In 2017, a framework by which to assess whether Gavi’s market shaping activities caused unintended consequences in vaccine markets was developed. In accordance with the externalities framework, an external party conducted the first monitoring phase, driven by quantitative data and qualitative consultations with a wide variety of stakeholders. This public summary outlines the findings of this phase of monitoring.

Inv -201 9-Mtg -02 1



G avi Alliance Investment Committee Meeting
7 May 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced a t 14.00 Geneva
time on 7 May 201 9. Stephen Zinser , Investment Committee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 February 201 9 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

1.5 The Chair welcomed Afsaneh Beschloss as an observer, who had recently agreed
to join the Board of the Gavi Alliance from 1 January 2020 and would also be
formally joining the Investment Committee from that date with a view in due course
to succeeding the current Committee Chair when his term on the Gavi Alliance
Board ends on 30 June 2020.

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2. Manager presentation

2.1 The Chair reminded the Committee that an allocation of up to 10% of illiquid private
debt in the long -term portfolio was app roved in principle but had only been invested
to a modest degree. A fund manager of private debt in the lower middle market
space presented their strategy to the Committee.

2.2 Ms Jeanne Shen, C hief Investment Officer , presented the asset manager and
highlighted that Gavi used this manager as an investor of public debt securities in
the past. The purpose of the presentation was to highlight the potential
opportunities in the asset class and to educate the Committee, with the
understanding that a full due diligence had not yet been completed.

2.3 Senior representatives of the firm ?s strategy presen ted the fund, the team, sample
deals , target returns, the market opportunities, and outlined their experience and
approach to private lending (Annex A, Doc 02) .





Minutes