Last updated 11 May 2020, by Impactyield.

Edit this fund

SocialAlpha-Bastion is an open-ended impact debt fund launched in Luxembourg in August 2009, advised by AlphaMundi, and invested in Latin America and East Africa. The fund finances early- and growth-stage sustainable SMEs in smallholder agriculture, rural microfinance, rural household renewable energy access, with pilot allocations to affordable education and affordable housing. Since inception, the fund has financed 27 social ventures across 6 sectors and 15 countries with 8 full loan amortizations to date. The fund is a GIIRS Pioneer Fund recognized as Best for the World in 2016 and 2017 and ranked 2nd of rated emerging market impact funds. The fund was open to new investors in April 2014 with quarterly reporting and the right to redeem 25% of assets every 6 months. The Fund opened to US investors in October 2017. USAID announced in November 2014 a 7-year, USD 20m loan guarantee facility for the fund's loans to poor household technology providers. Swiss private bank Lombard Odier became the fund's first institutional investor in the fund on 31 March 2015, with a USD 1.5M commitment, followed by a USD 5M commitment from a Swiss pension fund.

Financial description

SocialAlpha-Bastion targets a net IRR of 3-5%. The fund focuses on early- and growth-stage social businesses that are either profitable or within 12-18 months of profitability, with solid management and a strong scale up potential, as well as high direct impact through their main products/services. Bastion increases exposure progressively, rewarding best portfolio performers, and strictly adheres to its diversification policies. Quarterly risk, financial and impact reporting to investors. LPs can redeem 25% of assets every 6 months, and co-invest the same amount they've invested in the fund in portfolio companies, at 50% of fees. Up to 20% of AUM in equity-related instruments, to increase upside exposure for best performing portfolio companies, adding to fund performance upon divestment.

9 years

of track record


the year funded

80,000,000 USD


Asset manager

AlphaMundi Group


Headquarters location:

Other funds managed by this asset manager: AlphaJiri

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Encourage companies to adopt sustainable practices and sustainability reporting

Sustainable food production and resilient agricultural practices

Free primary and secondary education

Expand and upgrade energy services for developing countries

Full employment and decent work with equal pay

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: AlphaMundi Group

Product track record: Fund has 9 years of track record

Target IRR: 4%

Committed Capital: 22,000,000 USD (US Dollar)

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

Fund domicile:

Product status:


Inception year: 2014

Vintage year: 2010

Target region: , ,

Target close date: n.a.

Product term: Open

Assets under management: 80,000,000 USD (US Dollar)

Investment size: Min: 200,000; Max: 2,500,000; Avg: 1,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 23

Fund investments to date exited or repaid: 8

Management fee: 2%

Carried interest: 20%

Hurdle rate: 3%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: Swiss private bank Lombard Odier, Swiss Pension Fund, High Net Worth Individuals

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


E-mail: n.a.


Phone number: 41786019777.00

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

Lisa Willems

Managing Director

Impact Performance


Impact thesis

In FY2017, SAIF-Bastion portfolio companies served approximately 594K direct clients. Rural clients continue to dominate the portfolio at 98% of total clients, while women make up 38%. These same companies impacted an estimated 1.4M household beneficiaries. They also provided income enhancement and market access to over 12,000 smallholder farmers, and accounted for 5,226 full time equivalent jobs including 1,677 (32%) for women.
SAIF-Bastion’s 2 rural microfinance institutions served 18,000 clients with an average loan balance of USD 3,000. Our higher education microfinance company further enabled 1,338 students to access higher education, 24% of whom accessed credit for the first time. Solar investees installed over 200K solar home systems, thus reducing CO2 emissions by over 560,000 Metric Tonnes. SAIF-Bastion’s affordable housing company facilitated new mortgage financing for 175 families. The fund's multi-sector approach is driven by the understanding that poverty is multi-dimensional, resulting from the lack of access to affordable and quality education, economic opportunity, energy, education, health, and housing. AlphaMundi also created AlphaMundi Foundation, a 501c3 in the US committed to technical assistance, impact measurement, and field building in the impact investing industry.

Impact Management


Financial benchmark

Request information about this fund