Institutional 2016

In Collaboration With: A RecipRock Investments Initiative

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THE CONCEPT

PHIMPACT INVESTMENT FUND is a catalyst for human and financial resources that is driven by the experience, talent and robust network of people developed by its partners over the years. Inspired by the Principles for Responsible Investment initiative, the FUND aims at fostering meaningful investments that produce solid sustainable returns, incorporating environmental, social and corporate governance criteria into the investment decision process.

A multi-strategy investment vehicle primarily focused in carefully chosen emerging markets. Starting in Argentina with a high impact strategy driven by active ownership, increasing value through developing partnerships with local entrepreneurs and experienced management teams.

Founded by the Partners, the Fund is committed to offer long-term sustainable value to its investors. We particularly focus on family offices, entrepreneurial families, responsible asset management firms and international institutional investors. Most of them are signatories of the Principles for Responsible Investment initiative and others discover these principles through us.

PHImpact experienced and multicultural investment team is devoted to promote the responsible investment principles throughout its remarkable prospecting network. Its focus is to identify concrete opportunities in different investment environments and sectors such as clean energy, sustainable real estate, education and social infrastructure.

The capabilities of our team are complemented and enhanced by a strong network of best-in-class local and international partners in different locations and sectors. They range from M&A boutiques, local real-estate developers, Foundations, Associations, Research Institutes, top Legal and Tax advisers. They all share our commitment towards responsible investment.

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THE PARTNERS EXPERIENCE

Lead by experienced Managing Partners and supported by a strong team of investment professionals, PHImpact has the potential to make a difference by embedding environmental, social and corporate governance issues within the investment process.

The managing partners have more than 100 years of combined experience in Mergers & Acquisitions, Private Equity, Real Estate, International Business Development and Fund Raising.

Our team's broad expertise, investment discipline and its ability to leverage a remarkable business network, enables PHImpact to identify, assess, structure, develop and exit successfully investment opportunities. We steer across local markets constraints and phases of their socio-economic cycles accompanying our stakeholders to make a difference.

From our Chairman to the youngest Associate we combine an in-house multi-generation approach that combines experience with young blood, new ideas and a natural succession plan from inception. We focus on long term commitments, with the generations to come as the most demanding stakeholder of our venture, in constant pursuit to put responsible investment principles to work.

The combination of sound international experience, social responsibility, world-class governance standards and proven fund raising capabilities, with local proprietary origination, deep market knowledge, direct contact with authorities and relevant players, in different sectors and regions, make PHImpact a valid partner to make things happen in a sustainable way.

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THE PARTNERS VISION

After years of international finance experience is time to put this expertise, fund raising competences and a world-wide network in motion to promote responsible investment principles and to make a real difference in the ground.

Argentina is the first stepping stone and it makes a lot of sense when considering the team roots, deep market knowledge, local network, direct contact with the key players and decision making stakeholders. Argentina is at a particular turning point where impact Investments become crucial for the economic and social development of the country. Such investments will improve governance standards and environmental consciousness.

Like other countries in the Region, Argentina had years of populism combined with lack of ethical values education and no real governance and management training of its political leaders. Argentina has a serious deficit of responsible management at all levels. Impact investment could make a real influence in the short term, creating solid and profitable investment opportunities, creating new jobs, clean-energy development and social infrastructure.

PHImpact Partners have the ability to originate opportunities that exceed the initial scope of the fund. PHImpact’s role is to provide the seed capital, the initial structuring and to select the appropriate co-investors and multilateral financial partners needed to support successful prospects. Its early involvement allows for the adoption of responsible investment principles, global reporting standards an appropriate corporate governance to each project.

A number of the investment themes and structures initially developed in Argentina will be replicable and scalable at a regional level leveraged by the Partners regional collaborative platforms and networks.

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THE MANAGING PARTNERS

Based in Geneva and Buenos Aires, Walter is co-founder of PHImpact Investment Investment Fund. Previously he founded RecipRock Investments, an Investments boutique specialized in fund raising and strategic acquisitions for selected Family Offices and conscious investors. Walter has more than 25 years of experience in Private Equity, M&A and Venture Capital. He led more than 20 successful acquisitions, 19 M&A deals, and more than 10 Venture Capital investments, leading personally more than 10 successful exits mainly through strategic buyers.

