giirs rating report: fund - fisamerisfisameris.cl/wp-content/uploads/2018/07/fis_2015-ano... ·...

GIIRS Rating Report:

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

Portfolio FundsFondo de Inversión Social-FIS

Rating Report: Fund Profile

Fund Manager

Fund

Fund Rating Year

Fund Rating Date

Investing Status

Principle Target Market

Ameris Capital

Fondo de Inversión Social-FIS

2015

05/04/2015

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.

FIS identifies those businesses and institutions, invests in them in order to expand the social impact whileseeking a moderate financial return, and leverages its investment activity with management and technicalassistance.Through private investment in key areas like microfinance, education, healthcare, socialhousing and environmental businesses, FIS gives Chilean investors the opportunity to finance solutionsto social challenges that are usually considered public responsibility.

The “Fondo de Inversión Social” (“Social Investment Fund“) is the first private investment fund in Chilefocusing on social entrepreneurs and institutions generating sustainable social impact with a significantpotential to scale.

40-60th percentileFund 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

SILVERN/A

GOLDPLATINUM

PLATINUM Rated

Consumer

Community

Environment

Workers

Governance

Overall

Impact Area IBM Rating Operations Rating

Year2015

1 of 13

Portfolio Companies: Overall Rating Summary

F Rating YrFund Company Rating Year Company Impact Models Rating Operations Rating Overall B Score Weight (%)*

2015 Fondo deInversiónSocialFIS

2013 Fe y Alegría Chile A.G.

2015 CECAP Quimahue Ltda

Fundacion Educacional Protectora de la Infancia

Fundación Un Techo Para Chile

LUMNI CHILE

PLATINUM

GOLD

PLATINUM

PLATINUM

PLATINUM

★★★

★★★

★★★

★★★

★★★

149

106

140

142

110

6%

32%

25%

9%

28%


Portfolio Companies: Impact Area IBM Ratings

F Rating YrFund Company Rating Year Company Overall Community Consumers Environment Workers Governance






LUMNI CHILE

PLATINUM

GOLD

PLATINUM

PLATINUM

PLATINUM

PLATINUM

GOLD

GOLD

PLATINUM

PLATINUM

PLATINUM

PLATINUM

PLATINUM

BRONZE

GOLD

GOLD

GOLD

Portfolio Companies: Impact Area Operations Ratings

F Rating YrFund Company Rating Year Company Overall Community Environment Workers Governance






LUMNI CHILE

★★★

★★★

★★★

★★★

★★★

★★★★

★★★

★★★

★★★

★★

★

★★

★★

★

★

★★★★

★★★

★★★

★★★

★★★★

★★★★

★★★★★

★★★★★

★★★★★

★★★★★

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 rollup 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

2 of 13

Impact Business Models (IBMs) of Portfolio Companies


Fund

Community Consumers Environment Governance

17%17%

75%75%

0%0.3%

8%8%

Portfolio Impact Business Model Distribution

Impact Area Goal Portfolio IBM Distribution

Community Charitable Giving Community Practices

Consumers Basic Services Socially Oriented

Education Socially Oriented

Economic Opportunity Socially Oriented

Flow of Capital Socially Oriented

Serving Those in Need

Social Product Financial Services Addendum

Environment Renewable/Cleaner Energy Environmental Products & Services

Governance MissionLock Governance Structure

18%

7%

22%

2%

1.0%

38%

7%

.3%

8%

PLATINUMThe 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:Portfolio FundsFondo de Inversión SocialFIS

Year2015

Models Summary

3 of 13

Portfolio Companies per Model

Company Impact Area Impact Business Model (IBM) IBM Distribution

CECAP Quimahue Ltda Consumers Serving Those in Need


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



Fundacion Educacional Protectorade la Infancia

Consumers Serving Those in Need




Fundación Un Techo Para Chile Environment Renewable/Cleaner Energy Environmental Products & Services

Consumers Serving Those in Need

Flow of Capital Socially Oriented



Basic Services Socially Oriented



LUMNI CHILE Consumers Social Product Financial Services Addendum

Serving Those in Need



42%

58%

39%

40%

20%

33%

32%

31%

4%

.6%

36%

2%

5%

4%

18%

34%

5%

12%

44%

38%

5%

Impact Business Model Distribution for Portfolio Companies

The 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:

