrating the viability of PE investments given the challenging fundraising environment. - Integration: (i) Through the capacity building activities of the Fund, the project will help investee companies expand their businesses abroad, promoting greater market integration. (ii) Actera III will expand access to private capital through introducing new institutional investors to Turkey.

Financial additionality - IFC own account equity: IFC will provide long-term equity capital to help the Fund reach its target first closing size. - Mobilization: IFC's commitment to Actera will have a strong signaling effect and help catalyze fundraising from other potential investors such as through AMC's GEM Fund. Non-Financial additionality - Non-commercial risk mitigation: IFC's investment in Actera III will send a strong signal of confidence to potential investors and reduce risk perception for domestic and international limited partners in Turkey. - Standard setting: IFC will help enhance Actera's existing environmental and social management system.

E&S Category Rationale / Risks and Mitigation

The project is categorized as FI-2 according to IFC’s Sustainability Policy. A review of the Fund's pipeline and investment themes indicates that the Fund will focus on mid-cap and large companies in Turkey. The fund will have a generalist approach with main focus in consumer products, retail, industrials, transport and logistics, financial services and healthcare sectors. All potential investments are likely to be low or medium risk which entail limited adverse E&S risks and impacts that are few in number, generally site-specific, largely reversible and can be readily addressed through mitigation measures. Actera will be required to conduct an E&S due diligence and monitor the target investments against the applicable E&S requirements including the IFC Exclusion List, applicable national E&S laws and regulations and 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
Akinon	Turkiye	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Gacha	Turkiye	X-XY- Other
ISS	Turkiye	X-XY- Other
Litum	Turkiye	R-AC- Other Services (Including IT Enabled Services)
PayTR	Turkiye	O-ME- Online payments, ecommerce payments
trendyol	Turkiye	N-AD- Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
Vivense	Turkiye	M-GA- Furniture and Related Products

The main E&S risks and impacts associated with this investment relate primarily to the E&S risks of the potential investments and the capacity and systems in place to manage these risks. The Fund is a new IFC client. Currently the fund has an E&S policy in place and a dedicated ESG committee consisting of both managing partners, an E&S manager and two E&S coordinators responsible for E&S risk management across the organization, ensuring continued alignment with investors’ E&S requirements. For Category A investments (if any) and investments with higher E&S risks, the Fund will be required to hire external consultants to undertake the E&S risk assessment. In addition to the existing E&S policy, Actera III will be required to establish a formal environmental and social management system with appropriate ESDD procedures in place to ensure all investee companies are in compliance with IFC’s applicable requirements including the IFC Exclusion List, applicable national E&S laws and regulations and the IFC Performance Standards. In addition, the Fund will be required to provide a periodic report to IFC as per the format to be agreed on and notify IFC of investment in Category A projects, if any.

S.no	Title	Anticipated Completion Date	Status
1	Establish SEMS	04/30/2019	Completed
8	Other1 - Confirm the nomination of an E&S Officer	04/30/2019	Completed
9	Other2 - Provide the first 3 E&S due diligence records and all cat A investments	06/28/2023	Completed
10	Other3 - Staff Training Plan	04/30/2019	Completed
11	Other4 - Implement Staff Training Plan	07/29/2019	Completed
12	Other5 - Provide External Communication Mechanism	04/30/2019	Completed

Contacts

For Inquiries About the Project, Contact

Actera Group
Turker Tekten
CFO
+90 (216) 516 0100
info@acteragroup.com
Kuleli Cd. No:43A 34684 Cengelkoy, Istanbul - Turkey
http://acteragroup.com

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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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