Proparco’s first investment in the Philippines will support the growth of local middle-market companies
Through a US$15 million commitment in Navegar Fund II, Navegar’s second private equity fund, Proparco closes its first operation in the Philippines. The fund is expected to finance the growth of 6 to 8 middle-market companies and foster local job creation.
The Navegar team launched the first private equity fund exclusively focused on the Philippines in 2013 and is committed to providing financial, operational and strategic guidance to help local middle-market companies grow and reach international governance, environmental and social standards.
Navegar Fund II further aims to bridge the finance gap small and medium sized companies are faced with and will target sectors benefitting from strong domestic demand as well as contributing to inclusive growth (health, education, logistics, production of essential goods and services, etc.).
Proparco’s financing contributes to a first-close of nearly US$130 million on the way to a final closing targeted at US$150 million. Navegar Fund II is expected to help sustain as many local jobs as registered by Navegar Fund I, meaning more than 10,000 jobs about half of which occupied by women.
Source: Proparco