The Fund will be managed by Capital Today China Growth Management, Ltd. (“the Manager”) headed by Kathy Xu, who was previously a Managing Director and China Head at Baring Private Equity Asia Limited (“Baring Asia”). The other senior members of the team include a Principal from Actis China, three investment professionals from Baring Asia’s China team, who have worked with Ms. Xu for several years, and a CFO. The Manager is controlled by Kathy Xu but all six professionals have an ownership stake in the business. This is a young, energetic and entrepreneurial team with a clear investment philosophy and promising track records.

The total size of the Fund is expected to be between $200-280 million. IFC is proposing to invest up to $20 million in a limited partnership interest in the Fund.

25.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

* These investment figures are indicative

The Cayman Islands domiciled Fund plans to invest in companies that are located in, or whose primary business activities are located in, China.

By investing in Capital Today, IFC will provide support for a well regarded fund manager that is raising its first independent fund and assist the Fund in adopting best practice governance, which will contribute to the fund managers’ efforts to become a sustainable, institutional quality fund management organization. IFCs investment will also indirectly provide much-needed management assistance to 10-15 fast growing private mid-sized companies in China, through the Manager’s active involvement with and strong value addition to investee companies. Also, IFCs participation in the Fund will mobilize additional institutional capital to the private equity asset class, which will provide further evidence that private equity is a viable investment strategy in China. Capital Today is a first time independent fund, and IFCs participation in the project will help the Fund to attract additional institutional capital and achieve its target size.

This is a Category FI Type 2 project according to IFC''s environmental and social review procedure. The project would need to establish and maintain a formal Environment and Social management system (ESMS) for the environmental and social review and supervision of subprojects and designate appropriate individuals who will have responsibility for management of the ESMS and its requirements. The ESMS will need to cover the projects role in:

- Categorization of subproject investments as A,B and C
- Ensuring that no subproject investments are made that contravene the IFC Exclusion List
- Requiring all subproject investments to be in compliance with host country environment, health safety and social requirements, and IFC’s safeguard policies and the World Bank Environment, health and safety guidelines.

The project will need to provide IFC with annual environmental performance reports as per an agreed format.
Location of environmental documents In locally affected community