Plenty Fund I (IFC-37348)

Countries
  • India
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 27, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PLENTY PRIVATE EQUITY FUND I LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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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Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a 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
Here you can find a list of individual development financial institutions that finance the project.

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.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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

How it works

How it works