Genesis Fund II (IFC-41372)

Countries
  • China
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
Proposed
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
Jun 29, 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
GENESIS CAPITAL II, 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.
Project Cost (USD)
$ 600.00 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 10, 2020

Disclosed by Bank May 30, 2018

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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.

Genesis Capital II, LP (“Fund II” or the “Fund”) is a China-focused growth stage technology private equity fund. The Fund will invest in companies utilizing information technology to improve the overall efficiency of various industries, including:

(a) E-Commerce,

(b) Business-to-Business Platforms and Enterprise Services,

(c) Education,

(d) Healthcare, and

(e) Logistics.

The Fund will invest primarily in businesses in China.

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.

a. Through its investments, the Fund will help support the transition of the Chinese economy from a manufacturing to an increasingly innovation and technology driven one. The Fund will support the use of advanced information technology to improve efficiencies of the traditional industries such as retail, enterprise services, logistics/transportation, healthcare, and education.
b. Knowledge transfer and sharing of best practices: The Fund is expected to provide strong and comprehensive support through its board positions on portfolio companies to develop and improve their environmental and social practices and level of corporate governance.

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

The General Partner of the Fund is Genesis Capital II Ltd. The Fund is headed by Mr. Richard Peng and Mr. Kurt Xu.  

Fund II is targeting to raise US$600 million. IFC, together with its Asset Management Company, is considering an equity investment in Fund II, not to exceed 20% of the total commitments.     

 

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 General Partner of the Genesis Capital II, LP is Genesis Capital II Ltd. The Fund is headed by Mr. Richard Peng and Mr. Kurt Xu.


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.

1/ The Project Contact

Genesis Capital 
Ryan Szeto 
CFO 
+86 (10) 8440 0800 
enquiries@gcfunds.com 
16/E2, Tower A, Gateway Plaza, 18 Xiaguangli, East Third Ring North Road, Chaoyang District, Beijing, China 
http://www.gcfunds.com 

2/ The IFC Contact

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

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