ADB committed to invest up to US$30 million equity in Lombard Asia III (the Fund), not to exceed 25% of the Fund's total size or result in ADB being the largest investor. ADB's participation in the Fund is the third collaboration with Lombard and reflects the outstanding track record, experience, and value-added role of this Fund Manager.
|Project Name||REG: LOMBARD ASIA III|
|Borrower/Company||LOMBARD ASIA III
|Type of ADB Assistance / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Private sector development
|Sector / Subsector||
Finance - Infrastructure finance and investment funds
|Gender Equity and Mainstreaming|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Pacifico, Catherine C.|
|Project Sponsor(s)||Lombard Investments, Inc.
|Description||ADB committed to invest up to US$30 million equity in Lombard Asia III (the Fund), not to exceed 25% of the Fund's total size or result in ADB being the largest investor. ADB's participation in the Fund is the third collaboration with Lombard and reflects the outstanding track record, experience, and value-added role of this Fund Manager.|
|Objectives and Scope||
The Fund seeks to obtain superior returns by building a diversified investment portfolio consisting primarily of equity and equity-linked investments in midsize companies, formed and operating in the Asia and Pacific region in sectors where the Fund Manager has prior experience.
Another key objective is to promote corporate governance in its own operations and its investee companies. The expected enhanced value-added provided to the Fund's portfolio companies will serve as a model for other Asian companies and encourage them to adopt best practices, particularly with regards to transparency and compliance with ADB-supported investment and operating policies.
|Status of Development Objectives||The Fund intends to (i) achieve catalytic role in attracting long-term capital to the region and demonstration effect where the expected enhanced value of the portfolio companies will serve as a model to other companies and encourage them to adopt best practices; (ii) actively promote good corporate governance and improvements in investor relations among its portfolio companies; and (iii) contribute to private sector development.|
|Linkage to Country/Regional Strategy||The Fund will directly contribute to resource mobilization, financial intermediation improvement, and investment in private sector projects. Involvement of ADB's public sector window through ADB's regional departments is critical to ensure a strong financial sector reform in entrepreneurial finance. ADB also actively supports efforts to strengthen market governance throughout the region. Sound governance is crucial for capital markets to inspire investor confidence and play an effective role in supporting growth by channeling savings to productive investment.|
|Summary of Environmental and Social Aspects|
|Environmental Aspects||All companies in which the Fund invests will comply with national environmental laws, regulations, and standards; or agree to adopt a program to comply with them; or as soon as possible, to reasonably mitigate any noncompliance with them. They must comply with ADB's environmental and social safeguard policies, including involuntary resettlement and indigenous peoples policies. The Fund has developed an environmental management system that satisfies ADB's environmental requirements, and is committed to its implementation.|
|Stakeholder Communication, Participation, and Consultation|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||21 Apr 2004|
|Due Diligence||13 Oct 2004|
|Credit Committee Meeting||06 Dec 2004|
|Approval||15 Mar 2005|
|PDS Creation Date||06 Sep 2006|
|Last PDS Update||03 Oct 2014|
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