47292 - Vinci CP IV

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Summary of Investment Information

Project Number

47292

Company Name

VINCI CAPITAL PARTNERS IV, LP

Date SPI Disclosed

Nov 18, 2022

Country

Brazil

Region

Latin America and the Caribbean

Projected Board Date

Nov 30, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

May 10, 2023

Department

Disruptive Technologies and Funds

Industry

Funds

Previous Events

Approved : Dec 19, 2022
Signed : Dec 27, 2022
Invested : May 8, 2023

Sector

Growth Equity Fund

Project Description

The proposed investment is for up to US$50 million, capped at 20% of total commitments, plus US$30m in a co-investment envelope, into Vinci Capital Partners IV, L.P. (“VCP IV” or the “Fund”), a growth equity fund targeting US$1B in commitments to make mid-market investments in Brazil. The Fund is managed by Vinci Capital Gestora de Recursos Ltda. (“Vinci” or the “Fund Manager”), a strong partner to CDF with differentiated strategy in the Brazilian mid-cap space. VCP IV is part of Vinci’s flagship private equity strategy and is the successor fund to several similar strategies pursued by Vinci since 2003.

The Fund will seek to make 8-12 investments in growth stage Brazilian companies, providing equity ticket sizes between US$70 million and US$90 million mostly control and control-oriented investments (50%- 80%) while opportunistically considering minority growth investments (30%- 50%) with strong control rights. VCP IV will be sector agnostic but will focus on industries where Vinci has developed expertise, namely: Healthcare, Consumer & Retail, Education, Financial Services, Technology, and Agribusiness. Within these sectors, Vinci will pursue investments across 5 key Brazil trends they identified: Digitalization, aging population, health & wellness, sustainability, and convenience seeking consumer base.

Associated Advisory Engagement

There are no advisory services associated with this engagement.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	80.0

Development Impact

Vinci will support value creation for its portfolio in Brazil and commit to investing in at least 25 percent female led portfolio companies for the first time. The market creation claim is to strengthen the competitiveness of Brazil’s PE market. This fund will build on Vinci III’s early success and supports other recent IFC PE investments in Brazil’s to continue to demonstrate the mid-market segment is attractive to institutional investors, reducing the segments reliance of DFIs.

IFC will provide both financial and non-financial additionality. IFC will support the fund with own-account equity both directly and via a co-investment envelope. IFC will play an active role as a trusted reference to provide comfort to other potential investors and will support resource mobilization by catalyzing a significant investment from another institutional investor. IFC will also support Vinci to integrate gender-lens investing into its mainstream fund. This additionality furthers the support IFC provided both Vinci III on ESG, and Vinci Impact team through Invest2Equal.

E&S Category Rationale / Risks and Mitigation

The main E&S risks and impacts of the project derive from the E&S risks associated with the Fund's investment activities, its capacity and systems in place to manage these risks. Potential risks consist primarily of labor, occupational, health and safety (OHS) related themes for services companies and pollution prevention for utilities and manufacturing. The Fund's pipeline sectoral breakdown includes: 24% retail and consumers; 20% technology, media & telecommunications; 16% industrials; 10% healthcare; 10% business services; and 8% agribusiness. Most transactions are expected to be of medium to low E&S risk, therefore the project has been categorized as FI-2 according to the IFC's Sustainability Framework. The Fund will not invest in 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.

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
AGV	Brazil	E-BD- Other Support Activities for Transportation (Grain Terminals, Cargo Terminals)
Arklok	Brazil	X-XY- Other
Bold Hospitality	Brazil	U-AE- Other (Including Restaurants, Amusement Parks, etc.)

Vinci is an existing client with a satisfactory E&S performance, having developed and implemented an ESMS that includes policy, procedures, responsibilities and tools for undertaking E&S risk management in addition to training relevant staff. E&S due diligences are performed by knowledgeable local consultants, that have supported Vinci's in continuously enhancing its ESMS since IFC's first investment in addition to developing the Fund's impact investment framework. All potential investments are screened through site visits, reputational reviews and tools based on the IFC Performance Standards, including an extensive list of risks and practices review. For potential investees with E&S performance gaps, a corrective action plan is designed, included in legal documentation and monitored constantly. Coal-related activities, as well as Category A sub-projects will also not be eligible. The Fund will be required to: (i) maintain its Environmental and Social Management System to screen investments against the IFC Exclusion List, local laws and regulations and the Performance Standards; (ii) submit VCP IV Fund first three E&S Due Diligences conducted prior to investment; and (iii) submit a periodic report to IFC.

Contacts

For Inquiries About the Project, Contact

Vinci Partners
Pedro Quintella
Head of Vinci Partners’ International Structuring and Investor Relations Team

Vinci_IR@vincipartners.com
Av. Bartolomeu Mitre, 336, 6º andar - Leblon 22431-002 Rio de Janeiro RJ Brazil
www.vincipartners.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.

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