Cordiant Emerging Loan Fund IV

Rest of the World Food and agriculture, Infrastructure, Manufacturing, Financial services, Communications and IT Services, Others

Cordiant is a leading private debt fund manager, founded in 1999. It typically invests in emerging markets in Asia, Eastern Europe, Latin America, and Africa, focusing on South Africa, Nigeria, Egypt, East Africa, and Francophone West Africa.

The Canadian firm primarily invests in the infrastructure, financial services, consumer businesses, telecomms, power, mining, consumer goods, food and agribusiness, manufacturing, utilities, transport and chemical sectors.

The Cordiant Emerging Loan Fund IV (CELF IV) expects to invest between $5 million to $25 million in a portfolio of 30 to 50 companies which need long-term debt funding. The length of these loans will range from one to 10 years and will often be a part of a larger financing package to a company or project.

Our investment

In 2013, CDC invested $50 million into CELF IV to provide much-needed loan finance to private sector projects and businesses in Africa and South Asia.

Expected impact

Lending done by local banks to businesses in developing countries is often too short-term to be effective. CELF IV is seeking to fill the gap left by the withdrawal of western banks in emerging markets and will provide scarce, long-term debt funding to firms in these areas.

It will focus on providing debt finance to projects, companies and banks across a wide range of sectors, usually in the form of senior, secured loans. This will help to stimulate wider business activity and economic growth.

Our commitment has also helped Cordiant Capital raise $250 million for CELF IV from Canadian, Danish, Dutch, Swiss and Central and Eastern European institutional investors.

Environmental and social aspects

Cordiant has a proven commitment to environmental and social (E&S) management and a limited risk profile.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Rest of the World
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Argentina, Azerbaijan, Brazil, Colombia, Kazakhstan, Mexico, Panama, Paraguay, Turkey
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Communications and IT Services, Financial services, Food and agriculture, Infrastructure, Manufacturing, Others
Website:
http://cordiantcap.com/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Cordiant
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
April 2013
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$50m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Luxembourg

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Bahia Cellulose II

Bahia Cellulose, based in Brazil, is a large producer of cellulose.

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Brazil Rest of the World Manufacturing September 2013 Exited
Kegoc 2013

KEGOC is the Kazakhstan state-owned entity responsible for owning and operating the Kazakhstan transmission network, administering the dispatch of generation and operating the system’s balancing services

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Kazakhstan Rest of the World Infrastructure September 2013 Exited
LOMC

LOMC is a NBFI involved in three distinct lines of business in Sri Lanka: micro leasing, microfinance, and gold backed lending

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Sri Lanka South Asia Financial services September 2013 Exited
Caepco

CAEPCO is a power company based in Kazakhstan, focused on the production of electricity and steam.

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Kazakhstan Rest of the World Infrastructure September 2013 Active
MAK

MAK is a privately-owned mining company in Mongolia, focused on the mining of high quality coking coal

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Mongolia Rest of the World Others September 2013 Active
Prasac

Prasac is Cambodia’s largest microfinance institution providing MSME and group loans to individuals situated in rural communities across the country.

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Cambodia Rest of the World Financial services September 2013 Active
Vicentin 2013

Vicentin is a family run business that was founded in 1929 as a cotton trader. It started producing edible oils using cotton seed, branched out to sunflower and peanuts, and in the 1970s entered the soy crushing business as the industry was firmly establishing itself in the country. Vicentin is currently one of the largest oilseed processors in Argentina and has continuously modernized and invested in order to keep up with its competitors and remain a state-of-the art player.

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Argentina Rest of the World Food and agriculture September 2013 Active
Bunge Trade Finance Brazil Rest of the World Food and agriculture March 2014 Exited
ICE 2013 Costa Rica Rest of the World Communications and IT Services March 2014 Exited
Libertador Oil/Pardaliservices Brazil Rest of the World Others March 2014 Exited
TBC Bank

TBC Bank is a leading Georgian universal bank headquartered in Tbilisi, Georgia. It provides services to over 700,000 customers in its four business segments: corporate, retail, SME and micro.

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Brazil, Georgia Rest of the World Financial services March 2014 Active
Pannonia Expansion Hungary Rest of the World Infrastructure October 2014 Active
SA Taxi II

SA Taxi II provides financing to South African minibus operators through asset-based loans. It is an enabler of affordable and safe transport to over 14 million South African commuters.

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South Africa Africa, Southern Africa Manufacturing October 2014 Active
Eurus Mexico Rest of the World Infrastructure March 2015 Exited
Ekol Ships Turkey Rest of the World Manufacturing March 2015 Active
Finca uFinance Azerbaijan Rest of the World Financial services March 2015 Active
Sathapana (formerly Cambodian Entrepreneur Building (CEB)) Cambodia Rest of the World Financial services March 2015 Active
Bayport Colombia Colombia Rest of the World Financial services June 2015 Active
Karadeniz Powerships

Karadeniz Powerships is part of the energy wing of Turkey-based Karadeniz Holding. The powership is expected to generate approximate 225MW of electricity to augment Ghana's energy needs.

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Ghana Africa, West Africa Infrastructure June 2015 Active
Fiagril Brazil Rest of the World Food and agriculture September 2015 Exited
Hayat Hygiene Turkey Rest of the World Manufacturing June 2016 Active
Agrop Paraguay Rest of the World Food and agriculture September 2016 Exited
Asyaport Turkey Rest of the World Infrastructure September 2016 Active
Kingston Container Terminal Jamaica Rest of the World Infrastructure September 2016 Active
Pastoraie Wind Uruguay Rest of the World Infrastructure September 2016 Active
Project Omega Rest of the World Communications and IT Services September 2016 Active
CIFI Panama Rest of the World Financial services September 2016 Active
Biosev Brazil Rest of the World Food and agriculture December 2016 Active
Don Mario Argentina Rest of the World Food and agriculture December 2016 Active
GSM-GSA uHydro Guatemala Rest of the World Infrastructure December 2016 Active
Other Loans – CELF IV Rest of the World Financial services March 2017 Active