Company name

N/A

Project number

12494-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Regional

Sector

Investment Funds

Status

In implementation

Disclosed date

01/14/2020

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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02/24/2020

Approval date

03/10/2020

Signed date

07/13/2020

Team leader

Ferro De Sanctis, Carlos Numen

Investment type

Financing requested

N/A

Syndicated amount

USD $ 7,500,000

Financing amount

USD $ 7,740,000

Currency

USD

Project scope and objective

The Latin America Venture Debt Growth Fund (the “Fund”) is a venture and growth debt fund formed between SVB Financial Group (“SVB”), Partners for Growth (”PFG” or “Fund Manager”) and IDB Invest.  The Fund aims to unlock innovation and support the growth of tech-enabled companies across Latin America and the Caribbean (“LAC”). IDB Invest is proposing an investment package consisting of (i) up to US$15 million for 49% of the Fund’s capital commitments; and (ii) up to $240,000 in the Fund’s general partner for a 20% equity stake in the General Partner (the “Project”). The Fund, pioneering the strategy in Latin America and the Caribbean, will provide structured  debt to later stage innovative companies across LAC in sectors such as software, technology, life sciences, healthcare and fintech, among others.



This IDB Invest project will complement other IDB Lab efforts in the venture debt space focused on smaller and earlier stage startup companies.  Through this coordinated approach, the IDB Group will not only be partnering with SVB and PFG, leading global venture and growth stage lenders, to expand activity in the region, but will also promote the development of debt as a financing option for companies across the innovation economy, addressing a gap in the market for venture and growth stage companies in the LAC region.


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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

ENVIRONMENTAL AND SOCIAL REVIEW

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Jasmine Saadati,

POSITION

Director SVB Capital

PHONE NUMBER

408.313.4478

EMAIL

JSaadati@svb.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices