The Fund’s sponsor is I&P Management (I&P), a company established in Mauritius in 2002 by Mr. Antoine Delaporte and I&P Development. I&P is managed by a team of experienced professionals that have been working together since the launch of I&P Capital Indian Ocean in 2003.

The Fund has a target size of Euro 40 million (approximately $60 million). IFC’s investment would be up to EUR 7.5 million (approximately $11 million), not to exceed 20% of total capital commitments.

9.89 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	9.89

* These investment figures are indicative

The Fund is a private limited investment company registered under the laws of Mauritius. The management team will be based in Antananarivo (Madagascar) and Port-Louis (Mauritius).

The Fund is expected to deliver strong development impact by:

- Supporting fast-growing SMEs by providing risk capital and much-needed managerial and strategic support to improve portfolio companies’ competitiveness;
- Encouraging economic development in general, and private sector development in particular, in economies where the private sector is expected to play a key role in driving growth (e.g. developing innovative ventures and technologies in non-traditional sectors, promoting equity/capital mobility culture in the private sector);
- Stimulating job creation in investee companies;
- Improving companies’ corporate governance and environmental and social standards; and
- Supporting regional integration through cross border investments and trade in the Indian Ocean region.

Through its investment in the Fund and participation in the Advisory Board, IFC will have the following roles:

- Playing a catalytic role in supporting an emerging fund manager;
- Helping to adopt best-practice corporate governance and environmental and social standards at the fund and portfolio company level;
- Providing additional industry experience on the Fund’s board level, and regional expertise through close collaboration with IFC local offices;
- Providing access to additional financing to investees through IFC co-investments; and
- Providing access to PEP Africa resources to fund Technical Assistance for the Fund’s investees.

This project has been classified as Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature and sectors of the projects that the fund is expected to invest in, the Applicable Performance Requirements are:

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

As part of the appraisal for this project, IFC will review the capacity of the fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC will suggest supplemental actions as required to address any gaps in the SEMS. The fund manager will be required to:
- Develop a formal 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;
- Submit a periodic report to IFC as per a format to be provided by IFC.