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Philippines: Walden AB Ayala Ventures Co., Inc. and Walden AB Ayala Management Co., Inc.
| Date: | May 2011 |
| Type: | Evaluation Reports |
| Country: | |
| Subject: |
Evaluation; Private sector |
| Series: | Project Performance Evaluation Reports |
Description
This report assesses ADB's equity investments in the Walden AB Ayala Ventures Co., Inc. (WAAVC) and Walden AB Ayala Management Company, Inc., the fund manager of WAAVC. ADB’s investment was expected to further expand and promote competition in the Philippine venture capital industry.
The objectives of WAAVC were to (i) provide long-term risk capital for small and medium-sized enterprises (SMEs) in the Philippines and (ii) contribute to capital market development by (a) providing a channel for savings and foreign capital to invest in the Philippine private equity market, (b) transferring venture capital know-how to local capital market participants, and (c) increasing the number of stock issues available in the local market.
The overall development outcome and impact is rated less than satisfactory, based on component ratings of less than satisfactory for private sector development, unsatisfactory for business success, unsatisfactory for contribution to economic development, and satisfactory for environmental, social, health and safety performance.
