Ashmore Andean Fund II, LP (IFC-37375)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Colombia
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
Jan 6, 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
ASHMORE ANDEAN FUND II LP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
  • Infrastructure
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)
$ 25.00 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.
Currency conversion note:
Bank reported
Converted using 2016-01-06 exchange rate.
Project Cost (USD)
$ 25.00 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.
Currency conversion note:
Bank reported
Converted using 2016-01-06 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Nov 20, 2015

Contribute Information
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.

This project provides funds to Ashmore Andean Fund II, LP, a private equity fund. Ashmore will use the investment to finance loans and other investments to middle-market, infrastructure-related businesses. The businesses will be primarily in Colombia.

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.

(i) Emerging market private equity industry development: Private equity remains an important source of capital and expertise, particularly for small- and mid-market businesses and projects that IFC cannot invest in directly. IFC continues to play an important role in catalyzing PE industries in its target markets by supporting early entrants into the space and by continuing to back those with sustainable and proven models. (ii) Economic development and job creation: The Fund will provide equity capital to help develop and grow businesses and projects in the region, which will help promote economic growth, regional and global competitiveness, sustainability, and job creation. (iii) Strengthening businesses: The Fund will strengthen businesses from a financial, operational, management, and ESG perspective, thereby helping to make local projects attractive to foreign investors/acquirers, and encouraging further private investment in the region.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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.

The Fund will be managed by Ashmore Management Company (Colombia) S.A.S. (“Ashmore Colombia”), a Bogotá, Colombia-based fund manager that is a joint venture between Ashmore Group, a UK-based asset management company, and Inverlink, a leading Colombian investment bank. The Ashmore Colombia team is led by Camilo Villaveces, Roberto Perez, and Juan Pablo Fonseca.


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.

Camilo Villaveces
President and CEO
Ashmore Management Company (Colombia) S.A.S.
Calle 73 # 7 - 06 Piso 8
Bogotá, Colombia
T: +57 1 347 0649 Ext 102
E: mailto:camilo.villaveces@ashmoregroup.com.co

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/

How it works

How it works