Impact Thinking: Sustainability and ESG in Brazil

Headquarters: Dadri, Uttar Pradesh, India
Initial Investment: December 2022
Industry Theme: Environmental Products and Services
Investment Theme: Growth Equity

Company Overview – Hero Motors Limited is a leading manufacturer of EV components and transmission systems. It is the largest manufacturer of e-bike components in India and is actively transitioning its Gears & Transmission business towards electric vehicles (EVs) by acquiring capabilities across product engineering and process engineering. Hero Motors Limited is part of the Hero Cycles Group, one of the most reputed business groups in India, led by Mr. Pankaj Munjal.

Environmental Impact – Mobility, technology, and the environment are entwined in attaining a sustainable future. The pressing need to curb the excessive consumption of fossil fuels for transportation, which, as reports suggest accounts for a fifth of global carbon emissions, has put the spotlight on electricity-driven modes of transport. The emissions from mobility sector are expected to increase rapidly, with the latest estimates projecting a rise of as much as 60% by 2050. For Nations to meet their net zero targets under the Paris Agreement, the decarbonization of the transport sector has become an urgent priority and will be instrumental in winning the global race against climate change. With significant improvement in technology in the last decade, e-bikes have shown great potential as an effective and environmentally friendly transport solution across the globe.

Headquarters: San Clemente, California, United States
Initial Investment: December 2022
Industry Theme: Climate Change, E-Mobility
Investment Theme: Buyout and Growth Equity

Company Overview – Murf Electric Bikes is a creator of electric bikes designed for rugged and responsible adventuring. The Company was founded in 2016 and has built a brand synonymous with outdoor adventure. While the Murf brand was originally rooted in the surf culture and a “California Cool” customer base, the brand has gained far wider adoption from customers globally who are seeking exploration and adventure. The Company currently serves the U.S. market through its flagship store, e-commerce, dealer network, and rental fleets. Its products are sold in Australia, New Zealand, and Costa Rica through its licensee network. To date, the Company offers seven unique models of bikes and is continuously developing new models to meet customer demand.

Environmental Impact – Murf’s electric bikes contribute to the overall adoption of electrification and e-mobility. The usage of electric bike results in a 95% reduction of CO2e per passenger-mile emission when an electric bike is used instead of a gasoline-powered automobile¹.

¹Bike Radar

https://www.bikeradar.com/features/long-reads/cycling-environmental-impact

Siddharth Garg is an Associate Vice President at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India and joined the firm in 2021. He focuses on mid-market growth opportunities in South Asia and is responsible for sourcing, evaluating, and managing investments at the firm.

Prior to joining South Asia Advisors, Mr. Garg was an Assistant Vice President at Citigroup Investment Banking. Prior to joining Citigroup, Mr. Garg was an investment banker with Axis Capital and served in the corporate finance division at Indian Oil Corporation Limited.

Mr. Garg received a Bachelor of Electronics Engineering from Harcourt Butler Technological University (HBTU), Kanpur and a Master’s in Business Administration with a specialization in Finance from Indian Institute of Management, Kozhikode. He has also earned his Level 3 Chartered Financial Analyst certification.

Krupa Shah is a Senior Analyst at South Asia Advisors, a sub-advisor to GEF Capital Partners. She is based in Mumbai and joined South Asia Advisors in 2022. Ms. Shah supports the firm for managing operations, regulatory matters and compliance functions of South Asia.

Prior to joining South Asia Advisors, Ms. Shah was a manager with PwC’s Assurance team. She was responsible for managing statutory audits, tax audits, group reporting and internal controls review for clients in banking and financial services industry. She also had experience in handling audits of US GAAP and IFRS clients.

Ms. Shah has completed her Chartered Accountancy from Institute of Chartered Accountants of India and has Bachelor’s degree of Commerce from University of Mumbai.

Shruti Jain is a Senior Associate at South Asia Advisors, a sub-advisor to GEF Capital Partners. She is based in Mumbai, India, and joined South Asia Advisors in 2021. Ms. Jain is responsible for sourcing, structuring, and managing investments in South Asia.

Before joining South Asia Advisors, Ms. Jain was a Senior Manager of Axis Capital’s investment banking team. Prior to joining Axis Capital, Ms. Jain held positions as part of PwC’s investment banking team and in corporate banking with ICICI Bank.

Ms. Jain received a Bachelor’s in Chartered Accountancy from the Institute of Chartered Accountants of India and a Master’s in Business Administration from NUS Business School, Singapore.

Siddhartha Biyanee is a Senior Analyst at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India and joined the firm in 2022. Mr. Biyanee focuses on mid-market growth opportunities in South Asia and is responsible for sourcing, evaluating, and managing investments at the firm.

Prior to joining South Asia Advisors, Mr. Biyanee worked as a Senior Analyst in the Private Equity division of TresVista Financial, wherein he was responsible for evaluating mid-market targets in the healthcare and industrials sector. Previously, Mr. Biyanee was associated with Deloitte India where he was staffed on consulting assignments for clients in the Pharmaceutical and Oil & Gas industry.

Mr. Biyanee received a Bachelor of Science degree in Economics & Statistics from Presidency University, Kolkata, and an MBA with a Finance specialization from SP Jain Institute of Management & Research, Mumbai. He is also a Level 3 candidate in the Chartered Financial Analyst program.

Harshwardhan Wagh is a Senior Vice President at South Asia Advisors, a sub-advisor to GEF Capital Partners. Mr. Wagh joined the firm in the year 2022 and is based in Mumbai, India. He supports the firm in implementation of its ESG strategy and is also responsible for engaging with portfolio companies to advance their ESG systems, policies and procedures, including the monitoring of action plans over the term of the firm’s investment.

Mr. Wagh has over 13 years of experience in the environment, health and safety & sustainability domain across consulting services and banking.

Prior to joining South Asia Advisors, Mr. Wagh was Assistant Vice President, Environmental & Social Risk Management, Wholesale Banking at YES Bank where he was responsible for implementation of Environmental and Social Credit Risk Policy, integrating ESG and climate considerations in credit underwriting and for supervising the ESG performance of the portfolio comprising of real estate, renewable energy and infrastructure projects.

Prior to Yes Bank, Mr. Wagh was a senior member of Transaction Services and Impact Assessment teams at ERM, India. As a sustainability consultant, Mr. Wagh has successfully led and delivered cross-sectorial ESG due diligences, audits, performance reviews, and intrusive soil and groundwater investigations for multiple private equity firms, legal firms, and multinational clients.

Mr. Wagh holds a Bachelor of Science in Chemistry and Master’s in Environmental Science from Mumbai University. He has a Post Graduate Diploma in Environmental Law and Policy National Law University Delhi, India. He is IRCA certified Lead Auditor for ISO 14001: 2015 Environment Management System.

Headquarters: Charleston, South Carolina, United States
Initial Investment: August 2020
Industry Theme: Water and Energy Efficiency
Investment Theme: Growth Equity

Company Overview – Digital Water is an information platform purpose-built for the water sector. The cloud-based Digital Water software solution assesses consumption, operating, and tariff data to help operators schedule different functions throughout the wastewater treatment plant thereby enhancing water quality through the optimization of the treatment process, the enhancement of operational efficiency, and the reduction of both energy consumption and the resulting costs.

Environmental Impact – Wastewater treatment plants account for 2.0% of U.S. energy consumption and, per the EPA, electricity is the 2nd largest operating cost at these plants. The energy cost to adequately operate these plants has grown significantly since most of these plants were built due to population increases and the implementation of newer technologies required to comply with ever-changing water regulations. While managing peak energy demand is not a new concept, municipal wastewater treatment plants are historically conservative and adverse to the risk associated with modifying treatment regimes. By utilizing a predictive pricing algorithm, the market at a whole could reduce energy costs by $1.0B annually and significantly reduce energy related GHG emissions.

