45049 - Everstone IV

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Summary of Investment Information

Project Number

45049

Company Name

EVERSTONE FUND IV

Date SPI Disclosed

Apr 16, 2021

Country

India

Region

South Asia

Projected Board Date

May 31, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 8, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Nov 30, 2021
Signed : Dec 23, 2021
Invested : Jan 31, 2022

Sector

Growth Equity Fund

Project Description

The proposed project is an investment in Everstone Capital Partners IV Pte. Ltd., a Singapore limited partnership (the “Master Fund”) and/or one or more parallel or alternative investment vehicles (collectively with the Master Fund referred to as “ECP IV” or the “Fund”), which will invest in equity and equity-linked instruments of companies that have significant operations in India and opportunistically in South East Asia. The Fund will invest in healthcare, be sector agnostic with a primary focus on healthcare/pharma and technology services, as well as consumer and financial services sectors.

ECP IV is the successor fund to Everstone Capital Partners III (“Fund III”), a vintage 2016 fund with US$731 million in total commitment, Everstone Capital Partners II (“Fund II”), a 2010 vintage fund with US$580 million in capital commitments and to Indivision India Partners (“Fund I”), US$425 million 2006 vintage fund.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	60.0

Development Impact

Expected development impact through:

(i) Providing access to private equity capital to unlisted mid-cap companies, including in underserved regions.

(ii) Provide capital and operational and financial value add to increase investee growth rates.

(iii) Increased Gender Equality through Manager’s policies at the Fund and investee level.

E&S Category Rationale / Risks and Mitigation

The Fund will invest in operational companies in India and South East Asia. The Fund is expected to be focused on healthcare and pharmaceuticals (including service, delivery, diagnostics) and tech services (data analytics, tech integration, SaaS etc.). Other potential sectors of exposure include financial services (retail, MSME, asset finance, insurance) and consumer (consumption and durables). These target segments and subsectors will potentially have limited environmental or social risks or impacts which will be few in number, generally site-specific, and readily addressable through mitigation measures and good industry practices. Given the Fund's investments strategy there is very limited likelihood for investments in companies exposed to significant E&S risks related to involuntary resettlement, adverse impacts on Indigenous Peoples, significant risks to the environment, community health and safety, biodiversity, cultural heritage, or significant occupational health and safety risks. The Fund will avoid investments in financial service sector companies which have substantially high-risk portfolio. Hence, the E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability. The applicable performance requirements will be i) the IFC- FI Exclusion List; ii) the relevant national E&S laws and regulations; and iii) the IFC Performance Standards. The Fund will not invest in any coal-related project.

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
Everise Holdings	Singapore	R-AC - Other Services (Including IT Enabled Services)
Cprime	United States	R-AC- Other Services (Including IT Enabled Services)
EverSaaS	Singapore	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Global Techserve	Singapore	R-AC- Other Services (Including IT Enabled Services)
Media Mint	India	R-AC- Other Services (Including IT Enabled Services)
Softgel Healthcare	India	S-AC- Other Health Services

The main E&S risks and impacts of the project derive from the E&S risks associated with the investments of the Fund and its capacity and systems in place to manage these risks. The Manager is an existing IFC client. It has appointed an ESMS officer and is implementing a detailed E&S risk management system (ESMS) which includes policy and procedures for screening, categorization, due-diligence including additional studies if needed, guidance on holding company/platform investments, monitoring of the portfolio and use of external consultants for due-diligence. The existing ESMS will be adopted for this project with necessary modifications and an external communications mechanism (ECM) will be developed and implemented.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Other1 Develop and operationalize an external communications mechanism		Completed		03/02/2022
Other2 Upgrade ESMS	07/31/2023	Completed		07/31/2023

Everstone group has introduced a new ESG policy and also instituted a separate ESG Committee, for the entire Everstone group in 2020. Further, senior management personnel and partners continue to have wider ESG role at the group level and through representation in board of directors of the investee companies. The current ESMS provides guidance on deal screening, exclusions (such as high risk FI, category A, IFC exclusion list), due-diligence, drafting ESAP, covenants, typical ToR for engaging third party ESG consultants and guidance on monitoring of portfolio. The same ESMS has been adopted for Fund IV as well and the internal procedure for external communications mechanism (ECM) has been formalized. Senior resource (one of the Managing Directors) continues to be the ESMS officer and Head of ESG. External consultants are engaged for ESDDs, additional reviews and monitoring as per need. Fund provides necessary update on ESAP implementation by the investee companies.

Contacts

For Inquiries About the Project, Contact

Everstone Capital Asia Pte. Ltd
Mr Sanjay Gujral
Chief Business Officer
+6592348230
sgujral@everstonecapital.com
#08-01, Singapore 238463
www.everstonecapital.com

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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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