San Francisco-based Capria Accelerator Fund has received undisclosed funding from the International Finance Corporation and the UK government in support of its commitment to help unlock more than $500M in global impact capital over the next 10 years.
The investment will help the firm expand operations into sub-Saharan Africa and South Asia. Other investors and supporters include Bill Gates (in a personal capacity), Ceniarth, Crystal Springs Foundation, Sorenson Impact Foundation, Unitus Labs, Lemelson Foundation, and Mohandas Pai.
“IFC is looking to invest in fund managers serving early-stage businesses in emerging economies,” said Atul Mehta, Global Director of Private Equity for IFC, part of the World Bank. “We’re pleased to join other leading investors as an LP in the Capria Accelerator Fund which will provide risk capital and capacity building for first- and second-time managers establishing funds that address the global ‘missing middle’.”
Earlier this year at the Global Entrepreneurship Summit, Capria announced the Capria Emerging Managers Fund, a USD 100 million fund that will invest in equity and debt funds targeting startup and growth-stage businesses across Africa, Latin America, and Asia. The Emerging Managers Fund will complement the fund’s existing acceleration efforts and provide even more catalytic financial support to fund managers, expediting their path to final close and capital deployment.
Applications into Capria Accelerator Cohort 2 of fund managers, Alitheia Identity Management and idacapital started September 18 in Seattle. The Accelerator program is custom designed to help emerging market fund managers to accelerate launching new early-stage investment funds in emerging markets.
Capria will select up to five fund management teams for its next cohort, with the application period ending on November 11, 2016. First or second-time impact fund managers are encouraged to apply.
Members of the Capria team will be making country visits throughout Sub-Saharan Africa starting in October in order to connect with the most promising fund managers in these regions.