8 Miles LLP (the "General Partner" or the "GP") is a limited liability partnership incorporated under English law and will be regulated by the UK Financial Services Authority. The GP is sponsored by the Asian brokerage and investment group, CLSA Asia – Pacific Markets, which is providing seed capital to the GP. The GP, headquartered in London, is a first-time team with deep experience in private equity as well as solid operational and industry background and experience in adding value through active ownership and change management in the Africa region.

The team is supported by a network of Operating Partners, Senior Advisors and an Expert Group which will provide assistance with transaction sourcing, due diligence on potential investments, management assistance at investee companies and strategic advice.

It is proposed that IFC will invest up to US$60 million in the Fund.

50.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	50.0

* These investment figures are indicative

The Fund will comprise an English limited partnership with such other parallel vehicles to meet investor requirements, and will be making investments on a pan-African basis. The GP, 8 Miles LLP, is responsible for managing the assets and investment operations of the Fund.

- Encouraging economic development in general and private sector development in particular by investing in high-growth mid cap companies, resulting in significant job creation;

- Contributing to regional integration by helping companies expand within and between Sub-Saharan and North Africa;

- Providing much needed growth and expansion capital and value enhancing advice to companies located in frontier markets throughout Africa;

- Improving companies' sustainable development by ensuring the implementation of best practice corporate governance as well as robust environmental and social standards.

- Playing a catalytic and leading role in supporting an emerging fund manager investing in Africa where many of the potential commercial investors have not invested before;

- Committing at first closing will convert the expressions of interest of commercial investors into firm commitments.

- Structuring the Fund's terms to international standards, thus better serving the interests of limited partners;

- Ensuring the implementation of best-practice corporate governance at the Fund and portfolio company level;

- Providing debt financing to the investee companies; and

- Helping disseminate robust environmental and social practices at the portfolio company level.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedures. During appraisal IFC analyzed the Fund’s expected portfolio and sectors of investment and determined 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). The fund manager will be required to: (i) upgrade the SEMS and identify responsible, qualified persons to manage and implement the SEMS, prior to commitment, to the satisfaction of IFC; (ii) commit to implement the SEMS to ensure that its investments/activities are in compliance with the Applicable Performance Requirements, and (iii) submit a periodic report to IFC as per a format to be provided by IFC. Additionally 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.