Headquarters: Hyderabad, Telangana, India
Initial Investment: September 2020
Industry Theme: Environmental Products and Services
Investment Theme: Growth Equity

Company Overview – Founded in 1998, Hyderabad based SeedWorks is among India’s leading companies engaged in breeding, production and marketing of hybrid agricultural seeds. The Company’s product suite includes hybrid rice, cotton, vegetable seeds, millets and mustard seeds. The Company has a strong presence in India and some of the large Southeast Asian markets, as well as a robust portfolio of hybrid seeds due to its strong research capabilities.

Environmental Impact – SeedWorks produces and markets hybrid seeds and contributes to sustainable and climate efficient agriculture, including from an increase in yields, through hybrid seeds leading to better return on investment, an increase in climate resilience, through seeds that are more tolerant to flooding and drought, water optimization, through water-efficient hybrid seeds, higher resistance to pestilence and diseases, and optimized use of agrochemicals.

https://www.seedworks.com/

Mario Mafud is a Vice President at GEF Capital Partners. He is based in São Paulo, where he is responsible for sourcing and structuring investments in Latin America.

Prior to joining GEF Capital Partners, Mr. Mafud worked at Global Environment Fund, which he joined in 2014. While there, Mr. Mafud was responsible for overseeing a number of portfolio company investments, including AGV and Luminae.

Prior to joining Global Environment Fund, Mr. Mafud was part of the corporate finance team at Voga, a boutique M&A advisory firm which was acquired by Banco Indusval & Partners in 2013. Following its acquisition, Mr. Mafud worked on the team responsible for structuring the Investment Banking franchise at BI&P.

Mr. Mafud currently serves on the board of Prosolus.

Mr. Mafud received a B.S. in Production Engineering from Universidade de São Paulo (São Carlos – SP) and also completed graduate coursework at the Universidad Politécnica de Madrid (Spain), and is an MBA Candidate at Columbia Business School.

Headquarters: Jundiai, São Paulo, Brazil
Initial Investment: August 2022
Industry Theme: Energy Efficiency
Investment Theme: Growth Equity

Company Overview – Automalogica was founded in 2006 and since then, became a national reference in enterprise software and data analysis for supervision, control, and protection of electrical systems in generation, transmission, and distribution. The solutions developed by the Company monitor approximately 7GW in wind energy, 2.6GW in solar energy, 13GW in hydro energy, in addition to providing control solutions for around 150 substations throughout Brazil.

Environmental Impact – With the digitalization of the energy chain, including energy stations, substations, photovoltaic plants, transmission lines, among others, Automalogica seeks to unlock increased efficiency for clients’ operations. Through proprietary software, the Company collects, monitors and analyzes data to provide recommendations that can generate up to 1% to 5% energy efficiency in power plants and electrical systems. Moreover, with solutions aimed at photovoltaic and wind energy sources, the Company contributes to accelerate the diversification of the Brazilian energy matrix.

Gabriela Mugnol is an Associate at GEF Capital Partners. She is based in São Paulo, where she is responsible for developing and integrating ESG and impact diligence throughout the investment cycle, identifying risks, and then guiding the portfolio companies towards ESG transformation.

Prior to joining GEF Capital Partners, Ms. Mugnol worked at Santander, which she joined in 2021. While there she was responsible for ESG and alternative investments products for private banking segment. Prior to joining Santander, Ms. Mugnol worked at Nint (former Sitawi, one of the largest ESG consulting firms in Latam) as a Sustainable Finance Analyst, which she joined in 2018.

Ms. Mugnol received a B.S. in Civil Engineering from Universidade Estadual de Campinas (UNICAMP).

Ted Schiano is an Associate at GEF Capital Partners. He is based in Washington, D.C. and joined GEF Capital Partners in 2022. Ted is responsible for sourcing, structuring, and monitoring investments in North America.

Prior to joining GEF Capital, Ted was an investment banking analyst at R.W. Baird working on middle-market buy-out deals in the technology and services space. Prior to Baird, he worked as a financial advisor at Ernst & Young, providing buy side and sell side financial due diligence services for market leading private equity and aerospace & defense clients.

Ted received a BS and Master’s in Accounting from American University in Washington, D.C.

Headquarters: Tewksbury, Massachusetts, United States
Initial Investment: June 2022
Industry Theme: Renewable Fuels, Waste-to-Energy, Circular Economy
Investment Theme: Buyout and Growth Equity

Company Overview – Lifecycle Renewables (LRI) collects used cooking oil from restaurants and other foodservice entities in the Northeast and Mid-Atlantic United States and processes it into LR100™, an eco-friendly renewable heating oil used by utility-grade energy customers such as universities, hospitals and district energy systems.

Environmental Impact – LRI’s renewable heating oil, LR100™, reduces greenhouse gas emissions by as much as 80% compared to conventional, fossil fuel-based heating oil. LR100™ is derived from used cooking oil and waste yellow grease which is the lowest carbon intensity feedstock available for producing biofuels. LRI’s customers rely on the company to help them meet state and locally mandated renewable fuels legislation and work towards their NetZero and sustainability goals by reducing their Scope 1 emissions, without compromising heating efficiency or investing heavily in capital expenditures.

Lucas Yamamoto is an Associate at GEF Capital Partners. He is based in São Paulo, where he is responsible for sourcing and structuring investments in Latin America.

Mr. Yamamoto joined GEF Capital Partners in 2019 and he has been responsible for assisting in the oversight of ENC Brasil, Luminae and Neogás do Brasil, a Global Environment Fund portfolio company.

Mr. Yamamoto received a B.A. in Economics from Fundação Getulio Vargas (FGV-EESP).

Estevan Taguchi is a Managing Director at GEF Capital Partners. He is based in São Paulo, and joined GEF Capital Partners in 2019. Mr. Taguchi is responsible for sourcing, structuring and managing investments in Latin America.

Prior to joining GEF Capital Partners, Mr. Taguchi was a partner responsible for sourcing and managing portfolio investments at Angra Partners. While at Angra, he led several M&A transactions and served on the board of directors of several of the firm’s portfolio companies, including Cattalini Terminais, Rocha Terminais, Estre Ambiental, Dock Brasil, LATTE and CBPB. Prior to joining Angra, Mr. Taguchi worked at Monsanto as product manager, at Value Partners as a management consultant and at Bank of America as a member of the Investment Banking team.

Mr. Taguchi currently serves on the board of directors of ENC Brasil.

Mr. Taguchi received a B.S. in Industrial Engineering from Universidade de São Paulo (POLI-USP) and completed the Program for Leadership Development at Harvard Business School.

Headquarters: Rio Grande do Sul, Brazil
Initial Investment: June 2022
Industry Theme: Renewable Energy
Investment Theme: Growth Equity

Company Overview – HCC Solar operates an independent dealership business model focused on (i) design, engineering, and installation of solar PV projects, as well as the import and distribution of solar PV components, and (ii) electrical engineering projects such as expansion, dimensioning, and general services for energy utilities. At the time of the investment, HCC Solar had more than 70 independent dealers and had installed more than 110MW of solar projects.

Environmental Impact – HCC Solar’s PV system solution can expand off-grid solutions and DG systems are more efficient at avoiding transmission losses. This, in turn, increases access to affordable, reliable, and modern energy services. Additionally, Solar PV solutions promote a more resilient energy alternative as well as diversification of Brazil’s energy matrix, which is still highly dependent on hydro sources and potentially vulnerable to droughts. Finally, energy via DG allows for a reduction of up to 20% in energy costs to SMEs, which translates into higher disposable income for the beneficiaries.

Headquarters: São Paulo, Brazil
Initial Investment: December 2021
Industry Theme: Healthcare
Investment Theme: Growth Equity

Company Overview –Clean Medical is a healthcare company that provides “device-as-a-service” solutions, including rental of medical devices, as well as preventive and corrective maintenance services. The São Paulo-based company was founded in 2010 and serves key Brazilian hospitals with a differentiated portfolio that includes ventilators, multi-parameter monitors, infusion pumps, cardioverters, anesthesia devices and other equipment. As a leading player in a nascent market, the Company is well-positioned to expand its footprint and consolidate its prominence in Brazil.

