JASMINE PRIVATE MARKET FUND I

Promoter – Financial Intermediary

JI CAPITAL PARTNERS PTE LTD

Location

• Regional - Asia

Description

Equity fund targeting climate-related, growth capital investments in small and medium-sized enterprises (SMEs) in Southeast Asia.

Additionality and Impact

EIB's investment supports a first time team launching an investment strategy targeting companies operating in sectors with positive social and environmental impact across Southeast Asia. It also supports the introduction of high standard environmental and social governance best practices to small and medium-sized companies active in climate change mitigation and adaptation (climate action, circular economy, agribusiness) and innovative social infrastructure (healthcare). The Fund is focused on underserved markets, and will address market failures and sub-optimal investment situations linked to the shortage of long-term growth capital in the target sectors and not internalised carbon emissions.

EIB's recommendations are expected to significantly shape the Fund's governance structure and the investment strategy. The Fund Manager is sound and has demonstrated willingness to introduce structural changes to be in compliance with EIB Group policies and best market practice.

 

An EIB investment will be highly additional in crowding in other investors, and thus would be seen as an essential component for the Fund to achieve the Fund's first close and target size.

 

The operation contributes to EIB's objectives outside the EU for environmental sustainability and private sector development. It will contribute to EU policy goals, meet the Bank's priority objectives in climate action and environment.

Objectives

The fund is aiming to make minority equity investments in companies operating in sectors with positive social and environmental impact in Southeast Asia. The fund will aim to build a diversified portfolio of companies in underserved, professionally run and innovative small and medium-sized private companies active in five sectors: climate change mitigation, circular economy and water, agribusiness, employment enabling education and affordable healthcare.

Sector(s)

• Agriculture, fisheries, forestry - Agriculture, forestry and fishing
• Energy - Electricity, gas, steam and air conditioning supply
• Water, sewerage - Water supply; sewerage, waste management and remediation activities
• Solid waste - Water supply; sewerage, waste management and remediation activities
• Industry - Construction
• Transport - Transportation and storage
• Services - Financial and insurance activities

Proposed EIB finance (Approximate amount)

USD 28 million (EUR 24 million)

Total cost (Approximate amount)

USD 200 million (EUR 169 million)

Environmental aspects

The fund will be required to enhance the environmental and social policy and the appropriate management systems so as to comply with the environmental and social requirements of the Bank.

Procurement

The Bank will require the fund manager to comply with the Bank's Guide to Procurement when required.

Status

Signed - 8/12/2021