1 Como Ser un Buen Inversionista de Fondos de Capital Privado (“FP”) Teresa C. Barger Directora,...

1

Como Ser un Buen Inversionista de Fondos de

Capital Privado (“FP”)Teresa C. Barger

Directora,Fondos de Capital Privado y de Inversión

Corporación Financiera Internacional

2

Por Qué Invertir en Fondos de Capital Privado (“FP”)?

Permite invertir en empresas que aún no se cotizan en bolsa

Reconoce la capacidad de buenos gerentes para agregar valor a compañías de propiedad familiar, compañías pequeñas, medianas y sociedades anónimas

Proporciona oportunidades de inversión en empresas con alto nivel de crecimiento

En Estados Unidos y Europa, los FP han presentado altos rendimientos durante largos períodos de tiempo comparados con otras clases de activo (p.ej. bonos, acciones)

3Comparación de RendimientosCapital de Riesgo en E.E.U.U. y Fondos Privados en E.E.U.U.

y en Mercados Emergentes

Fuente: Cambridge Associates - propietarios de la base de datosNota: Por el retorno excepcionalmente alto de un fondo, la media de los rendimientos en el 2001 esta segada. Excluyendo este fondo de la muestra del año 2001, la media es del -15.7 % (netos para los socios limitados) .

Capital de Riesgo E.E.U.U.

Fondos Privados E.E.U.U.

Fondos Privados Mercados Emergentes

4

Empresas respaldadas por FP FTSE 100 General

Aumento de empleados

+ 29 % + 10 % + 2 %

Número de empleados en compañías respaldadas por FP

15 % de los trabajadores (2.7mm)

Crecimiento de Ventas (Promedio Anual)

+ 27 % + 13 %

Aumento de Exportaciones

+ 27 % + 4 %

Crecimiento de la Inversión

+ 24 % + 9 %

El Impacto Económico Puede ser Importante

Impacto que compañias respaldadas por FP han tenido en la economía británica, 1996 - 2001

5

Indice1

Capital de Riesgo

E.E.U.U.

Indice1

Fondos Privados E.E.U.U.

Indice1 de

Capital de Riesgo y Fondos Privados

en Mercados Emergentes

Indice

MSCI EMF 2

Indice S&P 500

1 Trimestre

(3.8) (0.6) (2.3) (5.9) (3.2)

1 Año (26.3) (8.8) (14.3) (20.6) (24.8)

3 Años (25.6) (10.7) (11.1) (16.4) (16.1)

5 Años 46.3 0.3 (6.1) (6.9) (3.8)

10 Años 36.5 9.3 (5.1) 0.2 8.5

Comparación de RendimientosAl 31 de Marzo, 2003

(1) Cambridge Associates LLC – propietario del índice; agrupación de rendimientos, neto de comisiones, gastos y “carry”

(2) MSCI EMF – Morgan Stanley Corporate Index, Emerging market free

6

“El éxito en los fondos privados no es debido a la suerte sino a la habilidad”

Hallazgo de McKinsey en Europa: “Si su primer fondo alcanzó el cuartil de rendimientos más alto, hay un 45% de probabilidad que su segundo fondo se encuentre entre los primeros 25%, y un 73% de probabilidad que esté entre los primeros 50%. Un equipo nuevo de gerencia de fondos tiene una posibilidad del 16% de alcanzar el primer cuartil. Por lo tanto, el éxito en los fondos privados tiende a repetirse”

Conor Kehoe, Socio McKinsey & Co., EVCA, 13 Junio, 2001

Principio Clave: el éxito en los FP se repite

7

Asignación del activo a largo plazo largo (horizonte de más de 3 años) con ajustes tácticos periódicos (p.ej., trimestrales)

Aprobado por el comité de inversión o la junta directiva

El capital invertido en los FP generalmente representa un porcentaje bajo del activo total de los inversionistas:

-en promedio representa 7.5% del total de activos de los inversionistas institucionales estadounidenses

Base para inversiones en Fondos Privados:- la rentabilidad de los FPs tiene una correlación baja con respecto a rentabilidades en otros tipos de activos (p.ej., bonos, acciones en la bolsa, inmobiliarios)- Inversionistas a largo plazo (p.ej., fondos de pensiones, empresas de seguros) pueden escoger un plazo de inversión prolongado, aceptar la baja liquidez y obtener rendimientos altos

Primer Paso: Asignación del Activo

8

En la industria de Fondos Privados, la diferencia de rendimientos entre gerentes de calidad superior e inferior es muy importante. Si usted no ha invertido con un gerente de los mejores, más le hubiera valido invirtir en bonos de bajo riesgo.

