Adobe Mezzanine Fund II, LP


Last updated 12 May 2020, by Impactyield.

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New Ventures (NV) is the leading platform that catalyzes social & environmental companies in Latin America through financing, acceleration and promotion.

Adobe Capital (AC) is NV’s financing arm. Through its funds, AC provides tailored financing solutions and technical assistance to exceptional, early-growth stage Mexican companies operating with competitive advantages in key development sectors where demand is high.

Adobe Mezzanine Fund II follows on the momentum of Fund I. As Fund I successfully did, Fund II will provide flexible financing – mainly through tailored mezzanine structures with pre- defined exits and upside participation – combined with technical assistance, to these companies.

Financial description

The Fund will focus mainly on providing quasi-equity or mezzanine investments (ranging from US$500,000 to US$8 million) to high-impact social or environmental SMEs. The Fund’s investment structures will ensure pre-defined, debt-like exits, without foregoing any equity-like upside, while providing portfolio companies with capacity building and technical support to continue pursuing their deep social missions. In select cases, the Fund will also make more traditional equity investments.

7 years

of track record


the year funded

40,000,000 USD


Asset manager

Adobe Capital


Headquarters location:

Other funds managed by this asset manager: Adobe Social Mezzanine Fund I, LP

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Encourage companies to adopt sustainable practices and sustainability reporting

Universal access to sexual and reproductive care, family planning and education

Free primary and secondary education

Universal access to modern energy

Increase global percentage of renewable energy

Expand and upgrade energy services for developing countries

Impact Category

Key performance indicators

Fund overview

Asset manager: Adobe Capital

Product track record: Fund has 7 years of track record

Target IRR: 15%

Committed Capital: 3,800,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: ,

Inception year: 2016

Vintage year: 2016

Target region: , , ,

Target close date: 01/01/2017

Product term: 10 years

Assets under management: 40,000,000 USD (US Dollar)

Investment size: Min: 500,000; Max: 8,000,000; Avg: 3,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 0

Fund investments to date exited or repaid: 0

Management fee: 2.5%

Carried interest: 20%

Hurdle rate: 8%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: Mexico Ventures

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors


E-mail: n.a.


Phone number: 525556045555.00

If you wish to have your details removed from this database please email

Miguel Duhalt


Impact Performance


Impact thesis

As the leading impact investing and acceleration platform in Mexico, Adobe Capital seeks to support social and environmental enterprises that have significant potential to drive sustainable economic growth and innovation by pursuing triple bottom line returns focused on helping solve important global challenges such as poverty reduction and climate change.
Despite their impact potential, these enterprises face significant constraints in accessing capital. The Fund will thus invest in Mexican social and environmental enterprises that have adopted innovative business models focused on key development sectors such as healthcare, education, affordable housing, alternative energy and sustainable consumer products.

Impact Management


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