45300 - SMEV Adiwale I

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Summary of Investment Information

Project Number

45300

Company Name

ADIWALE FUND I, LP

Date SPI Disclosed

Apr 17, 2024

Country

Western Africa Region

Region

Africa

Projected Board Date

May 10, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 12, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Jun 30, 2021
Invested : Oct 19, 2021

Sector

Small Business Fund

Additional Project Attributes

Blended Finance

Project Description

The investment proposal is for up to €9 million in equity into Adiwale Fund I (the “Fund”), a Mauritius limited partnership that will be making equity/quasi-equity investments of between €3-8 million into growth-oriented SMEs in Francophone West Africa. The Fund will focus on the following countries: Cote d’Ivoire, Senegal, Mali & Burkina Faso (primary focus) as well as Benin, Togo and Guinea (secondary focus). The Fund will target three key sectors: Consumer, Business Services and Manufacturing. The Fund had a first close in October 2019 of €50.5 million.

The Fund will be supported by the Blended Finance Facility (BFF) of the IDA 18 IFC-MIGA Private Sector Window (IDA PSW), created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states .

Associated Advisory Engagement

SME Ventures Advisory services will support the Fund Manager’s capabilities around i) GP institutionalization ii) value creation strategies and execution and iii) exit preparedness.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	250.0

Development Impact

The Project is expected to align with the AIMM Rating for the SMEV Envelope. IFC anticipates that the Project would result in increased access to growth capital and value creation for SMEs in Francophone West Africa, as well as build capacity of a local Fund Manager to professionalize and successfully manage its funds. Based on the Fund's track record and pipeline, it is expected to invest in mid-cap companies in IDA/FCS countries and build the capacity of their internal functions and governance. Beyond the Project, this investment has the potential to develop the nascent private equity market in Francophone West Africa, through demonstration effects. IFC's equity and advisory services demonstrate confidence in this Fund Manager and support of a model that branches out from a traditional focus on Anglophone West Africa, thereby signaling the viability of the PE asset class in frontier markets in Francophone West Africa to other PE investors.

IFC's additionality is both financial and non-financial. Financial additionality consists in the provision of equity not readily available for the Fund Manager due to a challenging fundraising environment. Non-financial additionality involves Knowledge, Innovation and Capacity building, as IFC will provide the Fund Manager through an Advisory Services project that includes GP institutionalization, operational support on value creation for investees, and exit preparedness.

E&S Category Rationale / Risks and Mitigation

This project is classified as FI-2 in accordance with IFC’s Policy on Environmental and Social Sustainability, based on the Fund’s pipeline and business strategy. The Fund will support SMEs and mid-cap companies in West African countries, with a focus on investing in the consumer, business services and manufacturing sectors. The activities in these sectors typically have limited adverse environmental and social risks and impacts that are few in number, site specific, largely reversible and can be readily addressed through mitigation measures. The Fund will not invest in any coal-related activities, or higher risk business 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. IFC’s applicable E&S requirements for this transaction will be to comply with the IFC Exclusion List, applicable host country laws and regulations and the IFC's 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
Maintenance Climatisation et Technique	Cote D'Ivoire	C-BF - District Heating & Cooling
Independent Drilling Company	Senegal	B-FA - Mining Services
Codexx	Senegal	M-DA- Agriculture, Construction, and Mining Machinery
Enko Edu	Western Africa Region	T-AA- Elementary and Secondary Schools
Global Action	Senegal	Q-AD- Grocery Wholesale (B2B Food Suppliers, Wholesalers etc.)
IDC - Mauritius	Senegal	R-AA- Engineering Services
Jus Delice SA	Togo	F-BA- Soft Drink
MCT_Ivory Coast	Cote D'Ivoire	R-AA- Engineering Services
VRS Africa	Cote D'Ivoire	O-LB- Leasing Services

The Fund has a newly developed Environmental and Social Management System (ESMS) that will need to be updated in line with IFC’s requirements. The key E&S risks and impacts of this transaction derive from the Fund Manager’s capacity to identify and manage potential environmental and social risks associated with its investment activities, including the supply chain of its investees. These risks typically include occupational health and safety issues, pollution prevention, waste and wastewater management, labor and working conditions issues and community impacts, amongst others. To mitigate these risks, the Fund will be required to implement E&S policies and procedures, entailing: (i) screening of all potential investee companies against IFC’s Exclusion List; (ii) review of all investee companies per the E&S laws and regulations of target countries of investment and the IFC Performance Standards; (iii) maintaining of an ESMS Officer; and (iv) providing E&S training to staff responsible for implementation of the ESMS. IFC will review the Fund’s E&S due diligence for the first three investments prior to the Fund’s investment to support ESMS implementation.

Contacts

For Inquiries About the Project, Contact

Adiwale Partners
Jean-Marc Savi de Tové / Vissého Gnassounou
Managing Partners
+225 01 01 04 75 75 / +225 01 01 53 88 25
jmsavidetove@adiwale.com

www.adiwale.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.

Task Title & Description	Anticipated Completion Date
Establish SEMS	05/31/2021
Staff Training	05/31/2021

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