En los FP, el Saber lo es Todo!

Fondos

Privados E.E.U.U. (%)

Acciones en Bolsa E.E.U.U.

(%)

1980-95 en

E.E.U.U.

25% Superior

Intermedio

25% Inferior

Separación entre superior e inferior

21.9

14.0

6.9

15.0

17.0

15.9

14.8

2.3

12.6

12.0

11.5

1.1

Europa 1993-95Differencia entre superior e inferior 25%

25.2

Bonos en E.E.U.U. (%)

9

Estructuras con término de 7 a 10 años, incluyendo un período de inversión típico de 3 a 5 años

Honorarios de administración anuales: alrededor del 2% p.a.

Incentivo (o “Carry”) para el gerente del fondo los inversionistas reciben el 100 % del capital + gastos + interés preferencial (del 6% al 10 % p.a.), después todo ingreso (o “Carry”) se comparte el 80% para el inversionista y el 20% al gerente

Clases de fondos: Capital de Riesgo (p.ej.,, capital semilla, primera etapa, expansión y última etapa), adquisición, “mezzanine”, otros entre más desarrollado el mercado, mayor la especialización de los fondos

Intereses de control: desde minoritarias hasta posiciones de control (varía por gerente), puede llegar hasta tener representación en la junta.

Manual de Fondos Privados

10

EFECTOS DE UNA MALA ESTRUCTURA EN LA RENTABILIDAD (“TIR”) DE LOS FP

Costo de distribuciones de beneficios: - 2% p.a. de TIR. Efecto de distribuir beneficiosdespues de la venta de cada inversion en vez de hacerlo una vez que toda la cartera se venda.

Cash Management Cost: 1.5%+ of IRR

Weak cash management lowers IRR.

Example: Advent

From 1994 to 2004 Advent had an average of $2 million in cash on hand.This reduced the IRR by 1.5%. (There are worse examples)

Impact on IRR of Over-Sizing a Fund

0

0.5

1

1.5

2

2.5

0 20 40 60 80 100

% Fund Over-Sized

% I

RR

dif

fere

nce

betw

een

Rig

ht-S

ized

& O

ver-

Size

d

Fun

d

IRR difference to right-sized

Impact on IRR of Over-Sizing a Fund

0

0.5

1

1.5

2

2.5

0 20 40 60 80 100

% Fund Over-Sized

% I

RR

dif

fere

nce

betw

een

Rig

ht-S

ized

& O

ver-

Size

d

Fun

d

IRR difference to right-sized

Costo de una fondo demasiado grande: -0.5% a –2.25% p.a. de la TIR-

Entre mas grande el excesomas es el costo

-

Impact on IRR of Higher than Normal Management Fees

-4-2

02

468

1012

1416

0% 0.50% 1% 1.50% 2% 2.50% 3%

Management fee %

IRR

%

Impact of mgt fees > 2% IRR

Honorarios excesivos pueden costar de - 0.6% to -1.2% p.a. de TIR

Honorar

ions n

ormale

s ped

en

costa

r men

os que l

os er

rore

s

1

4 3

2Cuatro errores comunes al estructurar los fondos y que bajan el rendimiento (“TIR”) del fondo -0.5% a -7.0% p.a. ( p.ej., en un fondo de US$700M, estamos hablando de una reduccion de ingresos de US$3M a US$4.5Mpor año del fondo.

Costo de mal manejo del efectivo: - 1.5% p.a. de la TIR. Efecto de mantener efectivo en vez de invertirlo en la cartera del fondo o distribuirlo inmediatamente a los inversionistas.

11

Tipo Origen de las Ganancias ComentariosArbitraje La diferencia de valuación entre el

mercado privado y de bolsa / fusiones y adquisiciones

El arbitraje no es común sino que es el resultado de ineficiencias del mercado. Los bancos de inversión están en mejor posición para descubrir las ineficiencias.

Apalancamiento Apalancamiento de una empresa con ingresos estables

Requiere un ambiente estable, tasas reales de interes bajo, acceso a deuda.

Crecimiento de Ingresos

Crecimiento de ingresos por expansión o adquisición.

Requiere calidad de gestión corporativa y una economía creciente y estable.

Expansión de márgenes

Aumento de ganancias mejorando la eficacia o el cambio del producto o de margen más alto

Requiere calidad de dirección corporativa y flexibilidad en mnao de obra y el capital.

Mejoras de gobernación corporativa y transparencia

Mayores ingresos resultan en un precio más alto, cuando los compradores se sienten más informados y protegidos.

