Alta Semper Ilera Fund I Limited (IFC-42586)

Regions
  • 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Sep 30, 2019
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
ALTA SEMPER CAPITAL LLP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
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)
$ 15.50 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)
$ 250.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 4, 2019

Disclosed by Bank Aug 28, 2019

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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 bank documents, the proposed project consists of an equity investment of up to US$15.5 million in Alta Semper Ilera Fund I, L.P., a 10-year private equity fund targeting to raise US$250 million. The Fund will obtain controlling stakes in leading healthcare and consumer companies by way of equity investments. The Fund will have a pan-African focus and make equity investments of between US$10 and US$50 million per transaction.

The Fund is an exempted limited partnership registered under the laws of Mauritius. Alta Semper team is based in London, UK; Lagos, Nigeria; and Cairo, Egypt. The Fund will primarily target to invest in Ivory Coast, Nigeria, Ghana, Senegal, Morocco, Egypt, Tunisia, Ethiopia, Kenya, Tanzania, Uganda and Mozambique.

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

The proposed project is for an equity investment of US$15.5 million of which $0.5 million is from the Women Entrepreneurship Finance Initiative (“We-Fi”). We-Fi is a global program that seeks to unlock billions of dollars in financing to tackle the full range of barriers facing women entrepreneurs—increasing access to finance, markets, technology, and mentoring, while strengthening policy, legal and regulatory frameworks. The total IFC and We-Fi investment is not to exceed 20% of total committed capital. The target size of the Fund is US$250 million in commitments.

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 Alta Semper Capital, a limited liability partnership registered in England and Wales that was established in 2015. The Fund Manager is headquartered in London and regulated by the U.K. Financial Conduct Authority.


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.

Alta Semper Capital 
Afsane Jetha 
Managing Partner & Chief Executive Officer 
+44-207-100-0670 
info@altasemper.com 
LondonW1J 5BFUnited Kingdom 
http://www.altasemper.com/  

ACCOUNTABILITY MECHANISM OF IFC

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