Environmental Impact – Clean Medical’s rental business model contributes to the extension of the useful life of medical equipment and the reduction of device turnover due to the execution of maintenance and post-sales support, contributing to resource efficiency and the reduction of e-waste. The service-focused offering allows for healthcare providers to focus exclusively on caring for patients, and the extension of the useful life of this critical equipment allows for depreciated equipment to be redeployed in second or third tier hospitals, primarily located in remote regions, that would not otherwise have access to such devices. Secular macrotrends related to population growth, aging and urbanization are also contributing to the growth in this market opportunity.

Headquarters: Jundiaí, Brazil
Initial Investment: March 2018
Industry Theme: Waste-to-energy
Investment Theme: Growth Equity

Company Overview – ENC Energy Brasil is a leading waste-to-energy solutions provider. ENC builds, owns and operates landfill gas-to-energy (“LFGTE”). The company’s headquarters is located in Jundiaí (approximately 30 miles from São Paulo) and has operations in 8 landfill sites throughout Brazil, totalizing 32MW. ENC is uniquely positioned in the emergent LFGTE sector, with a pipeline of new plants to be developed.

Environmental Impact – ENC Energy Brasil is focused on landfill gas-to-energy generation, where its solutions can achieve energy efficiency that is 2-3x higher than wind and solar PV. ENC’s solutions also reduce methane emissions from landfills, which are at least 25x more potent than CO2. ENC is also a Distributed Generation solution, leading to a more distributed and efficient electrical load that reduces the need for new investments in transmission lines.

Amanda El Ghossain is an Analyst at GEF Capital Partners. She is based in São Paulo, where she is responsible for sourcing and structuring investments in Latin America.

Ms. Ghossain joined GEF Capital Partners in 2022. Before joining GEF Capital, she worked as a M&A Analyst at Arezzo&Co. Prior to joining Arezzo&Co., Ms. Ghossain was an Intern of Credit Suisse’s Equity Research team, covering the Retail and Agribusiness sectors. She has been responsible for sourcing and analyzing investments, and assists in the oversight of Clean Medical.

Ms. Ghossain received a B.A. in Business Administration from Fundação Getulio Vargas (FGV-EAESP).

Headquarters: Washington, District of Columbia, United States
Initial Investment: October 2021
Industry Theme: Energy Efficiency
Investment Theme: Buyout and Growth Equity

Company Overview – InSite is an innovative SaaS and managed services provider for the digitization of the built environment. The company connects, aggregates and analyzes disparate building data and distills this information into a series of actionable plans that reduce energy costs and optimize building equipment. Furthermore, InSite measures and monitors carbon emissions to help customers achieve sustainability goals and promote healthier buildings using its indoor air quality monitoring solutions. InSite works with commercial real estate, healthcare, government and higher education clients to maximize the value of their real assets.

Environmental Impact – Buildings accounted for approximately 29% of U.S. energy consumption in 2020 despite increases in remote work due to COVID-19. By working with real estate owners, InSite’s solution reduces emissions from some of the largest contributors to CO2 emissions. InSite is able to reduce customers’ energy use on average by 20% while significantly expanding the lifecycle of its customers’ building equipment. InSite also meets today’s urgent and growing demand for healthy building solutions with solutions to improve and monitor air quality for healthcare, commercial and government buildings. The company’s analytics platform also supports the measurement and reporting of critical ESG data to ensure a client’s sustainability goals are being met and are lasting.

insiteintelligence.com

Ricardo Cifu is a Senior Associate at GEF Capital Partners. He is based in São Paulo, where he is responsible for sourcing and structuring investments in Latin America.

Prior to joining GEF Capital Partners, Mr. Cifu worked at Global Environment Fund, which he joined in 2016. While there, he was responsible for assisting in the oversight of Tecverde, AGV and ENC Brasil.

Mr. Cifu received a B.A. in Business Administration, with honors, from Fundação Getulio Vargas (FGV-EAESP).

Maria Clara Al Makul is an Analyst at GEF Capital Partners. She is based in São Paulo, where she is responsible for sourcing and structuring investments in Latin America.

Ms. Makul joined GEF Capital Partners in 2020 and has been responsible for sourcing and analyzing investments in the food and agribusiness sectors, and assisting in the oversight of Luminae and Pro Solus.

Ms. Makul received a B.A. in Business Administration from Fundação Getulio Vargas (FGV-EAESP).

Marcia Campos is an Executive Secretary at GEF Capital. She is based in São Paulo, Brasil, and joined GEF in February 2020. Ms. Campos is responsible for managing support services for the Brasil-based investment team, assisting in financial services, human resources and administration.

Previously, Ms. Campos worked as an administrative assistant and service manager in a co-working company. She has a degree in Tourism from Universidade Ibero Americana and Universidade Nove de Julho, and is a qualified Interpreter and Translator.

Headquarters: Chennai, Tamil Nadu, India
Initial Investment: November 2020
Industry Theme: Energy Efficiency
Investment Theme: Growth Equity

Company Overview – Syrma SGS Technology Limited (“Syrma SGS”) is one of India’s leading power and smart electronics manufacturing platforms engaged in the design and manufacturing of energy efficient electronic devices and components that cater to a range of industries. Founded in 2015, Syrma SGS is engaged in turnkey electronics contract manufacturing and the manufacturing of innovative products in RFID and Magnetics. The Company is part of the Tandon Group, which has a 40-year legacy in electronics manufacturing and exports. The Company’s products are used within the Power, Industrial, Water, Mass transportation, Consumer and other sectors.

SGS Tekniks Manufacturing Private Limited, a wholly-owned subsidiary of the Company, is an electronics manufacturing company with expertise in water treatment, automotive electronics and industrial electronics.

Environmental Impact – Syrma SGS’s products are strongly aligned towards energy efficiency within its core sectors. This includes products focused on energy efficiency, energy and water metering, water purification and clean energy.

Energy Efficiency – The need for efficient power management is critical to achieving climate goals. Syrma SGS’s solutions span various aspects of smart and efficient devices. For instance, power electronics, RFID and magnetics all contribute towards these trends. Many market segments such as domestic and office appliances, heating, ventilation and air conditioning, lighting, computers and communication, factory automation and drives, traction, automotive and renewable energy benefit from the application of power electronics technology.

Energy and Water Metering – Smart meters not only measure critical parameters such as water flow or energy consumption but also use wireless communication to connect to local or wide area networks allowing for remote location monitoring, remote maintenance and the optimization of resource utilization. The platform works with leading global OEMs.

Water Purification Systems – Emerging markets such as India have a significant challenge in access to clean potable water for domestic consumption. Many households depend on water purification systems for these needs. At the heart of these devices is a control unit that monitors parameters and keeps the purification system working at optimum levels. Syrma SGS has a strong track record of working with OEMs to offer products within the water purification sector.

Clean Energy – Syrma SGS provides critical controls for clean energy systems including controls for tracking systems for one of the global leaders in solar equipment and controls for hybrid power systems. As clean energy is more fully integrated into the global energy mix, the need for Syrma SGS’s control systems is expected to grow.

syrma.com

Headquarters: Hyderabad, Telangana, India
Initial Investment: September 2020
Industry Theme: Environmental Products and Services
Investment Theme: Growth Equity

Company Overview – Founded in 1998, Hyderabad based SeedWorks is among India’s leading companies engaged in breeding, production and marketing of hybrid agricultural seeds. The Company’s product suite includes hybrid rice, cotton, vegetable seeds, millets and mustard seeds. The Company has a strong presence in India and some of the large Southeast Asian markets, as well as a robust portfolio of hybrid seeds due to its strong research capabilities.