Se logra con mejoras en la contabilidad, informes y mejores derechos para los accionistas minoritarios.

El crecimiento de múltiplos debido al crecimiento o más utilidades

Mejores ingresos resultan en un precio más alto por acción.

La empresa alcanza un tamaño en el que es viable para una Oferta Pública de Acciones (“OPA”) o es atractiva para una fusion o acquisicion o si sus expectativas de crecimiento se reflejan en el precio.

Estrategia de Inversión de los FP

12

La clave del éxito de los inversionistas en fondos incluye:

Equipos dedicados al análisis de las inversiones

Normas de procedimiento documentadas para la toma de decisiones

Procesos operacionales para la identificación, análisis, aprobación, supervisión y desinversión de las inversiones

La Infraestructura Adecuada

13

Venta a comprador estratégico

Salida a bolsa (Oferta Pública de Acciones -“OPA”) en el mercado local

Salida a bolsa (“OPA”) en el mercado internacional No muy a menudo!

Recompra por parte de los Directivos

Instrumentos de liquidación automática (p.ej., reembolsos de préstamos, acciones preferentes) Desinversión pre-negociada (p.ej., opción de venta, opción de arrastre en caso de venta) pueden que no sean efectivas en países con marcos jurídicos o financieros no robustos

Estrategias de Desinversión

14Proceso: Actividad deFondos

Conocimiento del Mercado:– Flujo potencial de fondos existentes– Oportunidades para fondos privados (incluyendo

ventas de familias dispuestas a vender)– Obstáculos del mercado– Posibilidades de desinversión (p.ej., fusiones y

acquisiciones, bolsa)– Seguimiento del desarrollo de los fondos

Seguimiento del progreso de los gerentes de FP y de sus fondos

Apéndice 1: Actividad de

Fondos

ACTIVIDAD DEFONDOS

DUE DILLIGENCE APROBACIONNEGOCIACION

CAPITALIZACIONINICIAL

SUPERVISION SALIDA

15

Deal Flow Tracking No.

Investment Officer

Date of First

Contact with IFC

Status Fund Name Fund Focus Total Fund Size

($M) Proposed IFC

Investment ($M) IFC Internal

ReferralLatest Next Step

0001-LAC Jean Jan 2002 DECLINED Argentina Fund 1 SMEs 10.0 2.0 SME Dept Declined - low value-added, lack of clear exit strategies

0002-LAC Sergio Feb 2002 ON HOLD Brazil Fund 2 Financial services institutions

20.0 5.0 LAC Region Dept On hold - unless they secure more commitments and get back to us on this

0003-LAC Monika Mar 2002 IN REVIEW Chile Fund 3 Microfinance 30.0 5.0 FinMrkts Dept Field appraisal next month

0004-LAC Vanessa Apr 2002 POST BOARD Colombia Fund 4 SMEs 40.0 5.0 LAC Region Dept Board approved in May 2003

0005-LAC Jean May 2002 DECLINED Costa Rica Fund 5 Biotechnology 50.0 10.0 Biotech Dept Declined - narrow focus, GP is new to the industry

0006-LAC Monika June 2002 IN REVIEW Equador Fund 6 Financial services institutions

60.0 5.0 FinMrkts Dept Field appraisal next month

0007-LAC Monika Sep 2002 DECLINED Mexico Fund 7 Tourism 70.0 5.0 Mexico Field Office

Declined - industry focus is not a priority

0008-LAC Sergio Nov 2002 IN REVIEW Panama Fund 8 Telecom 80.0 15.0 LAC Region Dept Field appraisal complete; investment committee next month

0009-LAC Sergio Dec 2002 DECLINED Peru Fund 9 Microfinance 90.0 10.0 FinMrkts Dept Declined - weak pipeline, GP is new to business

0010-LAC Vanessa Jan 2003 IN REVIEW Venezuela Fund 10 SMEs 100.0 15.0 Caracas Field Office

Field appraisal compete, investment committee to be scheduled

Apéndice 1

16

Paisaje Competitivo: Mapa de los FP

Rendimiento esperado a los inversionistas

Activos bajo administración

US$ Millones

100

10

1,000

0%

8%-8%

Fund Z.PPF

GP Invest.Fund YScudder Advent LA

ExxelHicks, Muse

CVC/Opportunity

WestSphere

Fund X

Quiebras

Equilibrio

PYMES

Sobrevivientes

Los mejores

17Proceso: “Due Diligence”

