The EBRD is considering providing an equity investment of up to $10 million, but not exceeding 20 per cent of total aggregate capital commitments to the Mongolia Opportunities Fund I (the Fund). The Fund will be the first private equity fund in Mongolia to focus on equity and quasi-equity investments in fast growing small and medium-sized enterprises.
The Fund will provide growth capital to companies that exhibit established profitable business models, have strong management teams and demonstrate potential to become market leaders. The Fund will invest in companies primarily operating in sectors covering agribusiness, infrastructure and mining services and supplies chain, with the objective of achieving long term capital growth in Mongolia. The Fund will consider investments in the range of $2.5 to $7.5 million per company.
The Fund will support the development of private companies in Mongolia by adopting a hands-on approach and transferring operational and strategic expertise and know-how. The transition impact of the proposed project will be most pronounced in the following four areas:
1) development of private equity market in Mongolia;
2) demonstration that private equity funds are a sustainable form of financing in particular for SMEs and when recourse to long-term financing is limited or unavailable;
3) transfer of technical, operational and financial skills to the portfolio companies; and
4) improvement of corporate governance.
Mongolia Opportunities Partners is a Cayman Islands exempted company with limited liability.
Equity investment of up to $10 million to the Fund but not exceeding 20 per cent of total aggregate capital commitments (up to 25% at first closing).
The Fund’s target size is estimated at $50 million for the final closing.
The Fund will be required to implement environmental and social standards in line with EBRD's Performance Requirements 2 and 9 and implement the EBRD’s Environmental and Social Procedures for Active Equity Investments which includes adherence to the Bank’s Environmental and Social Exclusion List. The Fund will also apply the IFC’s Environmental and Social Standards and implement IFC's web-based Social and Environmental Management System. Investee companies will be required to comply, at a minimum, with national requirements for environment, social, health and safety, and labour standards. The Fund will submit an Annual Environment & Social Report to IFC and EBRD using the combined AESR reporting template. The IFC and EBRD's joint Environmental and Social Exclusion list will be included into the legal documentation.
Mr Mandar Jayawant, Managing Partner
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