Prior to his entrepreneurial life, he developed his career in international organizations like Merrill Lynch, ABN AMRO and Citicorp, in New York, Buenos Aires, Sao Paulo, London and Geneva. Jointly with ABN AMRO, he co-founded the Beyond Wealth Investors Club, which focuses in strategic responsible investments and philanthropic ventures. Before he was part of the founding team of Citicorp Venture Capital (CVC) pioneers in Latin America. He has participated in more than 19 fund raising process for different direct investment vehicles, from small VC`s to club deals, Private Equity and Real Estate Investment Funds.

Acting on behalf of the investors, he was appointed as board member in 22 privately held and listed portfolio companies, including two where he acted as CEO. As a philanthropic fund raiser he promoted the IAE Endowment Fund.

PAD from the IAE Business School, Master in Finance and Graduate in Economics from de Buenos Aires University. Global CEO Program IESE, Spain. Post degrees in Philosophy and Strategy.

Walter is Argentinian, married with 3 children. WALTER FONSECA MANAGING PARTNER

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THE MANAGING PARTNERS

Born in Argentina, ALFREDO is graduate of the University of Buenos Aires as doctor in Economic Sciences, Master in Economics and Certified Public Accountant. In the USA Pacific Western University he graduated as Phd in Philosophy and Doctor of Business Administration, with post degrees in modern mathematics, sociology and physics.

In the UK, he graduated in financial planning and in Italy on state owned organizations management.

Alfredo Spilzinger is also chairman of the board of Santa Fe Business School, and scientific director at the World Complex Sciences Academy.

Prior to be member of the board of Santa Fe Associates, he was member of the board and Director for Central and South America in Grant Thornton International.

He was named Lord of Brownsel (UK) for his investigations on the the evolution of the financial and banking industry, and awarded by the Major of the City of Miami with the keys of the City of Miami for his efforts connecting the USA and the Mercosur.

He was also undersecretary of the treasure in Argentina and chairman of the board of a state owned bank.

Keynote speaker, Books and articles writer. Fluent in Italian, English, Spanish.

ALFREDO SPILZINGER CHAIRMAN

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THE MANAGING PARTNERS

Born in Argentina he developed his career as a Corporate Lawyer in London, Padova and Munich, Dr. Mack has developed and impressive proprietary origination network through out Europe and Latin America in different sectors and activities. With relevant contacts with most significant entrepreneurial families, banks and financial groups, academic leaders and political authorities at National and Municipal level.

Former White & Case Partner specialized in financial restructuring, with an extensive experience in conducting companies through transition events reinforcing family leaderships with new partners and international capital. He has been conducting complex multilateral and multicultural negotiations under pressure.

As president of the European chapter of the International Insol Institute he had a paramount role in the development of the legal framework and financial mechanisms aiming to preserve the companies life, jobs and growth. As a consequence of the previous he became an influential player in front of entrepreneurs, institutional investors, union leaders, and community authorities.

Origination, Negotiation, Structuring and Closing are his natural value added in the investment process.

Keynote speaker, Books and articles writer. Fluent in Italian, German, English, Spanish.

CARLOS MACK PARTNER

THE INVESTMENT TEAM

Fernando has started his career in Andersen Consulting to continue as controller, CFO and CEO in important groups such as the Bergamo Radici Group, the Argentinean subsidiary of Merck Sharp & Dohme, the German Rickmers Reismuhle, and the Milano based Riso Gallo group (private holding and private equity fund). Furthermore he acted as a corporate and private equity consultant in different sectors like: food, real estate, biotechnology, healthcare, and renewable energy.

Expert in high growth industries, risk premium analysis, company valuations, company governance, international taxation, auditing, analysis, management of business risk, financial restructuring, treasury, cash flow management, budgeting process & monitoring, strategic planning, market analysis and controlling.

He personally made more than 200 valuations and conducted 4 successful exits of portfolio companies.

Dedicated coach for entrepreneurs and entrepreneurial families, he provides guidance through natural crises in the start up processes, trangenerational transition events and growth crisis.

Also founder and managing partner of business valuation international Ltd (London) with clients in more than 30 countries

PhD from Bradford Business School, his thesis being about Valuation and Risk.

As University Professor in UK, he wrote many international articles in academic journals.

