For the second time, the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, selected Sarona to deliver “Growth that Matters”. In June 2016, the OPIC board approved up to $100 million in financing to the Sarona Global Growth Markets Fund programme.
Sarona constructs diversified portfolios of locally-based private equity funds that provide growth equity to small and mid-market companies across Global Growth Markets.
“OPIC was very proud to be a supporter and an investor in Sarona, with its strong reputation and long track record in impact investing and financial inclusion” says Elizabeth Littlefield, President and CEO of OPIC. “Sarona really does exemplify what it means to be excellent at execution and implementation while at the same time being a thought leader in this important and fledgling world.”
OPIC was advised by Meketa Investment Group. Three years earlier, with the advice of Cambridge Associates, OPIC selected Sarona as the first fund of funds manager to receive their catalytic support.
The OPIC facility is designed to catalyse private capital to invest in developing economies by seeking to improve a fund’s risk-adjusted rate of return. It also strengthens Sarona’s position as a leading player in the field of blended finance.