Sarona Frontier Markets Fund 2, LP

Cayman Islands

Last updated 12 May 2020, by Impactyield.

Edit this fund

Fund geography

Emerging countries (256)

Sarona Frontier Markets Fund 2 seeks to identify the best possible Private Equity teams based across Africa, Asia and Latin America with a clear focus on the growth and development of mid-market companies. Sarona's investment professionals look for local managers that are committed to achieving its investment objective: profitable "Growth that Matters". Such Private Equity teams aim to invest in growth-oriented businesses, with progressive, forward-looking management who develop ethical, environmental, and community excellence in their businesses. In order to optimise its risk-adjusted return profile, the fund will consist of primary and secondary funds as well as a number of direct co-investments.

Asset class

Fund style

Not listed

Financial description

The Investment Fund expects to make investments (“Portfolio Investments”) in private equity funds focused on small and mid-market companies (SMEs) in frontier markets. Frontier Markets are generally defined as those countries with GDP per capita of US$500 to US$12,000 as shown by the latest World Bank statistics excluding failed states and small island states with populations below 1,000,000. The Investment Fund may also make direct co-investments in some of the companies held by the private equity funds and may acquire, on a secondary basis, interests in private equity funds from third parties.

10 years

of track record


the year funded

250,000,000 USD


SDG goals

SDG targets

Expand and upgrade energy services for developing countries

Promote policies to support job creation and growing enterprises

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Sarona Asset Management

Product track record: Fund has 10 years of track record

Target IRR: 20%

Committed Capital: 87,000,000 USD (US Dollar)

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

Fund domicile:

Product status:


Inception year: 2013

Vintage year: 2013

Target region:

Target close date: 01/10/2014

Product term: 12 years

Assets under management: 250,000,000 USD (US Dollar)

Investment size: Min: 0; Max: 0; Avg: 10,000,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 16

Fund investments to date exited or repaid: 0

Management fee: 1%

Carried interest: 10%

Hurdle rate: 10%%

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: +1.519.883.7557

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

Vivina Berla

Co-Managing Partner

Impact Performance


Impact thesis

Sarona believes that business leaders who employ progressive business practices outperform their peers. These leaders seek ethical, social and environmental excellence. Such business excellence is believed to reduce risk, strengthen long-term sustainable value, and enhance exit possibilities. Sarona continually strives to ensure effective social and environmental management practices in all its activities, products and services, with a special focus on the following:
• Consistency with Sarona’s Environmental, Social and Governance (“ESG”) performance requirements agreed;
• Reporting on ESG and Impact targets;
• Annual review against ESG performance requirements;
• Ensuring investments in Private Equity Fund are not on the excluded list of activities;
• Meeting Sarona’s commitments of the United Nations’ PRI, its Principles for Investors in Inclusive Finance and as a Certified B Corporation;
• And, ensuring transparency in its investment activities to investors.

Impact Management


Financial benchmark

Term Description:


Request information about this fund