Lighthouse IV (IFC-47137)

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
Active
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
Sep 30, 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
LIGHTHOUSE INDIA FUND IV AIF
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)
$ 90.00 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)
$ 400.00 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 Jun 21, 2024

Disclosed by Bank Aug 31, 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 IFC project page, IFC proposes an equity investment of up to US$50 million, not exceeding 20% of total commitment, and an additional co-investment envelope of up to US$40 million under the delegated authority framework, in Lighthouse India Fund IV AIF (the “Fund” or “Fund IV”), a mid-market private equity (PE) fund focused on growth transactions in India and targeting US$400 million in total commitments. Consistent with its prior funds, Fund IV will continue to focus on its key strengths of targeting growth stage mid-market companies in consumer, healthcare, specialty manufacturing and digital transformation sectors. The Fund is expected to size its average ticket per company in the range of US$20-40 million in 10-12 companies.        

The Environment and Social risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability.                                          

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

The Fund is seeking to raise US$400 million in aggregate capital commitments. IFC proposes an equity investment of up to US$50 million in the Fund (capped at 20% of total commitment) in the Fund. Additionally, a delegated authority co-investment envelope for an amount of up to US$40 million in potential co-investments in the Fund’s portfolio companies is also being proposed alongside the Fund commitment.                      

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 Fund will be managed by Lighthouse AMC Private Limited (“Fund Manager” or “Lighthouse”), a private limited company. The Fund’s sponsor is Ploutus Advisors India Private Limited, a private limited company incorporated in India. The Fund has engaged Lighthouse to carry out investment management and administrative duties. The Fund Manager is led by Mukund Krishnaswami, William Sean Sovak, and Sachin Bhartiya.        


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.

Lighthouse AMC Private Limited
Tarun Pande
Director

ACCESS TO INFORMATION

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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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