47907 - Enterprise IX

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Summary of Investment Information

Project Number

47907

Company Name

Enterprise Investors Fund IX SCSp

Date SPI Disclosed

Apr 1, 2023

Country

Poland

Region

Europe

Projected Board Date

May 2, 2023

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 3, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 15, 2023
Signed : Jul 5, 2023
Invested : Aug 29, 2023

Sector

Growth Equity Fund

Project Description

The proposed project consists of an IFC equity commitment of up to EUR 40 million in Enterprise Investors Fund IX, SCSp (Enterprise IX or the Fund) a closed-end private equity fund targeting investments in Poland and Central and Eastern Europe (CEE). The Fund will be domiciled in Luxembourg with a target size of EUR 450 million.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	42.70

Development Impact

The Fund is expected to increase access to private equity capital and value creation for companies in Poland and wider CEE Region. Enterprise has an extensive track record and will continue the value strategy demonstrated in previous funds. The investment will also support the Fund to sustain activity and ensures it can continue to operate given deteriorating market conditions, demonstrating resilience. This signal builds on IFC’s recent support to other mid-market funds in the region and will help to sustain activity during the current crisis, support market recovery by preserving critical market capacity, and encourage commercial investors to return to the market.

IFC’s additionality is both financial and non-financial. IFC’s financial additionality will be critical for the fund to reach its first close. Enterprise is an experienced fund manager that did not require DFI support in its previous funds. However, Russia’s invasion of Ukraine has substantially raised investor risk perception and commercial investors are withdrawing from the region. The sharp change in investor appetite for the region has severely impacted fundraising even for experienced funds and substantial DFI support is now required to reach viable close. IFC will provide non-financial additionality via its recognized role as a global institutional investor, providing comfort to other investors and support the fund reach final close. This is particularly relevant given the need to attract international investors due to limited domestic institutional capital in the region. Further, as this is IFC’s first-time engagement with Enterprise, which has largely been backed by commercial Limited Partners to date, IFC will work with Enterprise on improving Environmental and Social (E&S) standards, which will include its E&S Management System (ESMS) in line with IFC Performance Standards.

E&S Category Rationale / Risks and Mitigation

The proposed project has been classified as a Category FI-2 project according to the IFC Sustainability Policy. The Fund will focus on mid-cap companies in several sectors including retail, e-commerce, consumer goods, online payment platforms, healthcare, industrial products, IT in Poland and potentially CEE countries. Potential E&S risks and impacts associated with the Project are likely to be medium. The Fund will not invest in any activities on IFC Exclusion List, 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 the IFC Exclusion List, the host country laws and regulations, and the IFC's Performance Standards. 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 system in place to manage such risks. These risks are typically associated with occupational health and safety, life & fire safety issues, waste management, and working conditions.

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
Advanced Protection Systems	Poland	M-BB- Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
eTravel	Poland	U-AC- Travel Agency
Expobud	Poland	D-AA- Construction and Real Estate
Scan Lab	Poland	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Sescom	Poland	R-AC- Other Services (Including IT Enabled Services)
Unity Care	Poland	S-AA- Hospitals and Clinics

The Fund has an existing ESMS based on EBRD's requirements which includes ESG policy and formalized E&S risk management processes responsibilities, and tools for undertaking E&S risk management of its investment activities prior to commitment. The Fund has assigned an ESG officer and team. As part of the Project, the Fund will be required to: further enhance the existing ESMS with IFC Support to include tools in line with IFC's applicable E&S requirements of this specific Project including the tools to manage supply chain issues, if any; maintain internal/external capacity with E&S background/experience; provide E&S due diligence (ESDD) reports for the first three investments prior to the Fund's investment; and providing annual E&S performance report for the Fund and its investments to the Fund's investors, including IFC. The ESMS will additionally include an external communications mechanism, in line with the IFC requirements. To support proper ESMS implementation, IFC will review the ESDD and monitoring reports, and may conduct site visits (in coordination with the Fund), including at the investee level as needed. The Fund will be required to disclose investments on a yearly basis, including their names, sectors, and locations.

Contacts

For Inquiries About the Project, Contact

Enterprise Investors
Dariusz Pietrzak
Vice President, Investor Relations

dariusz.pietrzak@ei.com.pl

https://www.ei.com.pl/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.

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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.

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
Staff Training	05/15/2023
Further Enhancement of the ESMS	05/15/2023
External Communication Mechanism	05/15/2023

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