Qué buscamos?• Gerentes de fondos con buenos antecedentes• Grupos coherentes• Referencias positivas• Capacidad de generar buenos negocios • Habilidad de añadir valor• Capacidad demostrada de salidas/desinversiones• Entendimiento profundo de responsabilidades

fiduciarias• Mandatos factibles y generales

Apéndice 2: Cuestionario de Due Diligence

LISTA DEPROYECTOS

DUE DILIGENCE APROBACIONNEGOCIACION


SUPERVISION SALIDA

18

A. Overall Questions on Team, Track Record & Investment Approach

1) Fund Management Team

a) Investment professionals: Please discuss background/experience of all professionals. Please provide CVs for allprofessionals and an organizational chart for the management team. Please describe key reporting lines and responsibilities. If you operate out of more than oneoffice (e.g., headquarter office and local offices, network of regional offices, etc.), please explainhow roles and responsibilities are split across If your team has a parent company, please explain the relationship with the parent companyand the role that the parent company plays. Please provide a list of references and the contact information of these references for allprofessionals on the team and the Chairman of the Investment Committee of the proposed fund(please include references from portfolio company executives, Staff turnover and changes – have there been major changes since your firm was establishedand/or team came together? Why? Please provide names and contact information forprofessionals who have previously left, if applicable.b) With the launch of the proposed fund, what further resources would be required for yourteam/firm? What is the current status of adding these resources? c) How do the compensation and bonus policies work? Will staff be expected to re-invest anyportion of their compensation into the proposed fund?d) How much capital will each professional commit to the fund? Will this commitment be in theform of cash/other?e) How was the carried interest split among the management team in previous funds, and howwill the carried interest be split among the team for this fund? Are individuals/entities other than theteam (including parent company, if one exists) entitlf) Discuss any other business interests of the key professionals on the team: List all business endeavors and investments in which the professional is involved. List all corporate and non-profit directorships and any other similar obligations.g) Please provide full details of how your team identifies, evaluates and resolves conflicts ofinterest and potential conflicts of interest in making and managing investments (e.g., betweenvarious funds, when related parties are involved, etc.)? Ph) Litigation questionnaire (sample is attached as Appendix).

2) Competitive Environment a) Who are your peers/competitors? How does the performance of these competitors compare to that of your team? b) What is your competitive advantage?c) How does your strategy/target market compare to that of your main peers/competitors?

3) Performance of Existing Funds

a) Performance of existing funds: Please provide a summary of the investment performance foreach of your existing funds. What is the gross IRR of each of the funds? What is the cash-on-cash IRR to investors,before and after fees? What is the realized vs. unrealized performance? What is the multipleearned on capital invested in each deal? How is cash managed (timing of capital calls, reinvestments, distributions, etc.)?

Handout 2 : SAMPLE DUE DILIGENCE QUESTIONNAIREApéndice 2: Cuestionario

de “due diligence”

19 Could you please provide performance indicators of your prior funds relative to other similarfunds?

b) Objective/strategy of existing funds: Please provide the background and history of any existingfunds, including: Investment objectives and guidelines; Investors, including % of committed capital from each; Fee structure; Timeline including closing date(s), investment period and current status of the fund; Fund size, % of fund invested, number of projects funded; Incentive program (i.e., remuneration and carried interest of key individuals); and Key individuals, including roles & responsibilities, ongoing involvement and availability.

c) Portfolio company information: Please provide the following information on the portfoliocompanies of any existing funds: Description of company/business activities; Stage: seed, start-up, development, pre-IPO, mature, buy-out; Description of the market; How the deal was sourced (specify individuals and institutions involved); Investment rationale; Investment details (investment date, amount, valuation technique, nature of investment,duration, etc.); Ownership structure before and after your investment (% owned by entrepreneur, your firm,other investors, etc.); Role of your firm in the deal (e.g., lead, co-lead, sole financier, other); Board seat held, if any; Value added activities of your firm; Entry price/pricing of subsequent rounds/current price; Revenues at entry/current revenues; Net income at entry/current net income; P/E multiple at entry/current P/E multiple; Exit strategy (via market, trade sale, put agreements, earn-out); and How is each investee progressing compared to plan?

Apéndice 2: Cuestionario


20d) Valuation methodology of portfolio companies. Please attach the valuation guidelines currently used. How soon do you revalue investments or determine write-downs in the absence of third-partytransactions? How do you define “third-party” transaction?

4) Investment Approach for Existing Funds

a) Deal Sourcing: Please comment on the various sources of deal flow and the deal flow statistics (# of proposalsreceived, reviewed, appraised, etc.) for your prior funds. When establishing these prior funds, what additional resources and networks were required (e.g.,market intermediaries such as investment banks, consultants, etc.) to generate deal flow? How werethese obtained? What is your competitive advantage in deal sourcing?

b) Due Diligence: Please provide a copy of a completed due diligence report on a relatively recent investment madeby your team. Explain your due diligence process and the steps involved from identification of a deal to theactual investment.

c) Structuring:

What types of investment structures (e.g., debt, equity, quasi-equity) have been used? For how long is each investee typically held in the portfolio? Are shareholders’ agreements used? What provisions and veto rights are typically incorporatedinto agreements with investee companies?

Please provide us with an assessment of the legal environment in your target markets. What arethe legal remedies if the investee does not follow the agreements?

Does you have board members on investee company boards? If so, who fills these positions?

If relevant, based on your experience operating in different countries, what have you learned interms of effective deal structuring from a legal and tax perspective?

d) Value-Add and Exit Strategies: How do you add value as an investor to the investee companies on a strategic, operating andfinancial basis? How are exit strategies developed and implemented? At what stage of the investment processare these identified and pursued? How many exits have been achieved? Exit route?

e) Reporting: Please provide the followings: Examples of reporting provided to your investors. A sample of the Advisory Board meeting information which you send to investors represented onyour Advisory Board. A copy of the most recent quarterly and annual reports. Sample capital account, capital call letter and distribution memo.



21B. Specific Questions About The Proposed Fund

1) Investment Strategy of the Proposed Fund

a) Please describe the investment objectives and guidelines.b) What are the current trends in private equity/venture capital in your target markets and how dothese trends relate to the fund’s strategy? How does this differ by region? How have thesechanged since the launching and investing of your prior func) Typical profile of target companies, and the key criteria that you are looking for.d) Any changes in the anticipated investment size compared to your prior funds?e) How many deals are expected to be completed per year?f) What are the investment limits and guidelines for the proposed fund? Discuss relevantcountry/international investment guidelines and restrictions.g) Discuss deal sourcing channels and your firm’s capabilities.h) Discuss the expected exit strategies for the fund, and your approach to exits in detail.i) How does the current strategy differ from the prior strategies employed by your team, ifapplicable?

2) Investment Implementation

a) Please describe the role the team will play in the portfolio companies. In addition to funding,what other value-add activities are planned?b) How is the implementation strategy similar to that of the existing funds? How is it different?c) Please comment on expected returns and how they are to be achieved.

3) Investment Process

a) Please describe the various stages of the investment process (e.g., who will be involved?number of companies expected to be reviewed at each stage, role of each office, etc.): Screening; Analysis; Investment decision making; Structuring/negotiation/closing; Supervision; and Exit.b) Please describe the valuation methodologies used in pricing new investments, portfoliovaluation, and divestment.

c) Please describe how risks will be managed, including: concentration risk, currency risk,industry risk, country risk, transparency, fraud, other risks. What do you see as the main risks?d) In what ways to you mitigate risk in running your operation?



224) Fund Management and Supervision

Please discuss the role, responsibilities, and membership of each of the following: Investment Committee; Advisory Committee; Conflicts of Interest Committee; and Any other committees.

5) Deal Flow and Potential Investee Companies

Please describe the potential investee companies already identified for the fund, if any: Describe the company and market in which it operates; How the deal was sourced (sole-sourced, bid, etc.); Stage of investment/capital requirement (start-up, growth capital, etc.); Size of the company (sales, revenues); Profitability of the company, expected source of profit; Export opportunities; Expected investment approach (ownership stake, debt vs. equity, milestone-linkeddisbursements, etc.) and rationale; Specific contributions expected to be made by the team; Typical pricing range (e.g., P/E multiple); and Anticipated exit strategy.

6) Fundraising

a) What is the fundraising strategy for the fund?b) Please provide the list of confirmed and expected investors and amounts?c) What is the expected timetable for closing(s)?

7) Terms & Conditions

a) Please provide a term sheet/PPM for the fund.b) Please provide a budget for organizational expenses.c) Please provide three-year operating budget for the management team, outlining expectedexpenses.

d) Please provide an indication of anticipated fund expenses in addition to the management fee.e) Please provide same reporting templates to be used with the new fund.f) Please provide, when available, latest draft of the legal agreements pertaining to the fund.



23Appendix – Litigation Questionnaire

Name of Professional: _ ____________________Fund Name: _____________________

Please provide details of any “yes” answers separately.

