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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

Injaro Investments

Total Assets Under Management: $25 – 49M
Asset Class: Private Equity
Sustainable Agriculture
Small/Medium Business Development

Firm Overview

Category: (None)

Injaro Investments is an impact-oriented fund manager that primarily focuses on opportunities in West Africa. Injaro is derived from Kilimanjaro which in Swahili means ''Mountain of Greatness." The Injaro team believes in the greatness of the African entrepreneurial spirit and in the ability of African entrepreneurs to build successful businesses that make a difference in the lives of the communities in which they operate. The firm is domiciled in Mauritius and was established in 2009. Injaro aims to partner with management teams that embody a strong entrepreneurial spirit to grow SMEs into profitable sustainable businesses that contribute to the growth of West Africa's economies. In addition to providing access to finance, Injaro actively provides sound business advice as well as technical assistance to build managerial, financial and operational capacity within investee companies.

Firm Headquarters: Africa
Years of Operation: 5 – 9 years
Total Assets Under Management:
$25 – 49M
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

Sustainably increasing the supply and affordability of improved seeds for smallholder farmers: Injaro seeks to alleviate poverty and contribute to West Africa's long-term food security by investing in companies that produce improved high-yielding seeds at affordable prices. Capitalizing on value creation opportunities along agricultural value chains: Injaro invests in agriculture because the majority of West Africa's populations are engaged in agriculture thus improving the probability of impacting significant numbers of people including many at the bottom of the pyramid. Capitalizing on competitive advantages for selected export markets. West African countries produce certain cash and food crops for which they have a competitive advantage. Injaro targets the local processing of crops that display such structural advantages. Supplying essential products and services to the growing local consumer markets. Injaro targets companies that provide goods and services for the growing middle class segment in the West African region.

Investment Overview:
(None)

Investment Example

Injaro invested in Sekaf Ghana Limited (Sekaf) in August 2013. Sekaf is a social enterprise that produces unrefined organic shea butter and shea-based bath and beauty products under the TAMA™ brand name. Sekaf is based in Tamale, Northern Ghana, an underdeveloped region with limited economic opportunities. Sekaf has a dual objective of producing high quality products, while improving the economic status of rural women shea pickers and shea butter processors through sustainable employment and education. Injaro invested in Sekaf because: Although the shea tree is unique to Africa, less than 50% of shea nuts are processed locally. Regional demand for soaps and moisturizers is over USD 329 million (2012) and is expected to continue growing fuelled by a growing middle-income class. Two years post-investment: Revenue and productivity have increased Corporate governance has improved Number of women directly reached has increased from 1200+ to 3500+ ESG is a priority agenda item.

Leadership and Team

Cumulative Leadership Experience in Investing:
20 – 29 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Jeremy Parkes – Managing Principal More Info

Mr. Parkes is the Managing Principal of Injaro Investments Limited. Prior to Injaro, Mr. Parkes was a Director at Knox D'Arcy Investment Management, a UK-based fund manager and activist private equity investor. In this role, he managed a £30m portfolio of SMEs and his responsibilities included engaging with senior management to seek actively the improved performance of their businesses. His previous experience spans consulting and investment banking with firms such as Accenture, Merrill Lynch, UBS and Technoserve, where he advised Ghanaian entrepreneurs on strategy and business development. He has completed transactions ranging in size from US$30m to US$0.6bn and has co-authored a business case that forms part of the Private Equity in Emerging Markets curriculum at the Wharton School.

Dadie Tayoraud – Principal More Info

Mr. Tayoraud is a Principal at Injaro Investments Limited (IIL). Prior to co-founding IIL, Dadié had been an active investor and advisor in agricultural SMEs and was a business development manager at Voodoo Group, a leading communications company in francophone West Africa. His personal investments include a rice and cassava-processing mill in rural Côte d'Ivoire. He has also worked with women cooperatives providing them with basic managerial skills to improve their production yields. As a business development manager, he guided small companies to achieve their growth and expansion goals. This includes defining and executing a US$1m regional rollout for a marketing and communications company spanning several West and Central African countries.

Mirabelle Moreaux – Investment Officer More Info

Ms. Moreaux has served as an Investment Officer with the Injaro team since 2011. Prior to Injaro, Ms. Moreaux was an Engagement Manager at Booz & Company, a global management consulting firm. Her previous experience involved advising top businesses, governments and organizations in the USA, Middle East and North Africa. She focused on formulating and implementing strategic and operational improvements for clients in the agriculture, health, financial services, public and non-profit sectors. Ms. Moreaux also worked with Abt Associates, Inc., a socio-economic policy research and consulting firm in Washington, D.C. At Abt, she evaluated health, education and social programs funded by foundations and federal and state governments.

Georges Bolamo – Investment Officer More Info

Responsible for : - Originating and screening investment opportunities - Structuring investments - Performing due diligence - Developing portfolio companies through the provision of operational and strategic advice - Optimizing operating and financial performance of investee companies

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:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
Below 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
Conserving land, ecosystems and natural resources
Creating jobs
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Injaro has detailed questionnaires and report templates that investment professionals use during deal sourcing and due diligence. These questionnaires are structured to require that the investment professional assess the social impact potential of target investee companies as well as the investee management team's interest to meet Injaro's social impact and ESG agenda. Each target investee company should meet at least one of the following criteria: Sourcing raw materials from target class Creating jobs for target class Providing products/services for target class Injaro's target class is made up of smallholder farmers or low income persons. Target investee companies that are weak either on social impact potential or willingness to comply are not pursued.

Investments systematically include social and environmental sustainability practices in the due diligence process:

Injaro has two staff members who are specifically responsible for ESG matters across the firm's operations. Members of Injaro's investment and operations teams separately assess each target investee to ensure that ESG and associated sustainability matters are considered thoroughly. Each member of the Injaro team has also received ESG training from third-party vendors to ensure that this critical area is always addressed.

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
None

Learn More

Key Contact Name: Jerry Parkes
Mailing Address:

P. O. Box CT7761, Cantonments, Accra, Ghana

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