46744 - Partech Africa Fund II

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Summary of Investment Information

Project Number

46744

Company Name

PARTECH AFRICA S.L.P.

Date SPI Disclosed

May 27, 2022

Country

Africa Region

Region

Africa

Projected Board Date

Jul 4, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

May 5, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Sep 26, 2022
Signed : Dec 16, 2022
Invested : Mar 1, 2023

Sector

Venture Capital Fund

Project Description

Partech Africa Fund II (“PAF II” or “the Fund”) is an early-stage venture capital fund focused on businesses in the technology sector in Africa. The fund will invest in Seed to Series D rounds, and follow-on rounds in top portfolio companies.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	39.91

Development Impact

IFC anticipates the project to increase access to equity alongside operational value add for startups across Africa. Access to venture capital in Africa remains low compared to most other emerging markets. The project is also expected to increase innovation in key markets across Africa through the support of market-disrupting digital business models. In markets where investees grow rapidly and become sizeable market players, innovation at scale can generate large impacts on a market by pushing traditional players to innovate and introduce digital solutions or reduce traditional incumbents’ market share. IFC anticipates the Fund Manager, raising a second Africa focused fund, significantly larger in size than the first one and having successfully invested in highly disruptive companies with Fund I, will demonstrate the viability venture capital in Africa. This is expected to attract more investors and incentivize more entrepreneurs to start businesses.

E&S Category Rationale / Risks and Mitigation

The project will support non-manufacturing early to growth stage technology companies (2B2, Fintech, E logistic, E commerce, Saas) across the African continent which are expected to have potential limited adverse environmental and/or social risks or impacts that are few in number, generally site specific, largely reversible, and can be readily addressed through mitigation measures. Therefore, the proposed project has been classified as a Category FI-2 project according to IFC Sustainability Policy. 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 project will be to comply with the Exclusion List, the host country laws and regulations and the IFC's Performance Standards. The key E&S risks and impacts of this project derive from the Fund Manager's capacity to identify and manage potential environmental and social risks associated with its investment activities. These risks typically include occupational health and safety, labor and working conditions. The key E&S risks and impacts of this project derive from the Fund Manager's capacity to identify and manage potential environmental and social risks associated with its investment activities. These risks typically include occupational health and safety, labor and working conditions. As part of the Project, the Fund will be required to amend the ESMS to include the IFC Performance Standards, to formalize the E&S process during the implementation of the ESMS, to maintain an E&S officer and to submit a periodic report to IFC. IFC will also review the Fund's first three ESDDs

As per IFC requirements under the previous investment, the fund has appointed an E&S officer, and put in place an ESMS policy which was approved by the board. The E&S Policy includes the E&S applicable requirements such as IFC exclusion list and the applicable national laws and regulations, details the role of the E&S Officer, categorization, screening tools, monitoring and reporting guidelines. The fund's E&S review include screening against the IFC exclusion list and higher risk activities, assessing the companies against the national laws and regulations including valid permits and licenses, checking upon labor/environmental/health and safety litigations and various aspects of labor and working conditions including HR policy and grievance mechanism. The ESMS is required to be updated to integrate the IFC Performance Standards as part of the requirements for screening medium E&S risk investments. An E&S officer responsible to lead and oversee the implementation of the day to day E&S procedures has been assigned while an E&S manager has been nominated to drive and oversee the overall E&S strategy of the company

Contacts

For Inquiries About the Project, Contact

Partech Partners SAS
Emmanuel Delaveau
General Partner – Investors Relations
+33 1 53 65 65 53
edelaveau@partechpartners.com
33 Rue du Mail, 75002, Paris
www.partechpartners.com

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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/
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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.

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