Friday 31st October 2014
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FRIDAY TICKER: OCTOBER 31TH 2014: - The re-election of President Dilma Rousseff on Sunday has important implications for Brazil's Baa2 sovereign rating, as well as for the credit quality of the country's banks, corporations and securitisations, says Moody's. The rating agency says the narrow margin of her victory underscores the challenges she faces as she looks to revive Brazil's lacklustre economic performance - Facebook has reported third quarter results, again showing strongest year-on-year growth in mobile, where daily active users (DAUS) rose by 39% to 703 million, while overall daily users rose 19% to 864 million DAUS - Francisco Partners, a global technology-focused private equity firm, today announced it has completed the acquisition of Vendavo, Inc., a leader in business-to-business (B2B) pricing solutions. David Mitchell, an operating partner of Francisco Partners, will join Vendavo as CEO and lead the company’s worldwide business strategy and operations. Incumbent CEO Neil Lustig will transition into an advisory role with Vendavo. Francisco Partners now has a controlling stake in the Silicon Valley company. The acquisition by Francisco Partners provides additional resources to bolster Vendavo’s aggressive growth strategy, enabling the company to expand sales and marketing while accelerating cloud development. Vendavo completed a record first half of 2014, with nearly 30-percent growth in bookings, and the release of two breakthrough solutions for price and sales effectiveness. Based in Mountain View, Calif., Vendavo provides revenue and price optimisation solutions for B2B mid-market and enterprise companies.Francisco Partners was advised by JMP Securities, and Vendavo was advised by William Blair. Financial terms of the transaction were not disclosed – The International Finance Corporation, or IFC, issued the four-year, triple-A rated bond only to Japanese retail investors, tapping into the growing interest in low-risk investments with a social or environmental focus. The World Bank, has sold several billion dollars in green bonds over the past six years, with proceeds going to help countries and firms cut greenhouse gas emissions and adapt to climate change. The latest offering, Inclusive Business bonds, would finance firms that work with or sell to the 4.5bn people in the world that make less than $8 a day. IFC said while most poor people do not spend a lot individually, as a whole they represent an estimated $5trn consumer market that firms could tap into - NAKA Mobile, a telecoms and technology specialist based in Switzerland, has claimed the industry’s first virtualised evolved packet core (vEPC). Utilising Cisco’s NFV services, NAKA claims it will transform its network architecture, expand beyond Switzerland, and provide its mobile Internet services to customers across the world - The Internet Society and Alcatel-Lucent have agreed to provide support and equipment for the development of the Bangkok Internet Exchange Point (BKNIX). The project will utilise the Internet Society’s Interconnection and Traffic Exchange (ITE) programme and is intended to deliver a stronger and more robust Internet infrastructure for South East Asia.

Actis launches Energy Impact Model

Tuesday, 07 February 2012
Actis launches Energy Impact Model Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required. http://www.ftseglobalmarkets.com/

Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required.

The model has been under development since mid-2010 and is based on the Five Capitals model developed by Forum for the Future, a leading sustainability NGO that works with the business community. The five capitals are finance, people, social/community, infrastructure and environment, to which Actis has added a sixth, namely governance. The firm has also worked with Forum and Imperial College to test and improve the model.

“Actis believes the capital it invests in the emerging markets should be transformational for society. This model enables that wider impact to be properly measured and adjusted, and helps us to measure the non-financial drivers of market value. The Impact Model will help to build value in our portfolio companies that is meaningful and increases the financial worth of each company,” explains Torbjorn Caesar, co-head Energy at the firm.



The Impact Model requires Actis and the management of its investee companies to score each investment twice a year on up to 63 criteria, both quantitative and qualitative. For example, under the category of Environment, a quantitative criterion would be GHG Emission, which is assessed by measuring distribution losses as a percentage of energy dispatched, while a qualitative criterion would be the Impact on Land rated on a scale of 1 to 5. The results can then used for benchmarking, annual planning, target setting and review by both Actis and the investee company’s executive team. The model can also be used as part of the initial investment decision.

“From our work with leading companies, we know that hardwiring sustainability into management processes (such as impact indicators) is a critical element in making that part of everything the business does,” notes Jonathon Porritt at Forum for the Future.

Initially, Actis will apply the model to all its energy investments, which may well result in further refinement of the metrics. The Impact Model is structured so that individual indicators can be changed and improved over time without disrupting the core of the model. The firm is confident that measuring the impact of its investments will drive long-term sustainable value, and has developed a similar framework to assess the non financial value drivers of its other investments, but the ultimate ambition is for the private equity industry more widely to take it up.

“Offering the Impact Model to other private equity firms to adopt is a brilliant act of leadership. Pioneering companies realise that their success relies on many others,” says orritt. “Actis can help the private equity industry shed some of its negative reputation, and open up the prospect of a private equity sector that directs its undoubted dynamism at generating returns from sustainable activities.”

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