Environmental Impact – SeedWorks produces and markets hybrid seeds and contributes to sustainable and climate efficient agriculture, including from an increase in yields, through hybrid seeds leading to better return on investment, an increase in climate resilience, through seeds that are more tolerant to flooding and drought, water optimization, through water-efficient hybrid seeds, higher resistance to pestilence and diseases, and optimized use of agrochemicals.

seedworks.com

Headquarters: Hyderabad, Telangana, India
Initial Investment: September 2021
Industry Theme: Clean Energy Supply Chain
Investment Theme: Growth Equity

Company Overview – Premier Energies Limited (PEL) is the second largest integrated manufacturer of solar photovoltaic cells and modules (in terms of installed capacity) and specialty solar photovoltaic products in India. PEL owns two state-of-the-art manufacturing facilities in Telangana, India with a total annual production capacity of 1,250 MW of solar modules and 750 MW of solar photovoltaic cells. The company is in the midst of expanding its capacity which will increase PEL’s module and cell manufacturing capacity to 2.0 GW each. In addition to manufacturing solar modules cells, the Company also manufactures a variety of other solar products, including pumps and lighting systems, and provides EPC services for the implementation of its products.

Environmental Impact – PEL offers renewable energy systems that have less GHG emissions than fossil fuels thereby, resulting in greater access to reliable clean energy. PEL also contributes to enhanced water availability in remote areas through solar water pumps and facilitates water conservation by preventing evaporation from canals through floating canal top solutions. PEL plays a key role in contributing to India’s vision of meeting the United Nation’s Sustainability Development Goal for clean energy and the environment.

premierenergies.com

Deepali Shinde is an Executive Secretary at South Asia Advisors, a sub-advisor to GEF Capital Partners. She is based in Mumbai, India, and joined South Asia Advisors in 2020. Ms. Shinde is responsible for providing advisory services to clients to facilitate the development.

Before joining South Asia Advisors, Ms. Shinde worked at Multiples Alternate Asset Management Pvt Ltd. While there, Ms. Shinde was responsible for managing executives’ schedule and acting as the point of contact among executives, employees, clients and other external partners.

Ms. Shinde received a Bachelor’s of Communications degree from Mumbai University, and a Master’s in Business Administration from GNIMS.

Raakhee Kulkarni is a Principal, Head of ESG at South Asia Advisors, a sub-advisor to GEF Capital Partners. She is based in Mumbai, India, and joined South Asia Advisors in 2018. At GEF, Ms. Kulkarni is responsible for implementing ESG systems and processes for portfolio companies. Ms. Kulkarni also supports the deal team in identifying potential investment opportunities.

Prior to joining South Asia Advisors, Ms. Kulkarni was a Principal Consultant with ERM India Pvt Ltd. and led the Transaction Services practice. She has expertise over a wide variety of sectors including chemicals, manufacturing, real estate and waste management.

Ms. Kulkarni received a B.S. in Microbiology from Shivaji University, a Masters in Urban Environmental Management from Asian Institute of Technology, Thailand and a Post Graduate Diploma in Environmental Law from National Law School, Bangalore.

Krishnan Ganesan is a Managing Director at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors in 2019. Mr. Ganesan is responsible for sourcing, executing, and managing investments in South Asia. Additionally, he assists in various financial and administrative roles associated with the South Asia investment program.

Prior to joining South Asia Advisors, Mr. Ganesan was Director at Florintree Capital, an India focused alternate asset manager where he was responsible for private equity investments across several sectors and was also responsible for the finance function at the firm. Prior thereto, Mr. Ganesan was Vice President of the India investment team of Wayzata Investment Partners, a US-based private equity firm, and was also a member of the private equity team at ICICI Ventures. Mr. Ganesan has also worked as a strategic consultant for Stern Stewart & Co and as a member of the audit and assurance team at PricewaterhouseCoopers.

Mr. Ganesan received a Bachelor of Commerce from University of Madras, and a Post Graduate Diploma in Management from the Indian Institute of Management, Kozhikode, where he was awarded the Gold Medal for graduating at the top of his class. He is a national rank holding Chartered Accountant and also a Company Secretary.

Prakhar Gupta is a Senior Associate at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors in 2020. Mr. Gupta is responsible for sourcing, structuring, and managing investments in South Asia.

Prior to joining South Asia Advisors, Mr. Gupta was an Assistant Vice-President at Axis Capital where he was responsible for origination and execution of equity capital markets, M&A and private equity advisory transactions within the technology, media and telecom and power sectors. Previously, Mr. Gupta was associated with ZS Associates where he was staffed on consulting assignments for pharmaceutical clients.

Mr. Gupta received a Bachelor of Engineering in Mechanical Engineering from PEC University of Technology, Chandigarh, and a Post Graduate Diploma in Management with a specialization in Finance from SP Jain Institute of Management & Research, Mumbai. He has also earned his Level 3 Chartered Financial Analyst certification.

Headquarters: Gurugram, Haryana, India
Initial Investment: July 2021
Industry Theme: Environmental Products & Services
Investment Theme: Growth Equity

Company Overview – Founded in 2012, 3SC is a supply chain/transportation solutions company that focuses on delivering superior decarbonization solutions in the logistics sector. The Company’s offerings include analytics driven supply chain solutions to customers across various industries including Industrial, Pharma/Healthcare, Fast Moving Consumer Durables (FMCD), Fast Moving Consumer Goods (FMCG) and E-commerce.

Environmental Impact – According to Centre for Climate and Energy Solutions, 15% of the total emission is contributed through transportation. The company contributes to efficient supply chain solutions through advanced analytics resulting in operational efficiency, route and load optimization, and in decarbonization of the supply chain by reducing the emissions of green-house gases (GHG). The Company’s offerings demonstrate a strong case of sustainable supply chain logistics through increasing focus on reduction in transportation miles and load optimized reduction in number of transportation units used in the supply chain.

3scsolution.com

Headquarters: Salt Lake City, Utah, United States
Initial Investment: August 2018
Industry Theme: Clean Energy
Investment Theme: Growth Equity

Company Overview – Bluesource is the leading developer and market maker of carbon credits in North America. Since its founding in 2001, Bluesource has been a pioneer and thought leader when it comes to carbon credit markets, providing advisory services to corporate, government and NGO clients. Bluesource works with clients such as a forestry management company to develop and verify carbon credits associated with sustainable forestry practices and then market and sell those credits across a variety of regulatory and voluntary markets. Bluesource is one of the largest players in the California and Alberta regulatory compliance markets as well as in the rapidly growing voluntary market as blue chip companies take an increasingly prominent role in helping prevent climate change. Other examples of projects that Bluesource develops for environmental attributes include landfill gas, biomass power, mine methane reduction and the destruction of ozone depleting substances.

Environmental Impact – By working with blue chip corporate customers throughout North America to develop, certify and monetize carbon credits, Bluesource plays a critical market role in helping develop and finance these environmentally sustainable practices. Bluesource also works with state and provincial governments as well as NGO’s to develop and fortify their carbon credit protocols and market regulations. As such, since its founding in 2001, Bluesource had a direct role in developing more than 150 million tons of carbon credits as well as many other environmental attributes including federal Renewable Identification Numbers (RIN’s) and California Low Carbon Fuel Standard (LCFS) credits. Bluesource was an early pioneer in the environmental attribute markets dating back to its founding in 2001 and is consistently on the forefront of developing new industry practices and technologies.

Headquarters: Campo Mourão, Brazil
Initial Investment: June 2021
Industry Theme: Agriculture
Investment Theme: Growth Equity

Company Overview – With solid brand recognition, Pro Solus is a nationally recognized provider of solutions focused on planting and spraying of agricultural crops. The company’s products, which are valued for their quality, technical support and usability, while offered at competitive prices, are sold in more than 16 states in Brazil, as well as in Paraguay, Bolivia and Argentina.

Environmental Impact – Pro Solus gives producers access to technologies that minimize environmental impacts through increased productivity and efficient use of agricultural inputs. Its product portfolio includes in-furrow sprayers, planting monitors, application rate controllers and GPS guides, all of which enable greater control by the agricultural producer of the inputs applied and, consequently, reduced waste and pollution.

prosolus.com

Pedro Henrique Caramalac is an Analyst at GEF Capital Partners. He is based in São Paulo, where he is responsible for sourcing and structuring investments in Latin America.

Mr. Caramalac joined GEF Capital Partners in 2020 and he has been responsible for sourcing and analyzing investments in agribusiness and clean energy.

Prior to joining GEF Capital Partners, Mr. Caramalac was an intern at Shift Capital, a growth-oriented manager, where he analyzed several investments in startups.

Mr. Caramalac received a B.S. in Electrical Engineering from Universidade de São Paulo (USP).

Abhishek Loonker is a Principal at South Asia Advisors, a sub-advisor to GEF Capital Partners. Mr. Loonker joined the firm in 2020 and is based in Mumbai, India. He focuses on mid-market growth opportunities in South Asia and is responsible for sourcing, evaluating, and managing investments at the firm.

Mr. Loonker has over 17 years of professional experience in the Indian Private Equity and Venture Capital Industry. Prior to joining GEF Capital, Mr. Loonker spent 16 years at Ascent Capital, a leading Indian mid-market private equity firm and was part of the founding team. While there, he was involved in raising and managing three funds and worked on a number of investments across multiple sectors, including BigBasket.com, National Stock Exchange, RBL Bank, Cure Fit and GMR Energy. Previously, he worked as a Project manager with JGI Ventures where he consulted with several start-ups firms.

Mr. Loonker serves on the board of Concord Enviro Systems, a Global Environment Fund portfolio company. He also serves as a Director on the board of the CFA Society – India.

Mr. Loonker received an MBA from MATS School of Business where he was a gold medalist and a Bachelor in Business Administration from HL College, Gujarat University. He has also completed an executive education program in Corporate restructuring and M&A from Harvard Business School. Mr. Loonker is a CFA charterholder and has been recognized as a ‘40 under 40’ in the Alternative Investment industry by AIWMI & IAAIF.

Dhiman Chakraborty is a Vice President, ESG at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors in 2021. Mr. Chakraborty is responsible for environmental and social action plan implementation support across portfolio companies, including data collection and measurement as well as reporting of impact indicators.

Prior to joining South Asia Advisors, Mr. Chakraborty was a Principal Consultant with ERM India Pvt Ltd. He was a senior member of the Transaction and the Performance and Assurance services teams. He has developed expertise in a wide variety of sectors including Chemicals, Pharmaceuticals, Renewables (solar), Oil and Gas and Manufacturing, and earned several Global Recognition Awards while at ERM. Prior to joining ERM, Mr. Chakraborty was an Assistant Manager at PwC PL in their Responsible Business Advisory Services.

Mr. Chakraborty received a Bachelor of Technology in Industrial Bio-Technology from Dr MGR University and a Masters in Technology in Environmental Engineering from the Indian Institute of Technology, Bombay. He also received a Diploma in Industrial Safety from the National Institute of Labour Education and Management, Chennai. He is proficient in English, Hindi and Bengali.

Catherine Lien is a Vice President at GEF Capital Partners. She is based in Washington, D.C. and joined GEF Capital Partners in 2021. Ms. Lien is responsible for sourcing, structuring, and monitoring investments in North America.

Prior to joining GEF Capital, Ms. Lien worked at impact investment firm, Impact Engine, and private equity investment firm, McNally Capital. She has over a decade of experience sourcing and executing private equity, venture capital, and growth equity transactions as well as working closely with management teams and Boards on strategic initiatives.

Ms. Lien graduated with dual degrees, a B.S. in Finance and B.S. in Accountancy from the University of Illinois at Urbana-Champaign.

Kshitij Sharma is a Senior Associate at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors in 2018. Mr. Sharma is responsible for sourcing, executing, and assisting in the investment program in South Asia.

Prior to joining South Asia Advisors, Mr. Sharma was an Associate in the Investment Banking team at Kotak Mahindra Bank, where he worked on M&A, Fundraise transactions in the Technology space. Previously, Mr. Sharma worked with Honda Cars, India in their Parts Quality division.

Mr. Sharma received a Bachelor of Production and Industrial Engineering from NIT Bhopal and an MBA from IIM Calcutta.

Tiago Gomes is a Vice President and Head of ESG for Latin America. He is based in São Paulo and joined GEF Capital Partners in 2019. Mr. Gomes is responsible for sourcing, structuring and monitoring investments, and for developing and integrating ESG and impact diligence throughout the investment cycle, identifying risks, and then guiding the portfolio companies towards ESG transformation.

Prior to joining GEF Capital Partners, Mr. Tiago was an Associate Director at Standard Chartered Bank in the Project Finance division in New York and Singapore, where he co-led investments in the infrastructure and energy sectors. Prior to joining Standard Chartered Bank, Mr. Gomes worked as a Private Equity analyst at São Paulo-based Patria Investimentos, where he specialized in healthcare investing.

Mr. Gomes received a B.A. in Business Administration from Fundação Getulio Vargas (FGV-EAESP) and an MBA from the University of Chicago.

David Hong is a Vice President at GEF Capital Partners. He is based in Washington, D.C., and joined GEF Capital Partners in 2019. Mr. Hong is responsible for sourcing, and structuring investments in North America.

Prior to joining GEF Capital, Mr. Hong was part of the finance team at EIG Global Energy Partners (“EIG”), one of the leading providers of institutional capital to the global energy industry. At EIG, he oversaw the operations of some of EIG’s flagship funds as well as a European clean energy fund with $4bn+ assets under management. Prior to EIG, he worked as a fund accountant at ACON Investments and as a tax associate at KPMG, where he provided tax services for a private equity client with $1bn+ assets under management.

Mr. Hong received a BBA and Master’s in Accounting from the College of William and Mary as well as an MBA from Georgetown University.

Headquarters: Charleston, South Carolina, United States
Initial Investment: August 2020
Industry Theme: Water and Energy Efficiency
Investment Theme: Buyout and Growth Equity

Company Overview – EnviroMix is an innovator in the wastewater industry. Its proprietary and patented product, BioMix, uses compressed gas to mix wastewater in an anoxic tank using less energy than other traditional mechanical mixing systems. The Company primarily targets municipal wastewater treatment plants, industrial water treatment plants and biogas digesters in the U.S. The Company also developed BioCycle, an energy-savings solution that uses BioMix in the aeration process.

Environmental Impact – Wastewater treatment plants account for 2.0% of U.S. energy consumption. Mechanical mixers and aerators consume ~50% of a plant’s total energy (~1% of total U.S. consumption). BioMix allows wastewater treatment plants to reduce their energy consumption by as much as 60-80% in the mixing section of the plant, while Biocycle allows wastewater treatment plants to reduce energy consumption in the aeration portion of the plant by ~50%. In addition, improved mixing technology results in the ability to treat higher volumes of water at a lower cost, with improved mixing and discharge results. Removing pollutants from effluent is critical for healthy waterways. EnviroMix provides a valuable solution for wastewater treatment plants to meet tightening standards with regards to the treated water they release into waterways.

enviro-mix.com

Headquarters: Everett, Washington, United States
Initial Investment: September 2020
Industry Theme: Waste
Investment Theme: Buyout and Growth Equity

Company Overview – Pacific TopSoils is a leading bark, mulch and soil producer in the Pacific Northwest with sourcing, composting and retail capabilities at eight sites throughout Seattle and its suburbs. The Company focuses on bulk sales to landscapers, commercial/residential customers, and construction sites through its retail sites or by delivery. The company also provides convenience to green waste owners through waste drop-off and product pickup which makes it a logical choice for landscapers throughout the region.

Environmental Impact –Similar to Gro-Well, Pacific Topsoils diverts organic waste material out of landfills each year. This has direct climate benefits since not only a significant amount of methane and carbon emissions are avoided by keeping this material out of landfills, but Pacific Topsoils products also promote plant growth and additional carbon sequestration. The company’s array of soils and mulches help replenish depleted soil bacteria and microbes, encouraging vegetation growth, ecological sustainability, and directly removing harmful gases from the air.

pacifictopsoils.com

Thomas Wilder is an Associate at GEF Capital Partners. He is based in Washington D.C. and joined GEF Capital Partners in 2020. Mr. Wilder is responsible for sourcing and structuring investments in North America.

Prior to joining GEF Capital, Mr. Wilder was an engineer at Chevron where he helped oversee the drilling and completion processes in the Permian Basin. After Chevron, Thomas worked with multiple start-ups in various energy sub-sectors including geothermal, solar, and EV charging.

Mr. Wilder received a B.S. in Mechanical Engineering, with honors, from Tuskegee University as well as an MBA from the Massachusetts Institute of Technology.

Sakshi Bansal is an Associate at South Asia Advisors, a sub-advisor to GEF Capital Partners. She is based in Mumbai, India and joined South Asia Advisors in 2020. Ms. Bansal is responsible for sourcing, executing and assisting in the investment program in South Asia.

Prior to joining South Asia Advisors, Ms. Bansal was an Assistant Manager in the Investment Banking team at Edelweiss Financial Services. Previously, Ms. Bansal was an Analyst in the Investment Banking division at HSBC.

Ms. Bansal received a Bachelor of Technology degree in Polymer Science and Chemical Technology from Delhi Technological University, and an MBA from IIM Kozhikode.

Robert Hurley is the Chief Financial Officer of GEF Capital Partners. He is based in Washington, D.C., and joined GEF Capital Partners in 2019. Mr. Hurley is responsible for various tax, financial, organizational and regulatory matters, and also oversees certain key vendors.

Prior to joining GEF Capital Partners in 2019, Mr. Hurley was the Chief Financial Officer of EJF Capital, an employee-owned alternative asset manager with approximately $10 billion of assets under management. At EJF Capital, Mr. Hurley was a partner, executive and valuation committee member. He organized and structured the company from start up to $10 billion ($7 billion of hedge and PE funds and approximately $3 billion of securitized assets) and played a key role in taking a company public on the Luxembourg exchange. He also oversaw the financial, regulatory and tax reporting at EJF. Prior to joining EJF Capital in 2005, Mr. Hurley was the Chief Financial Officer at a division of Citigroup which managed over $40 billion in assets. At Citigroup, Mr. Hurley oversaw the financial reporting and operations of 2,200 branches in North America. He drove key M&A and business integrations for the company as well, including the $4 billion purchase of Washington Mutual Finance Corporation and Integrated Associates Financial Corporation.

Mr. Hurley received a B.S. in Accounting from the University of Dayton, and an MBA in Finance from DePaul University.

Tiago Gomes is a Vice President and Head of ESG for Latin America. He is based in São Paulo and joined GEF Capital Partners in 2019. Mr. Gomes is responsible for sourcing, structuring and monitoring investments, and for developing and integrating ESG and impact diligence throughout the investment cycle, identifying risks, and then guiding the portfolio companies towards ESG transformation.

Prior to joining GEF Capital Partners, Mr. Tiago was an Associate Director at Standard Chartered Bank in the Project Finance division in New York and Singapore, where he co-led investments in the infrastructure and energy sectors. Prior to joining Standard Chartered Bank, Mr. Gomes worked as a Private Equity analyst at São Paulo-based Patria Investimentos, where he was specialized in healthcare investing.

Mr. Gomes received a B.A. in Business Administration from Fundação Getulio Vargas (FGV-EAESP) and an MBA from the University of Chicago.

Daniel Prawda is a Founding Partner of GEF Capital Partners and co-head of the U.S. investment practice. He is based in Washington, D.C. where he focuses on lower middle-market growth equity opportunities in North America.

Mr. Prawda joined Global Environment Fund as a Managing Director in 2016 before founding GEF Capital Partners. While at Global Environment Fund, Mr. Prawda led an investment in Gro-Well Brands.

Prior to joining Global Environment Fund, Mr. Prawda served as an investment professional with ACON Investments, where he spent 14 years sourcing and executing private equity investments in the United States and Latin America. Transactions included Fairway Outdoor and Magic Media in the US media/advertising space, SAE Towers and idX Corporation in the global manufacturing space, ProEnergy Services and APR Energy in the global power services sector and Grupo Sala, one of the leading waste management companies in Colombia. Prior to joining ACON Investments, Mr. Prawda worked with the Latin America Corporate Finance Group at JP Morgan Chase, where he was responsible for various corporate debt offerings in Mexico and Brazil.

Mr. Prawda currently serves on the board of directors of Gro-Well Brands, Inc., Bluesource, LLC and EnviroMix, Inc.

Mr. Prawda received a B.A. in Economics and International Relations from Tufts University.

Stuart Barkoff is a Founding Partner of GEF Capital Partners and co-head of the U.S. investment practice. He is based in Washington, D.C. where he focuses on lower middle-market growth equity opportunities in North America.

Mr. Barkoff joined Global Environment Fund as a Managing Director in 2008 before founding GEF Capital Partners in 2018. While at Global Environment Fund, Mr. Barkoff assumed increasing duties and responsibilities, including serving as the General Counsel of Global Environment Fund beginning in 2011 and serving as Chief Operating Officer beginning in 2017. During this period, Mr. Barkoff oversaw a number of the firm’s investments, including most recently the sale of Aurora Flight Sciences to Boeing.

Prior to joining Global Environment Fund, Mr. Barkoff was an attorney with Arnold & Porter LLP, an international law firm based in Washington, D.C., where he worked principally with private equity and venture capital funds, and their portfolio companies, on a wide variety of acquisitions and investments. At Arnold & Porter, Mr. Barkoff advised Global Environment Fund as legal counsel on many of its U.S. investments.

Mr. Barkoff currently serves on the board of directors of Gro-Well Brands, Inc., Bluesource, LLC and EnviroMix, Inc. He also serves as the Chief Compliance Officer for GEF Capital Partners.

Mr. Barkoff received an A.B. in English from Vassar College as well as a JD and an MBA from Emory University.

Headquarters: São Paulo, Brazil
Initial Investment: July 2019
Industry Theme: Energy Efficiency
Investment Theme: Buyout and Growth Equity

Company Overview – Unicoba is a leading energy storage solutions provider, primarily focused on Lead-Acid Batteries (Pb Batteries) and Lithium-Ion Batteries (Li Batteries). Currently with one of the largest market shares in the sector, Unicoba’s main strength and focus has been their distribution channels. Today, the company has substantial market share in stationary storage solutions for the telecom industry. In addition, it is uniquely positioned to take advantage of new and growing energy storage segment in Brazil, combining market experience and manufacturing expertise on a technology-agnostic basis. The Company has 900 employees.

Environmental Impact – Unicoba through its energy storage solutions, reduces hazardous waste disposal, as new Lithium-ion batteries can last up to 10 years as opposed to current battery technologies, which typically last for only three years. It also improves the overall efficiency of the power grid, as storage accelerates the broader adoption of renewable energy. This reduces the use of diesel-powered backups, which produce more pollutants than Unicoba’s energy storage solutions.

Headquarters: Nashik, Maharashtra, India
Initial Investment: June 2018
Industry Theme: Energy Efficiency
Investment Theme: Growth Equity

Company Overview – Founded in 2005, ESDS is one of the leading Indian providers of managed data centre and cloud hosting solutions. The company has expertise in managed data centre (DC) services, patented auto-scalable cloud solutions and disaster recovery hosting across platforms and applications. The Company holds patents (both in US and UK) for its automated vertical scaling technology that allows significant increase in DC resource utilization with no down time. The Company has strong presence across industry verticals like banking & finance, IT&ITES, telecom, healthcare, education, energy & utilities, manufacturing, travel & tourism and others.

Environmental Impact – Data centres today consume ~3% of global energy consumption. With over 50 billion devices to be connected by 2020 and 100 billion by 2025, data centres are expected to become one of the biggest energy consumers. ESDS, through its patented automatic vertical scaling technology, helps reduce usage of compute resources (CPU, RAM) by 20-50% without impacting the consumer experience.

esds.co.in

Headquarters: Mumbai, Maharashtra, India
Initial Investment: November 2019
Industry Theme: Water
Investment Theme: Growth Equity

Company Overview – Founded in 1987, Prince Pipes is a leading manufacturer and distributor of water pipes & fittings in India. Company is well poised to serve and ride on the several institutional initiatives towards piped water supply, sewage, rain-water harvesting etc. The Company has a diverse product portfolio of UPVC, CPVC, PPR pipes and fittings and has recently added HDPE pipes to its product line. The Company’s products are used for plumbing, irrigation and sewage works.

