GOLD PLATINUM GOLD Fund - FISAmerisfisameris.cl/wp-content/uploads/2018/07/FIS_2016-ano... · 2018-08-02 · Charitable Giving - Community Practices Consumers Basic Services - Socially

Copyright 2015 GIIRSFor more information about how GIIRS Ratings methodology, see GIIRS 101 at the end of the report or contact [email protected]

Rating Report: Fund Profile

Fund Manager

Fund

Fund Rating Year

Fund Rating Date

Investing Status

Principle Target Market Type

Ameris Capital

Fondo de Inversión Social-FIS

2016

06/09/2016

Actively Investing

Emerging

.

.

Investment Roll-Up

GIIRS ratings provide investors with rigorous,reviewed transparent, comprehensive, andcomparable ratings of a fund's impact. GIIRS helpsinvestors make money while solving the world’smost challenging problems by driving capital toimpact.

Impact Business Models (IBM) Rating Impact Operations Rating

Fund Description

Fund Mission

The Impact Model Rating recognizes business models that are specificallydesigned to solve social or environmental problems through companyproducts or services, target customers, value chain, ownership, oroperations

The Impact Operations Rating evaluates the impact of the businessin how it operates. This is sometimes referred to "ESG" (orEnvironmental, Social and Governance) practices.

The Roll-Up is a weighted average of portfolio companies' ratings and the total amount invested in each company in aggregate and in individual impact areas

Note: The investment roll-up ratings reflect the performance of the fund's portfolio relative to those of the other 60+ GIIRS rated funds (as of June 2014). The weighted averagescore of a fund's portfolio companies is represented as a particular star or medal rating based on which quintile it is in compared to the portfolios of other GIIRS Rated Funds.The thresholds for star and medal ratings are calculated once every two years with the release of each new version of the ratings system. See GIIRS 101 page at the end ofthe report for more information.

The “Fondo de Inversión Social” (“Social Investment Fund“) is the first private investment fund inChile focusing on social entrepreneurs and institutions generating sustainable social impact with asignificant potential to scale.

Fund Manager Assessment

The Fund Manager Assessment covers topics regarding a fund's policies and practices in deploying and managing capital. See the

"Fund Manager Assessment Overview" page for more details

★★★★

★★★★★★★

★★★★

PLATINUM

Fund

GOLDN/A

PLATINUMGOLD

GOLD ★★★★

Consumer

Community

Environment

Workers

Governance

Overall

Impact Area IBM Rating Operations Rating

40-60th percentile

FIS identifies those businesses and institutions, invests in them in order to expand the social impactwhile seeking a moderate financial return, and leverages its investment activity with managementand technical assistance.Through private investment in key areas like microfinance, education,healthcare, social housing and environmental businesses, FIS gives Chilean investors theopportunity to finance solutions to social challenges that are usually considered publicresponsibility.

Ratings Summary

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Fondo de Inversión Social-FISGIIRS Rating Report:2016

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Portfolio Companies: Overall Rating Summary

' Fund Rating Year Company Overall IBM Overall Operations Overall B Score Weight

2016 Fondo deInversiónSocial-FIS

2013 Fe y Alegría Chile A.G.

2016 CECAP Quimahue Ltda

CHILERECICLA

la Infancia

Un Techo Para Chile

Late

LUMNI CHILE

PLATINUM

GOLD

PLATINUM

PLATINUM

PLATINUM

SILVER

PLATINUM

★★★

★★★★★

★★★★★

★★★★

Rated

Rated

Rated

149

118

128

145

125

80

97

2%

22%

17%

11%

12%

11%

18%


Portfolio Companies: Impact Area IBM Ratings

Yr Fund Rating Year Company Overall IBM Community Environment Governance Customers Workers




