Plenty Fund I (IFC-37348)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 27, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PLENTY PRIVATE EQUITY FUND I LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.40 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2018

Disclosed by Bank Apr 12, 2016


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Project Description

The proposed project is an investment in Plenty Private Equity Fund I Limited, a limited liability company with a limited life in Mauritius pursuant to the Companies Act of 2001 of Mauritius and licensed to carry on activities under a Category 1 Global Business License, which will invest in equity and equity-linked instruments of mid-market companies in India, across sectors such as Consumer, Financial Services, Healthcare, IT Services, Logistics and Agriculture.

People Affected By This Project

Job creation: Fund will invest in mid-market companies and scale them into national and/or regional leaders, leading to job creation.

Private sector development: Provision of scarce capital and value creation through capacity building, improved corporate governance and transparency, providing operational and financial expertise, support in evaluating new business opportunities and building business partnerships.

Environmental, Social and Governance ("ESG") Standards: The Fund has adopted ESG standards across investees, which is based on the IFCs ESG standards, thereby contributing to sustainable economic development

Investment Description
  • International Finance Corporation (IFC)

The Fund is governed by its independent board of directors which will exercise control and supervision over its operations.

Multiples Investment Advisors Limited, Mauritius (“Investment Advisor”), will be engaged by the Fund to serve as its investment advisor (the “Advisor”). Multiples Alternate Asset Management Private Limited, India (the “Sub-Advisor”), will advise the Advisor on investments and is led by Ms. Renuka Ramnath.

The Advisor and Sub-Advisor also advise Multiples Private Equity Fund I Limited, a 2010 vintage fund of approximately INR 18,314 million.

The Fund is seeking to raise US$550 to US$600 million in capital commitments, subject to necessary approvals to be received from its Board and shareholders. IFC proposes an equity investment of up to US$ 40.6 million. IFC AMC is also considering a parallel investment.

Private Actors
  • Plenty Private Equity Fund I Limited -- Financial Intermediary

Plenty Private Equity Fund I Limited is a limited liability company with a limited life in Mauritius pursuant to the Companies Act of 2001 of Mauritius and licensed to carry on activities under a Category 1 Global Business License, which will invest in equity and equity-linked instruments of mid-market companies in India, across sectors such as Consumer, Financial Services, Healthcare, IT Services, Logistics and Agriculture.

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

CONTACTS

Darren Cootapen
Multiples Investment Advisors Limited
1st Floor, 78, Saint Jean Road, Quatre-Bornes,
Mauritius.
Telephone: +230 465 0747
Fax : +230 465 1042
Email : mailto:darren.cootapen@multiplesinvestmentadvisors.com