North Haven Thai Private Equity Fund L.P. (IFC-38609)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Thailand
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
May 23, 2018
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
NORTH HAVEN THAI PRIVATE EQUITY L.P.
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)
$ 20.00 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.
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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 15, 2019

Disclosed by Bank Jun 19, 2017

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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.

North Haven Thai Private Equity L.P.  is a generalist private equity fund with an initial 10-year term targeting mid-market companies with significant operations in Thailand. The Fund is seeking to raise up to $300 million in total committed capital. This project has the following expected development impact in the following areas:

1. Implementation of an Environment and Social Management System by the Manager and subsequent implementation of Environmental, Social and Governance best practices at portfolio company level

2. Economic growth, job creation and expansion of local businesses that is expected to come through the business growth of the portfolio companies and;

3. Private sector development as the Fund will be actively involved in the business strategy and operations of the portfolio companies.

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

The Fund will be managed by Morgan Stanley Private Equity Asia, Inc., a private equity manager affiliated with Morgan Stanley (the “Manager”). The Fund will be led jointly by its Co-Heads, Eric Ma and Chong Toh.

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.

North Haven Thai Private Equity L.P. is a generalist private equity fund with an initial 10-year term targeting mid-market companies with significant operations in Thailand.

The Fund will be managed by Morgan Stanley Private Equity Asia, Inc., a private equity manager affiliated with Morgan Stanley. The Fund will be led jointly by its Co-Heads, Eric Ma and Chong Toh. It operates as an investment advisory company. The Company also offers management investment services, investment funds services, and other services.


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.

Project Contact: Eric Ma
Co-Head, North Haven Thai Fund, Morgan Stanley Private Equity Asia 
Telephone No.: +66 2207-2522
Email Address: Eric.Ma@morganstanley.com
Office Address: Level 29, The Offices at Centralworld, 999/9 Rama I Road, Kwaeng Pathumwan, Bangkok, TH-10 10330

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