We kept hearing the same desire from investors worldwide: they’re looking for great new impact funds in emerging markets, really want more deal flow, and they wanted to find out more about what funds their respected peers see as compelling.
Building on discussions at the Collaborative Capital for the Missing Middle gathering of DFIs, foundations and family offices from every corner of the world, a working group formed the Missing Middle Investors Network (MMIN) because of their strong interest in a simple, efficient way to share impact funds investment opportunities, which may lead to shared insights, potential collaboration and co-investment.
Keeping it simple
MMIN is really quite straightforward. Every two months, we hold a group video call to share investment opportunities in funds that network members feel are compelling. The presenting members spend about 5 minutes sharing what they find most compelling about the investment opportunity, as well as key questions they intend to pursue in evaluating the deal. Other participating members on the call then share their initial thoughts and raise what they see as key questions about the deal. If a member is interested in discussing the deal in more detail and/or getting an introduction to the investee, they can reach out to the sponsoring member after the call.
Strong initial traction
Launched in January 2017, MMIN already has over 40 members, including Capria, Ceniarth, CDC, Chan Zuckerberg, Christian Super, DFAT, Grieg Investor Group, I&P, IFC, Kellogg Foundation, Lemelson Foundation, Merrill Lynch, Michael & Susan Dell Foundation, Pfizer Foundation, PG Impact, Rianta Capital, Rockefeller Brothers, Sall Family Foundation, Small Foundation, Sonanz, Sorenson Impact Foundation, Soros Economic Development Fund, SwedFund and more.
On March 23, we hosted the second MMIN call. Five different members presented impact fund investment opportunities:
- SwedFund presented Alitheia IDF, a women-led fund and Capria Network member that invests in early growth stage SMEs with diverse and women-led teams in Africa.
- Ceniarth presented Advanced Global Capital, a specialty finance fund that supports SMEs in a variety of emerging and underserved markets through invoice discounting.
- Sonanz presented Grey Ghost Ventures, a fund investing in early-stage enterprises that focus on mobile-based technologies for underserved communities in Asia and Africa.
- Capria presented Brightmore Capital, a fund investing in early-stage, West African SMEs across multiple sectors.
- Small Foundation presented IPDEV2, a fund of funds investing in SME-focused impact investment vehicles in sub-Saharan Africa.
You’re an investor who wants to get involved?
While we expect to see the network grow, we’re excited about MMIN remaining an invite-only and trusted peer network, where like-minded LPs can share investment opportunities and ideas.
If you are an investor or TA provider to impact funds in emerging markets and interested in MMIN, please feel free to contact me at firstname.lastname@example.org