International Finance Corporation (IFC), the private sector lending arm of the World Bank, will make an equity investment of up to $15 million in Accion Frontier Inclusion Fund LP, a private fund that invests in early and growth-stage companies, according to a disclosure.
Accion Frontier will be structured as a Cayman Islands-exempted limited partnership and will be managed by Quona Capital Management, whose staff comes from Accion, it said.
The fund makes equity or equity-equivalent investments in companies that develop or provide products, services or technology to cater to the financial needs of those who do not have access to banking services in Africa, Asia and Latin America.
The fund’s investment manager will be fully owned by the four principals/investment directors who have worked together at Accion International, a US-based LLC. The investment manager’s principals are primarily based in Washington and Bangalore.