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2023 Values Report.  

2021 Values Report
Theory of Change

Moving from conviction to action—

1. Our Belief Statement

We believe that applying social and environmental values to each investment decision builds a better world for current and future generations. We further believe that such values help generate strong businesses and strong financial returns.

2. Our Impact Mission

We will be an agent of change, helping to deliver prosperity for all:

  • for all today – we will empower people
  • for all future generations – we will tend the earth

3. Our Theory of Change

We seek to create deep and lasting impact.

Delivering capital to entrepreneurs in emerging markets is inherently impactful – our trade finance gives life to SMEs that would otherwise wither, and our private equity gives breath to growing businesses. Our capital increases employment, improves competitiveness and develops supply chains served by small-scale enterprises. These companies play a significant role in the advancement of trade, boosting economic growth, reducing poverty and building local community institutions.

But we must do more. Impact Investing 2.0 demands of us that we deliver long-lasting societal change by empowering business leaders to understand issues and implement strategies – such as understanding gender equality and implementing women’s empowerment strategies; understanding the challenges of smallholder farmers and building supply chains that include them.

Yes, we invest in companies. But our most important work is with investment industry leaders to deliver long-term systemic change. Of the thousand private investment firms in emerging markets, we partner with the best in class, adding business strength, and improving their social and environmental impact. It is these financial-sector leaders that will build sustainable companies for generations to come.

4. Our ESG & Impact Policy

Our policy sets out our internal expectation for action. We are focused, not only on mitigating risks related to ESG failures, but also to improve our companies’ positive impact. We seek therefore, to move beyond minimising the negative to enhancing the positive, from compliance to engagement.

5. Our Social & Environmental Management System

Our management system includes processes and models to assess and improve our impact, from due diligence through investment and management. For each investment we assess, and develop an impact improvement plan. We also partner with advisors to help deliver programs to investment leaders and investee companies: innovation support, gender-equality strategies and climate action.

Because we are far from done, this is a work in progress.

6. Our Measurement & Reporting

Our mission is guided by the Sustainable Development Goals, focusing on:



Empowering women



Improving environmental outcomes



Creating and improving employment



Improving governance



Building communities

2022-2017 historical Values Reports

2021 Values Report
2020 Values Report
2019 Values Report

SGGM Impact Reports

ESG Policy and ESG Grievance Process

Sarona’s Environmental, Social, and Governance (ESG) policy can be accessed here. For addressing any related concerns, we have also implemented an ESG Grievance Process.


Our Community


Operating Principles for Impact Management

In the spring of 2019, IFC developed the Operating Principles for Impact Management. Signatories to the principles are impact investors that publicly demonstrate their commitment to implementing a global set of principles for managing investments for impact. Sarona became a signatory to the principles in June 2019. Sarona’s disclosure statement is available here. Sarona’s independent verification statement to its disclosure statement is available here.

Certified B Corporation™

Certified B Corporation™

Sarona is proud to be a Certified B Corporation™. B Corps meet rigorous standards of social and environmental performance, legally expand their corporate responsibilities to include consideration of stakeholder interests, and build a collective voice through the B Corporation brand. Sarona is currently a Best for The World: Overall Honoree


Global Impact Investing Network

The Global Impact Investing Network (GIIN) is a not-for-profit organization dedicated to increasing the scale and effectiveness of impact investing. Impact investments are investments made into companies, organizations, and funds with the intention to generate measurable social and environmental impact, alongside a financial return.


Canada Forum for Impact Investment and Development (CAFIID)

CAFIID is a Canadian community of individuals, organizations and investors working in developing countries who treat social and environmental impact and financial return as coexisting priorities. Collectively, CAFIID members combine many years of collaboration and engagement with a track record of innovation in structuring and funding impact investment products, designing and delivering technical assistance, and promoting sustainable investment ecosystems.



The United Nations-backed Principles for Responsible Investment Initiative (PRI) is a network of international investors working together to put the Six Principles for Responsible Investment into practice.


Emerging Markets Investors Association

The Emerging Market Investor’s Association was founded to provide a central hub for information, education, and networking for investors and investment professionals in emerging markets.  Member firms participate in an exchange of industry knowledge and best practices.

AVPN logo


AVPN is a unique funders’ network based in Singapore committed to building a vibrant and high impact social investment community across Asia. As an advocate, capacity builder, and platform that cuts across private, public and social sectors, AVPN embraces all types of engagement to improve the effectiveness of members across the Asia Pacific region.

The core mission of AVPN is to increase the flow of financial, human and intellectual capital to the social sector by connecting and empowering key stakeholders from funders to the social purpose organizations they support.

With over 600 members across over 35 markets, AVPN is catalysing the movement towards a more strategic, collaborative and outcome focused approach to social investing, ensuring that resources are deployed as effectively as possible to address key social challenges facing Asia today and in the future.


Singapore Venture & Private Capital Association (SVCA)

The Singapore Venture & Private Capital Association (SVCA), established in 1992, is dedicated to promoting the growth and interests of the private capital industry. As the unified voice of the private capital ecosystem, encompassing institutional investors, family offices, asset managers, and service providers, SVCA advocates for the collective interests of its members and contributes to positioning Singapore as a premier global hub for private capital fund management. By engaging in proactive outreach, fostering collaboration, and expanding our membership base, SVCA aims to cultivate a dynamic private capital ecosystem in the region, leveraging the power of private capital to achieve sustainable development goals.