51003 - Appian EM Fund, L.P.

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Summary of Investment Information

Project Number

51003

Company Name

Appian EM Fund, L.P.

Date SPI Disclosed

Sep 6, 2025

Country

World Region

Region

Global

Projected Board Date

Oct 6, 2025

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Oct 19, 2025

Department

Infra-WBG Dir. Minerals & Metals

Industry

other

Previous Events

Approved : Oct 6, 2025
Signed : Oct 9, 2025
Invested : Oct 17, 2025

Sector

Infrastructure Fund

Project Description

IFC is proposing to anchor an emerging market focused sidecar fund (the “EM Sidecar”), with IFC contributing US$100 million and mobilizing additional amounts via IFC’s Asset Management Company (“AMC”).

The EM Sidecar will be managed by Appian Capital Advisory Limited or one or more of its affiliates (collectively, “Appian” or the “Fund Manager”) and will co-invest with the Fund Manager’s Appian Natural Resources Fund III and Appian Credit Strategies Fund I (together “the Funds”), as well as potential successor funds, in metals, mining and adjacent industries projects in emerging markets (“EM”). The commodities that the Funds and the EM Sidecar will target include those that are primarily linked to energy transition and technology-linked commodities. The EM Sidecar will have an opt-out right for IFC policy considerations, including alignment with IFC Performance Standards.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	100.0

Development Impact

The EM Sidecar is expected to have positive fiscal impacts by boosting government revenue and contributing to GDP growth in countries with varying levels of macroeconomic stability. Additionally, mining projects can be significant drivers of economic activity in remote areas and support quality jobs over the life of the mine. Appian’s 21 portfolio assets to date have created a total of approximately 5,000 direct jobs, with over 80% of these jobs filled locally. In addition, the EM Sidecar will help strengthen the competitiveness of the EM equity market to support mineral development critical to global economic growth. The availability of public capital for mining projects in emerging markets is low due to limited availability of capital overall – typically due to long lead times, high capital requirement and political risk. The EM Sidecar will demonstrate a commercially viable model to mobilize private capital for developing metals and mining projects in emerging markets, including into nascent Private Equity markets.

IFC additionality is both financial and non-financial. Financial additionality involves supporting the Funds to mobilize additional capital from new investors, including institutional investors. Non-financial additionality includes supporting Appian to enhance the Fund’s Sustainability Procedures. IFC will also support the Funds in ensuring consistent application of Environmental, Social and Governance practices, which is a key concern for institutional investors. IFC’s anchor investor role will therefore help mobilize other investors seeking exposure to the metals and mining sector in EMs in a way that is consistent with high ESG standards.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Senior Management Positions	individuals	# actual	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

The proposed project entails an IFC investment in the EM Sidecar. The EM Sidecar will fund the development, restart or expansion of medium-sized metals, mining and adjacent industries assets in emerging markets. The EM Sidecar is expected to invest in likely Category A sub-projects, mainly across Latin America and Africa. The E&S risks and impacts related to the proposed investment originate from the activities of the eligible sub-projects and the Fund Manager’s ability to manage these risks through identifying, mitigating and monitoring relevant E&S risks in compliance with IFC Performance Standards. Main E&S risks associated with the sub-projects can be complex, including aspects such as legacy contamination (PS3), community health and safety (PS4), involuntary resettlement (PS5), significant risks or impact to biodiversity (PS6) and risk of adverse impacts on Indigenous Peoples communities (PS7). Therefore, the project has been categorized as FI-1 according to IFC’s Policy on Environmental and Social Sustainability. Applicable E&S requirements will be IFC’s Exclusion List, national E&S laws and regulations, and the IFC Performance Standards as amended or supplemented from time to time. IFC will not support the mining of thermal coal and electricity generation from thermal coal.

Appian follows an Integrated Risk Management Framework, which establishes E&S risk and impact identification, analysis, evaluation and monitoring procedures. Appian’s E&S due diligence and monitoring activities of investees are codified in an internal management guidance process, that includes a standardized approach to E&S risk assessment at the sub-project level, covering a scope consistent with the IFC Performance Standards, industry and host country legislation requirements. Each asset being reviewed by the Fund Manager undergoes detailed E&S evaluation, codified in a binding E&S action plan (ESAP) and monitored throughout the investment period. The Fund has a designated Head responsible for E&S management supported by regional E&S regional leads. External consultants are employed for specialized due diligence as applicable to support in-house E&S review and monitoring.

While its existing E&S risk management practices are overall aligned with IFC requirements, as part of the proposed investment, the Fund Manager has agreed to: i) hire additional full time E&S officers at the Fund level to complement the team and strengthen expertise in social and environment/biodiversity aspects, respectively; ii) enhance its E&S Management System (ESMS) in line with PS1 and strengthen screening procedures for assessing E&S risks and impacts associated with each potential sub-project at the initial stages of its E&S due diligence process and; (iii) implement an external communication mechanism in line with PS 1 at the Fund level.

The EM Sidecar will establish an E&S Advisory Committee to advise on ESMS implementation.

The Fund Manager is aligned with IFC PS2 Labor and Working Conditions and has a formal staff handbook which is available to all employees and includes various policies such as equal opportunity, diversity and inclusion, anti-harassment, whistleblower, grievance procedure, health and safety amongst others. The Fund also has a standalone human rights policy stating its commitment to adherence of human rights principles. Appian has taken proactive steps to address gender-based violence (GBV) at its workplace and at its sub-projects. The initiative includes regular meetings, awareness campaigns, and strategic actions to improve workplace culture.

S.no	Title	Anticipated Completion Date	Status
1	Enhance and formalize the ESMS to strengthen (i) sub-project screening; and (ii)implement an external communication mechanism	01/30/2026	Completed
2	Hire additional E&S officers at the Fund level	10/31/2025	Completed

Contacts

For Inquiries About the Project, Contact

Appian Capital Advisory Limited
Richard Johnson
Managing Director & Global Head of Investor Relations
+1 646 398 8410
RJohnson@appiancapitaladvisory.com
New York, USA 600 Lexington Avenue, Suite 501
https://appiancapitaladvisory.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.

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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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