IGNIA Fund raises USD102 million for social investment

IGNIA Fund I, LP Latin America’s first and largest impact investing fund, has reached USD102 million – a sum it will use to serve businesses at the base of the socioeconomic pyramid. Despite the economic climate, the fund has exceeded its initial fundraising objective of between USD50 million and USD75 million.

The last of the seven fundraising rounds was led by J P Morgan, with a USD5 million commitment, and by Corporación Mexicana de Inversiones de Capital (Fondo de Fondos). The Fund’s 34 investors include public institutions, foundations and individuals from Latin America, the US and Europe, among whom are Omidyar Network, the Rockefeller Foundation, the Multilateral Investment Fund, the International Finance Corporation and the Inter-American Development Bank.  

IGNIA has already started six projects in Mexico, worth a total of USD22 million, in the spheres of health, agriculture, housing and telecommunications. It also announced in June that it is working in collaboration with Brazilian venture capital firm Axial Gestão de Recursos Ltda to look for investments in Brazilian ‘base of pyramid’ companies with the same aim of offering basic services and products to reduce poverty.

For more information
www.ignia.com.mx/downloads/IGNIA%20Closes%20Fund.pdf