DFP Orion (IFC-49560)

Countries
  • Singapore
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
B
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 18, 2024
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
Orion Secured Direct Lending Fund III, LP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 65.00 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 Mar 10, 2025

Disclosed by Bank Aug 17, 2024

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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’s website, the proposed Project entails an equity investment of up to US$65 million for IFC’s own account in DFP, Orion Secured Direct Lending Fund III (B) LP (“Fund”) which has a target fund size of US$400-500 million. The Fund is managed by Orion Credit Capital Asia Pte. Ltd (“Orion”), a licensed investment manager in Singapore. The Fund will provide senior secured loans to small to mid-market companies across Asia-Pacific (“APAC”) to support sustainable financing. Key markets would include India and Southeast Asia (“SEA”).

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 proposed Project entails an IFC equity investment into Orion Secured Direct Lending Fund III (B) LP (“Fund”), established by Orion Credit Capital Asia Pte. Ltd (“Orion Capital”). The Fund will provide debt financing to small and mid-market companies in Asia-Pacific (“APAC”). The proposed Fund is sector agnostic with key markets including India and Southeast Asia. The pipeline of potential investments includes retail, healthcare, logistics, and professional services. The portfolio investments of the Fund are expected to be of medium to low environmental & social (E&S) risks. The Fund will not invest in any coal-related projects or higher risk activities that may include (a) 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, (d) risk of significant retrenchment or (e) significant occupational health and safety risks. Therefore, the project has been categorized as FI-2 according to IFC Sustainability Policy.

The main anticipated E&S risks and impacts of the project derive from the E&S risks associated with the Fund's investment activities and its capacity and systems in place to manage these risks. The typical risks of the potential investments may include labor and working conditions, occupational health and safety, air and water pollution, waste management, handling of hazardous materials, and impacts on local communities.

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

 The proposed Project entails an equity investment of up to US$65 million for IFC’s own account in a target US$400-500 million Fund.    

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.

Orion was established in 2013 as Olympus Capital Asia Credit with Mr. Nitish Agarwal as its Chief Executive Officer (CEO) and Chief Investment Officer (CIO). In 2020, the management team led by Mr. Nitish Agarwal executed a management buyout and rebranded the platform as Orion. Thereafter, OMERS, a defined benefit pension plan for municipal employees in the province of Ontario in Canada, became an equity investor in Orion. Since 2013, the Orion platform has invested US$1 billion across 40 investments.   


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.

Orion Credit Capital Asia Pte. Ltd
Mr. Nitish Agarwal
Director and CEO
+65 6593 0288
nagarwal@ocacredit.com
#29-01, Six Battery Road, Singapore
https://www.orioncapitalasia.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