DCB is a modern, emerging new generation private sector bank in India. DCB offers a variety of products targeting underserved micro, small and medium-sized enterprises. At the time of WCP’s final exit, DCB had a pan-India presence, with over 40% of its branch network in semi-urban and rural areas.
WCP provided growth capital to DCB in two tranches in 2012. DCB had more than doubled its balance sheet and significantly improved its profitability during WCP’s holding period. WCP fully realized this investment through a series of capital markets transactions between 2015 – 2017.
Meritum is a new generation bank in Poland focused on underserved consumers and micro-enterprises. Meritum employs an innovative, technology-centric and capital-light business model with loan distribution conducted primarily through third party financial intermediaries and a network of franchise branches. The bank is funded almost entirely by retail deposits mobilized through the online channel.
WCP and other leading investors made an initial investment in the company in 2011, and have subsequently supported the business as it grew to have the highest return on equity in the Polish banking system in the first half of 2014. Alior Bank later acquired Meritum for a combination of cash and stock in 2015, resulting in a partial exit for WCP. WCP has partially exited its interest in Alior Bank through a series of capital markets transactions.
Status: Partially Realized
Daycoval is a leading middle market bank in Brazil, focused on underserved small and medium-sized enterprises. It has a strong franchise, resilient business model and seasoned management team.
In 2009, WCP and other reputed investors backed Daycoval through an innovative investment structure. WCP had partially realized this investment through a series of transactions, including capital markets exits, in 2010, 2012 and 2013 and fully realized its investment in 2016.
Repco is a leading housing finance company in India with a strong regional presence and brand. It has a differentiated, low-cost and scalable business model which targets underserved, lower middle class (salaried and self-employed) customers in semi-urban cities.
WCP invested in Repco in 2012 in a transaction which helped validate Repco’s business model, management and IPO prospects. Repco completed one of 3 successful IPOs in India in 2013. WCP exited this investment through the capital markets in 2014.
Ujjivan was amongst the largest microfinance institutions (MFI) in India when it converted into a Small Finance Bank (“SFB”) and provided inclusive financial services to over 3 million economically active urban poor women and micro-enterprises across India at the time of WCP’s exit. Ujjivan has one of the widest distribution networks of any SFB in the country and is a market leader in product innovation and distribution.
WCP led a financing round in 2012 that nearly doubled the company’s equity base. Ujjivan delivered outstanding commercial and social returns since WCP’s investment. WCP partially exited this investment to a financial investor in 2015. In 2016, WCP sold its remaining stake in one of the most successful IPOs of the year that was 40x oversubscribed.
BTG Pactual Group is an investment bank and asset and wealth manager with a dominant franchise in Brazil, and operates a successful international investment and distribution platform.
WCP and other reputed investors backed BTG in 2011. BTG successfully completed its initial public offering in April 2012, resulting in a partial liquidity event for WCP. WCP fully exited its investment through the capital markets in 2013.
The Moscow Exchange (MOEX) is Russia’s national exchange and enables trading across a diverse range of financial products. The exchange was created by the 2011 merger of Russia’s leading securities exchange (MICEX) and derivatives exchange (RTS), to create a national champion. MOEX has a profitable, scalable, resilient and vertically-integrated business model.
WCP invested in MOEX in 2012. MOEX successfully completed its initial public offering in 2013, thereby helping to further improve its governance and transparency, while providing WCP with a clear path to liquidity. WCP has partially exited its investment in MOEX through a series of capital markets transactions.
Status: Partially Realized
NSE is the dominant equities exchange in India, and is one of the leading equity derivatives exchanges in the world. Its market-leading position is driven by its advanced trading platform, corporate structure, top-tier management and product offerings. NSE pioneered electronic trading in India and was also India’s first demutualized exchange. It is vertically integrated with trading, clearing, settlement and depository operations all within its group structure.
WCP invested in NSE in 2013.
Fabindia is a leading Indian retailer of fashionable ethnic garments and lifestyle concepts in home furnishings, organic food, and body care. It links over 55,000 rural artisans/MSMEs to modern urban markets, thereby creating a base for skilled, sustainable rural employment, and preserving India's traditional handicrafts in the process. Fabindia’s innovative business model promotes financial inclusion by enabling its artisans/MSME suppliers to build equity value in their supply chain.
In 2008, WCP became the first institutional investor in Fabindia and supported a successful expansion plan. WCP completed a successful sale of its stake to a financial investor in 2012.
ODB Agro, formerly known as Brenco, is an ethanol producer in Brazil.
WCP initially invested in Brenco in 2008 alongside a consortium of highly regarded investors to create Brazil’s largest bio-ethanol company. Brenco merged with ETH Bioenergia S.A. and renamed ETH Bioenergia S.A. in April 2010. The Company changed its name to Odebrecht Agroindustrial in February 2013.
OPX has developed propriety technology to produce economic, bio-based chemicals. Its technology platform enables faster, more efficient development of bioprocesses using a variety of feedstocks.
WCP invested in a growth capital round for OPX in 2011. In 2015, Cargill acquired OPX’s proprietary fermentation-based processes and systems.