52464 - Monashees XI

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Summary of Investment Information

Project Number

52464

Company Name

Monashees XI, L.P.

Date SPI Disclosed

Apr 2, 2026

Country

Latin America and the Caribbean Region

Region

Latin America and the Caribbean

Projected Board Date

May 29, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Apr 3, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Venture Capital Fund

Project Description

The project is an equity investment of up to US$11.2 million in Monashees Fund XI (“Fund XI”), a Delaware domiciled fund focused on investing in early-stage technology companies in Latin America.

Sponsor / Cost / Location

Development Impact

The Fund is expected to increase access to early-stage venture capital financing and value creation services for technology startups in Brazil and Latin America, resulting in business growth. A share of investees is expected to have a woman co-founder, thereby addressing gender divides in access to equity. The project is also expected to strengthen market integration in the traditional real and financial sectors in Brazil and Latin America, through the expansion of investees with disruptive business models, via demonstration and replication and/or competition and innovation channels.

Indicator	Metrics	Comments
Percentage of investees with female founders/co-founders	%

E&S Category Rationale / Risks and Mitigation

The proposed investment consists of an equity investment by IFC in Monashees XI, a venture capital fund focused on pre seed, seed, and early growth technology enabled companies in Latin America, primarily in Brazil, Mexico, and Colombia. Potential portfolio includes 25 to 30 early-stage companies in target sectors include fintech, healthtech, software, marketplaces, consumer platforms, logistics, artificial intelligence, and climate related technology solutions. The Project has been classified as FI2, reflecting low to moderate Environmental and Social (E&S) risks consistent with early-stage venture capital operations. Potential risks relate mainly to labor and working conditions, occupational health and safety, data protection and privacy, cybersecurity, early governance practices, and, in some cases, community and biodiversity impacts as portfolio companies' scale. Activities on the IFC Exclusion List, coal-related activities, and other higher risk E&S transactions—as defined under IFC’s financial intermediary approach—will not be eligible for financing. This includes activities that may involve: (a) involuntary resettlement; (b) adverse impacts on Indigenous Peoples; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, or cultural heritage; (d) significant risks related to retrenchment; or (e) significant occupational health and safety risks to employees. Applicable E&S requirements include the IFC Exclusion List, relevant host country laws, and IFC Performance Standards, as applicable.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects that have been supported by IFC investments through financial intermediaries, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of July 1, 2020.

IFC will periodically disclose the names, locations, and sectors for qualifying sub-projects that have been supported by this IFC investment through financial intermediaries, subject to regulatory constraints and market sensitivities. Any qualifying sub-project(s) will be disclosed during the annual reporting cycle established with the client.

Monashees is an existing IFC client. As part of the Project, Monashees will be required to maintain its Environmental and Social Management System (ESMS), which is applied across all managed funds. The ESMS includes E&S policy commitments, defined roles and responsibilities, screening and categorization procedures, due diligence processes, and monitoring and reporting systems proportionate to risk. For pre seed and seed stage investments, Monashees applies a qualitative E&S prescreening process to assess founders’ backgrounds, business model characteristics, sector specific risks, scalability considerations, and early governance practices, including the level of awareness and commitment to improving E&S performance over time. As portfolio companies mature, they are subject to more comprehensive E&S screening and assessment under the ESMS. Identified risks or gaps are addressed through corrective or enhancement measures and monitored as part of the Fund Manager’s ongoing engagement. Key E&S risks associated with early-stage portfolio companies include labor and working conditions, occupational health and safety, data privacy and cybersecurity, and nascent governance structures. Risks related to Gender Based Violence and Sexual Exploitation, Abuse, and Harassment (GBV/SEAH) may arise as companies expand operations and their workforce but are expected to be manageable through appropriate screening and engagement measures. E&S requirements for early-stage companies will be limited to the Exclusion List, relevant E&S national laws and labor screening in line with PS2 to all potential investee companies. As portfolio companies grow and E&S risks evolve, IFC’s Performance Standards will apply on a risk-based approach. As the Fund may do follow-on investments in portfolio companies, in those cases requirements should be reviewed to include an enhanced approach, as applicable. IFC and Monashees have agreed on triggers for enhanced ESDD’s based on proxies referring to number of employees, amount of assets and sales. Monashees maintains internal labor policies for its own workforce that are consistent with Performance Standard 2, including commitments to nondiscrimination, equal opportunity, freedom of association, prohibition of forced and child labor, occupational health and safety, and access to grievance mechanisms. The Fund Manager also maintains an external communication mechanism to receive and address third-party E&S concerns, including anonymous submissions. Based on IFC’s assessment, Monashees demonstrates adequate E&S management capacity.

S.no	Title	Anticipated Completion Date
1	E&S prescreening for early-stage investments	05/29/2026
2	E&S contractual framework	05/29/2026

Contacts

For Inquiries About the Project, Contact

Monashees Gestao de Investimento LTDA.
Eric Archer
Managing Partner & Co-Founder

earcher@monashees.com.br

https://www.monashees.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.

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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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.

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