Alice

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IFC is considering an equity investment of up to US$10 million in Alice (the Company), a private health insurance and healthcare services company operating in Brazil since 2019. Alice primarily provides employer-sponsored health plans for corporate clients and their employees. Its business model integrates health insurance coverage with primary care services, with healthcare services delivered through a contracted provider network and supported by an internally managed primary care and care coordination team. The Company focuses on the business-to-business (B2B) segment of the health insurance market, with a particular emphasis on micro, small, and medium-sized enterprises (MSMEs).Alice has national geographic coverage through a network of over 1,000 hospitals, 5,000 laboratories, and 12,500 clinics and specialists. Alice directly contracts 246 health institutions, mainly in the Greater Sao Paulo area, and relies on the network of CASSI (Caixa de Assistencia dos Funcionarios do Banco do Brasil) for coverage in other regions. The Company does not own or operate healthcare facilities; its administrative offices are leased, and its server and data center infrastructure is outsourced through contracts with third-party cloud service providers.