Quona Capital, a venture firm focused on financial inclusion in emerging markets, today announced it has been selected for ImpactAssets’ prestigious “IA 50 Impact Fund” listing for the fourth consecutive year. The listing, made up of private debt and equity impact investing fund managers, represents a broad range of geographies and impact areas of focus. More information is available here.
Quona Capital invests in companies that are expanding access to financial services for underserved consumers and small businesses in Latin America, Africa/MENA, India and Southeast Asia. Quona’s Fund I (AFIF) was anchored by nonprofit financial inclusion pioneer Accion and was deployed in a strong portfolio of investments that included the exits of Coins.ph (acquired by Go-Jek), and the IPO of IndiaMart, a B2B e-commerce company in India. The firm closed Fund II (AQF) with $203 million in commitments, and Fund III (QAF) with $332 million in commitments from a variety of global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions.
In its twelfth year, the IA 50 continues to raise awareness of impact fund managers across impact areas, maturity, and geographies, serving as a basis for deepening understanding of the field. The IA 50 breaks out managers in three categories, including the core IA 50 list, IA 50 Emerging Impact Managers list and IA 50 Emeritus Impact Managers list. Across all three categories, a record 163 impact fund managers were included totaling $122.48 billion in assets, invested across a range of asset classes and impact themes.
“As early pioneers in the impact measurement and impact investing space, we are delighted to be included once again in the IA 50,” said Quona co-founder and Managing Partner Monica Brand Engel. “As signatories of the IFC’s Operating Principles for Impact Management—a framework for investors to ensure that impact considerations are purposefully integrated throughout the investment lifecycle—Quona blends purpose with progress, capital with community, and innovation with execution to help founders build a more financially inclusive world.”
This year’s IA 50 shows that impact doesn't mean financial sacrifice; 76% of IA 50 managers target market rates or above market rates of return, and 98% reported delivering either in line or above their initial target returns.
“What makes the IA 50 so special is its independent Review Committee, comprised of a diverse mix of industry veterans, expert practitioners and impact champions. Throughout the IA 50’s 12-year tenure, we have honed a rigorous application, analysis and scoring process to support the Review Committee in selecting interesting fund managers for the IA 50 directory. In doing so, the IA 50 has become a staple resource for investors to source impact investment ideas to consider for their own due diligence,” says Margret Trilli, CEO and Chief Investment Officer, ImpactAssets.
Quona, a venture capital firm founded in 2015 by Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy, was one of the first venture investors focused exclusively on emerging market fintech. Today the firm has team members in Brazil, India, Indonesia, Kenya, Mexico, Nigeria, South Africa and the US, which enables it to support its portfolio with connections across emerging and developed markets, facilitating the cross-pollination of ideas, best practices and strategic relationships among potential partners, investors, and acquirers.
“Our collective backgrounds as founders and builders of financial technology businesses in Quona’s target markets, as well as our work in venture, private equity, investment banking and microfinance, bring unique expertise to bear for our portfolio companies, and unique insights for our investors,” said Engel. “Our four-time inclusion in the ImpactAssets 50 list is great recognition of Quona’s leadership in impact.”
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Latin American, Africa and the Middle East (MENA), India and Southeast Asia. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs. The firm’s most recent Impact Report is available for download here: https://quona.com/impact/ More at quona.com
The IA 50 is the first publicly available database that provides a gateway into the world of impact investing for donors and/or investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment opportunities. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list. Firms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.*
*The IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2023, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact and be available for US investment. Additional details on the selection process are available https://impactassets.org/IA-50/
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