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Devin D. Thorpe

Devin Thorpe

Capria Network Fund Managers to Raise USD $200 Million in Funding in 2018

News Summary:

  • Capria Network, which includes 11 fund managers across 5 continents, to raise USD $200 million by December 2018
  • Capria on track to raise its new $100M fund-of-funds to make GP and LP investments across the Capria Network
  • Capria reviews fund manager applications on an ongoing basis and its 6th investment cycle is now open with the first deadline set for April 6th, 2018

Press Release – Seattle, Washington. February 12, 2018. Capria, a global investment firm advancing the next generation of local impact fund managers in emerging markets, today announced that the 11 fund managers that currently make up the Capria Network aim to collectively raise ~USD $200 million in funding by December 2018. Capria Network fund managers will deploy funds in sectors that make a critical difference to large sections of the population in emerging markets, while generating strong market-rate returns.

“Capria Network is a global collaborative movement — a first-of-its-kind — that brings access to capital, expertise and knowledge resources to create locally-driven and sustainable impact in Latin America, Africa and Asia. We believe change can only be created by supporting local intermediaries who invest in businesses that are directly responsive to the needs and opportunities in their markets,” said Will Poole, Co-founder and Managing Partner, Capria.

“Empowering financial intermediaries to organize globally and invest locally is no small task. We’re fortunate to be supported by International Finance Corporation, UK AID, Jim Sorenson, Bill Gates, Mohandas Pai, and other leaders who share our vision for driving positive change and making money for all of our investors,” he added.

Capria’s Growing Movement is Bridging the “Missing Middle”, Globally

Since launching in 2015, Capria has reviewed more than 450 fund proposals and partnered with 11 fund managers that form the global Capria Network: seven first-time managers, two raising their second fund, and two managers creating their third funds. The goal of Capria Network is to identify the “missing middle” gaps in local financial ecosystems and make investments that create sustained positive social and environmental impact while delivering market-rate returns to their investors. Capria supports its partner funds with direct capital investments as well as investments from its network, access to a global network of like-minded fund managers, and deep one-on-one partnering to accelerated growth and increase returns.

Capria Network funds are currently raising nearly $500 million to deploy across five key sectors – essential services, healthcare, education, energy and financial services. They anticipate completing fundraising of $200M of that amount this year.

Capria is at the forefront of leveraging the collective power of its growing network to advance the impact investing movement, in line with the global goals:

1. Increasing Access to Capital and Global Network – In H1 2018, Capria will raise the first tranche of its USD $100 million fund-of-funds for deployment in Capria Network partner funds, investing both in their GPs and as an LP in their funds. Capria has identified its anchor investors and is actively seeking follow-on investors interested in global diversification across its network. Additionally, through its deep hands on support to its partner fund managers, Capria aims to help its network funds raise a total of USD $200 million by the end of 2018.

“Our interactions with the Capria Network have been very useful; we have been able to talk to fund managers about deals, fundraising etc. For instance, we spoke to Unitus Seed Fund about a healthcare deal we were looking at, which is extremely helpful when considering potential investments,” said Chai Musoni, Partner at Vakayi Capital.

2. Investing to Bridge the ‘Missing Middle’ – A critical challenge identified by the Global Impact Investing Network (GIIN) for the past four years is ‘lack of appropriate capital across the risk/return spectrum.’ Per GIIN’s Annual Impact Investor Survey 2017, only 3 per cent and 6 percent of total funding (USD $114 billion) was committed to seed/startup stage and venture stage respectively – an abysmal number. Capria Network members are addressing the ‘missing middle’ that exists in each of their markets, often in different areas of capital formation. Some funds primarily support the growth of SGBs (small and growing businesses); others do early stage VC investing; others do growth equity investing. Currently, Capria’s Network consists of 45 per cent funds which make early growth private equity investments and 55 per cent funds which make early stage VC investments.

In 2017, Capria Network funds successfully completed 8 investments. Through Capria’s support, network funds have also identified and continue to invest in highly innovative, under-funded business models with promising impact such as Pomona’s recent investment in Organic Gum – a locally and sustainably harvested gum producer in Guatemala, Odiseo’s investment in Liftit – a fast-growing Colombian cargo transportation and logistics startup and Vakayi Capital’s investment in a low income housing provider Homelux.

3. Mandating Measuring and Reporting Impact – Recognizing the critical role impact investing will play in achieving the United Nations Sustainable Development Goals (SDGs) – a global agenda to end poverty by 2030, Capria mandates all network funds to align with SDGs and integrate a strong impact strategy in their investment thesis.

“Last year, Unitus Seed Fund, our partner in India, mapped its impact to the UN SDGs; a first for an impact fund in India. We are proud of Unitus’ milestone of impacting over 1 million low-income lives – a testimony to their portfolio companies’ hard work and Capria’s growing efforts in in utilizing the SDG framework to solve pressing global issues”, said Dave Richards, Co-founder and Managing Partner, Capria.

Capria’s 6th Investment Cycle Now Open; Exclusive Access to Capria Quantum

Applications for Capria’s 6th investment cycle are currently open. Given the positive reception from fund managers who applied to Capria’s previous investment cycle, Capria will continue to grant every applicant exclusive access to Capria Quantum – a first-of-its-kind proprietary, comprehensive and holistic capabilities assessment tool available globally. Fund managers can use this tool to assess themselves against 8 primary categories comprised of more than 75 different sub-elements that are paramount for building a world-class investment firm. Capria Quantum was designed using insights and learning from 12+ years of fund creation and management activities as well as Capria’s experience evaluating over 450 fund managers globally.

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