DARP GICAM (IFC-49870)

Regions
  • East Asia and Pacific
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bangladesh
  • Cambodia
  • India
  • Indonesia
  • Malaysia
  • Mongolia
  • Nepal
  • Philippines
  • Sri Lanka
  • Thailand
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
East Asia – Pacific; South Asia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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 19, 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
GI Capital Management Ltd.
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)
$ 30.00 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)
$ 300.00 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 14, 2025

Disclosed by Bank Sep 30, 2024

Contribute Information
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 entails an IFC investment as an anchor investor in Asia Debt Opportunities Fund II (ADOF II or the Fund). The Fund will focus on distressed debt, special situations, asset-backed credit portfolios as well as single assets and will have a life of up to 8 years. ADOF II will be managed by GI Capital Management Ltd (GICAM or the Company), a Japan-based manager with US$754 million of Assets under Management (AUM) and over 20 years of credit experience. The Fund is targeted at US$300 million, with first close aimed at US$100 million. IFC’s investment is proposed at the lower of up to US$30 million or up to 15% of the Fund commitments. ADOF II’s geographical scope will be pan-Asia spanning across various sectors and asset classes.

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’s investment in ADOF II, which will be managed by GICAM. The Fund will focus on distressed debt, special situations, asset-backed credit portfolios as well as single assets in East Asia – Pacific (Cambodia, Indonesia, Malaysia, Mongolia, Philippines, Thailand, and Viet Nam) and South Asia (Bangladesh, India, Nepal, and Sri Lanka). The Fund will invest in different sectors including commercial and residential real estate; hotels; ecommerce and fintech. The Project will not support any coal related activities such as coal mining, coal transportation, coal-fired power plants, or infrastructure services exclusively dedicated to support any of these activities, and 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. The Fund will not invest in palm oil related activities. The Project therefore is expected to have moderate E&S risks which can be addressed through proper mitigation measures and is categorized as FI-2 according to IFC Sustainability Policy. The key E&S risks may include environmental pollution, labor and working conditions, and impacts on communities, among others.

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

The proposed investment is IFC’s investment in the Fund up to the lower of US$30 million or 15% of the Fund total commitments. The total size of the Fund is targeted at US$300 million.

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.

GI Capital Management Ltd. (GICAM) is an alternative asset management and advisory boutique headquartered in Tokyo, Japan. Founded in 2010, GICAM has since grown into a licensed broker-dealer and multi-class asset manager with AUM of US$754 million. GICAM has three business areas: (1) Fund placement and Distribution Business, (2) Asset Management Business, and (3) Investment Advisory and Consulting Business to Institutional Investors and Asset Managers. The Company’s capital as of March 2024 is JPY50 million (~US$ 330,000).


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.

GI Capital Management Ltd.
Jean Chung
Chief Portfolio Manager
+81-3-6256-9508
jean.chung@gicamltd.com
Sogo Hanzomon Building 3F 1-7 Kojimachi, Chiyoda-ku, Tokyo 102-0083 Japan
https://www.gicamltd.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

How it works

How it works