DARP SPV Altus Regional Facility (IFC-41035)

  • East Asia and Pacific
Where the impacts of the investment may be experienced.
  • Indonesia
  • Philippines
  • Thailand
  • Vietnam
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
Bank Risk Rating
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
Aug 10, 2018
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.
DARP SPV Altus Regional Facility
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 272.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 4, 2021

Disclosed by Bank Jul 10, 2018

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The proposed project is for IFC to set up with Altus Capital Partners Pte. Ltd. (Altus, the general partner) and another strategic investor –  the DARP SPV Altus Regional Facility (AltusRF or the Fund), to invest in distressed assets (DAs) in Philippines, Thailand, Indonesia, and Vietnam.

The total capitalization of the AltusRF is envisioned to be up to US$272.5 million.  The proposed investment is up to US$65 million comprised of US$15 million from IFC, US$25 million from the IFC Emerging Asia Fund (IFC EAF)), and US$25 million from the IFC Financial Institutions Growth Fund (FIG Fund). 

The rest of the capital will be raised by Altus’s founders Pavan C. Gidwani and Benjamin C. Sevilla and a potential strategic equity investor (The Project). The Project represents IFC’s continuous effort in strengthening key Southeast Asia countries’ financial system. 

Altus is headquartered in Manila, Philippines, with offices in Bangkok, Thailand, and Hong Kong, Special Administrative Region of China. The IFC investment will be used for investing in distressed assets projects in the Philippines, Thailand, Indonesia, and Vietnam. 

Investment Description

The Proposed investment is an up to US$65 million equity investment into AltusRF comprised of US$15 million from IFC, US$25 million from IFC EAF, and US$25 million from IFC FIG Fund. AltusRF will set as a limited partnership in Cayman Islands. The total capitalization of the Fund is envisioned to be up to US$272.5 million. 

Financial Intermediary
Financial Intermediary: A commercial 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 Actor Relationship

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.

Private Actors Description

Through its wholly-owned Cayman entity, Altus Capital Partners Pte. Ltd. is the general partner for AltusRF. Established in 2005, Altus is a specialist investment manager focuses on managing and investing in special situation across Southeast Asia, covering non-performing assets portfolio, distressed real estate assets and corporate restructuring. It is 76.5% owned by Pavan C. Gidwani, 8.5% owned by Benjamin C. Sevilla, and 15% owned by IFC. Altus is an existing client of IFC since 2012. 

The firm and its investments are managed by ALTUS Capital Partners Pte Ltd, owned by the firm’s partners and the International Finance Corporation, the private sector investment arm of the World Bank.


Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Altus Capital Partners Pte. Ltd Parent Company -

Contact Information

1/ The Project Contact

Altus Capital Partners Pte. Ltd. 
Name: Pavan C. Gidwani 
Position: CEO 
Phone: +63 2 844 2551 
Email: pcg@altus.capital 
Address: 15th Floor W Fifth Avenue Building, 5th Avenue, Bonifacio Global City, Taguig City 1634, Philippines 
Website: http://www.altus.capital/ 

2/ The IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384



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/