CHILERECICLA

la Infancia

Un Techo Para Chile

Late

LUMNI CHILE

PLATINUM

GOLD

PLATINUM

Educacional Protectora de la Infancia PLATINUM

PLATINUM

SILVER

PLATINUM

PLATINUM

GOLD

SILVER

SILVER

GOLD

PLATINUM

GOLD

GOLD

BRONZE

GOLD

PLATINUM

PLATINUM

PLATINUM

PLATINUM

GOLD

Portfolio Companies: Impact Area Operations Ratings

' Fund Rating Year Company Overall Ops Community Governance Environment Worker




CHILERECICLA

Educacional Protectora de la Infancia

Un Techo Para Chile

Late

LUMNI CHILE

★★★

★★★★★

★★★★★

★★★★

Rated

Rated

Rated

★★★★

★★★★

★★

★★★

★

★★

★

★★★★

★★★★

★★★

★★★★

★★

★★★★

★★★★★

★

★★

★★★★★

★

★★★

★★★

★

★★★★

★★★★★

★★★

★★★★★

★

★

★★

Fund

It is important to note that Impact Business Models are rare. Most companies will not have one and no company is expected to have a businessmodel for every impact area. Full credit is possible for a company with a narrow but deep focus on one stakeholder group.

* A company's weight is the percentage of a fund's deployed capital that is invested in that company. This determines the percent of a fund's portfolio roll-up score that is dueto the performance of that company. This will change from year to year as new investments are deployed or as an investment's valuation changes.

Company Ratings

Educacional Protectora de la lnfancia

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Impact Business Models (IBMs) of Portfolio Companies


Fund

Community Consumers Environment Governance

25%25%

62%62%

7%7%

6%6%

Portfolio Impact Business Model Distribution

Impact Area Goal Portfolio IBM Distribution

Community Workforce Development - Community Practices

Charitable Giving - Community Practices

Consumers Basic Services - Socially Oriented

Education - Socially Oriented

Economic Opportunity - Socially Oriented

Serving Those in Need

Social Product - Financial Services Addendum

Environment Energy/Water Efficiency - Environmental Products & Services

Governance Mission-Lock Governance Structure

6%

19%

6%

22%

.8%

29%

4%

7%

6%

GOLD

Portfolio FundsFondo de Inversión Social-FIS

The B Impact Assessment attempts to capture the impact generated through business models intentionally designed to createsocial and/or environmental impact through a company’s products or services, target customers, value chain, or ownership.Impact Business Models are determined by company mission/intention, particular stakeholder groups and populations targeted,measurable and measured outcomes, and third party certifications.

Impact Business Model Distribution: Percent of Points Earned by Impact Area

The Distribution of Impact metric indicates what percent of the total IBM credit earned is due to a particular business model. The charts abovedisplays the portfolio aggregate for the fund. For example, 75% of a company's Gold Rating might be due to portfolio companies who generaterenewable energy (an environmental impact), with the remaining 25% being a result of the fact that they provide this product to poor ordisadvantaged communities (a consumer impact).

GIIRS Rating Report:Year2016

Models Summary

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Company Impact Area Impact Business Model (IBM) IBM Distribution

CECAP Quimahue Ltda Consumers Serving Those in Need


CHILERECICLA Environment Energy/Water Efficiency - Environmental Products & Services

Community Workforce Development - Community Practices

Fe y Alegría Chile A.G. Consumers Serving Those in Need


Community Charitable Giving - Community Practices

Educacional Protectora de la Infancia

Consumers Serving Those in Need




Un Techo Para Chile Consumers Serving Those in Need

Economic Opportunity - Socially Oriented


Basic Services - Socially Oriented



Late Community Charitable Giving - Community Practices


LUMNI CHILE Consumers Social Product - Financial Services Addendum

Serving Those in Need


32%

68%

55%

45%

33%

33%

34%

37%

37%

16%

10%

36%

4%

.8%

32%

17%

10%

91%

9%

38%

47%

15%

Impact Business Model Distribution for Portfolio CompaniesThe table below shows the different impact business models of the companies in the portfolio. The IBM distribution columnshows the proportion of a company's points in this section that is due to a particular business model.


FundGIIRS Rating Report :


Models Summary

4 of 13

2016

Operations Rating Summary

Environment

Workers

Governance

The Operations Rating evaluates the impact of the business in how it operates. This is sometimes referred to as "ESG" (or Environmental, Social andGovernance) practices.Note: In some cases the goal scores may not add up to the impact areas scores (governance, workers, community, andenvironment). The difference in scores is a result of how the B Impact Assessment distributes N/A questions in scoring.

