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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

IA 50 2014 PROFILE

Vital Capital Fund

Total Assets Under Management: $100 – 499M
Asset Class: Private Equity
Clean Technology, Alternative Energy & Climate Change
Nutrition, Health and Wellness
Affordable Housing & Community Development
Education
Water and Sanitation
Small/Medium Business Development

Firm Overview

Category: (None)
Vital Capital is a $350 million, 5 Star GIIRS-rated, Impact Investment, Private Equity Fund that invests in opportunities which simultaneously enhance the quality of life of communities in rapidly developing nations, primarily in sub-Saharan Africa, while delivering attractive, market-rate financial returns for investors. Vital measures its success by the achievement of tangible improvements in the quality of life of local populations and the generation of attractive, risk-adjusted returns for investors, with the objective of demonstrating there are no "trade-offs" when investing for impact.
Firm Headquarters: Western Europe
Years of Operation: 3 – 4 years
Total Assets Under Management:
$100 – 499M
Total Number of Investors: Less than 5
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:
Working at the intersection of need, opportunity & experience, Vital implements its impact strategy, both social and financial, by investing in the key elements required to create vibrant communities - both urban and rural - in integrated & stand-alone configurations. Vital incorporates a wide range of life-changing elements which span high demand sectors including affordable housing, water, energy, education, small businesses, healthcare and social services and in rural locations, innovative agriculture solutions.
Investment Overview:
(None)

Investment Example

Vital's signature investment is in Kora Housing, a'Vibrant Community' development company that is constructing 40,000 affordable, high-quality residential units on 15 sites throughout Angola, in fully integrated community environments. In addition to modern 100 sq meter, 3 bedroom, 2 bath housing units, the Kora communities provide a full range of community infrastructure including, but not limited to modern utilities, recreational, social, cultural, retail, health care and educational services and facilities. Kora utilizes local contractors which provide over 35,000 local jobs (9K direct/26K indirect) and a wide range of training and skills transfer. Kora is targeting (and on target) to achieve an equity IRR of well over 20%. Sample Results since 1/1/11: - - 15,206 units built and sold - - 58.9% of capital returned to investors - - $145.3 million in local purchases - GIIRS 4 Star Rating

Leadership and Team

Cumulative Leadership Experience in Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Eytan Stibbe – Founding Partner More Info

Mr. Eytan M. Stibbe, the Founding Director of Vital Capital Fund, has been involved in investment in Africa for the past 26 years.
 Mr. Stibbe studied Mathematics and Computer Science at Bar Ilan University and completed his Masters in Business Administration at the European University in Belgium. Among his many professional accomplishments, Mr. Stibbe has worked extensively in initiating business and financing ventures worldwide, primarily in developing countries, including many countries in Africa. His vision and leadership have led to the initiation, implementation and successful completion of high-profile projects throughout this region, with a consistent focus on aligning humanitarian objectives with financial and business interests. Mr. Stibbe’s successes in this regard have become a hallmark of his involvement in any project or investment and have resulted in tangible improvements in the quality of life for tens of thousands of people.

Alexander Oppenheim – Managing Partner More Info

Mr. Alexander Oppenheim earned undergraduate degrees in geography and economics at Hebrew University and a Masters in Public Administration at Harvard University. Mr Oppenheim also holds a LLB (Bachelor of Laws) from Tel Aviv University. Mr. Oppenheim has served as Executive Vice President of the International Federation of Air Traffic Controllers’ Associations. He has implemented a wide range of airport and air traffic control projects throughout Africa. Most recently, Mr. Oppenheim has served as the Director General of Aldeia Nova, an innovative, fully integrated agricultural and rural development project throughout Sub-Saharan Africa.

Professor Jimmy Weinblatt – Investment Committee More Info

Prof. Jimmy Weinblatt was born in Alexandria, Egypt. He holds a BA, MA and PhD in Economics from the Hebrew University of Jerusalem. From 1978 to 1981 he was Principal Investigator at the David Horowitz Institute for the Research of Developing Countries at Tel Aviv University and was active in various research institutions such as The Maurice Falk Institute for Economics Research in Israel. He was Marsha and Kenneth Tucker Professor of Economic Development, working in the capacities of lecturer, researcher and investigator. From 2002 to 2010 Prof. Weinblatt was Rector of Ben-Gurion University of the Negev. Prof. Weinblatt is a Visiting Lecturer at the University of Pennsylvania and a member of the American Economic Association. He has written numerous articles and books on economic and social issues and related subjects. He is currently President of Sapir Academic College.

Percentage of Investment Professionals who identify as women:
Percentage of Investment Professionals who identify as a person of color:*
Percentage of Senior Management Team who identify as women:
Percentage of Senior Management Team who identify as a person of color:*
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with 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
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Promoting arts and media
Providing housing
Value-added Services Offered:
Access to markets

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
The fund has two teams, one financial and the other impact. Each are of equal importance and stature and led by senior executives of the fund. Both teams work in collaboration on every deal from the time it is sourced through exit. This dual track process is a Vital innovation which is being adopted by other Impact Investment PE funds. More than 40% of the deals which have been rejected by Vital, since inception, have been done so for impact reasons. Vital is working -- successfully -- to prove there are no financial trade-offs when investing for impact. Vital's evaluation process is documented and published on the web site.

Investments systematically include social and environmental sustainability practices in the due diligence process:
Vital capital has adopted the IFC sustainability standards. Each potential investment is evaluated to assess its compliance with those standards and the sector's EHS guidelines (by IFC). In cases where bridgeable gaps are found the company is issued with a corrective action plan that is liked to disbursements. Vital's policy is also published in the fund's web site. As mentioned above, the fund deploys a dual track/team model - Financial & Impact for every deal from inception through exit. 

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: Dan Schonfeld
Phone: +357 (24) 626026
Mailing Address:
Limmatquai 16
8001 Zurich, Switzerland

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