The Fund is sponsored by the Fund Manager and the anchor investor, the Consensus Business Group. Consensus is one of the largest global investors in the clean technology sector and currently has sponsored 12 funds that are focused exclusively on sustainability sub-sectors such as solar and wind generation. Overall, Consensus has invested close to $500 million in 61 funds focused on technology, real estate and clean technology. It is headquartered in London and has 100 employees working in real estate, technology, environment and private equity.

The Fund will be managed by a team of six professionals who have complementary experience in private equity, entrepreneurship, sustainability, clean technology and related infrastructure. This team has one of the strongest set of skills and experience to engage in sustainability investments in Africa and will be based in South Africa. The investment team is the majority owner of the fund management company, Inspired Evolution Investment Management Limited of South Africa. Consensus is the minority owner of the fund management company.

The Fund is seeking total equity capital commitments of Rand 1 billion (~$140.8 million), IFC is considering an investment of $20 million. In addition to its financial commitment, IFC will also provide its sector expertise in the sustainability space and support the first time fund management team.

20.0 million (USD)

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

* These investment figures are indicative

The Fund management team will be located in South Africa and will make investments in South Africa and other countries in the Southern Africa region.

Development Impact: The Fund is expected to deliver strong impacts by:

- Investing risk capital in an evolving industry which is underserved by local bank lending programs;
- Contributing to positive environmental preservation and reduction of greenhouse emissions.

IFC Role: IFC will be one of two anchor investors in the Fund and will play the following key roles:

- Providing sector expertise to the Fund through IFC’s expertise in renewable energy, carbon credits and environmental and social policies;
- Contributing to the structuring of the Fund by providing recommendations on best practices in fund structuring; and
- Helping to establish best practice in corporate governance of the Fund which will attract other investors to invest in the Fund.

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 and/or,
- 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 Requirements,
- Submit a periodic report to IFC according to a format to be provided by IFC.