FMO mulls investment in Nepal-focused Dolma Impact Fund II

Durbar Square, Kathmandu, Nepal/Photo: Sebastian Pena Lambarri/Unsplash

Dutch development bank FMO is considering a proposal to invest $10 million in Nepal-focused Dolma Fund Management’s second private equity fund, according to a disclosure.

The new fund, Dolma Impact Fund II, will provide growth capital to small and medium enterprises in healthcare, renewable energy, technology, and other sectors to help create a positive social and environmental impact in the country.

DealStreetAsia had earlier reported that Dolma Fund Management was seeking to raise as much as $75 million for its second fund, a successor to Dolma Impact Fund I that closed at $36.6 million in 2018.

Dolma’s debut fund invested in as many as nine companies with operations in Nepal across renewables, tech/AI and healthcare sectors. FMO is an existing backer of Dolma and has previously injected $5 million in the fund manager.

“FMO’s investment in Fund II will be from two government funds, MASSIF and Building Prospects. [The] objective of the investment is to continue supporting the first-time fund manager, Dolma, and assist the team in deploying capital towards impactful transactions that result in both economic and social impact,” the international lender said in a disclosure.

In May, FMO proposed to offer a 0.4 million euro grant ($438,075) to One to Watch (OTW), an impact investment management company based in the Netherlands with subsidiaries in Nepal and Myanmar.

In Nepal, the bank had earlier proposed to extend $35 million debt financing for the development of Upper Trisuli 1, a 216 MW greenfield hydropower project developed by IFC-backed Nepal Water and Energy Development company.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.