Nordic Impact Fund I


Last updated 11 May 2020, by Impactyield.

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Nordic Impact Fund I makes investments that improve the quality of life for low-income people in East Africa through funding local entrepreneurs in agribusiness, healthcare, education and basic services and providing necessary support to scale their businesses.

The first fund managed by Nordic Impact Funds is registered and raised in 2017. The aim is a EUR 50-75 million fund with a targeted financial return above 12% (IRR EUR). The fund focuses on creating social impact for low income people in East Africa by capitalizing enterprises with a scalable and economically viable model for impact. Investments will prioritize social impact along with a financial return. The fund provides either debt or equity to enable businesses to scale their model for improving the quality of life for low-income people. Investees must have a proven scalable business model and proof of social impact. The fund measures social impact, using international standards and external evaluators. The fund takes an active role in the companies they invest in and add value through a systemic and practical approach to making markets work for the poor, combined with leveraging the expertise of a network of Nordic and African business people.

Financial description

The fund targets an above 12% IRR financial return. The fund is managed by Nordic Impact Funds Ltd that receives a 2 % management fee and a carried interest of 20%. 25% of the carried interest is directed into a Social Impact Facility that later on can provide technical assistance, market research, technology enabling and other value creating activites for the social enterprises.

6 years

of track record


the year funded

75,000,000 EUR


Asset manager

Nordic Impact Funds


Headquarters location:

Key performance indicators

Fund overview

Asset manager: Nordic Impact Funds

Product track record: Fund has 6 years of track record

Target IRR: 12%

Committed Capital: 0 EUR (Euro)

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

Fund domicile:

Product status:


Inception year: 2017

Vintage year: 2018

Target region: , ,

Target close date: 01/01/2018

Product term: 10 years + 2*2 year possible extension

Assets under management: 75,000,000 EUR (Euro)

Investment size: Min: 500,000; Max: 10,000,000; Avg: 3,500,000

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%

Carried interest: 20%

Hurdle rate: 8%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

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


E-mail: n.a.


Phone number: 4528897900.00

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

Humphrey Wattanga

Chief Investment Officer

Lisbeth Stausholm Zacho

Founder / Managing partner

Impact Performance


Impact thesis

The fund targets businesses that offer underserved people opportunities for jobs and income or a choice of desirable services and products that improve the quality of their lives. In the pre-assessment of impact, we look for:
Need – Does it provide a solution to an unmet need? (access, affordability, income)
Cost – Is it low cost to impact?
Engagement – Does it have local buy-in and anchorage?
Reach – Does it potentially benefit thousands/millions of low-income people?
Technology – Does technology enable scaling and reach?
The fund will measure relevant social impact indicators based on the IRIS methodology, including # of jobs created, # incomes raised and different consumption and access measures.

Impact Management


Financial benchmark

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