Environmental Impact – Water Conservation is core to the Company’s business. The Company’s products can be used for non-pressure underground sewage, drainage and cross drainage purposes. Rainwater harvesting as a means of water conservation is increasingly gaining momentum and storage of rainwater (through proper piping) therefore becomes imperative. Company’s products have reduced chances of leakage and maintenance issues, supporting water conservation far better than any civil construction.

princepipes.com

Headquarters: Curitiba, Brazil
Initial Investment: December 2015

Exit date: February 2020
Industry Theme: Sustainable housing
Investment Theme: Growth Equity

EXITED

Company Overview – Tecverde is an innovative homebuilder located in Curitiba, Brazil. The Company has developed a modular and industrialized construction system for the Brazilian market that can build 80% of a home in a factory setting. The modular wall panels are then shipped to the site for final assembly. The system allows Tecverde to build a home or apartment 3x faster and at a 5-10% lower cost. The units also deliver much better thermal and acoustic comfort.

Environmental Impact – Beyond time and cost, Tecverde’s innovative system delivers significant positive environmental impact through the reduction of waste generation (85%), carbon emissions (80%) and water consumption (90%) when compared with traditional construction. Further, as Tecverde’s main sector of focus in Brazil is low-income housing, it also helps to reduce the country’s housing deficit.

tecverde.com.br

Headquarters: Cajamar, Brazil
Initial Investment: May 2016

Exit date: December 2019
Industry Theme: Logistics
Investment Theme: Buyout and Growth Equity

EXITED

Company Overview – AGV FMCG is a market-leading, asset-light third party logistic (“3PL”) solution provider with integrated warehousing and transportation solutions, primarily for fast-moving consumer goods (FMCG) industries. The company is located in Cajamar, Brazil (approximately 20 miles from Sao Paulo) and operates throughout Brazil with more than 1,100 employees present in 4000+ cities and more than 20.000 drop-off locations. The company has been officially spun-out from AGV Logística effective October 2017.

Environmental Impact – AGV FMCG delivery model is based on agility, flexibility and customization, and in addition to that, increases efficiency by reducing fuel consumption and therefore carbon emissions through its Full Truckload (FTL) freight model.

Headquarters: Vinhedo, Brazil
Initial Investment: May 2016
Exit date: December 2019

Industry Theme: Logistics
Investment Theme: Buyout and Growth Equity

EXITED

Company Overview – AGV Health & Nutrition is a market-leading, asset-light third-party logistic solution provider with integrated warehousing and transportation solutions, primarily for animal and human health. The company is located in Vinhedo, Brazil (approximately 50 miles from São Paulo) and operates throughout Brazil with more than 1,200 employees. AGV is uniquely positioned in the health logistics sector, with 90% market share in outbound logistics in animal health, and the third largest supply chain services provider in the human health segment. Its network density provides most efficient and cost-effective service for deliveries nationwide.

Environmental Impact – AGV Health & Nutrition supports a more efficient protein supply chain and contributes to healthier foods by ensuring effective delivery of key vaccines and medicines to farmers in all regions of Brazil. The less than truckload (LTL) to full truckload (FTL) freight consolidation nationwide removes trucks from road and together with an efficient fleet management, which follows strict norms of temperature and safety, reduces CO2 emissions.

Headquarters: São Paulo, Brazil
Initial Investment: May 2017
Industry Theme: Energy efficiency
Investment Theme: Growth Equity

Company Overview – Luminae is a leading efficient lighting solutions provider focused primarily on commercial and industrial (B2B) sectors in Brazil. The company is vertically integrated and delivers a one-stop shop solution: site audit, customized project design, assembly of LED lamps, manufacturing of luminaires, automation and installation services. Luminae has a strong track record and reputation in the supermarket (food retail) sector where it serves 70 of the top 100 food retails chains in Brazil, with projects delivered to over 3000 stores in more than 22 states.

Environmental Impact – Luminae’s solutions can provide up to 80% reduction in energy consumption with up to 200% in lighting improvement, a combination which can deliver up to 1000% efficiency gains to clients. Over the last 10 years Luminae has helped its clients to save more than 1,000,000 MWh of energy.

luminae.com.br

Alipt Sharma is a Managing Director at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors upon the inception of GEF Capital Partners in 2018. Mr. Sharma is responsible for sourcing, structuring and managing investments in South Asia.

Before joining South Asia Advisors, Mr. Sharma worked at Global Environment Fund, which he joined in 2010. While there, Mr. Sharma was responsible for assisting in the oversight of a number of portfolio company investments, including Integrated Cleanroom Technologies, Rishabh Instruments, Concord Enviro and Kalkitech.

Prior to joining Global Environment Fund, Mr. Sharma was a member of the investment team at AMP Capital Investors (AMP) in India, where he was responsible for identifying, analyzing, and managing Indian infrastructure opportunities. Prior to joining AMP, Mr. Sharma was an Associate Vice President with Ambit Corporate Finance, a leading Indian investment bank, where he focused on acquisitions and private equity transactions while assisting in the expansion of its capital markets practice. Mr. Sharma also spent seven years with Arthur Andersen and Ernst & Young, leading teams on consulting assignments for companies in the power and telecommunications sectors.

Mr. Sharma received a B.A. in Economics from Shri Ram College of Commerce, Delhi University, and an MBA from the Indian School of Business. He is also a Chartered Accountant. He is proficient in English and Hindi.

Raj Pai is a Founding Partner of GEF Capital Partners and co-head of the South Asia investment practice. He is based in Mumbai, India where he focuses on middle market growth equity opportunities in South Asia.

Mr. Pai joined Global Environment Fund as a Managing Director in 2008 before founding GEF Capital Partners in 2018. While at Global Environment Fund, Mr. Pai worked across multiple portfolios and was involved in the establishment of the South Asia investment program. In addition to overseeing guidance and operations of the South Asia program, including as ESG coordinator, Mr. Pai served as the nominee representative for several portfolio companies, including IEX (exited via IPO in 2017), iClean (sold to Takasago Thermal, Tokyo) and others. He participated in the exit of Reva Electric Car to Mahindra Electric.

Mr. Pai has over 23 years of professional experience spanning entrepreneurial, operational and venture investing activities in India and in the US. Prior to joining Global Environment Fund, Mr. Pai was a Managing Director at CID Capital, a 30-year old growth equity investment firm investing growth and expansion stage capital in the US. During this period, Mr. Pai oversaw and/or worked on a number of the firm’s investments, leading efforts in technology, life sciences and clean technology. Prior to CID, Mr. Pai worked in consulting and in operational capacities for various Fortune 1000 technology companies globally, including American Management Systems (AMS), British Telecom and AT&T.

Mr. Pai currently serves on the board of directors of ESDS, Inc. and is also the nominee representative for Global Environment Fund for Concord Enviro, Rishabh Instruments and Prince Pipes.

Mr. Pai received a B.S. in Computer Engineering from the University of Bombay, a Master of Computer Science from Arizona State University and an MBA from the University of Chicago. He is a dual US–India citizen and speaks three native Indian languages as well as English.

Timm Hwang is an Associate at GEF Capital Partners. He is based in Washington, D.C., and joined GEF Capital Partners in 2019. Mr. Hwang is responsible for sourcing, structuring, and executing investments in North America.

Prior to joining GEF Capital, Mr. Hwang was a part of KPMG’s Audit & Assurance practice, leading financial statement and internal control audits for publicly traded and high-profile institutions in the clean energy, environmental, and financial services sectors. While completing his MBA, Mr. Hwang held roles at Amazon as part of their Finance Leadership Development Program and a regional boutique M&A advisory firm.