Fund Community Practices Score vs Benchmarks

Goal Score Quintile %

Civic Engagement & Giving

Job Creation

Diversity

Local Involvement

Suppliers & Distributors

2.7

3.5

3.6

5.0

3.4

20-40

20-40

60-80

60-80

20-40

Community




Transportation, Distribution & Suppliers

Outputs

Inputs

Land, Office, Plant

1.0

2.4

2.3

2.6

60-80

80-100

40-60

20-40

Fund


Occupational Health & Safety

Job Flexibility/Corporate Culture

Human Rights & Labor Policy

Management & Worker Communication

Worker Ownership

Training & Education

Worker Benefits

Compensation & Wages

1.1

0.0

0.6

1.4

0.4

3.1

6.4

9.6

40-60

No Points

60-80

20-40

0-20

80-100

60-80

80-100


Transparency

Anti-Corruption

Governance

Mission & Engagement

3.2

1.5

2.0

2.4

60-80

20-40

40-60

80-100

★★★★Community Operations Rating

★★★★Environment Operations Rating

★★★Workers Operations Rating

★★★★Governance Operations Rating

★★★★Overall Operations Rating

GIIRS Rating Report:Year2016

Operations Summary

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FUND

Fondo de Inversión So…

Portfolio: Current Investments

Company Sector Industry Revenue # of Employees Investment Total

CECAP Quimahue Ltda Service Educational support $500,000 - $1,999,999 10-49

CHILERECICLA Manufacturing Materials recovery & recycling $0 - $499,999 10-49

la InfanciaEducacional Protectora de la Infancia Service Pre- & primary education $5M - $9,999,999 250-999

Un Techo Para Chile Wholesale/Retail Non-residential social work $5M - $9,999,999 50-249

Late Wholesale/Retail Beverages $2M - $4,999,999 1-9

LUMNI CHILE Service Other credit - Emerging Markets Not Disclosed 1-9

$950,000

$750,000

$500,000

$550,000

$493,000

$835,000


Fund

Portfolio: Exited Investments

Company Investment Status Exit Date Investment Total

Fe y Alegría Chile A.G. Paid In Full 07/11/2013 $120,000

Portfolio - Active and Exited Investments

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Targeted for Investment

Fund

Question Fund Response


Average HDI of countries invested in Very High HDI

Fund manager has utilized/partnered with government Fund has advocated to improve enabling environment

Issued public reports for historic funds' impact performance No

Management participation in impact investing initiatives Membership organizations (e.g. ANDE, GIIN, Toniic, UN PRI)

Speaking at industry events/conferences

% of AUM impact investments 1-24%

Prospectus/PPM committs fund to international ESG standards No

Prospectus/PPM specifies impact areas beyond international standards Yes

Prospectus/PPM specifies quantifiable ESG targets for investment lifetime No

Investment Criteria

Fund


e Inversión Social-FIS

e

Criteria regarding socio-environ policy of co-investors N/A

Due diligence process reviews socio-environ criteria Yes

Fund ensures investees flexible capital Alternative exit structures (i.e. holding corp)

Flexible interest payment structure

Longer than average debt investments

Other flexible investment instruments

Subordinated investments or use of guarantees

Fund is evergreen or >10 year lifespan No

Investment agreements require audited financial statements Yes

Invest. agreements require code of business ethics policyy No

Investment agreements set expectations forsocial/environmental performance

Companies are required to meet all relevant national environmental and labor standards

Companies are required to meet relevant international environmental and labor standards

Written social/environmental due diligence process Complete GIIRS Assessment during due diligence

Management presentation about future social/environmental strategy

Other

Site visit to all companies


Fund

Portfolio Management

Fund


e Inversión Social-FIS

se

Audit committee has 1+ independent member(s) Yes

Board/investment committee has 1+ independent member(s) Yes

Capactiy building or TA provided prior to investment Yes, and capacity building is provided following investment

ent.

Committs to specific % of gains to charity 0

Companies required to fill an annual performance survey External survey

Internal survey

Tracking and reporting of outcomes created by portfolio companies over time

Controls in place for accurate financial reporting Annual board meeting to review financial and social reporting

Annual financial report audited by independent accredited audit firm/CPA

How is effectiveness of technical assistance measured Measure against KPIs and targets reported by portfolio

Regular in-person meetings with portfolio

KPIs tracked across portfolio art of investment contract

nmental performance

Managing partners' compensation partially based on ESG performance No

Measure income levels for companies' customers >50% of portfolio perform surveys/conduct research

