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Member Brief Sarona Asset Management AGM

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Member Brief Sarona Asset Management AGM Member Brief Sarona Asset Management AGM Report 11 May 2015 Washington D.C. Background Sarona Asset Management (Sarona) is one of the 300 funds reviewed during an extensive survey of impact investment funds Completed by the Centre for SoCial Innovation & Impact Investing in 2014 and was one of the funds shortlisted for investment. Two PacifiC Impact Investor Network (PIIN) members—Phil Swift and Amin Lalji—made a signifiCant investment into the Sarona Frontier Markets Fund 2 (SFMF2) and were invited to attend the Sarona AGM in May 2015. Fund overview Fund Management Company: Sarona Asset Management Track Record: New fund. Manager has strong track reCord. Asset Class: Fund of Funds Target IRR: 20% Target Geography: Global, emerging markets Impact Theme: ACCess to finance—SMEs, Green teChnology/CleanteCh, Bottom of Pyramid Fees: 1% MF, 10% Carried interest Inception Year: 2012 Ratings: IA50 Domicile (HQ office): Cayman Islands (Canada) Minimum investment into fund (USD): $1 mill USD Committed capital: $126,000,000 USD Target AUM: $200,000,000 USD Status: Open, Committed Capital (CC) Stage: Growth Investment Thesis FoCused primarily on seCtors that serve domestiC demand (agribusiness, Consumer goods, eduCation, finanCial serviCes, healthCare, light manufacturing, logistiCs and transportation, professional serviCes, teChnology) in emerging markets where the middle-inCome populations that are Consumers of these serviCes is fastest growing. Their strategy is to find top loCal fund managers in target Countries that are typiCally loCal but with foreign eduCation and experienCe, and have a strong understanding of fund struCturing Member Brief—Sarona Asset Management AGM Report, May 2015 and meChanisms. Currently they are adding a mentorship program for the purpose of matching suCCessful North AmeriCan fund managers with frontier market fund managers. At this time, they are looking for more mature frontier markets and are just starting to invest in Indonesia and Vietnam. As of yet they are not looking at Myanmar as too many unknowns remain. Broad diversifiCations—through investment in 12 to 18 primary funds they have exposure to over 200 underlying SMEs throughout 90 Countries. Notable LPs Government of Canada (through MEDA), $15 mill CAD OPIC (USA Government), $42 mill USD A development finanCe institution has been an LP in all Sarona funds to date. Arrangement with government LPs provides a first loss reserve to other LPs and higher seCurity on profits for other LPs, making the fund very attractive to investors. Overview of the AGM The AGM was organized into three parts. The first provided more background on Sarona and reported on finanCial performanCe and funds alloCated to date. The seCond foCused on the broader Context for impact investment with presentations and a panel session with two speakers, while and the third part involved presentations by fund managers that have reCeived investment from Sarona. Sarona summary With the Closing of SMF2, Sarona now has US$200m under management and is targeting $1bn through future funds. The three pillars of their investment strategy are: 1. target frontier markets 2. foCus on strong finanCial returns 3. ensure the funds are Committed to deliver on ethiCal, soCial and environmental values achieved through negative sCreens on funds and direCt investments. Sarona builds on the suCCess of MEDA, whiCh has been in existenCe sinCe 1953. Theyprovide advisory serviCes and manage a fund of around $20 mill USD. SFMF 1 expanded the fund by $30 m through a disCretionary Call to friends and family and SFMF2 established a Closed fund foCused on institutions with an original target of $150m in Committed Capital. The involvement of the Government of Canada and OPIC provides other LPs with an attractive opportunity to invest. Sarona operates primarily on a fund-of-funds basis and has identified seven primary portfolio investments in India, MexiCo, the Middle East and North AfriCa (MENA), South East Page 2 of 8 Member Brief—Sarona Asset Management AGM Report, May 2015 Asia, Brazil and Turkey. Two seCondary funds have been identified in MENA and Colombia. DireCt investments are also possible, but the team has foCused on the fund of funds approach The team foCuses on frontier and emerging markets and speCifiCally on businesses that refleCt the growth of middle Classes in developing Countries. The global middle Class is expeCted to grow from 0.8 bn people in 2009 to 3.9 bn by 2030. The funds are based in Countries with a GDP of less than $12,000, with good rule of law and relatively low Costs assoCiated with starting a business. The team targets funds that make direCt investments where there is a need for Capital and for value added serviCes. A number of the General Partners, who spoke later in the day provided examples of how direCt intervention