| Table of contents |
EXECUTIVE SUMMARY ................................................................................................ 5
1. Introduction ............................................................................................................ 8
2. GRDF Background & History .................................................................................. 10
2.1. The Economic Context ............................................................................................... 10
2.2. Theory of Change ...................................................................................................... 13
2.4. Fund Structure .......................................................................................................... 16
2.5 Key Events.................................................................................................................. 18
3. Preliminary Insights ............................................................................................... 20
3.1. Investment Strategy .................................................................................................. 20
3.2. Governance ............................................................................................................... 21
3.3. Overall Performance.................................................................................................. 22
3.4. Snapshot on Portfolio Companies .............................................................................. 26
3.4.1. A-NET, LLC ....................................................................................................................... 26
3.4.2. Sasursato Kombinati BAZI, LLC ........................................................................................ 27
3.4.3. Delta Comm LLC .............................................................................................................. 28
3.4.4. Dogan, LLC ....................................................................................................................... 29
3.4.5. DOKI, LLC ......................................................................................................................... 30
3.4.6. Ecopex Ltd. ...................................................................................................................... 31
3.4.7. Ioli Gastronomy LLC ........................................................................................................ 32
3.4.8. Madai .............................................................................................................................. 33
3.4.9. Piunik Georgia LLC ........................................................................................................... 34
3.4.10. Prime Concrete LLC ....................................................................................................... 35
3.4.11. Hotels Network Rcheuli, LLC ......................................................................................... 36
3.4.12. Ritseula Hesi Ltd. ........................................................................................................... 37
3.4.13. Teremok Group, Ltd. ..................................................................................................... 38
3.4.14. Tetnuldi-2007, LLC......................................................................................................... 39
4. Proposed Evaluation Design & Evaluation Question ............................................... 41
4.1. Evaluation Questions ................................................................................................. 41
4.2. Conceptual Approach ................................................................................................ 43
4.2.1. Overview ......................................................................................................................... 43
4.2.2. Assessing Design ............................................................................................................. 44
4.2.3. Institutional Framework .................................................................................................. 45
4.2.4. Outcomes ........................................................................................................................ 46
4.3. Evaluation Methodology............................................................................................ 48
4.3.1. Overview ......................................................................................................................... 48
4.3.2. Document Review ........................................................................................................... 48
4.3.3. Stakeholder Interviews ................................................................................................... 49
4.3.4. “High Level” Valuation .................................................................................................... 50
4.3.5. Cross-Sectional Analysis of “Failed” Cases ...................................................................... 51
4.3.6. Case Studies .................................................................................................................... 52
4.4. Study Sample ............................................................................................................ 55
4.5. Limitations and Challenges ........................................................................................ 56
5. Data Sources and Outcome Definition ................................................................... 57
5.1. Data Collection Plans ................................................................................................. 57
5.2. Data Needs ............................................................................................................... 57
5.2.1. Data Sources for Quantitative Analysis ........................................................................... 57
5.2.2. Data Sources for Qualitative Analysis ............................................................................. 58
6. Administrative Aspects .......................................................................................... 72
6.1. IRB Requirements ................................................................................................... 72
6.2. Data Storage and Confidentiality ............................................................................... 72
6.3. Dissemination Plan .................................................................................................. 72
6.4. Evaluation Team Roles and Responsibilities ............................................................. 73
6.5. Proposed Evaluation Timeline .................................................................................... 77
ANNEXES .................................................................................................................. 78
Annex 1: Development & Financial Return Calculation for Performance Mapping .............. 79
Annex 2: Development Return Calculations For Portfolio Companies ................................ 80
Annex 3: Financial Return Calculations For Portfolio Companies ........................................ 82
Annex 4: Informed Consent Statement for Interviews ....................................................... 83 |
