The Fund will be managed by Tribeca Capital Partners, a Bogota-based emerging manager, seeking to establish itself as one of the pioneering private equity groups in Colombia and as a future recognized regional private equity player. The team has an attractive mix of local knowledge and ability to originate and execute private equity transactions. The main sponsor of Tribeca is Interbolsa.

Interbolsa is controlled by the Jaramillo, Maldonado and Sanint Families and is the first independent brokerage company in Colombia with $624 million in assets, $139 million equity as of July/07. IFC has recently closed an investment in Interbolsa, in which invested $10 million, for a 4.05% stake.

Tribeca is targeting a capital commitment of $150-200 million to invest in mid-market growth companies throughout the region. IFC expects to invest up to $15 million in equity or 20% in Tribeca.

15.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

* These investment figures are indicative

The Fund Manager is based in Bogota, Colombia and will invest primarily in Colombia, but also in other Latin American Countries, depending on the opportunities.

The Fund will have a direct impact on the economic development of Colombia and the region by providing and channeling scarce equity capital to mid-size companies that seek to grow. The Fund Manager’s strategy is to take an active role in the management of its portfolio companies to increase revenues, as well as improve operational, financial and cost efficiencies. The growth and success of these companies will, in turn, have a positive impact on exports, job creation, development of employee skills, and knowledge transfer. In addition, the Fund will contribute to deepening the Colombian stock exchange by preparing candidates for listing as part of its exit strategy, to the extent that this is feasible.

IFC’s participation will be critical in several respects:

- Help the Fund reach its desired target size, both through our direct investment and through our catalytic role in helping attract other investors.
- Give comfort to local investors which are new to investments in funds vehicles, and who value IFC’s experience and knowledge of investing in and monitoring private equity funds.
- Assist the Fund in respect of environmental and social policies, as well as corporate governance best practice.
- Ensure the Fund is structured to international standards and uses best practice in its back-office operations.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal, IFC will analyze the fund’s expected portfolio and sectors of investment and determine the Applicable Performance Requirements if any, that would include a combination of:

- The IFC FI Exclusion List;
- The applicable National Social and Environmental Laws and regulations; and/or
- The IFC Performance Standards.

IFC will also review, if required, the capacity of the fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required. The fund manager will be required to:

- Develop an, or upgrade, if necessary, any existing SEMS, prior to disbursement to the satisfaction of IFC,
- Identify responsible, qualified persons to manage and implement the SEMS,
- Commit to implement the SEMS to ensure that its investments/activities are in compliance with the Applicable Performance Requirements, and
- Submit a periodic report to IFC as per a format to be provided by IFC.