46811 - Riverwood LAC II

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Summary of Investment Information

Project Number

46811

Company Name

RIVERWOOD CAPITAL PARTNERS

Date SPI Disclosed

May 13, 2022

Country

Latin America and the Caribbean Region

Region

Latin America and the Caribbean

Projected Board Date

Jun 20, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 27, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 16, 2022
Signed : Jun 30, 2022
Invested : Jun 25, 2024

Sector

Growth Equity Fund

Project Description

IFC proposes an equity commitment of up to US$40 million in Riverwood Capital Partners Latam II L.P. (the “Fund”). The Fund will make growth equity investments in mid-market technology and technology-enabled companies in Latin America.

Sponsor / Cost / Location

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

Development Impact

E&S Category Rationale / Risks and Mitigation

The Fund will focus on supporting Latin American companies in the global technology, technology-enabled and related industries, including business in the financial services, consumer and service sectors. Such companies 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. IFC's applicable E&S requirements for this Project will be the IFC Exclusion List, E&S Law and regulations, and the IFC Performance Standards. The key risks of the Project derive from the Fund's capacity to identify, assess, and manage E&S risks and impacts associated with its portfolio and pipeline which are primarily related to labor and working conditions, and occupational health and safety issues.

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
Amigotech	Brazil	S-AC- Other Health Services
Logcomex	Brazil	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Netlex	Brazil	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Paytrack	Brazil	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

As an existing IFC's client with satisfactory E&S performance, Riverwood Capital has developed and implemented an E&S policy and environmental and social management system (ESMS) procedures aligned with IFC's requirements. As part of the E&S policy, no category A projects are supported. The ESMS implementation comprises procedures from origination, including preliminary E&S assessment, E&S risk categorization, E&S risk identification and mitigation by applying corrective measures, if required. The E&S procedures are implemented by an E&S Officer who administers and oversees the ESMS. The Fund manager hires well-regarded third-party advisors that provide appropriate E&S due diligence on each potential investee under the E&S Officer's supervision. As a lead investor and typically board member of its portfolio companies, Riverwood seeks to ensure investees to achieve sound E&S performance consistent with the E&A policy. Riverwood Capital has an External Communication Mechanism to receive, analyze, record, and respond, if necessary, third parties' concerns on portfolio companies. As part of this Project, the Fund will screen potential investees against the IFC's E&S requirements, enhance its Environmental and Social Management System to support growth-stage companies, continue monitoring portfolio companies, and provide IFC with an annual E&S performance report in addition to E&S due diligence reports for the first three investments prior to the Fund's investment.

Contacts

For Inquiries About the Project, Contact

Riverwood Capital

+1 (650) 618-7300
info@rwcm.com
70 Willow Road, Suite 100, Menlo Park, CA 94025 USA
https://www.riverwoodcapital.com/

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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.

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 ESMS procedures	07/27/2022

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