Atlantic Money Market Impact Fund
Last updated 11 May 2020, by Impactyield.
Ashburton's Money Market Impact Fund is an actively managed money market fund investing in on and off-market debt instruments and commercial organizations supporting socio-economic infrastructural development. The Fund's targets 80% of its portfolio to invest in Infrastructure Development, Transport Networks, Power Generation, Communication Networks, Public Service Assets & Utilities, Developmental Organizations and Social Services, that provide housing, healthcare, water, electricity and other essential services to underserved populations.
The Portfolio’s benchmark is the Short-term Interest Composite Index (SteFI). The Portfolio is aimed at outperforming the SteFI over one-year rolling periods by 0.5% points before the deduction of fees largely through careful investment sourcing & selection as well as market timing.
Certain specified liquidity ratios have to be retained.
No more than 15% of the portfolio may be invested in either un-listed debt or listed debt instruments.
Finally, a minimum of 80% of the Portfolio is targeted for exposure to entities providing positive societal effect.
Key performance indicators
Asset manager: Ashburton Investments
Product track record: Fund has 8 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Risk-adjusted market-rate of return
Fund domicile: South Africa
Product status: Open - committed capital
Inception year: 2014
Vintage year: 2014
Target close date: n.a.
Product term: Open
Assets under management: n.a.
Investment size: Min: 3,000,000; Max: 0; Avg: 0
Currency of investments: ZAR (Rand)
Currency for fund / product figures: ZAR (Rand)
Fund investments to date: 23
Fund investments to date exited or repaid: 0
Management fee: 0.5%
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: Momentum Manager of Managers
Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors
Despite South Africa's transition to democracy in 1994 after many decades of discriminatory practices based on race, there remain significant socio-economic challenges that effectively limit the economic empowerment of Black people. The wealth pyramid in South Africa remains heavily biased in that Black people remain largely excluded from economic activity not by design but rather because of the history of Apartheid. This fund seeks to invest in organizations that provide essential services to the underprivileged and underserved.
The social impact of all investment is measured and feedback is provided to clients on a regular basis. For every R1 million invested, Atlantic targets the creation of 30 jobs. We utilize global impact measurement standards (Impact Reporting and Investment Standards, IRIS) to quantify the socio-economic impact of each investment.