CIF-II (IFC-43399)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
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
Approved
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
May 20, 2022
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
CREAEGIS INVESTMENT FUND-II
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • 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)
$ 25.25 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.
Grant Amount (USD)
$ 25.25 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)
$ 500.00 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 Jul 24, 2022

Disclosed by Bank Apr 13, 2022


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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 IFC project page, the proposed project is an equity investment of up to US$25 million, not exceeding 20% of total commitments, in Creaegis Investment Fund-II (“CIF-II”), a trust established under the Indian Trusts Act 1882 and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI). The Fund is targeting US$500 million in commitments to invest in 10-15 companies in consumer, financial services, healthcare and technology sectors.                                                  

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.

Project level outcomes are delivered through increasing access to equity and value creation for mid-cap companies in India. Creaegis is a first-time fund manager and will support value creation for digital companies by providing both capital and active management support, including digital transformation, mentorship, and building systems to institutionalize’ company operations.
Market creation is delivered by strengthening the competitiveness of the private equity (“PE”) market in India. The project supports a first-time local fund manager in the early growth stage PE market segment. Beyond the project, the success of the Fund will encourage other local fund managers to raise new or follow-on funds in the early growth stage PE market segment. In turn, this will attract domestic and international institutional investors, reducing the need for development finance institution (“DFI”) presence in the market for future fundraisings.

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

The Fund is seeking to raise US$500 million in aggregate capital commitments. IFC proposes an equity investment of up to US$25.25 million (capped at 20% of the aggregate capital commitments) in the Fund. 

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 Fund will be managed by Creaegis Advisors LLP (“Fund Manager” or “Creaegis”), a limited liability partnership, established under the provision of Limited Liability Partnership Act, 2008. The Fund’s sponsor is Creaegis Principals LLP, a limited liability partnership, established under the provisions of Limited Liability Partnership Act, 2008. The Fund will engage Creaegis to carry out investment management and administrative duties. The Fund Manager is led by Prakash Parthasarathy.            


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.

Creaegis Advisors LLP
Prakash Parthasarathy
Managing Partner and CIO

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

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works