1) Are you now, or have you ever been, a named defendant in any criminal proceeding or in anycivil legal action?2) Has any organization of which you have been a member of senior management, or in whichyou have had a meaningful ownership interest (greater than 5%), ever been named defendant inany criminal proceeding or any civil legal action? Yes ___ No ___3) Have you or any organization in which you have had a meaningful ownership interest (greaterthan 5%), or which you are, or were, a member of senior management, ever filed voluntarily, or had filed against you involuntarily, a bankruptcy petition? 4) Has any licensor, franchisor, or master distributor ever initiated proceedings to terminate abusiness relationship with you or any organization of which you have ever been a member ofsenior management? 5) Has any business partner, joint venture partner or sub-contractor ever sought injunctive reliefor arbitration to terminate any business or contractual relationship? Yes ___ No ___6) Have you or any organization in which you have had a meaningful ownership interest (greaterthan 5%), or of which you are, or were, a member of senior management, (i) been subject of anyinternatonal/federal/state/other regulatory investigation or

__________________Signature



24Proceso: Aprobación

Pasos:Informe de ‘due diligence” preparado para la

gerenciaOportunidad de inversion adecuada + riesgos

controlables + perfil adecuado para la estrategia de la cartera

Dos niveles de aprobación: gerencia de la CFI, después la Junta Directiva

Apéndice 3: Proceso

Aprobación de Inversión

LISTA DEPROYECTOS

DUEDILIGENCE APROBACION NEGOCIACION


SUPERVISION SALIDA

25

Fund: Fund name, structure and domicile.General Partner: History, legal structure and overview of GP.Location: Where does GP have offices?Source of Deal: Where did fund opportunity come from?Proposed Size: Target fund size.Fund Closing(s): Planned closing date(s). GP Commitment: Size and form of GP commitment.Other Investors: Committed and expected investors.

Track Record:Summary of track record, with details attached asappendix.

Investment Focus:

Detailed description of investment strategy forproposed fund, including anticipated deal types,average deal size, expected percentage stake to betaken in investee companies by fund, geographicalfocus, sector focus, strategies to be used to add value a

Deal Sourcing:Due Diligence:

Return Drivers:Investment Rationale: Risks & Issues:GP Team:Alignment of Interest: Reference Checks:Terms:Due Diligence Log:Recommendation:Summary of IFC Panel/CFN Team Discussions:Annex 1: Summary of Terms, PPMAnnex 2: Fundraising StatusAnnex 3: Reference ChecksAnnex 4: Track RecordAnnex 5: Investment Process DiagramAnnex 6: Corporate GovernanceAnnex 7: Key Team Members

Apendice 3 : Resumen del Documento de Hallazgos en el "Due Diligence"

26Proceso: Negociacion

La alineación de intereses es críticoTérminos principales y condiciones:

• Estructura del fondo• Plazo del fondo y período de

inversión• Políticas de inversión y límites• Inversión del gerente del fondo• Honorarios de Administración y

gastos del fondo• Distribucion de beneficios• Interés preferencial y el “carry”

Apéndice 4: Lista de Términos y

Condiciones

LISTA DEPROYECTOS

DUEDILIGENCE

APROBACION NEGOCIACIONCAPITALIZACION

INICIALSUPERVISION SALIDA

• Juntas de Consejo• Código de conflictos de intereses• Posibilidad de cambio del gerente

de fondo/término del fondo• Cláusula de divorcio entre

inversionistas y gerente “sin razón”

• Cláusula de liquidación• Mecanismo de revisión de

distribuciones al final del fondo (“Clawback”)

• Requisitos de información

27

Fund Structure:Fund Size:Target Investments:

Term:

Investment Period:GP Investment:Advisory Committee:Key Man Clause:Termination/Removal of GP:Management & Other Fees:Organizational Expenses:Operating Expenses:Distribution Policy:Clawback/ Escrow Account:Investment/Other Limits:Other Terms:Cash Management:Re-investment Policy:Co-investment Policy:Ability to Call Capital after Investment Period:

Follow-On Funds:Transactions w/Affiliates/ Conflicts of Interest:

Treatment of LPs at Subsequent Closings:Reporting Requirements:

· IFC-Specific Terms: Environment, Corp. Governance, any Special Terms, Waivers, etc.

Counsel & Auditors:

Apendice 4: Fund XYZ – Lista de Terminos y Condiciones

28

“ Casa de los Horrores”

No se puede despedir al gerente sin su consentimiento!

La estrategia de inversión se cambia para incluir compañias en bolsa pero el gerente del continúa ganando honorarios altos sin añadir valor alguno

Pide desembolsos por adelantado – algunos hasta con 3 años de antelación

Honorarios a gerentes que ya no trabajan en el fondo

Gerentes que piden “comisiones” a las empresas en cartera y se las embolsillan!

