48573 - DFP NAC

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Summary of Investment Information

Project Number

48573

Company Name

Navis Asia Credit Fund LP

Date SPI Disclosed

Jan 25, 2024

Country

Singapore

Region

East Asia and the Pacific

Projected Board Date

Feb 26, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 22, 2025

Department

Regional Industry - FIG Asia & Pac

Industry

Funds

Previous Events

Approved : May 15, 2024
Signed : Dec 4, 2024
Invested : Mar 20, 2025

Sector

Other Non-Private Equity Fund

Project Description

The proposed investment entails an investment of up to US$40 million for IFC’s own account in a US$350 million target credit fund namely Navis Asia Credit Fund LP (“NAC” or the “Fund”). The Fund will provide senior secured loans to small to mid-sized corporates across Asia Pacific to promote sustainable financing. IFC’s investment will be deployed across emerging Asia including Thailand, Malaysia, the Philippines, Vietnam, and Indonesia. Navis Asia Credit Fund G.P. Pte. Ltd., a Singapore private company, controlled by Navis Capital Partners Limited, will serve as the general partner of the Fund (the “General Partner”).

Associated Advisory Engagement

This investment is not associated with any advisory services.

Sponsor / Cost / Location

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

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Fund	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Project Outcome Stakeholder effects – Increased access to climate finance, including for SMEs: Southeast Asia is one of the most vulnerable regions to climate change and includes some of the most GHG intensive economies and the most exposed countries to climate disasters. The region is responsible for about 6.5 percent of global energy-related carbon dioxide emissions in 2020, a steep increase from 2.8 percent in 1990. Such unchecked growth in emissions raises the risk of raising global temperatures by 3.2 C. That in turn could cause the region's GDP to fall by up to 37 percent, according to estimates by the Swiss Re Institute . It is reported that more than 90 percent of the total GHG emissions of Southeast Asia are attributable to Indonesia, Malaysia, the Philippines, Thailand, and Vietnam Market Creation: Competitiveness: IFC anticipates that the Project will promote greater competitiveness in the climate finance segment, by supporting the development of an alternate financing channel to support the development of sustainable finance. The Fund will invest in sectors that support the delivery of more efficient, competitive and sustainable technology and innovation, including in green buildings, sustainable energy, and sustainable agriculture, amongst others. Pipeline projects include a compressed biogas EPC and operator which uses biogas or bioCNG to replace natural gas to reduce GHG emission, and a smart logistics company which will contribute to GHG emissions reduction through optimizing routes and improving operational efficiency of vehicles, amongst others. Through demonstration, replication, and standard-setting channels, this is expected to lead to the future establishment of private credit funds aimed at supporting the development of sustainable solutions in Asia.

Financial Additionality: 1) IFC’s Own Account Equity: NAC will be the first credit fund to be raised by Navis. IFC’s participation in the Fund is timely and much needed given the limited pool of investors looking for Southeast Asia credit exposure and the current economic scenario, which would make it difficult for a first-time private credit fund like Navis. As one of the earliest investors, IFC’s investment in the Fund entails detailed due diligence and structuring to address the issue of risk perception faced by institutional investors. It will provide a stamp of approval to the first-time fund manager. Through the proposed investment, IFC will provide up to US$25-40 million, contributing to around 6-10% of total commitment, and will serve as a valuable endorsement, helping to attract other DFIs, institutional investors, pension funds, and family offices looking for some exposure but with comfort to invest in the Fund. 2) Non-Financial Additionality: 1) Knowledge Innovation and Capacity Building: Given the Fund will provide sustainability and sustainability-linked financing, IFC will explore supporting the fund by providing capacity building on the impact measurement, monitoring system, and other necessary KPIs in accordance with Sustainable Finance Disclosure Regulation (“SFDR”) including gender. It is expected to adopt the 2xCritiera to advance progress on gender equality by integrating gender considerations into its investment process and supporting portfolio companies to implement gender-smart practices. Navis is an existing PE client aware of the IFC E&S framework. Navis will be required to amend its E&S risk management framework for NAC operations to align its standards for lending with good practice. IFC will also explore collaborating with NAC to engage with the investee companies to enhance their corporate governance.

E&S Category Rationale / Risks and Mitigation

The proposed project entails an IFC investment into Navis Asia Credit Fund LP (“NAC”, or the “Fund”), which will be established by Navis. The Fund will provide debt financing to non-private equity sponsored businesses in Asia with IFC’s investment to be earmarked to emerging Asia. The pipeline of potential investments includes logistics, consumer growth, manufacturing, ecommerce, energy, sustainable agriculture, equipment finance and real estate. The portfolio investments of the Fund are expected to be of medium to low environmental & social (E&S) risks. The Fund will not invest in any coal-related projects or higher risk 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, (d) risk of significant retrenchment or (e) significant occupational health and safety risks. Therefore, the project has been categorized as FI-2 according to IFC Sustainability Policy. The E&S performance requirements for this project will be the IFC Exclusion List, the host country laws and regulations, and the IFC Performance Standards. The main anticipated E&S risks and impacts of the project derive from the E&S risks associated with the Fund's investment activities and its capacity and systems in place to manage these risks. The typical risks of the potential investments may include labor and working conditions, occupational health and safety, air and water pollution, waste management, handling of hazardous materials, and impacts on local communities. Such risks and impacts are generally few in number, site-specific, largely reversible and can be addressed through mitigation measures.

Navis has developed an ESMS for the Fund and nominated E&S roles, including an E&S Officer. The ESMS includes the Fund’s commitments to good E&S practices, screening transactions against an exclusion list and the host country requirements, assessment against IFC Performance Standards and, and the development of E&S action plans to address gaps identified. The ESMS includes monitoring and reporting on the E&S performance of investments during the tenor of the credit provided. Navis has also established an external communications mechanism. Under this project, the ESMS for the Fund will be required to be updated to capture the E&S requirements for this project with respect to the E&S processes to be undertaken during the deal lifecycle (with additional tools, where required). It will also be required to continue to maintain proper capacity for implementing the ESMS, including training staff. IFC will review the Fund’s E&S due diligence for the first three investments prior to the Fund’s making the investments to support proper ESMS implementation.

Title	Anticipated Completion Date
Amendment of the ESMS	05/24/2024

Contacts

For Inquiries About the Project, Contact

Navis Capital Partner Limited
Mili Mills
Head of Investor Relations & Capital Formation
+65 6438 0711
mmills@naviscapital.com
Level 17, Axiata Tower,9, Jalan Stesen Sentral V,Kuala Lumpur Sentral,50470 Kuala Lumpur
https://www.naviscapital.com/contact-us

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