Insitor Impact Asia Fund II Pte. Ltd. (FMO-62056)

Regions
  • East Asia and Pacific
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Cambodia
  • India
  • Pakistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
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
Jun 30, 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
Insitor Impact Asia Fund II
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Construction
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 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 @ FMO website

Updated in EWS Dec 8, 2023

Disclosed by Bank Mar 2, 2023

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, Insitor Impact Asia Fund II ("IIAF II" or "the Fund") is a sector-agnostic Private Equity fund targeting investments in high-growth and scalable businesses active in Cambodia, India, and Pakistan. It is the second close-ended fund managed by Singapore-based Insitor Partners ("Insitor" or "the Manager"). The Fund will exclusively invest in companies providing solutions to low-income consumers/households along the main investment themes of better health, sustainable living, and economic growth.

The Fund has a first close in December 2021. MASSIF, a Dutch government fund managed by FMO, intends to commit USD 10mln to the Fund, helping it reach a final size closer to its target and ensuring the viability of the investment strategy and sustainability of the manager. The Fund's investment strategy is well aligned with MASSIF's objective of supporting early-stage companies in frontier markets, and to support businesses that improve the livelihood and access to basic services for low-income households/consumers.

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.

As stated by the FMO, IAF II is categorised as A related to E&S risk, given the Fund has a pipeline and current investments in sectors such as housing development/construction, agribusiness and manufacturing, whilst investing in geographies with high contextual risk. 

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

As stated on the company's website, Insitor Partners is the first impact fund manager to set up operations in Southeast Asia, and a pioneer investor in India and Pakistan. We have offices in Phnom Penh, Yangon, Mumbai, Karachi, and Singapore. We work together to create synergies and share best practices and industry expertise. We focus on the long-term development of the countries where we operate. We maintain a proactive approach to sourcing and invest our time and skills in partnering with founders, incubators, and ecosystem programs.


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.

Financial Intermediary - Insitor Partners:

Address: 140B Neil Road, Singapore, 088869
Email: info@insitormanagement.com
Website: https://www.insitorpartners.com/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works