29

“ Casa de los Horrores”

Gerentes que cuando encuentran una “joya” se olvidan del fondo e invierten su propio dinero (“front running”)

Gerentes que restructuran el fondo para evitar el “clawback”

El inversionista incumple y los honorarios de administración suben

El gerente del fondo se asigna a él mismo los derechos de comprar acciones de empresas del fondo después del período de inversión, cuando los derechos valen muchos más…

30

Proceso: Capitalizacion Inicial

Firma de documentos, honorarios empiezan a acumularse Capitalización “seca” (algunos inversionistas se

comprometen pero se esperan por un periodo hasta que otros inversionistas entren al fondo. No se pagan honorarios en este periodo.) o Capitalizacion “de verdad”

Se consigue un nivel mínimo de capital Se cumplen las condiciones de desembolsos Las estructuras de gobierno corporativo se implementan

(p.ej., juntas de consejo, junta directiva, auditores)

LISTA DEPROYECTOS

DUEDILIGENCE

APROBACION NEGOCIACION CAPITALIZACIONINICIAL

SUPERVISION SALIDA

31Proceso: Supervisión

Proceso General de Análisis: Un oficial de inversión es responsable de cada fondo Se hacen visitas a gerentes a los gerentes, sus oficinas, y las

compañías en cartera Representación en las Juntas de Consejo Investigación del uso de los dineros desembolsados Evaluación de los informes trimestrales y anuales La CFI analiza la inversión trimestralmente con vista a establecer

reservas para pérdidas y evalúa la inversión anualmente Análisis del rendimiento financiero (“TIR”)

LISTA DEPROYECTOS

DUEDILIGENCE


SUPERVISION SALIDA

Apéndice 5: Formato de Informes, CRR, PSR, Desembolsos

32

Apendice 5 (A): Formato de Informe Trimestral

Part 1.Report on the CompanyProspect Companies Considered as PossibleInvestments during the QuarterArrangements for the Sale or Other Dispositionsof any Portfolio CompanyExpenses Incurred by the Manageron behalf of the CompanyClosing, Arrangement or Similar Fees Received by the ManagerManager’s Work on Prospective Investmentsfor which the Investment Committee Has Issuedan Approval to an Acquisition ProposalAny Action Taken by the Manager in Relationto Conflicts of Interest Addressed by the InvestmentCommitteePart 2.Report on Each InvestmentAttachment 1. Balance SheetAttachment 2. Income StatementAttachment 3. Portfolio SummaryAttachment 4. Schedule of Partners’ CapitalProspect Companies Considered As Possible Investments During The QuarterList of Prospect CompaniesExplanation Of Reasons For Any Decision To Pursue Discussions Concerning A Prospect CompanyCompany A ExplanationCompany BExplanationExplanation Of Reasons For Any Decision To Cease Discussions Or Consideration Of A Prospect CompanyCompany CExplanationCompany DExplanationArrangements For The Sale Or Other Dispositions Of Any Portfolio CompanyCompany EDescriptionCompany FDescription

Expenses incurred by the Manager on behalf of the CompanyExpensesDiscussion of ExpensesThe various components of the company expenses are described as follows:

33Attachment 1Balance Sheet

ASSETS 00/00/2003 00/00/2002

Investments at fair value:Portfolio investments(cost $000 at 00/00/2003,$000 at 00/00/0002)

Venture fund(cost $000 at 00/00/2003,$000 at 00/00/0002)Cash and cash equivalentsCash in escrowOther assetsLIABILITIES AND PARTNERS’ CAPITALAccrued expensesPartners’ capital (commitment: $000,000,000):Contributed capitalAccumulated net realized gain on investmentsAccumulated net portfolio investment incomeUnrealized appreciation (depreciation) of investments:Portfolio investmentsVenture fundUnrealized gain on foreign currency translation ofportfolio investmentsAccumulated net loss from operationsNet investment performance and contributed capitalDistributionsTotal partners’ capital

Attachment 2Income StatementQuarter to Date Year to DateIncome:Dividend IncomeShort term non-portfolio investment interestOperating expenses:Management FeeOther expensesAudit and tax feesNet income (loss) from operationsInvestment performance:Change in unrealized appreciation (depreciation) of investments:Appreciation:Portfolio investmentsVenture fundsForeign currency translation gain (loss)Capital contributionsPartners’ capital, beginning of periodPartners’ capital, end of period

