Project Name: Multinational Industrial Fund
Project Number: ME3898A-01
Country: Mexico
Sector: Investment Funds
Approval Date: 12/07/2010
Date of First Disbursement: 12/22/2010
Type of Financing: Equity
Total Project Cost: USD $3,000,000
IIC Financing Amount: USD $1,500,000
Syndicated / Co-financing Amount: USD $147,000,000
Investment Officers:
SHTURMAN, GOLDIE
Corredera Silvan, Martin
Project Attorney: Noseda, Diego
Environmental Engineer: Morales, Fernando
Additionality Officer: Riley, Joanne
Project Name: MIF II
Expected Consideration Date by the Board: 10/26/2010
Date Posted: 09/21/2010
Company: Wamex Private Equity Management II, L.P.
Scope Objective:
Multinational Industrial Fund II ("MIF II" or the "Fund") is a private equity investment fund that will invest primarily in projects supporting family businesses established in Mexico in the industrial and services sectors (for example: education, entertainment, logistics, health, and tourism).
The Fund’s target amount is between US$120 million and US$150 million. To date, MIF II has carried out three closings for US$80 million and is in the initial investment phase with an investment that has been executed and another that has been approved. The principal investors are Mexican pension funds and institutional investors, including Corporación Mexicana de Inversiones de Capital.
IIC participation in MIF II, in the amount of US$3 million, is consistent with the IIC’s strategy of participating in private equity funds that allow it to reach a larger number of sectors and companies than it would through direct investments. In addition, the objective of the IIC is to improve the impact that MIF II has on development by introducing environmental and labor procedures and standards consistent with international guidelines, as well as to measure the impact on the development of the companies in which the Fund invests.
Environmental Review:
Environmental and Labor Issues:
This is a category III project according to the IIC’s environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, or design criteria. Wamex developed and implemented an environmental management system after attending the IIC’s environmental management course for the financial sector. Each investee company must comply with the environmental laws, regulations, and standards of the respective eligible jurisdictions, as well as with applicable IIC environmental guidelines. Each company must also be in compliance with all the labor and occupational health and safety laws and regulations of the eligible jurisdictions. Certification will be required that investee companies sponsored by a general partner meet all applicable laws, regulations, and standards regarding the environment and occupational health and safety.
