Summary of Proposed Investment
Project Number
4611
Company Name
Proa Fondo de Inversión de Desarrollo de Empresas
Date SPI Disclosed
May 10, 1995
Country
Chile
Industry
other
Status
Completed
Sector
Private Equity/Venture Cap Fund - Country
Department
TMT, Venture Capital & Funds
Environmental Category
FI
Previous Events
Approved : Jul 6, 1995
Signed : Oct 6, 1995
Invested : Oct 6, 1995
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Chile-Proa Fondo de Inversion de Desarrollo de Empresas
Region Latin America and Caribbean
Sector Finance
Project No. 004611
Projected Board Date June 12, 1995
Company Name Proa Fondo de Inversion de Desarrollo de Empresas
Technical Partner and/or Major Shareholders
The Fund''s Manager would be a subsidiary of the principal sponsor Moneda Asset Management S.A. ("Moneda"), which is an IFC-supported domestic Chilean fund management company that began operations in 1994. Moneda is owned by IFC, Larraín Vial S.A. and jointly by Messrs. Sergio Undurraga, Antonio Cruz and Pablo Echeverría, key managers of Moneda. Companies in the Larraín Vial group are among Chile''s largest investment banks and brokerage firms.
Project Cost including proposed IFC investment
The Fund plans a target size of US$50 million, to be raised primarily from domestic institutions such as pension funds and insurance companies. IFC would invest the lesser of US$10 million or 20% of the Fund''s shares and about US$140,000 in the Fund''s Manager through a capital increase of Moneda.
Location of project and Description of site
Santiago, Chile
Description of Company and Purpose of Project
The projects involves the establishment of a new closed-end private equity fund, Proa Fund (the "Fund") and related fund management company. The Fund''s primary objective is to achieve long term capital appreciation through equity investments in medium-sized unlisted Chilean companies. Through enhancing management and providing hands-on technical assistance, the Fund will seek to improve the competitiveness and growth of investee companies.
Environmental Categories and Issues
This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. The management team has committed to implement an environmental risk management system and to attend IFC''s Environmental Risk Management training.
Date SPI sent to PIC May 10, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
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Project Name Chile-Proa Fondo de Inversion de Desarrollo de Empresas
Region Latin America and Caribbean
Sector Finance
Project No. 004611
Projected Board Date June 12, 1995
Company Name Proa Fondo de Inversion de Desarrollo de Empresas
Technical Partner and/or Major Shareholders
The Fund''s Manager would be a subsidiary of the principal sponsor Moneda Asset Management S.A. ("Moneda"), which is an IFC-supported domestic Chilean fund management company that began operations in 1994. Moneda is owned by IFC, Larraín Vial S.A. and jointly by Messrs. Sergio Undurraga, Antonio Cruz and Pablo Echeverría, key managers of Moneda. Companies in the Larraín Vial group are among Chile''s largest investment banks and brokerage firms.
Project Cost including proposed IFC investment
The Fund plans a target size of US$50 million, to be raised primarily from domestic institutions such as pension funds and insurance companies. IFC would invest the lesser of US$10 million or 20% of the Fund''s shares and about US$140,000 in the Fund''s Manager through a capital increase of Moneda.
Location of project and Description of site
Santiago, Chile
Description of Company and Purpose of Project
The projects involves the establishment of a new closed-end private equity fund, Proa Fund (the "Fund") and related fund management company. The Fund''s primary objective is to achieve long term capital appreciation through equity investments in medium-sized unlisted Chilean companies. Through enhancing management and providing hands-on technical assistance, the Fund will seek to improve the competitiveness and growth of investee companies.
Environmental Categories and Issues
This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. The management team has committed to implement an environmental risk management system and to attend IFC''s Environmental Risk Management training.
Date SPI sent to PIC May 10, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
l:\clacm\chile\alianza\sp004611.wpf
Sponsor / Cost / Location
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