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Building Bridges Between Impact Investing and Reproductive Health

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Building Bridges Between Impact Investing and Reproductive Health Building Bridges between Impact Investing and Reproductive Health Deliverable #4: Dossier of Investors and Estimated Investment Appetite AGREEMENT NO. NOD.1841-823544-GRT Submitted to the Reproductive Health Supplies Coalition (RHSC) September 18, 2015 FINANCING FOR DEVELOPMENT (F4D) | 1001 G STREET NW, SUITE 800, WASHINGTON DC 20001 Table of Contents Executive Summary .................................................................................................................................... 4 Review of Purpose ...................................................................................................................................... 5 Methodology................................................................................................................................................ 6 Estimated Reproductive Health Investment Appetite................................................................................. 6 Dossier of Investors .................................................................................................................................... 8 Investor Interest in Reproductive Health Manufacturers ............................................................................ 8 Reproductive Health Manufacturers’ Interest in Investment .................................................................... 12 Investment Opportunities Identified During Project .................................................................................. 14 Building Bridges to Impact Investing ........................................................................................................ 16 Impact Investing Segmentation: Geography and Sector ...................................................................... 16 Types of Impact Investors ..................................................................................................................... 17 Risk and Return: The Role of Blended Finance ................................................................................... 19 Conclusion ................................................................................................................................................ 20 Boxes Box 1: Famy Care Investment from AIF Capital and Acquisition by Mylan ............................................... 7 Box 2: Packard Foundation Program-Related Investment to Afaxys ........................................................ 7 Box 3: Investment Opportunities Identified during Project ....................................................................... 15 Box 4: Concentration Risk ........................................................................................................................ 19 Charts Chart 1: F4D Survey: Have you previously invested in any health-related impact investments in emerging markets? ..................................................................................................................................... 9 Chart 2: F4D Survey: Impact Investments in Emerging Markets Health Care: Last Year & Next Year.. 10 Chart 3: F4D Survey: Do You Invest in Reproductive Health Care? ....................................................... 10 Chart 4: F4D Survey: Do you think investing in generic emerging markets contraceptives’ manufacturers would create social impact? ............................................................................................. 11 Chart 5: F4D Survey: Do you invest in SME? .......................................................................................... 11 Chart 6: F4D Survey: How have you funded your company’s growth to date? ....................................... 12 Chart 7: Diagram of Contraceptives Manufacturing as Part of Impact Investing Sectors ....................... 17 Tables Table 1: Potential Uses of Impact Investment in Emerging Markets Generic Contraceptives Manufacturing ........................................................................................................................................... 13 2 Annexes Annex 1: List of Acronyms ........................................................................................................................ 22 Annex 2: Individuals and Organizations Consulted by Interview or Survey ............................................ 24 Annex 3: Sources Cited ............................................................................................................................ 25 Annex 4: Examples of Investments in Health or Reproductive Health .................................................... 27 Annex 5: Examples of Grant-Funded Investments in Reproductive Health Supply Manufacturing ........ 31 Annex 6: Description of the International Contraceptives Market ............................................................ 32 Annex 7: Table of Contraceptives Manufacturers .................................................................................... 36 Annex 8: Dossier of Potential Investors ................................................................................................... 40 3 Executive Summary The objective of this report, funded by a Reproductive Health Supplies Coalition (RHSC) Innovation Fund grant, is to use a market-based approach to determine, on a preliminary basis, if there is interest in and appetite for impact investment in generic emerging markets contraceptives manufacturers. (We define investment as returnable capital rather than grants). It focuses specifically on contraceptives manufacturers within the broader reproductive health commodities sector as its proof of concept approach that could be expanded to other reproductive health products and services. The purpose of this fourth project deliverable of four is to provide a review of the extent of interest and appetite for this investment segment, as well as a dossier of potentially interested investors. This follows three previous project deliverables provided to RHSC: interim investment criteria, final impact investing investment criteria, and feedback on vetted investment criteria, respectively. In this deliverable, five key findings have been identified. First Finding: Potential for Greater Social Impact The first key finding from this deliverable is that investors believe that investing in emerging markets contraceptives manufacturers creates social impact. At the same time, there is little evidence of completed reproductive health impact investments. There is more consistent practice and interest in the larger category of emerging markets health investments. The implication is that facilitating investment expansion into the reproductive health supplies market will require familiarizing investors more specifically with the reproductive health segment, and contraceptives manufacturing in particular, and identifying how it fits in well with an emerging markets investment strategy. Emerging markets generic contraceptives manufacturing can be positioned as an investment in any of the following impact investment categories: health, small and medium enterprise, manufacturing, “gender lens” (women), and employment generation. Second Finding: Investment Demand Appetite Exists A second finding is that some manufacturers and potentially other reproductive health suppliers are interested in investment, with some noting that lack of capital had in some way limited its growth. They identified a need for investment to help with different aspects of their business model such as product development, regulatory approval, quality assurance certification, and product marketing. During this study, four potential deals were proposed by reproductive health supplies providers which was further empirical evidence of investment demand by manufacturers and other supplies’ providers. Third Finding: Investor Appetite is Proven This study was explicitly intended to be a market and landscape analysis only, with no attempt made to identify specific investment transactions or “deals” between investor and investee. Nevertheless, the four separate investment opportunities presented by reproductive health firms were of interest and subsequently referred to four different potential investors (and a possible fifth), in some cases to two potential investors each. These potential transactions (which are in no way guaranteed to come to fruition) underscore on a real time basis investor interest in and appetite by investors for reproductive health investments. 4 Fourth Finding: Building Bridges for Matchmaking A fourth key finding is that it is important to match the investment need with the appropriate type of investor and capital. All of the transaction types, investment opportunities, and investors of the actual investment opportunities that arose in this study had different profiles and requirements, underscoring the importance of an appropriate matchmaking process. This requires a good understanding of how to identify such investors, how to “speak their language,” and how to ensure the investment is a good strategic fit for the potential reproductive health manufacturing investee. All of the above constitutes the “building bridges” aspect of this work. The building bridges section of this deliverable provides background for understanding the impact investing sector. Fifth Finding: Market is Sizeable This project identified the following market sizing findings: 1) The impact investing sector is currently estimated at a value of US$ 60B, of which five percent or US$ 3B is allocated to health investments. This figure does not
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