IFC commits $15m to Philippines PE fund
The International Finance Corporation (IFC) will invest up to $15 million in the debut fund of Philippines-based private equity firm Sierra Madre Managers.
The fund, Sierra Madre Philippines I, has a target size of $120 million, and will back small and medium-sized enterprises (SMEs) based in the Philippines. IFC's commitment will not exceed 20% of the fund's total corpus, according to a disclosure.
Sierra Madre, based in Manila, was founded earlier this year and plans to raise a series of funds aimed at taking advantage of PE investment opportunities in the country.
IFC's involvement in the fund is expected to bring credibility to Sierra Madre and increase its attractiveness to other institutional investors. Given its experience in the fund's target sectors, IFC may also co-invest alongside the manager in some deals as well as contributing sector knowledge and experience in fund structuring and governance.
The Sierra Madre commitment is the second investment by IFC in the Philippines this year. In April it committed to invest $11 million in Manila-based Producers Savings Bank to support its expansion plans.
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