Elevar Equity II, LP
United States of America
Last updated 13 May 2020, by Impactyield.
Elevar Equity II, LP (formerly “Unitus Equity Fund II, L.P.”) is the second fund for Elevar Equity, a follow up to Unitus Equity Fund, LP.
In selecting its investments, the Fund will place strong emphasis on the quality of the company’s leadership and management and the ability to push a culture of innovation focused on delivering essential products and services to disfranchised communities . The Fund maintains a rigorous company selection and investment due diligence process to evaluate MFIs and other companies.
The Fund will generally seek 20-30% ownership stakes in companies although it will make investments outside of these percentages if the General Partner determines it to be within the interest of the Fund. The Fund will adopt a venture capital approach and target younger, growth oriented and promising MFIs and companies primarily in India, Asia and Latin America. It is estimated that the majority of the Fund’s MFI portfolio companies will initially service between 2,500-100,000 clients (a range currently estimated to include 33% of all MFIs globally). These MFIs will have recently transformed into regulated institutions or are structured as for-profit entities capable of contributing to the expansion of a sustainable financial system to serve the Poor. Non-MFI investments are expected to be in early stage companies in areas of high demand for underserved markets (eg housing, information services and SME finance) with high growth potential.
In terms of valuations, fund management has experience valuing companies from early stage ventures to mature companies. Importantly, fund management has direct experience valuing both mainstream financial services companies and fast growth microfinance institutions. While investing in UEF MFI portfolio companies, Fund management were instrumental in shifting the Indian MFI valuation methodology from balance sheet multiples to per customer metrics.
Fund management will seek seats on the board of directors of its portfolio companies and in that capacity will provide governance and ensure active engagement with senior management teams of portfolio companies.
The fund intends to allocate approximately 15% of its capital to early stage companies, 25% to mid-stage companies, and 60% to established, high-growth going concerns; however actual allocations may differ depending on industry and market trends.
of track record
the year funded
Headquarters location: United States of America
Other funds managed by this asset manager: Unitus Equity Fund, LP
Key performance indicators
Asset manager: Elevar Equity
Product track record: Fund has 15 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - still investing
Style/Stage: Growth Stage
Inception year: 2008
Vintage year: 2008
Target region: Asia, Emerging countries
Target close date: n.a.
Product term: 10+1+1
Assets under management: n.a.
Investment size: Min: 0; Max: 0; Avg: 0
Co-investment policy: LPs have priority, With LPs and non-LPs
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 10
Fund investments to date exited or repaid: 0
Management fee: 2.5%
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: n.a.
Limited Partner / Investor Type: n.a.
Phone number: 425-749-7028
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We seek to challenge discrimination and democratize the distribution of services to disfranchised communities by delivering innovative, market-based solutions that foster economic development.
We do this by providing long-term equity capital to high-growth companies, which deliver "high volume and low cost" financial and other life-changing services that result in both social and economic returns and create open access for everyone.
We back entrepreneurs who understand that focusing on customer needs, innovation, growth, and profitability combine to create opportunity and prosperity in local communities.
Elevar has introduced ~13 new services to its customers:
-Financial Access: Urban and rural microcredit, individual lending, life insurance, home improvement, mortgages, small business credit, homes for immigrants.
-Essential Services: Rural healthcare, agricultural supply chain, short stay housing, Internet access, government consumer services, payment networks for the hard to reach.