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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Insitor Management

Total Assets Under Management: Less than $25M
Asset Class: Private Equity
Clean Technology, Alternative Energy & Climate Change
Nutrition, Health and Wellness
Housing & Community Development
Education and Charter Schools
Water and Sanitation
Sustainable Agriculture

Firm Overview

Category: (None)
Insitor Management is an impact investing firm based in Phnom Penh, Cambodia with offices in New Delhi, India and Yangon, Myanmar. We are a small, specialized team that invests in companies that have the potential to fundamentally improve the lives of low-income families in emerging countries.  We focus on Developing Asia where nearly two billion people have limited to no access to clean water, quality food, secure shelters, affordable healthcare, efficient infrastructure, and inclusive financial services. We work with start ups and early-stage businesses, bridging the gap between angel investments and later-stage funding offered by most impact investors.  Our previous experience as entrepreneurs, strategy consultants, and finance professionals allows us to help executive teams develop strategies, build operations, and execute plans. Our developing countries experience makes us a practical, understanding, and patient partner committed to working together to reach outstanding results.
Firm Headquarters: Asia & Oceania
Years of Operation: 3 – 4 years
Total Assets Under Management:
Less than $25M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:
Socially-minded private companies have been entering the market to serve the unmet needs of low-income communities, creating a large and growing need for sources of financing.   These companies will drive the development of new privately driven welfare models.  For most of them, access to early stage funding is the major barrier to success, as local capital and debt markets focus on larger business and impact capital is primarily available only to more mature companies.  Insitor Management intends to continue with its strategy of financing start-ups and early stage, high quality social businesses and growing them to a scale and profile attractive for local and international investors.
Investment Overview:
(None)

Investment Example

Mera Gao Power (MGP) builds and operates village based solar micro grids to provide nighttime lighting and mobile phone charging to off-grid households in Uttar Pradesh, India. MGP’s village-level lighting facilities generate electricity through centrally located solar panels, store the generated electricity in batteries, and distribute the electricity across the village to power light emitting diodes (LEDs) and mobile phone chargers in customer households. These facilities offer MGP’s customers a lower cost, higher quality lighting source than kerosene, currently the primary source of nighttime lighting for off-grid households.

Leadership and Team

Cumulative Leadership Experience in Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Micaela Ratini – Managing Director More Info

Micaela heads the Insitor Management Team and is a Director of the Fund’s General Partners. Prior to co-founding the Insitor General Partner, Micaela worked at the strategy consulting firm Bain and Company in Milan, where she led start-up, turnaround, and merger and acquisition engagements for leading European financial groups. Before joining Bain in 1998, Micaela was part of the Finance group of Arthur Andersen Business Advisory. Micaela is Executive Director of Joma International, and on the Boards of First Finance MFI, Barefoot Power, and Biosense Technologies.

Nicholas Lazos – Investment Director More Info

Co-founder and Investment Director of Insitor Management, Nicholas has worked in Cambodia for the last six years, supporting social enterprises through their start-up stage. Nicholas leads all major equity investments and takes executive roles in portfolio companies. Prior to Insitor, Nicholas was General Manager of the first low-income housing solutions company in Cambodia, where he managed the start-up and development of the company until fully operational. He holds dual degrees in Mathematical Methods in the Social Science program at Northwestern University.

Valérian Fauvel – Investment Manager More Info

Valérian joined Insitor Management in 2010. Working between Phnom Penh and New Delhi, Valérian has structured deals in several sectors including clean water, renewable energy, and healthcare. Valérian started his career as a buy-side analyst in a small cap investment funds in Paris, and subsequently worked in New Delhi as a management and corporate finance consultant. Valérian holds a degree with honors in Economics and Finance from Dauphine University in Paris and a Master’s in Corporate Finance from Bocconi University in Milan.

Karan Gupta – Investment Manager More Info

Karan joined Insitor Management in 2011 as Investment Manager. He is responsible for developing the pipeline of investments in India and works on advanced deals across the country. Prior to joining Insitor Management, Karan worked at Breathe India Ventures, a Indian low-carbon investment advisor, and at Network Enterprises Fund, a sustainable venture fund of the ICICI Group. He was also a co-promoter at a VC-funded affordable housing finance company. Karan studied at the University of Melbourne, Australia, completing his Bachelor of Science in ICT and a Master of Commerce in Finance.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
Less than 25%
Percentage of Management Team who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
Less than 25%

Financial Performance

Target Financial Returns Relative to Benchmark:
Concessionary Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Providing housing
Value-added Services Offered:
Access to markets
Business and legal training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
Insitor invests in innovative companies with a strong social mission that can become pivots in the development of new community driven welfare models; target sectors include, but are not limited to: Housing, Water, Education and Health. The fund also invests in non-traditional MFIs, with particular interest in those providing microfinance solutions to the above sectors (i.e. housing micro-finance).

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Marco Aletti
Phone: +855 (0) 23 21 82 57
Mailing Address:
No. 21, Street 214
Phnom Penh, Cambodia 12211

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