Microsoft co-founder Bill Gates and former Infosys finance chief TV Mohandas Pai along with others have backed global business accelerator Capria.
Bill Gates Investments, Crystal Springs Foundation, Lemelson Foundation, Mohandas Pai and Ranjan Pai are among the top supporters who have committed to Capria Accelerator and its programme to support global fund managers.
Mohandas Pai and Ranjan Pai, who aren’t related, are the co-founders of Aarin Capital.
Capria Accelerator was started by Unitus founders Will Poole and Dave Richards in September last year.
The firm said in a statement it has accepted its first group of fund managers. The fund has opened applications for its second set of fund managers for the latter half of 2016. The firm has formed three high-potential teams to scrutinize 65 final applications from 24 countries.
Investors have committed to support Capria to help unlock more than $500 million in global impact capital over the next 10 years.
“I have long been a proponent of market-based solutions to help improve lives. The Capria accelerator is a great example of this kind of model,” said Gates.
Capria has initially selected two fund management teams from Africa and one in Central America. The names of fund managers will be disclosed later in the year.
Capria will identify local fund management talent, providing training and connections through its acceleration programme, investing in their management companies, helping them build their portfolio and raise funds from investors.