Advent, founded in 1984, is one of the world's largest and most experienced global private equity organizations. It operates 14 offices and 10 affiliates in 25 countries and employs over 100 investment professionals. Advent has raised over $6 billion in aggregate and invested in more than 500 companies in 35 countries in many different industries. It manages global, regional and corporate/strategic venture capital funds covering investment opportunities in both developed and emerging markets (including North America, Western Europe, Central and Eastern Europe, Asia and Latin America) and is regarded as a top-tier performer in its industry. In Latin America, Advent has been active for 10 years and invested approximately $400 million in 24 companies. It is the only pan-regional private equity firm with a direct presence in each of the markets in which it invests. The firm has wholly-owned offices staffed by local nationals in Mexico City, Sao Paulo, and Buenos Aires.

The proposed IFC equity investment is of up to $20 million. The fund's target size is $300 million.

20.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

* These investment figures are indicative

The fund will be formed as a Cayman Islands limited partnership. The geographical focus of investments will be the three Latin American countries where Advent has wholly-owned offices: Mexico, Brazil, and Argentina.

Project Development Impact Second tier companies in Latin America are affected by financing constraints and lack of access to best management practices, while being increasingly exposed to global competition. The Fund will contribute to the economic development of the region by supporting 10 to 15 companies with equity financing and managerial and strategic support to make them regionally and globally more competitive and therefore attractive to other investors. IFC’s Role IFC will contribute to this strategy through its investment in the Fund which will: - support private equity in the region, eventually contributing to more viable capital markets; - enhance the competitiveness of 10 to 15 companies through equity investment and managerial and strategic support; - promote corporate governance and environment best practices.

This is a category FI type 2 project according to IFC''s environmental and social review procedure. As a result of IFC''s investment in LAPEF II, Advent implemented an environmental management system (EMS) satisfactory to IFC, including compliance with host country environmental, health and safety standards, IFC''s Exclusion List, and World Bank Group environmental and social policies and guidelines, and the provision of annual environmental performance reports (AEPRs) to IFC. For IFC''s investment in LAPEF III, Advent will be required to implement an EMS as for LAPEF II, with any appropriate improvements, and provide AEPRs to IFC. Any new environmental officers will be required to participate in environmental management training conducted or approved by IFC.
Location of environmental documents in locally affected community