Married with two children. Fluent in Italian, English, German and Spanish. FERNANDO SCARPATI MANAGING DIRECTOR

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THE INVESTMENT TEAM

Born in Argentina, studied in Switzerland, France and Italy, Lucas had his professional experiences and internships in Europe and Latin America, with a particular accent in fund raising and impact investments.

Prior to join PHImpact, he worked as an Investment Officer at Proparco in Mexico, the International direct investments arm of the AFD , Agence Françoise de Development, with a focus in clean energies projects in Mexico, the Caribbean and Central America. He was responsible for the financial modeling, risk assessment and market research. Demonstrating skills to participate in multicultural negotiations and complex international deal structuring.

Previously Lucas was supporting the fundraising efforts of Meliora Capital in Lausanne, and London acting as a Global Investor Relations, where he promoted the funds and coordinated the fund raising strategy with family offices and high net worth individuals, all around Europe.

Thanks to his summer internships during his studies he has a broader view of the financial sector, having had the opportunity to work in an international bank like ABN AMRO, in an asset manager and also in a head hunting firm.

Graduated from Universita Commerciale Luigi Bocconi (Milan, Italy) in International Economics, Management & Finance, with a major in Finance and a Thesis on behavioral economics applied to fund raising strategies.

Lucas is fluent in Spanish, English, French and Italian.

LUCAS FONSECA ASSOCIATE INVESTORS RELATIONS

THE INVESTMENT TEAM

Based in Argentina Valeria is a Conceptual Design Architect with a particular focus in construction and development of sustainable real estate projects with an entrepreneurial approach and a solid academic background.

Expert in sustainable development, eco friendly construction techniques and social conscious urban development.

Assistant Professor in the Buenos Aires University, she is a key team member of the SIUS project an Interdisciplinary Seminar for Social Urgency which puts at work pre-graduate students and professionals of very different areas, to assist vulnerable communities or groups at risk. Her extensive professional and academic activity, supporting social organizations to promote conscious leaders and socially committed professionals, makes her a pillar member of the PHImpact.

In coordination with international universities, she developed an extensive interdisciplinary activity promoting socially and ecologically sustainable infrastructure, construction materials & systems, human conscious urban development including eco villages and eco communities.

Graduated as an Architect from the University of Buenos Aires FADU. With a vast post graduated formation specially in solidarity practice education. Including the Latin American Learning Center for Solidarity Service.

Educated in Argentina and Europe. She speaks fluently German , Spanish and English.

VALERIA GRUNERT ASSOCIATE REAL ESTATE

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INVESTMENT CYCLE

Strategy

ESG Investment

Analysis

Responsible Deal

Structuring

Due Diligence

+ESG Impact

Proprietary Origination

Final Approval & Execution Documents

Deal Closing

Active Ownership

PRI IRIS Reporting

Exit/ Achievement

Responsible

Investment

Cycle

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INVESTMENT RATIONALE, WHY ARGENTINA? WHY NOW?

After years of Populist Governments, Argentina is re-opening to International Investors.

New regulatory framework.

Free capital flows and FX markets.

Lack of infrastructure investments for more than a decade.

Ambitious clean energy program, due to energy deficit and high potential natural resources (targeting 20% of renewable energy by 2025).

Buenos Aires Province is in a Sanitary Emergency, having the need to double its clean water distribution and sewage coverage.

A major Infrastructure program to connect Northern Provinces Plan Belgrano.

Real Estate compelling opportunity.

1 Million-housing deficit, 90% of the assets debt free due to an underdeveloped mortgage market.

Global trend to develop eco-communities and organic farming at unique natural locations.

Special Investment opportunities due to multiples arbitrage and lack of access to investment capital & financing.

Free Market oriented new Government and fiscal adjustment Plan.

Need for a social contention network for vulnerable segments while improving social infrastructure. Poverty affects 12.000.000 people, especially children.

Create new jobs, develop the poorest provinces, and connect marginal areas.

Incentives for Impact Investments and good reception of responsible investment principles.

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INVESTMENT STRATEGY INVESTMENT THEMES

Strategy Overview Investment Themes

Portfolio: 5 to 10 acquisitions.

Investment Horizon: 2 years of investment period. 5 years to exit.

Flexibility in terms of funding: Committed Capital. Club Deals.

Most of our team will be based in Argentina to ensure regular contact with all our portfolio investments and proprietary origination.

Investors Profile: : Impact Specialized Institutions. Family Offices. Institutional Investor. FoF Impact Investments. DFIs. UHNW Individuals.

