Waterloo, Ont.-based Sarona Asset Management has recently completed commitments into three funds: a life-focused private equity fund in India; and two global financial services funds.
Sarona Frontier Markets Fund 1 LP has allocated $2 million to Ventureast Fund III LP, a private equity fund that invests in small and mid-market companies in India with a focus on the healthcare, clean technology and agribusiness sectors. Sarona says Ventureast has a strong track record of investing in solutions to the healthcare needs of the Indian market. Ventureast manages over $300 milliom in private equity investments.
MEDA Sarona Risk Capital Fund has committed $1.5 million to Women’s World Banking (WWB) Isis I LP Fund, and $250,000 to MicroVest+ Plus Fund LP.
WWB’s Isis Fund will invest in microfinance institutions across the globe that have a significant emphasis on servicing female clients, or being governed and managed by women. WWB aims to expand the economic assets, participation and power of low-income women by helping them access financial services, knowledge and markets.
MicroVest+ Plus Fund will globally invest in low income financial institutions (LIFIs), including those with microfinance offerings. MicroVest facilitates the flow of private capital to LIFIs to help build capital markets serving the entrepreneurial poor at the base of the pyramid while providing market-rate returns to its investors.
Sarona invests in small to mid-market companies that serve the large and growing lower middle class in emerging and developing country markets. These markets have been growing faster than developed countries. Sarona believes investment returns in these markets are further strengthened by a focus on progressive business strategies that target ethical, social, environmental and governance excellence.