in Companies alongside the Capital investment improved performanCe. In terms of asset Classes, Sarona looks for good depth of experienCe in those markets and regions where GDP is growing by 4 to 7%. In terms of the Companies identified for investment, they are looking for small and medium sized Corporations with growth rates that are higher than GDP. They tend to avoid larger Companies beCause it is harder to add real value and to struCture an exit. In addition, as part of the investment strategy, they look to apply negative sCreens for environmental, soCial and governanCe (ESG) meChanisms. The first loss reserve feature of the funds was negotiated with development finanCe agenCies. OPIC provided $50 mill USD at low Cost with no reCourse to the LPs and the Canadian Federal government has provided a first loss reserve of $150 mill CAD of which $53 m has been Called to date. The team has alloCated around 50% of the total fund Committed and 32% has been invested in seven primary funds and two seCondary funds. Through those nine funds they have invested in 39 Companies. Their regional exposure is still biased towards South AmeriCa, whiCh was the original foCus of their team, but is being balanCed over time. Looking at both Sarona funds in Combination, the highest investment into any single fund is into Ambit Pragma (13% of Sarona’s total Committed funds). Ambit Pragma is a $4.9 bn USD fund focused on growth stage, small to medium sized Companies in India. Two speCifiC Companies that have reCeived investment were desCribed. Masterskill reCeived investment through the Creador fund, whiCh foCuses on Malaysia and Indonesia, and provides healthCare training in Malaysia. Their goal is to improve the quality of healthCare training, rather than making direCt healthCare investments on the basis that it is key to improve the quality of healthCare professionals in emerging markets. Creador Co-invested with SMART to ensure they had the right mix of expertise. The value-add approach was to improve the operational effiCienCy of Masterskill and inCrease student enrollment, either by opening up new facilities or through acquisitions. They are also identifying opportunities to sell non-Core assets. Page 3 of 8 Member Brief—Sarona Asset Management AGM Report, May 2015 The seCond Company is Kelvin Cold LogistiCs, which is based in India and supported by a fund Called Enda Pragma. Kelvin is one of the top five Cold Chain logistiCs Companies in India, although they only have 200 truCks. Improving the Cold Chain for delivery is essential to growth of other enterprises in the market so the investment is strategiC. Kelvin Cold LogistiCs is still a small Company relative to those in developed Country markets and they do business in a market that is highly fragmented. There are fifty thousand Cold Chain truCks in India and 90% are operated by small family-owned businesses with one or two truCks. The Company has developed a sophistiCated logistiCs platform with GPS trackers that allow them to manage the fleet more effeCtively and monitor the average temperature of the vehiCles. The fund’s focus is on supporting other small and mid Cap Companies in India to help them improve their serviCes. A third direCt investment into Mekong Capital was disCussed at length in the Q&A session. This investment, which focuses on expanding supermarket facilities, was not fully supported by the investment Committee. While the Company has a long track reCord, the team was led by an ex- patriot CEO who did not present well. Conversely, the middle managers interviewed by the investment Committee presented very well. While Sarona is a fund of funds they do seek to maintain an active role in the management of the funds and in the direCt investments by drawing on the breadth of experienCe they have built through the wide portfolio of activity in the market. Sarona reviews 100 to 150 funds a year with the goal of investing in five, so they have built up a lot of expertise in identifying strong investments. An investment team that inCludes at least one independent reviewer who is either an LP or is able to provide independent review of the investment makes investment deCisions. In terms of their Commitments to ESG review, they reCognize that they need to work with the funds to improve their Capacity to deliver on these measures. In addition, if they are too striCt in requiring full reporting, they take management time away from working with the investees, which raises the Costs. For that reason, ESG is typiCally managed on the basis of voluntary disclosure. While the best funds are still not oversubsCribed, they do have the ability to be seleCtive in Choosing partners. The Kandeo fund GP Commented that they very muCh valued the strategiC benefit of bringing on an LP with Sarona’s track reCord. Impact Investment Context Invited panelists: Bowman Cutter, Former Managing DireCtor of Warburg PinCus (1996 – 2009) and Chairman of MiCroVest and CARE.
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