The Fund will be managed by Adlevo Capital Managers LLC (“ACM” or the “Fund Manager”), founded in 2008 by three partners as described below. The Fund Manager will commit a minimum of 1% of the total capital commitment of the Fund, which will align the interests of the management team with those of other investors in the Fund. Akinyemi (“Yemi”) Lalude (Managing Partner) has over 15 years of business experience in the United States and Nigeria. Prior to establishing Adlevo, he was a Principal at Granite Global Ventures (GGV), a leading Silicon Valley-based expansion stage venture capital firm focused on technology related investments in the US and China. During his six years at GGV he was responsible for several portfolio and investment assets in the technology sector. He gained experience in all aspects of the transaction cycle from origination to exit – including deal origination, investment committee, portfolio management, board seats/governance, IPO, and trade sales. Prior to GGV, Yemi gained operational experience when he worked in Siebel Systems and Hewlett-Packard, holding various product management positions in the organization. He has a B.Sc. in Mechanical Engineering from the University of Lagos, a Masters in Mechanical Engineering from Stanford University, and an MBA from Harvard Business School. Folabi Esan (Partner) has over 20 years of business experience in Nigeria, South Africa, the United States and England. He spent four years in management consulting with Bain & Company and Andersen Consulting. He started the West African subsidiary of SAP, (the leading enterprise software company), where he served as Managing Director during his five year tenure. He also launched Catalyst TDC, a Nigeria-based consulting firm that advises clients on technology adoption issues within their companies. He has a B.Sc. in Mechanical Engineering from Ahmadu Bello University, a Masters in Manufacturing Systems Engineering from Stanford University, and an M.Sc. in Innovation Management from the University of London. Gregory (“Greg”) Voigt (Partner), has 20 years of relevant experience, and brings a blend of venture capital and operational experience to the team. Before joining Adlevo, he was the Founder and Managing Partner of Axis Venture Associates (AVA), a South Africa-based venture capital advisory consultancy. Prior to founding AVA, Greg was a Principal & Deal Executive at Brait Technology & Innovation Fund in South Africa where he was responsible for sourcing, evaluating, and sponsoring investments. He has a B.Com. from the University of Witwatersrand, and a B.Compt. from the University of South Africa.

The total fund size is up to $100 million, of which IFC proposes an equity investment of $10 million, not exceeding 20% of the Fund.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.0

* These investment figures are indicative

Adlevo Capital Africa, LLC (the “Fund”) is a Mauritius-domiciled private equity fund. The Fund will have office locations in Lagos, Nigeria and Johannesburg, South Africa. The Fund Manager plans to invest 50% - 60% of the Fund’s capital in Nigeria, 20% - 25% in South Africa, and 15% – 25% in other African countries (mainly Ghana and Kenya).

It is anticipated that the Fund and Fund Manager will have strong development impacts as follows: (i) encouraging economic development in general, and private sector development in particular, by investing in high-growth ICT companies which are expected to lead to above-average rates of job creation; (ii) providing much needed growth and expansion capital and value-enhancing advice to companies located in Sub-Saharan Africa which are expected to feel the impact of the financial crisis as GDP growth begins to slow; (iii) improving companies’ sustainable development by helping to implement best practice corporate governance and environmental and social standards; and, (iv) facilitating regional integration by helping companies to expand their operations in neighboring countries.

Through its investment, IFC expects to: (i) assist in structuring the Fund’s terms in line with international standards to enable it attract additional institutional investors; (ii) provide industry and regional expertise on the Fund’s advisory board; (iii) provide potential co-investments and debt financing to the Fund’s investee companies; (iv) provide a demonstration effect to other private regional financial institutions by supporting and encouraging success stories of technology firms in Africa; and (v) support the international expansion of local technology firms. IFC’s participation will be critical for the sustained financing and non-financial operations of Fund. Outlined below are the additional benefits that IFC’s presence will bring to the Fund: Catalyst: IFC’s involvement will allow the Fund to achieve a first closing and attract additional capital. In supporting this emerging Fund Manager, IFC is providing counter-cyclical support in a region and industry that have been negatively impacted by the current financial crisis. IFC’s support for the new team, both financial and by providing our ‘brand name’ will provide continuity and send a positive signal to potential investors about the sustainability of private equity in emerging markets. Industry/Regional Expertise: IFC will leverage its industry knowledge and regional reach to help identify and target viable deals in the ICT sector. In this sense, IFC will provide significant post-closing support on the ground that no other investor is likely to provide.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal, IFC analyzed the fund’s expected portfolio and sectors of investment and determined based on an analysis of the potential social and environmental risks associated with the expected portfolio and considering IFC’s investment as the Applicable Performance Requirements the IFC FI Exclusion List, the applicable National Social and Environmental Laws and regulations and the IFC Performance Standards. IFC also reviewed the capacity of the fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). Adlevo Capital has developed a satisfactory SEMS during the appraisal of the project and identified responsible, qualified persons to manage and implement the SEMS. The Fund Manager will be required (i) to commit to implement the SEMS to ensure that its investments are in compliance with the Applicable Performance Requirements, (ii) notify IFC if a proposed Portfolio Company conducts or intends to conduct any Category A activity or Category B activity, and (iii) submit a periodic report to IFC as per a format provided by IFC. Once in portfolio IFC will review the implementation and performance of the Fund’s SEMS for the first three projects, prior to the Fund’s investment, to ensure that the SEMS is robust.