FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
USD $ 5,000,000
Project scope and objective
The Project consists in an equity investment of up to USD 5 million in Nazca C-Fund I, LP (“Nazca LAC Digital Growth Fund” or the “Fund”), a new regional venture capital growth fund aimed at investing in the most notable high-performing digital-based companies of Nazca Fund I and Fund II to support their high growth potential across Latin America and the Caribbean (LAC).
The Fund is incorporated in Canada and is managed by Nazca C-Fund I GP, LLC (“Nazca” or the “Fund Manager”). Established in 2014, Nazca is one of the most active Mexican venture capital (VC) firms in LAC. As of Q4 2022, Nazca successfully raised USD 227 million and invested USD 100 million in three funds with a MOIC of 1.98 (current NAV of USD 195 million).
The Fund will invest in successful expanding companies requiring more capital than the one available in Nazca’s initial funds. The Fund will provide capital to young, innovative and fast-growing firms across the region. Thus, it will contribute to job creation, increased productivity and, finally, economic growth. The Project is also expected to enable technology transfers and contribute to improving the development of the Mexican and regional innovation ecosystem.
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