Mr. Hwang received his B.S. in Accounting and Information Systems from Virginia Tech and an MBA from Georgetown University.

Headquarters: Phoenix, Arizona, United States
Initial Investment: June 2017
Industry Theme: Waste
Investment Theme: Buyout and Growth Equity

Company Overview – Gro-Well is one of the largest green waste recycling companies in the Southwestern United States. The Company manufactures and sells soils, mulch, compost and other organic lawn and garden products to big box retailers as well as independent garden centers throughout the Western United States. From its eight plants strategically located throughout the Southwest, Gro-Well accepts sawmill waste and residue, as well as green waste and farm waste, to compost and manufacture its products. Gro-Well sells its products using a number of well-recognized brands including Nature’s Way, Arizona’s Best, Garden Time, Gro-Well and others.

Environmental Impact – By giving various waste streams a second life as consumer products, Gro-Well is able to divert approximately 320,000 tons of organic waste material out of landfills each year. This has direct climate benefits since not only a significant amount of methane and carbon emissions are avoided by keeping this material out of landfills, but Gro-Well products also promote plant growth and additional carbon sequestration. Gro-Well’s mulch products help retain rainwater in drought stricken areas of the Southwest, and more importantly lead to reduced usage of water resources by displacing more water-intensive garden landscapes such as grass lawns.

gro-well.com

Alexandre Alvim is a Founding Partner of GEF Capital Partners and co-head of the Latin America investment practice. He is based in São Paulo, Brazil where he focuses on middle-market growth equity opportunities in South America.

Mr. Alvim joined Global Environment Fund in 2015 as a Managing Director before founding GEF Capital Partners in 2018. While at Global Environment Fund, Mr. Alvim led investments in Tecverde, Luminae and ENC Brasil.

Mr. Alvim has over 20 years of experience as an investor, board member and executive with various private equity-backed portfolio companies primarily in the renewable energy, environmental services and technology sectors. Prior to joining Global Environment Fund, Mr. Alvim was Executive Director of Energy and Business Development with Estre Ambiental (Nasdaq: ESTR), Brazil’s largest environmental services company, where he led its waste-to-energy and recycling businesses. Prior to Estre, he co-founded and served as Managing Partner of Greentech Capital, a venture capital firm in the clean tech and renewable energy sectors. Mr. Alvim has also served as the CEO of Inova International, a Darby Private Equity investment in the Internet sector and as Executive Vice President of Embratel, one of Brazil’s largest telecom operators. Mr. Alvim started his career as a consultant at Accenture.

Mr. Alvim currently serves on the board of ENC Brasil, Luminae and Tecverde.

Mr. Alvim received a B.S. in Electrical Engineering from Universidade Estadual de Campinas (UNICAMP) and an MBA from the Kellogg School of Management at Northwestern University. He has also completed the CEAG course at Fundação Getulio Vargas (FGV-EAESP).

Paula Torre is an Office Manager at GEF Capital Partners. She is based in São Paulo.

Prior to joining GEF Capital Partners, Ms. Torre worked at Global Environment Fund, where she served in a similar role.

Prior to joining Global Environment Fund, Ms. Torre was part of an administrative team at Rioforte Investimentos, a non-financial holding of Espírito Santo Group, a Portuguese company with investments in throughout the world.

Ms. Torre received a B.A. in Business Administration from Universidade Ibero Americana in São Paulo and has a postgraduate degree in Business Management from FAAP – Fundação Armando Alvares Penteado in São Paulo.

Aditya Arora is a Principal at South Asia Advisors, a sub-advisor to GEF Capital Partners. He is based in Mumbai, India, and joined South Asia Advisors upon the inception of GEF Capital Partners in 2018. Mr. Arora is responsible for sourcing, executing, and managing investments in South Asia.

Before joining South Asia Advisors, Mr. Arora worked at Global Environment Fund, which he joined in 2015. While there, he dedicated his time to a number of portfolio company investments, including Concord Enviro, Shakti Pumps and Kalkitech.

Prior to joining Global Environment Fund, Mr. Arora was an Investment Manager with Navis Capital, a South/Southeast Asia-focused private and public equity firm with $5.0 billion in assets under management. At Navis, Mr. Arora was responsible for sourcing, structuring, managing, and exiting investments. Prior to Navis, Mr. Arora was a member of the investment banking team of JM Financial, one of India’s leading investment banks, executing transactions in the consumer, healthcare and infrastructure sectors.

Mr. Arora received his Bachelor of Commerce from the University of Calcutta and an MBA from Indian School of Business, Hyderabad. He is also a Chartered Accountant and is proficient in English, Hindi and Bengali.

Anibal Wadih is a Founding Partner of GEF Capital Partners and co-head of the Latin America investment practice. He is based in São Paulo, Brazil, where he focuses on middle-market growth equity opportunities in South America.

Mr. Wadih joined Global Environment Fund in 2014 as a Managing Director. While at Global Environment Fund, Mr. Wadih led an investment in AGV.

Prior to joining Global Environment Fund, Mr. Wadih worked at Canepa Management, where he was responsible for direct investments and business development throughout Latin America. Before joining Canepa Management, Mr. Wadih was a Managing Director with Macquarie Capital, where he led a private capital merchant banking team investing in Latin America with a focus on the infrastructure and agribusiness sectors. While at Macquarie, he participated in a wide range of private equity transactions as well as the development of private equity and mezzanine fund platforms for the region. Prior to joining Macquarie, Mr. Wadih served as a senior member of the M&A group with Deutsche Bank in Latin America, focusing on financial sponsors.

Mr. Wadih currently serves on the board of directors of AGV, Tecverde and Unicoba, and also serves on the board of directors of Neogás do Brasil, a Global Environment Fund portfolio company.

Mr. Wadih received a B.S. in Electrical Engineering (BSEE) from Universidad Simón Bolívar (Venezuela), a Master’s in Finance from IESA (Venezuela), and an MBA from the Stern School of Business at New York University.

Sridhar Narayan is a Founding Partner of GEF Capital Partners and co-head of the South Asia investment practice. He is based in Mumbai, India where he focuses on middle market growth equity opportunities in South Asia.

Mr. Narayan joined Global Environment Fund as a Managing Director in 2012 before founding GEF Capital Partners in 2018. While at Global Environment Fund, Mr. Narayan was involved in investments in renewable energy and energy efficiency related businesses. He was also responsible for providing overall guidance to the South Asia investment program of Global Environment Fund. He served on the Board of ReNew Power Limited and Shakti Pumps Limited and was actively engaged in managing and exiting an investment in Greenko.

Mr. Narayan has over 23 years of experience investing in Indian public and private markets. Prior to joining Global Environment Fund, Mr. Narayan worked for JRE Partners in Mumbai, where he led minority, growth capital investments in a variety of rapidly advancing sectors within India. Prior to JRE Partners, he served as Vice President of Direct Investments (India) for American International Group (AIG). While there, he invested both the proprietary capital of AIG and third party private equity funds managed by AIG. He began his career with Zurich Asset Management India/ITC Threadneedle AMC India as the Head of Fixed Income, responsible for the portfolio management, trading, fixed income research, and the monthly communications to investors.

Mr. Narayan currently serves on the board of directors of Shakti Pumps Limited, a portfolio company of Global Environment Fund.

Mr. Narayan holds a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology BHU (IIT-BHU) and a Post Graduate Diploma in Management from the Indian Institute of Management Bangalore.

Curitiba, Brazil
Initial Investment: December 2015

Tecverde is an innovative homebuilder located in Curitiba, Brazil that utilizes a construction system developed specifically for the Brazilian market. This unique system allows for approximately two-thirds of a home to be fabricated in an automated factory and completed with the installation of wall panels during final assembly at the home site. Tecverde’s wood-frame system delivers increased efficiency to the home construction industry by significantly reducing construction time, materials, carbon emissions and cost.

tecverde.com.br

Impact Thinking: Sustainability and ESG in Brazil

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