% of divestable capital if company mission changes 75%+

% of divestment contracts that maintain mission 0

% of funds invested in mission-locked companies 25-49%

Policy requires future investors/acquirers to maintain mission On a case-by-case basis

Position dedicated to measure capacity building's effectiveness Yes

Provides capacity building or TA to portfolio companies Yes

Share company financial audits with investors No

Types of capacity building professionals used Affiliated Organization

Fund's Investment Staff

Types of financial capacity building Business Strategy

Financial/Operational Strategy

Other

Types of social/environmental performance capacity building Social and Environmental Performance

With whom are annual reports and/or aggregated data shared Fund investors

Fund team

Portfolio company employees (all)

Written protocol to address disputes involving portfolio No

80 to 100th percentile Focuses on the way the fund manages its portfolio after an investment has been made

Fund GIIRS ratings provide investors with rigorous,reviewed transparent, comprehensive, andcomparable ratings of a fund's impact. GIIRS helpsinvestors make money while solving the world’smost challenging problems by driving capital toimpact.

Fund Manager Assessment Overview

Yes, & capacity building is provided to prospective investments prior to investment

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Companies are required to track & report soc/env. performance as part of investment

Company encourages & provides support to help companies track soc/envir. KPIs

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YEAR

2016


Fund

Fund Manager AssessmentThis page shows questions on the fund assessment that do not contribute towards a fund's overall score. They are shared below to highlight some of the fund's intent andpractices through the investment process.

Fund Assessment - Unweighted Questions

Fund Subcategory Question Fund Response


Response

Targeted forInvestment

Products or services designed to preserve environment Pollution prevention & waste management

Products or services designed to provide social benefits Access to clean water

Access to education

Access to financial services

Affordable housing

Capacity-building

Equality and empowerment

Generate funds for charitable giving

Health improvement

Income/productivity growth

InvestmentCriteria

Investment vehicle(s) used to deploy capital Convertible debt

Debt

Equity

Other

PortfolioManagement

Funding source for capacity building Fund Management Fees

% of staff or their time used for internal capacity building 20-40% of staff time

eTime allocated to assist companies' social-env. performance < or = 20% of staff time

Topics covered in last 12 months Governance (Mission, Board, Financial Reporting and Controls)

Workers (Compensation, Benefits, Training, Ownership, etc.)

Fund Manager Assessment - Unweighted Questions

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Fund

Question Response


_Fund Response

Alcohol (excluding beer and wine) Yes - Formally

Any business relating to prostitution Yes - Formally

Drift net fishing Yes - Formally

Firearms, weapons or munitions Yes - Formally

Fossil fuel utilities Yes - Formally

Gambling, casinos and equivalent enterprises Yes - Formally

Investments in illegal products/services Yes - Formally

Logging Yes - Formally

Mining Yes - Formally

Nuclear power/radioactive materials Yes - Formally

Ozone depleting substances Yes - Formally

Persistent organic pollutants Yes - Formally

Pesticides/herbicides (banned) Yes - Formally

Pharmaceuticals (banned) Yes - Formally

Pornography Yes - Formally

Tobacco Yes - Formally

Unbonded asbestos Yes - Formally

Wildlife regulated under CITES Yes - Formally

Fund

Question Response


_Fund Response

Animal welfare issues Yes - Informally

Destruction of critical habitat Yes - Informally

Diversity/equal opportunity Yes - Informally

Employee safety Yes - Informally

Environmental issues Yes - Formally

✓

✓

✓

✓

✓

This section features questions focused on issues typically covered by negative screens. The Risk Mitigation section in the B Lab Fund Assessment is not included in a fund'srating, but the information from the questionnaire is provided on a fund's rating report as context for interested investors.

Fund

Question Response


_Fund Response

Clean drinking water for employees Yes - Informally

Employers don't keep workers' ID cards/passport Yes - Informally

Formal registration Yes - Formally

No animal testing Yes - Informally

No facilities in sensitive ecosystems Yes - Informally

No prisoner labor Yes - Informally

No workers

FUND


PORTFOLIO FUNDS


Fund

Investing Status

Asset Class

Security Type

Fundraising Status

Vintage Year


Actively Investing

Private Equity/Venture Capital

Equity;Long-Term Debt;Mezzanine

Open - At least one commitment made

2010

.

