DFP Ninety One ACO3 (IFC-48595)

Countries
  • South Africa
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
A
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
Dec 22, 2023
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
Ninety One Global Alternative Fund 2 SCSp-RAIF –Africa Credit Opportunities Fund 3A
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)
$ 75.00 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)
$ 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 May 16, 2024

Disclosed by Bank Mar 18, 2024

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Can you contribute information about this project?
Contact the EWS Team

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’s website, the proposed project consists of an IFC investment of up to US$75 million in Africa Credit Opportunities 3 Fund (ACO3 or the “Fund”), an Africa focused 7.5-year closed-end private credit fund with a target size of US$500 million. The purpose of the Fund is to invest in US$ denominated senior loans and bonds issued by mid- to large-sized corporates across Africa. The Fund will be managed by Ninety One Plc (“Ninety One” or the “Fund Manager”).                                                                                                  

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Fund Manager will maintain a medium E&S risk profile of the Fund’s portfolio and will avoid investments in loans and bonds supporting assets exposed to considerable E&S risks such as (a) significant involuntary resettlement, (b) risk of adverse impacts on Indigenous Peoples, (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (d) significant Occupational Health and Safety risks. Given the size of the Fund and the limited availability of support services, such as second opinion providers or ESG data providers, IFC has categorized this project as FI-1.

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

 An IFC equity investment of up to US$75 million in Africa Credit Opportunities 3 Fund (ACO3 or the “Fund”), an Africa focused 7.5-year closed-end private credit fund with a target size of US$500 million.

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.

Ninety One is a global asset manager with assets under management of US$150 billion as of September 2023.  The Fund Manager has a proven track record and experienced team across multiple debt and equity investment strategies. It is listed on the Johannesburg Stock Exchange and the London Stock Exchange, and it’s 1,180 employees are located in South Africa, the United Kingdom and several other countries. Ninety One’s credit team has invested over US$8bn in more than 250 African counterparties across over African countries.

As of September 2023, employees are cumulatively the largest shareholders of Ninety One (approx. 29%), followed by Investec (approx. 10%), with the remaining shares (circa 61%) widely held by public shareholders.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ninety One Plc Parent Company -

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.

Ninety One Plc
Kobi Sam
Managing Director, Emerging Market Alternative Credit
+27 21 901 1521
Kobi.sam@ninetyone.com

www.ninetyone.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