Year2015

Portfolio FundsFondo de Inversión SocialFIS

Models Summary

4 of 13

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

3.1

1.0

5.3

5.5

0.3

4060

020

80100

80100

020

Community



Transportation, Distribution & Suppliers

Outputs

Inputs

Land, Office, Plant

N/A

1.1

1.5

2.3

N/A

4060

2040

2040

Fund


Occupational Health & Safety

Job Flexibility/Corporate Culture

Human Rights & Labor Policy

Management & Worker Communication

Worker Ownership

Training & Education

Worker Benefits

Compensation & Wages

1.4

N/A

0.5

1.5

1.5

2.3

6.0

6.1

6080

N/A

6080

2040

2040

4060

4060

2040


AntiCorruption

Governance

Mission & Engagement

0.9

2.2

3.0

020

6080

80100

★★Community Operations Rating

★★Environment Operations Rating

★★★Workers Operations Rating

★★★★★Governance Operations Rating

RatedOverall Operations Rating

GIIRS Rating Report:Portfolio FundsFondo de Inversión SocialFIS

Year2015

Operations Summary

5 of 13

FUND

Fondo de Inversión So…

Portfolio: Current Investments

Company Sector Industry Revenue # of Employees Investment Total

CECAP Quimahue Ltda Service Technical & vocational educ $0 - $999,999 10-49

Fundacion Educacional Protect Service Pre- & primary education $5M - $9,999,999 250-999

Fundación Un Techo Para Chile Service Non-residential social work $10M -$19,999,999 50-249

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

$633,035

$436,942

$891,581

$744,997


Fund

Portfolio: Exited Investments

Company Exit Date Investment Status Investment Total

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

GIIRS Rating Report:Portfolio FundsFondo de Inversión Social-FIS

Year(empty

6 of 10

FUND RATING YEAR

2015FUND ASSESSMENT VERSION

4.0

PORTFOLIO FUNDS


YEAR

2015

FUND ASSESSMENT YEAR

2015

FUND



Fund

Fund Manager Assessment

The Fund Manager Assessment covers topics regarding a fund'spolicies and practices in deploying and managing capital. This pageshows how the fund's score compares to those of all other ratedfunds (at the overall and section levels).


Year2015

40-60th percentile

80 to 100th percentile80 to 100th percentile

Rating Report: Fund Profile

Fund Manager

Fund

Fund Rating Year

Fund Rating Date

Investing Status

Principle Target Market

Ameris Capital


2015

05/04/2015

Actively Investing

Emerging

.

. 119.1

<40th percentile

Overall

Information about the historical performance of the fund manager andthe intent of the current fund

Covers information about the fund's investment policies in regards toimpact

Focuses on the way the fund manages its portfolio after an investmenthas been made

Targeted for Investment

Portfolio Management

Investment Criteria

7 of 10

YEAR

AllFUND


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

.

. 122.7

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 Caribean

Chile

.

. 122

Investment Targets

Fund Description


Fund

Portfolio: Current Investment Industries

Non-residential social work Other credit - Emerging MarketsPre- & primary education Technical & vocational educ

Portfolio: Current Investment Countries

100%100%


Year(empty

8 of 10

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.

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 Buiness Model Rating for a fund that has deployed $10 milion dollars in 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.

What is a GIIRS Fund Impact Rating?

Fund Rating Structure

+ +Overall IBM RatingSpecific models designed to create social and/or environmental impact through a company’s products or services, target customers, value chain or ownership.

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

Overall Operations RatingImpactful practices, policies and achievements related to a company's:- Governance structure- Workers- Community- Environmental footprint

©2015 B Lab. All rights reserved.

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

Impact Business Model RatingsFunds receive a medal rating - platnium being the highest - for their portfolio's Impact Business Model score. The IBM Rating recognizes business models that are specifically designed to solve social or environmental problems through company products or services, target customers, value chain, ownership or operations.

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.

Fund Manager Assessment

Investment Criteria

0 to 30.9

31 to 34.9

35 to 38.9

39+

Total

0 to 105.9

106 to 115.9

116 to 126.9

127+

Portfolio Management

0 to 30.9

31 to 34.9

35 to 43.9

44+

Targeted for Investment

0 to 39.9

40 to 44.9

45 to 53.9

54+

Fund Manager Assessment Rating by Percentile

Percentile

<40th

40-60th

60-80th

80-100th

Investment Roll-Up: IBM & Operations Rating

Environment Workers*GovernanceCustomersCommunity

0.1 to 6

6 to 27

0.1 to 1

0.1 to 51 to 6

5 to 12 0.1 to 1.427 to 506 to 10

12+ 0.1+1.5+27 to 50 10+

Models Rating Total Score

BRONZE 0 to 25.9

SILVER 26 to 39.9

GOLD 40 to 59.9

PLATINUM 59+

Operations Rating By Impact Area CommunityTotal Score

0 to12.9 0 to 4.90 to 49.9

16.5 to 17.9 6.5 to 7.950 to 59.9

18 to 19.9 8 to 12.960 to 69.9

20+ 13+

Environment

6.5 to 8.4

13 to 16.4 5 to 6.4 6 to 6.4

0 to 5.9

8.5 to 9.9

10+70+

Governance

Rated

Workers

22 to 23.9

0 to 19.9

24 to 26.4

26.5 +

20 to 21.9

giirs rating report: fund - fisamerisfisameris.cl/wp-content/uploads/2018/07/fis_2015-ano... ·...

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