Verod III (IFC-41705)

Countries
  • Gambia
  • Ghana
  • Liberia
  • Nigeria
  • Sierra Leone
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
Bank Risk Rating
U
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
Nov 15, 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.
Borrower
VEROD CAPITAL MANAGEMENT LTD
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 15.00 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)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 14, 2019

Disclosed by Bank Oct 10, 2018


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Project Description

The proposed project is for an equity investment of up to USD$15 million in Verod Capital Growth Fund III L.P. (the “Fund”), a 10-year closed-end generalist private equity fund targeting mid-market companies in Nigeria, Ghana, and opportunistically in Gambia, Liberia and Sierra Leone. The Fund is seeking to raise USD$150 million of total committed capital.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information

Verod Capital Management

Heritage Place, 6th Floor

21 Lugard Avenue

Ikoyi, Lagos, Nigeria 

Telephone

+234 (1) 462 8646

+234 (1) 462 8647

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/