Everstone IV (IFC-45049)

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
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
May 31, 2021
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
EVERSTONE FUND IV
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 60.00 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)
$ 950.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 31, 2021

Disclosed by Bank Apr 16, 2021


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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 documents, " the proposed project is an investment in Everstone Capital Partners IV Pte. Ltd., a Singapore limited partnership and/or one or more parallel or alternative investment vehicles which will invest in equity and equity-linked instruments of companies that have significant operations in India and opportunistically in South East Asia."

The Fund is expected to be focused on healthcare and pharmaceuticals (including service, delivery, diagnostics) and tech services (data analytics, tech integration, SaaS etc.). Other potential sectors of exposure include financial services (retail, MSME, asset finance, insurance) and consumer (consumption and durables). 

Expected Impact of the Fund is as follows:

(i) Providing access to private equity capital to unlisted mid-cap companies, including in underserved regions.

(ii) Provide capital and operational and financial value add to increase investee growth rates.

(iii) Increased Gender Equality through Manager’s policies at the Fund and investee level.                                                 

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.

IFC's role and additionality consists of: (i) own account equity and; (ii) non-commercial risk mitigation

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

 ECP IV has a target fund size of US$950 million. IFC proposes an equity investment of up to US$50 million not to exceed 20% of total committed capital and a co-investment envelope of up to US$10 million.                                                  

Private Actor Relationship
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.

ECP IV is the successor fund to Everstone Capital Partners III (“Fund III”), a vintage 2016 fund with US$731 million in total commitment, Everstone Capital Partners II (“Fund II”), a 2010 vintage fund with US$580 million in capital commitments and to Indivision India Partners (“Fund I”), US$425 million 2006 vintage 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 Everstone Capital Asia Pte. Ltd., Singapore, as its investment manager (the “Manager”). The Everstone group was co-founded and is co-led by Sameer Sain and Atul Kapur since 2006       


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.

Everstone Capital Asia Pte. Ltd
Mr Sanjay Gujral
Chief Business Officer
+6592348230
sgujral@everstonecapital.com
#08-01, Singapore 238463
www.everstonecapital.com

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