SME V-WAVF

completed

The SME Ventures WAVF advisory project ("SME V-WAVF") will deliver integrated technical assistance to the West Africa Venture Fund /Prj#28783 through the fund manager, Unique Venture Capital ("UVC"). WAVF is one of the first IFC SME Ventures funds vintage 2010. IFC and Cordaid are 74% and 25% investors in the $18.5 million fund respectively. (UVC 1%). WAVF has invested $11.5 million in 25 SMEs across Sierra Leone and Liberia. The combined effects of Ebola and reduction in mineral mining revenues have severely depressed both economies. UVC has some experience managing a portfolio of SMEs in Nigeria; however, regarding PE and WAVF, it is a first time fund manager. A significant impairment of 33% was recorded by the fund manager in December 2015, dropping the portfolio down to $7.7 million and IFC and Cordaid as investors are supportive of a post Ebola Business Plan to work out how the portfolio will recover from the down turn in the two economies. The technical assistance for WAVF will therefore focus on the Post Ebola business plan and recommendations on viable exits and portfolio value creation for recovery. This includes bringing in benchmark industry expertise and seeking sale opportunities for exits.