KV Asia III (IFC-51801)

Regions
  • East Asia and Pacific
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
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
Mar 17, 2026
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
KV Asia Capital 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)
$ 35.00 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)
$ 280.00 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 Feb 4, 2026

Disclosed by Bank Jan 29, 2026

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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 investment is for up to US$35 million (capped at 20% of total commitments), alongside a co-investment envelope of up to US$35 million for potential co-investment opportunities, in KV Asia Capital Fund III, LP. KV Asia III is a generalist growth equity fund targeting investments of US$25-75 million in mid-market companies in Southeast Asia (SE Asia) across various sectors such as consumer, healthcare, education, services, and industrials.                                                  

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 Project entails an investment in KV Asia III, a generalist growth equity fund investing in the consumer, healthcare, education, services, and industrial sectors across SE Asia. The expected Environmental & Social (E&S) risks and impacts of the Project are considered medium. As such, the Project has been categorized as Category FI-2 in accordance with IFC's Sustainability Policy. The key E&S risks and impacts derive from the activities of the Fund’s investee companies, their ability to manage these risks, and from the Fund Manager's capacity to identify and manage the E&S risks and potential impacts associated with its financing activities and monitor investee companies’ E&S performance. Typical risks and impacts related to the Fund’s investment activities include labor and working conditions, occupational, health, and safety, gender-based violence and harassment, supply chain-related risks, and waste management, among others.

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

The Fund’s target size is US$280 million. IFC’s proposed investment is up to US$35 million, not to exceed 20% of total commitments, alongside a co-investment envelope of up to US$35 million for potential co-investment opportunities.

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 KV Asia Capital Pte. Ltd, a private equity firm focused on making equity investments in quality mid-sized companies across Southeast Asia.


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.

KV Asia Capital Pte Limited
Mark de Venecia
Director
+65 6911 1964
mark.devenecia@kvasiacapital.com
63 Chulia Street, #15-01, OCBC Centre East, Singapore 049514
https://www.kvasiacapital.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