According to the bank website, this project consists of an IFC investment, under IFC Distressed Asset Recovery Program (DARP), of up to US$75 million to invest in distressed and special situations assets of companies operating in emerging markets in Asia including China, India, Indonesia, Philippines, Thailand, and Vietnam. For this purpose, IFC will co-invest with a fifth-generation fund formed by Clearwater Capital Partners in a special purpose vehicle dedicated exclusively to such distressed and special situations assets. Clearwater Capital Partners, LLC will manage the assets under the SPV.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Clearwater Capital Partners, LLC, is an experienced Asia-dedicated distressed and special situations assets investor. Established in 2001, Clearwater is privately owned and has offices in Mumbai, Chongqing, Seoul, Singapore and Hong Kong, each provide an important local presence that allows for in-house market research and direct engagement with market relationships through the entire region. Clearwater counts with 15-year strong investment track record through funds dedicated to distressed assets in Asia and as of today, the firm has approximately US$1.3 billion of assets under management.
Project Contact: Rehan Talib
Office Address: 6 Temasek Boulevard #38-03 Suntec Tower 4 Singapore 038986
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/