34Attachment 3Portfolio Summary

Company Cost Valuation Valuation Basis

Company A Cost Valuation Valuation Basis

NameAddressSectorInitial Investment Date$000,000 interest-free capital loan note due upon exit$000,000 0.0% shareholder loandue on or before 00/00/0000$000,000 0.0% subordinated loandue upon exit or IPO$000,000 XXX series X ordinary shares(000 shares)$00,000 transaction costsCompany BNameAddressSectorInitial Investment Date$000,000 Partnership interest in XXX (00.00% equity interest)$000,000 XXX Convertible Class X shares(000 shares)

Attachment 4Schedule of Partners’ CapitalSince inception to 00/00/0003

Committed Capital Contributed Capital

Cumulative Non-Portfolio Income

Cumulative Portfolio Income

Cumulative Gains

Cumulative Gains

Partner A

Partner B

Partner C

35Apendice 5 (B)

Formato de Calificacion de Riesgo ("CRR")Company NameCountry/RegionSectorSupervision StageReview Date

General Risk FactorsCountry SituationMarket SituationManagement QualityProfit MarginEnvironment/Social Risk RatingInsurance Classification

Equity Specific Risk Factors Value versus Cost Dividend Record Future Earnings Growth Exit Mechanism

Equity Loss Reserves Rationale General Loss Reserves recommendation

NAV calculation baseInvestment Staff evaluation/comments

Risk Assessment and Main IssuesInvestment descriptionCurrent equity risk ratingPrevious equity risk ratingCompliance evaluationCurrent performance,Capital calls historyNew investments [made since last CRR report]Next stepsReview of recent quarterly financialsComments on GP

36Apendice 5 (C)Formato del Informe de Supervision del Fondo ("PSR")

Company NameCountry/RegionSectorBoard Approval DateSupervision StageReview Date

Fund Description Legal structure/domicile Fund’s life/investment period Investment focus/strategy IFC investment

Fund ManagerName/locationTrack record/assets under managementPerformance quality overview

Sponsors/Technical PartnersMajor shareholders/interestsHistory of cooperation with IFC/issues

IFC Director/AlternateIFC representative(s) on Fund’s governing bodies (Board of Directors, Investment Committee, Advisory Committee, others)Date of appointmentPerformance summary

Current Exposure on IFC AccountIFC commitment (as approved by the Board)Changes since approvalDisbursement history

Equity Risk RatingFrom recent CRR

Fund Performance OverviewPortfolio performance (overall, highlights (success stories, problems), etc.)New investments [since last PSR]Pipeline development Environmental issues Developmental impact of fund performance (country or sector specific)Comment on recent quarterly financialsRecent developments (restructurings, exits, etc.)

38

Análisis de Rendimientos

En dónde nos encontramos en la Curva-J 1 ? En los mercados emergentes, generalmente toma más

tiempo para invertir y para desinvertir La diferencia entre el rendimiento bruto y el neto (sin

honorarios, gastos, etc.) puede ser muy grande El múltiplo de capital invertido (realizado y no realizado) Distribuciones de beneficios dividido por el capital

desembolsado (“DPI”) Activo total del fondo dividido por el capital

desembolsado (“TAPI”). Esto necesita un estimado del valor de venta.

(1) La curva-J representa los flujos netos de capital del fondo; negativa al principio del fondo, mejorada en la mitad de la vida del fondo y positiva al final.

00 55 1010

00

39

Curvas-J en realidad

Fondo X vs. Indicador de Referencia (“Benchmark”)

-150%

-100%

-50%

0%

50%

1 5 9 13 17 21 25 29

Trimestre

Ret

orn

o (

“IR

R”)

Indicador de Referencia(Benchmark)

Fondo X

40

Curvas- J : Fondos Privados por Año de Originacion

-20

-10

0

10

20

30

40

50

1994 1995 1996 1997 1998 1999 2000

Ren

dim

ien

to %

Mercados Emergentes EEUU Europa del Oeste

La Curva-J existe tanto en los Mercados Emergentes Como en los

Mercados Desarrollados

-La curva-J formandose

41

Proceso: Salida

Proceso de desinversión:La experiencia indica que se tiende a vender las

mejores compañías, primeroPuede llegar a ser difícil vender las últimas

compañias de la carteraEjercite las opciones negociadas (prepárelas con

anticipación)Distribuciones “de acciones”

LISTA DEPROYECTOS

DUEDILIGENCE


SUPERVISION SALIDA

42

Muchas Gracias!

Teresa C. BargerDirectora,

Fondos de Capital Privado y de Inversión Corporación Financiera Internacional

1 Como Ser un Buen Inversionista de Fondos de Capital Privado (“FP”) Teresa C. Barger Directora,...

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