45107 - DFP Baring Asia Credit III

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Summary of Investment Information

Project Number

45107

Company Name

ASCERTIS INVESTMENT MANAGERS PRIVATE LIMITED

Date SPI Disclosed

Apr 30, 2021

Country

India

Region

South Asia

Projected Board Date

Jun 5, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 11, 2022

Department

Regional Industry - FIG Asia & Pac

Industry

Funds

Previous Events

Approved : Jun 18, 2021
Signed : Jan 12, 2022
Invested : Apr 22, 2022

Sector

Other Non-Private Equity Fund

Project Description

IFC proposes an equity investment of up to US$40 million in BPEA Credit - India Fund III Limited (“Fund” or “Fund III”), a Mauritius public limited life company limited by shares. The Fund will invest predominantly in senior debt instruments of corporates that are primarily based in or have substantial operations in India

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	40.0

E&S Category Rationale / Risks and Mitigation

The Fund will provide debt financing to corporates that are primarily based in or have substantial operations in India. The Fund is expected to be largely sector agnostic. Based on the current pipeline, some potential sectors of exposure could include financial services (retail, MSME, asset finance), infrastructure support services and allied sectors like logistics, manufacturing and services. 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. The Fund will be required to not invest in any higher risk activities that may include a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, or d) significant occupational health and safety risks. The Fund will also avoid investments in financial service sector companies other than low-medium risk. 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.

The key E&S risks and impacts derive from the Fund's own capacity to identify and manage the potential environmental and social risks associated with the debt financing to corporate clients. The typical risks and impacts will be related to site specific occupational health & safety, emergency response, waste-water discharge and air emissions, labour and community issues and potentially land and biodiversity impacts depending on the nature and location of the projects. The Fund Manager is in the process of recruiting an E&S officer and will be required to upgrade its existing E&S risk management system (ESMS), in line with the IFC requirements to screen and assess investments against the IFC Exclusion List, local laws and regulations and the Performance Standards. It will include procedures for screening, categorization, due-diligence including additional studies if needed, guidance including go/no go scenarios on certain debt structures/investments with potentially limited leverage, monitoring of the portfolio and use of external consultants for due-diligence. An external communications mechanism will also be required to be instituted as part of ESMS. The fund manager will also be required to ensure its relevant staff undertakes online E&S training on IFC's website, maintain an E&S team, and provide annual E&S report to IFC.

Task Title & Description	Status	Completion Date
Staff Training	Completed	11/30/2021
Other1 Develop ECM	Completed	11/23/2021
Other2 Update ESMS	Completed	11/23/2021
Other3 Appoint E&S officer	Completed	11/23/2021

BPEA has upgraded its E&S risk management system (ESMS), in line with the IFC requirements to screen and assess investments against the IFC Exclusion List, local laws and regulations and the Performance Standards. The ESMS includes procedures for screening, categorization, due-diligence including additional studies if needed, guidance including go/no go scenarios on certain debt structures/investments with potentially limited leverage, monitoring of the portfolio and use of external consultants for due-diligence. An external communications mechanism has also been operationalized as part of ESMS. BPEA has recruited an E&S officer and constituted an ESG committee. All relevant staff has undertaken training on ESMS and IFC Sustainability Framework.

Contacts

For Inquiries About the Project, Contact

DFP Baring Asia Credit III
Kanchan Jain
Managing Director

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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.

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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.

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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.

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