Provident Growth (IFC-42978)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Nation-wide
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Nov 22, 2019
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
PROVIDENT GROWTH FUND II, LP
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)
$ 30.00 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)
$ 200.00 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 May 7, 2020

Disclosed by Bank Oct 16, 2019

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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.

According to the bank document, Provident Growth Fund II, LP (“the Fund”) is targeted for an US$200 million fund focused primarily on growth-stage technology investments in Southeast Asia with a focus on Indonesia.

The Fund intends to take minority stakes in companies across various sectors including e-commerce, new retail, fin-tech, artificial intelligence & big data, edu-tech and platform plays.

The average ticket size of the Fund’s investments is between US$10-20M.

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

 The target size of the Fund is $200 million. IFC’s proposed investment in the Fund is an equity investment of up to US$30 million, not to exceed 20% of total Fund commitments.   

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 Fund is Provident Growth Fund II GP Ltd. The Fund will be managed by three Partners, namely Winato Kartono, Michael Aw and Hari Gurung. The Sponsor of the Fund is Procap Partners Ltd which is owned by Winato Kartono, Hardi Wijaya Liong and Gavin Arnold Caudle.            

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PROVIDENT GROWTH FUND II, LP Client -

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

Provident Growth Fund II, LP

Contact: Michael Aw

Title: Director

Phone number: +852 2467 0338

Email: michael.aw@procap-partners.com

Address: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands

Website: http://providentgrowth.com

2/ 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