Project details


Project title


Early intelligence
14 Mar 2019


14 March 2019



Procurement type

Services, Supplies, Works



Funding Agency

IFC - International Finance Corporation


Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, British Indian Ocean Territory, Bulgaria, Burundi, Cameroon, Canada, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island, Cocos (Keeling) Islands, Colombia, Comoros, Congo (Brazaville), Congo, Democratic Republic of the, Cook Islands, Costa Rica, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands, Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Georgia, Germany, Gibraltar, Greece, Greenland, Grenada, Guadeloupe (France), Guatemala, Guyana, Haiti, Heard and McDonald Islands, Honduras, Hungary, Iceland, India, Iran Islamic Republic, Iraq, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Korea, North, Korea, South, Kuwait, Kyrgyz Republic, Latvia, Lebanon, Lesotho, Libya, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Maldives, Malta, Marshall Islands, Martinique (France), Mauritius, Mayotte, Mexico, Micronesia, Federated States of, Moldova, Monaco, Mongolia, Montserrat, Morocco, Mozambique, Namibia, Nauru, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Norfolk Island, North Macedonia, Northern Mariana Islands, Norway, Oman, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Pitcairn Island, Poland, Portugal, Puerto Rico, Qatar, Reunion (France), Romania, Russian Federation, Rwanda, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Seychelles, Slovakia, Slovenia, Solomon Islands, Somalia, South Africa, South Georgia and the South Sandwich Islands, Spain, Sri Lanka, Sudan, Suriname, Svalbard and Jan Mayen Islands, Swaziland / Kingdom of Eswatini, Sweden, Switzerland, Syria, Taiwan, Tajikistan, Tanzania, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Uzbekistan, Vanuatu, Venezuela, Virgin Islands (British), Virgin Islands (USA), Wallis and Futuna, Yemen, Zambia, Zimbabwe


Summary of Investment Information

Project Number

Company Name

Date SPI Disclosed
Mar 1, 2019

World Region


Projected Board Date
Apr 1, 2019

Environmental Category

Pending Approval

Gbl Ind, Manufact, Agribus & Services



Project Description

The proposed project entails an IFC equity commitment of up to US$20 million, not to exceed 20% of total commitments, in Adjuvant Global Health Technology Fund L.P. (“The Fund”), a 10-year closed-end fund raising US$200 million to make equity, mezzanine and debt investments in companies or projects developing solutions for overlooked public health challenges.

Project Sponsor and Major Shareholders of Project Company

The Fund is managed by Adjuvant Capital GP L.P., a Delaware-based limited partnership which serves as the general partner of the Fund (the “General Partner”) and is comprised of five investment professionals that have been, for the majority, working together for 5+ years. Adjuvant Capital L.P., a Delaware Limited Partnership, will provide investment advisory services to the Fund pursuant to an investment advisory agreement (the “Investment Advisor”).

Total Project Cost and Amount and Nature of IFC's Investment

The Fund is targeting to raise US$200 million, of which IFC would commit up to US$20 million in an Equity Investment, not to exceed 20% of aggregate capital commitments in the Fund.

Location of Project and Description of Site

The Fund will invest in companies and/ or Product Development Partnerships globally, with an emphasis on markets and manufacturing hubs with strong life sciences network, who are advancing the development of promising solutions for infectious diseases that disproportionately affect developing countries. The General Partner and the Investment Advisor are domiciled in Delaware.

Expected Development Impact

Given the Fund's focus on the late stage in the development of many of the drugs, vaccines and diagnostics in the pipeline, it is reasonable to expect a large development impact on several fronts: (i) improving access to high-impact treatment for millions of patients, and especially vulnerable populations (children and pregnant women) (ii) possible replication of the business model and scale-up of the flow of additional funding into late stage development of drugs for neglected diseases; (iii) by demonstrating the commercial viability of the proposed funding structure, this could prove to be an important catalyst for the development of drugs that otherwise would not be developed

IFC's Expected Role and Additionality

Given IFC's global footprint and expertise in emerging market investments, IFC will contribute in the project in the following ways: (i) by participating in the first close, IFC's presence signals confidence in the Adjuvant model which in turn could foster further funding from commercial investors in a market that has been traditionally grant funded (ii) provide input during the due diligence on the fund structure and help ensure that the terms of the Fund reflect international best practices (iii) IFC's will endeavor to make its emerging markets experience and expertise available to the Fund; (iv) the recipients of funding may be beneficiaries of IFC's direct co-funding in certain cases

Environmental & Social Categorization Rationale

This project has been classified as a category FI-2 project in accordance with IFC's Environmental and Social Sustainability Policy. The fund is focused on developing solutions for overlooked public health challenges such as high burden infectious diseases and pandemic threats and sexual/family planning health among others. Investing on early stages of the development (research and development) of these solutions and with limited exposure to manufacturing processes. Therefore E&S risks are limited.

Main Environmental & Social Risks and Impacts of the Project

The environmental and social risks in this investment are those associated with the Fund's investments in the companies developing the solution for the health care sector previously described. The main risks anticipated in these companies are related to labor and working conditions, including occupational health and safety for the companies' staff, the design and conduct of clinical trials according to international best practices, and in case of manufacturing or scale production ensuring proper disposal of effluents and control of air emissions. The Fund has an ESG Policy and an ESG Manual which describe the principles and the process for identifying, assessing and managing the E&S risks and impacts associated with the activities of its investee companies from pre-investment through to portfolio monitoring and exit. The company has assigned a responsible person for E&S elements and has provided training to investment officers. The company will as required by the complexity of new investees contract externally due diligence and monitoring processes to expert E&S firms. IFC has reviewed several (over 6) of the E&S assessments conducted during the first project and as part of IFC's E&S monitoring process, there is confirmation of an adequate level of assessment that is followed up during the portfolio process. It is concluded that the fund has a functional ESMS adequate to the type of investments performed.

Mitigation Measures / ESAP

No ESAP is required.

For Inquiries About the Project, Contact

Adjuvant Global Health Technology Fund L.P.
Mr. Glenn Rockman
Founding Partner
+1 917 334 0724
501 5th Avenue, Suite 1404, New York, NY 10017

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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