IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
SEAF
Diversity, Equity and Inclusion
Gender Equality
Health and WellbeingFirm Overview
For over thirty years, SEAF has been a leader in emerging/frontier market impact investing, providing growth capital and business assistance to more than 400 small and medium enterprises (SMEs) in markets largely underserved by traditional sources of capital. Targeting Impact Through Entrepreneurs, SEAF’s mission is to improve lives and communities through entrepreneur-focused investment. SEAF has managed or is managing 41 Funds and 14 Centers for Entrepreneurship and Executive Development (CEED) across more than 30 countries. SEAF has made more than 430 impact investments and realized over 300 exits while achieving significant impact consistent with its mission.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
SEAF’s investment thesis is Impact Through Entrepreneurs, wherein SEAF provides growth capital and business assistance to SMEs in emerging markets, seeking targeted financial returns and social impact aligned with the SDGs.
SEAF's investment thesis is to provide risk capital (equity, quasi-equity, and venture debt) and business assistance to SMEs in emerging and frontier markets with the purpose of achieving targeted financial returns and social impact for each respective fund. Targeted financial returns (deal, portfolio, and net) are a function of investor preferences, deal instruments to be used, market conditions, etc.. Social impact is a function of the theme/sector focus of a given fund and is aligned with the SDGs. Nevertheless, any impact made by a fund contributes to SEAF's mission of improving lives and communities, as well as SEAF's theory of change for that theme or sector.
For thirty years, SEAF has been at the forefront of impact investing, bringing conventional investing practices to underserved emerging and frontier markets and providing entrepreneurs with the growth capital and business capacity building advisement needed to grow their businesses. Over that time, SEAF has grown into the industry leader, with more than twenty offices globally, spanning Central and Eastern Europe, Asia, Africa, the MENA region, and Latin America; an investment team with significant experience in financial, operational, and impact-focused development; and an operational framework that joins traditional private equity fund management practices with impact-oriented monitoring and evaluation work. It is this unique combination that allows to SEAF to offer its investors and investees with the confidence that their work with SEAF will be aligned with private equity industry standards and will provide the social and environmental focus necessary to generate the impact sought after by today’s socially-minded investor.
Investment Example
In 2023, SEAF completed a successful investment cycle in Gomex, marking a significant milestone in the company's growth and the promotor's entrepreneurial journey. Gomex, a Serbian supermarket chain, flourished with SEAF's 2007 investment of €1.47 million, expanding from 16 stores to 207 stores, generating annual revenues of €147 million, and creating quality jobs. The successful exit to positions Gomex for further growth, and SEAF has invested in other supermarket companies globally to support local communities and sustainable development.
Leadership and Team
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Paul Sheehan – CEO More Info
Paul Sheehan is the Chief Executive Officer of SEAF, and oversees the investment, advisory, and operations teams globally. He has spent his career in emerging markets investment and advisory, working on the ground in over 30 countries in Asia, Europe, and Africa. Paul has more than 25 years’ experience in financial institutions, having started as a central banker with the Federal Reserve Bank of New York. Subsequently he was Managing Director / Head of Asian Financial Institutions for Lehman Brothers and ING Barings, and a founder and CEO of Thaddeus Capital, an institutional fund manager headquartered in Hong Kong. |
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Bert van der Vaart – Co-Founder, CIO and Board Member More Info
Bert van der Vaart is the Co-Founder and Chief Investment Officer of SEAF, leading SEAF’s portfolio company investments and exits and also a member of SEAF’s Global Investment Committee. Bert co-founded SEAF in 1989 when it was known as the CARE Small Business Assistance Corporation (CARESBAC). In 1992, he negotiated the establishment of CARESBAC/SEAF’s first fund in Poland, which grew to $16.8 million total capital under management under his leadership as the fund’s Director General. While serving as Director-General of CARESBAC-Polska from 1994 until 1997, the company completed 27 SME investments and realized its first 6 exits. In 1997, Bert was appointed CEO and President of SEAF, where he has since been involved with the establishment and supervision of every SEAF fund. |
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Robert Vodicka – VP More Info
Robert Vodicka is an Vice President with SEAF working for the company’s global management team. Robert brings a multi-disciplinary approach to his work at SEAF, covering business development, impact, fund formation, finance, operations, and more. Robert heads SEAF’s Environmental, Social and Governance efforts to ensure that all investees meet SEAF standards and promote good practices within their businesses. Robert’s previous work was in small business management in operational and financial roles in the Chicago area. Prior to SEAF, Robert worked as Director of Operations for a mid-sized construction company with national operational focus. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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SEAF investments set intentional impact targets at the onset of each investment and track such metrics throughout the life of the hold period. In addition to core metrics of job creation, sustainable business growth and local tax revenue contributions, each investment sets 3-5 targets that indicate the impact intentionality unique to that business, aligning each with IRIS metrics. Each investment also identies the SDGs which are targeted for impact.
Each SEAF investment undergoes a SEAF Social and Environmental Due Diligence screen to ensure that all companies: 1) are aware of and aligned with SEAF's commitment to ESG practices; 2) identify areas wherein ESG-related improvements are needed; and 3) systematically tracked and advised on how to increase social and environmental sustainability.
Impact Tracking and Monitoring
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