Fee Structure: 2% of management fee. 20% of performance fee.

Estimated IRR of 18-20%.

Clean Energy and Clean Tech

Direct Investments “buy and build” growth equity.

Wind Farms. Solar project. Micro Hydro Turbines.

Education and Leaders Formation

PPP for Academic Evaluation Process. PPP for Teachers Formation Institute.

Infrastructure

Water and Sanitation. Waste Management. Transport and logistics.

Real Estate, and Social Housing

RE Eco Communities Development. Social Housing projects. Construction Clean Tech.

SOCIAL RESPONSIBILITY OUR COMMITMENT

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PHImpact Investment Fund commits to follow responsible and transparent procedures for its operations.

o Incorporating Environmental, Social and Corporate Governance (ESG) issues into investment analysis and decision-making processes.

Take ESG issues into account within investment policies. Supporting the development of ESG-related reporting tools, metrics, and analyses.

o Being active owners and incorporate ESG issues into our ownership policies and practices.

File shareholder resolutions consistent with long-term ESG considerations. Ask investment managers to undertake and report on ESG-related engagements.

o Seeking appropriate disclosure on ESG issues from entities in which we invest.

Integrate ESG issues in annual financial reports.

PHImpact also agrees to support the Impact Investing Community:

o Promoting the acceptance and implementation of the Principles within the investment industry.

Align investment mandates, monitoring procedures, performance indicators with the impact investment industry standards.

Support the development of tools for benchmarking ESG integration.

o Working together to enhance our effectiveness in implementing socially responsible investment guidelines.

Support networks and information platforms to share tools, resources, and information regarding ESG issues.

o Reporting to the PRI (Principals for Responsible Investments) on our activities and progress towards the implementation of their impact investing framework.

Make use of reporting to raise awareness among a broader group of stakeholders.

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PIPELINE IN PROGRESS POTENTIAL TRANSACTIONS UNDER ANALYSIS

Water & Sanitation

Buenos Aires Province PPP.

USD 5 M seed Cap.

Project fin USD 1bn from multi-laterals.

IRR expected 18%.

Renewable Energy

Wind Farm

First phase 25 MW Constructed and fully operational.

Co-invest with Int. Energy fund

USD 5 / 40 M.

IRR 15%.

Real Estate & Eco communities

Andean Region. Mendoza Province.

Sustainable development.

USD 2.5 M.

IRR 20%.

Clean Tech

Local Solar Panels Factory.

International proved technology.

Solid Growth Strategy.

Management Buy Out USD 12 M.

IRR 25%+.

Renewable Energy

Hydroelectric Rio Negro Province.

Co-invest with Austrian Investor.

USD 5 / 45 M.

IRR 22%.

Renewable Energy

Solar Project Andean Region.

Fully approved.

PPA.

20 + 15 MW.

USD 4 / 20M Co-Investors.

IRR 15%.

Real Estate

Eco Friendly Development.

Patagonia.

USD 7 M minority.

IRR 20%.

Education

Teachers Evaluation.

PPP with the Ed Min

Exit to Public Sector / contract.

USD 5 M.

IRR est. 15%.

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PARTNERS TRACK RECORD IN THE REGION SUCCESSFUL TRANSACTIONS & SECTORS

Pharma & Healthcare

Electroclor.

ICI.

IPAKO polisur.

Quimica Estrella.

Drogueria Monroe.

Merieux labs.

Energy & Renewables

Yorkshire Energy.

Techpet.

UMG.

Exterra Partners.

Rockfel Huges.

Ryser.

Financial Services

Julius Baer expansion.

Lombard latam.

Surinvest.

And Bank.

Quest.

Industry

Alto Parana.

Celulosa Arg.

Aracruz.

Wiggins Tipp.

Mimo KimberleyClark

Cartones de Venezuela Smurfit.

Food & Beverages

Corp.Gral Alimentos.

Cruz de Malta.

Arroz Gallo.

Molinos ALA.

Marcolla.

Pack.

Media & Entert

CIE

Showcenter

Viacom NAI

TYco

Globovision Int

TelCos. & Tech

Telefonica Br.

Telecom It.

Movicom.

Telmex.

Fuego Tech.

Mobitel.

Cibermatic.

Retail-logistics

EKI D.

SuperNor.

Juncadela.

Trans.

Fnac.