. 121.4

YEAR

2016

Fund

Average Investment Size

Target Financing Stage

Target Market Type

Investment Region

Countries of Investment


$250,000 - $999,000

Growth Stage;Mezzanine Financing

Emerging

Latin America and the Caribbean

Chile

.

. 121.4

Total Committed Capital (USD)

Target Committed Capital (USD)

Target Net IRR (%)

Total Capital Deployed (USD)

Capital Deployed - Rated (USD)

Number of Investees

Fund

$4,500,000

6.0

$4,198,500

$4,198,500

7


.

. 121.4

Hurdle Rate (%)

Minimum LP Commitment - Institution (USD)

Minimum LP Commitment - Individual (USD)

Investment Term (Years)

Fund

100,000

100,000

10


.

. 121.4

Financial Information Incentive Structure

Investment Targets

Fund Description


Fund

Portfolio: Current Investment Industries

Beverages Educational support Materials recovery & recyclingNon-residential social work Other credit - Emerging Markets Pre- & primary education

11%11%

17%17%14%14%

25%25%

21%21%

12%12%

Portfolio: Current Investment Countries

100%100%

Fund Description (Investors)

Chile

11 of 13


$6,000,000

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Investment Roll-up Ratings

IBM Score

Portfolio IBM Score

Overall IBM Rating

Fund’s Investment % Capital Invested Weighted IBM Score

20

11.1

$5M 50% 40

30% 37$3M

20%

x

x

x

=

=

=50 10

41.1

GOLD

$2M

Company A

Company B

Company C

©2015 B Lab. All rights reserved.

GIIRS Impact Ratings are the gold standard for impact measurement. They are rigorous, comprehensive, and comparable ratings of a company or a fund’s social and environmental impact.

What is a GIIRS Fund Impact Rating? Each GIIRS Impact Rated Fund receives a Fund Manager Assessment Rating and two Investment Roll-Up Ratings: an Overall Impact Business Model (IBM) Rating and an Overall Operations Rating.

The Investment Roll-Up Ratings are weighted averages of the portfolio companies’ impact business model and operations ratings based on the amount invested in each company.

For example, the Overall Impact Business Model Rating for a fund that has deployed $10 milion dollars across three portfolio companies would be calculated as follows:

*Funds that have deployed less than 25% of committed capital will only receive a fund managerassessment rating.** The weighted average for funds getting re-rated is based on portfolio companies' currentvaluation, provided by the fund manager, rather than the initial amount invested.

Fund Rating Structure

+ +Overall IBM Rating

Recognizes business models designed to solve social or environmental problems. Examples include: - Socially or environmentally focused products & services- Underserved beneficiaries such as customers, employees, or suppliers - Innovative ownership & operation models

Fund Manager Assessment The Fund Manager Assessment measures the impact intent of the fund. This covers topics including: - Targeted for Investment- Investment Criteria - Portfolio Management

Overall Operations Rating Measures impactful practices, policies and achievements related to companies':- Governance structure- Workers- Community- Environmental footprint

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Fund Manager AssessmentFunds receive a percentile rating based on total points earned on the Fund Manager Assessment.

Impact Business Model (IBM) RatingsFunds receive a medal rating - platinum being the highest - for their portfolio's Impact Business Model score. The IBM Rating recognizes 25+ different business models that are specifically designed to solve social or environmental problems. Examples of these business models include: socially or environmentally focused products or services; underserved beneficiaries such as customers, employees, or suppliers; and other innovative ownership and operation models.

Operations RatingsFunds receive a star rating - five stars being the highest - for their portfolio's Operations Rating score.The Impact Operations Rating evaluations the impact of the business in how it operates. This is sometimes referred to as "ESG" (or Environmental, Social and Governance) practices.

*Less than 20% of GIIRS Rated Funds invest in companies with a Worker IBM. Any score in this section would result in a platinum rating for the Model.

Investment Criteria

0 to 32

32.1 to 37

37.1 to 43

43+

Total

0 to 111.9

112 to 122.9

123 to 138.25

138.3+

Targeted for Investment

0 to 40.5

40.6 to 46

46.1 to 51.5

51.6+

Fund Manager Assessment Rating by Percentile

Percentile

Documents

GOLD PLATINUM GOLD Fund - FISAmerisfisameris.cl/wp-content/uploads/2018/07/FIS_2016-ano... · 2018-08-02 · Charitable Giving - Community Practices Consumers Basic Services - Socially