45793 - Crescera Fund V

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Summary of Investment Information

Project Number

45793

Company Name

CRESCERA INVESTMENTOS GROWTH CAPITAL FUND V

Date SPI Disclosed

Oct 26, 2021

Country

Brazil

Region

Latin America and the Caribbean

Projected Board Date

Dec 13, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jan 10, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Dec 13, 2021
Signed : Dec 23, 2021
Invested : Feb 15, 2022

Sector

Growth Equity Fund

Project Description

The proposed transaction is an equity investment of up to US$20 million in Crescera Growth Capital Fund V, L.P. (Crescera V or the Fund), a growth equity fund seeking commitments to invest in mid-market growth capital investments in Brazil. The Fund is targeting to raise US$450 million in commitments.

Associated Advisory Engagement

n/a

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	35.0

Development Impact

E&S Category Rationale / Risks and Mitigation

The Fund will be focused on sectors such as healthcare, education, retail and consumer goods, services, and technology which are considered to have low to medium environmental and social (E&S) risks. Consequently, the project has been categorized as FI-2 according to the IFC’s Sustainability Framework. The project will not support (i) activities involving (a) involuntary resettlement, (b) adverse impacts on indigenous peoples, (c) significant impacts on the environment, community health and safety, biodiversity, cultural heritage, or (d) substantial occupational health and safety risks; (ii) category A activities; and (iii) coal-related activities.

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
Alura	Brazil	T-AB- Colleges, Universities, and Professional Schools
ES Group	Brazil	X-XX- Other (For Non-Investment Projects)
Grupo Salus	Brazil	S-AC- Other Health Services
Grupo Zelo	Brazil	X-XY- Other
Nava	Brazil	M-BB- Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
Nelogica	Brazil	X-XX- Other (For Non-Investment Projects)
Plural Care	Brazil	S-AC- Other Health Services
Rede IOA	Brazil	T-AB- Colleges, Universities, and Professional Schools
Terra Zoo	Brazil	Q-BZ- Other Retail
Vitru	Brazil	T-AB- Colleges, Universities, and Professional Schools

The key risks of the project derive from the Fund’s capacity to identify, assess, and manage E&S risks associated with its portfolio and pipeline which are primarily related to labor and working conditions, occupational health and safety issues, waste and wastewater management, and pollution prevention. As part of this project, Crescera will be required to (i) screen portfolio and potential investees against the IFC Exclusion List, applicable E&S laws and regulations, and the IFC Performance Standards, (ii) enhance its External Communication Mechanism, and (iii) submit an annual E&S performance report and provide IFC to review E&S due diligence reports (ESDD) for the first three investments prior to the Fund's investment. As an existing IFC’s client with satisfactory E&S performance, Crescera has developed and implemented an E&S policy and environmental and social management system (ESMS) procedures aligned with IFC’s requirements. E&S aspects are part of the complete investment cycle from origination to monitoring and exit. The comprehensive E&S policy encompasses roles and responsibilities, E&S procedures including preliminary assessment, categorization, E&S risks identification and mitigation, toolkits (E&S checklists and questionnaires), ongoing investees’ monitoring as well as internal and external reporting. The E&S covenants, clauses, and corrective actions to mitigate E&S risks are incorporated into the investment agreement subscribed with each portfolio company. The E&S procedures are implemented by a continuously trained and seasoned E&S staff comprised of three employees and a partner responsible for overseeing the implementation of the ESMS. The E&S due diligence is conducted on each potential investee by reputed external consultants while monitoring is performed by Crescera’s E&S staff. External ESG reports containing E&S key performance indicators (KPIs) of investees are accessible to third parties via the Fund’s website. Crescera has an External Communication Mechanism which will be formalized to receive, analyze, record, and respond, if necessary, third parties’ concerns on portfolio companies.

Contacts

For Inquiries About the Project, Contact

Crescera Capital
Juliana Vargas
Partner
+55 (11) 3568-2513
contato@crescera.com
R. Joaquim Floriano, 72 – 18 andar Itaim Bibi – São Paulo – SP
http://crescera.com/en/

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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
Enhance the External Communication Mechanism

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Summary of Investment Information

Project Description

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Sponsor / Cost / Location

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Private Equity Funds Disclosure

Environmental & Social Management System (ESMS)

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Press-Release

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