PG Impact Investments – backed by global private markets investment manager Partners Group – has raised $210 million in total commitments for its inaugural fund, PG Impact Investments I, exceeding its initial target of $150 million, according to an announcement.
Founders and employees of PG Impact Investments and Partners Group, have contributed more than $65 million (31%) of the funds raised in PG Impact Investments I.
PG Impact Investments I is focused on impact generation in emerging markets including Asia, and invests across the main social impact sectors such as financial inclusion, affordable housing, energy access, agriculture/food, health and education.
PG Impact Investments I, which closed the fundraising in December 2018, has already committed to 19 investments.
It has invested in LOLC Cambodia, that offers a diverse suite of financial and non-financial products and services such as building latrines; Greenlight Planet, a producer and distributor of solar products to reach those living in off-grid areas of Africa and Asia; and, Neogrowth, an Indian impact fintech company, that provides loans to micro/SMEs.
“With the fund’s seed capital, we were already able to improve the lives of more than 1.1 million under-served individuals in the developing world. The success of the final close will help us to reach many more,” said Urs Baumann, co-founder and CEO of PG Impact Investments.
PG Impact Investment operates across the entire capital structure spread including equity, mezzanine and debt. It makes both direct investments and select fund partnerships.
Its latest investment was a $5-million debt investment in Tugende, a Kampala-based financial service provider that offers lease-to-own financing to help financially excluded individuals own income generating assets.
Established as an independent entity from Partners Group, PG Impact Investments claims all of its profits are transferred to PG Impact Investments Foundation that supports social initiatives and social businesses ventures.