FOUNT is a leading impact investment firm, providing Strategic Advisory and Investment Management services, to drive social and environmental impact, alongside reasonable financial returns in emerging markets.
FOUNT offers hands-on Strategic Advisory and Investment Management support to its clients, to enable them to generate measurable impact with viable and scalable business models. FOUNT’s global reach through its Strategic Advisory and Investment Management activities includes countries in Africa, South East Asia, Central and Eastern Europe and Central and South America. In these countries we focus on various high-impact sectors.
FOUNT provides funding via the dedicated investment mandates that it has under management. Currently these include BIX Capital, Good Fashion Fund and AGRI3 Fund.
By designing, implementing and evaluating innovative investment initiatives for many years, FOUNT has demonstrated its’ expertise as a leading Strategic Advisor for high-impact initiatives.
FOUNT acts as a Fund Manager and Lead Advisor for a number of highly innovative funds and plays a core role in structuring, strategy, governance and related investment processes. We currently manage and advise the Good Fashion Fund, BIX Capital and the AGRI3 Fund.
Our clients include international development organisations, investment initiatives, impact investors and donors from around the globe. We have developed our Investment and Strategic Advisory offerings to meet our clients’ needs in the most optimal way and we have built our expertise around structuring impact focused investments, targeting low-income communities and eco-systems in emerging markets.
FOUNT offers a broad range of high-quality Strategic Advisory and Investment Management services and hands-on support to enable our clients to generate optimal, measurable impact with business models that target the lower-income segment of the population.
We do this by leveraging our investment and advisory expertise and international networks to help scale sustainable solutions responding to key environmental and social challenges that have the potential to generate lasting positive environmental and social impact, whilst delivering sustainable financial returns.
The impacts generated by the initiatives we work on contribute to the Sustainable Development Goals of the United Nations (SDGs).
What are the opportunities for Impact Investing in the field of justice? What does the Innovating Justice Fund launched by FOUNT and HiiL seek to achieve? The webinar Impact Investing in Justice Startups on February 23rd will convene justice sector leaders and investors to discuss and share best practices why we need to drastically improve the allocation of capital and see how we could help each other close the justice gap.
AGRI3 Fund and Rabobank have launched a new initiative “Renova Pasto” in Brazil which will support the renovation of degraded pasturelands and accelerate forest conservation. A 10 year loan product from Rabobank and AGRI3 Fund will enable farmers to restore the health of their pastureland and simultaneously accelerate their compliance with the Brazilian Forest Code, resulting additionally in a higher food production.
The Good Fashion Fund jointly with its expert partners Fair Wear Foundation and Sphera, had its first on-site monitoring visit in December 2022. The investment is already showing fruitful results and positive financial, environmental and social impact in Pratibha’s spinning, processing and garmenting divisions. The impact of the investment is above expectations, according to Bernadette Blom, director of The Good Fashion Fund.
FOUNT is strengthening and mentoring Wangara Green Ventures (“Wangara”), a first-time fund manager based in Ghana. The advisory assignment aims to optimize Wangara’s fund model and fundraising strategy. The assignment is jointly commissioned by Wangara and DGGF (Dutch Good Growth Fund, Seed Capital & Business Development, managed by Triple Jump and PWC).
In specific, Wangara is seeking to scale up and needs support to define an optimal fund model (including aspects such as size, structure, focus, instruments, and ticket size) that is consistent with the product offering and that can gain fundraising traction. As such, this assignment aims to provide capacity building to the team behind Wangara to support them in helping align the fund model, investment proposition, financial model and fundraising strategy to market needs and funding opportunities.
The Netherlands Enterprise Agency RVO is part of the Ministry of Economic Affairs.
FOUNT acts as lead advisor focusing on:
FOUNT supported Rabobank as Strategic Advisor on the design of the AGRI3 Fund including amongst others the following elements: investment strategy and approach, funding structure, governance, investment processes and a high level financial model.
FOUNT acted as a Strategic Advisor to FMO on the NL Business Risk Portfolio and Fund Management team with a focus on strategy, investment processes and governance.
FOUNT was mandated by the Dutch Ministry of Foreign Affairs to review the MASSIF Fund which is managed by FMO. MASSIF provides financial resources to Micro, Small and Medium Enterprises (MSME’s) by supporting the local financial intermediaries and institutions that can contribute to their development.
FOUNT acted as Advisor to Fashion for Good (FGG), an innovative platform and convenor to change the fashion industry for good. FOUNT worked on the design and implementation (up to initial close) of the Good Fashion Fund and was subsequently selected and approved by GFF's initial investors to become the Fund Manager.
FOUNT acts as a Strategic Advisor to Cordaid.
FOUNT acted as strategic advisor to Oxfam Novib.
FOUNT advised IDH, the Sustainable Trade Initiative on developing a proposition including strategy and business cases for an agricultural fund, as well as defining the operation set-up of the Fund.
FOUNT advised the Pakistan Poverty Alleviation Fund (PPAF) on several assignments. FOUNT developed a strategic plan including a financial model for a new microfinance investment company. FOUNT also advised on the transition plan and the design of the investment process and delivered several manuals and guidelines and support for operations (HR, treasury policy, ESG, credit process). The new entity (PMIC) with shareholders PPAF, KfW and Karandaaz/DFID is operational as from 2016.
FOUNT is an Advisor to Reall, an innovator and investor in climate smart affordable housing in urban Africa and Asia for those at the bottom 40% of the income pyramid. FOUNT has advised on the development of the financial model and Investment Memorandum and has supported Reall in their fundraising processes.
Cardano Development is the incubator of a new institutional impact investment initiative, the Impact Loan eXchange (ILX). ILX aims to provide an innovative impact investment platform through which leading institutional investors, such as European pension funds, can co-invest with the global Development Finance Institutions, in sustainable long-term loans in developing countries.
FOUNT was part of the project team setting-up this initiative.
FOUNT advised Oikocredit. Oikocredit is a cooperative and social investor which provides funding to the microfinance sector, fair trade organizations, cooperatives and small to medium-sized businesses.
FOUNT advised the Africa Agribusiness Academy (AAA), a pan-African business platform for small and medium-sized agrifood enterprises (SMEs). The objective was to support AAA on setting up of a small-scale financing pilot in Uganda.
FOUNT advised the Investment Funds for Health in Africa (IFHA), an Amsterdam-based private equity fund (over USD 200m) that invests in private healthcare companies in African countries. A feasibility study was performed with regard to the medical education sector in selected African countries.
In 2014, FOUNT was appointed by Berendina Stichting, jointly with FMO, to perform a capacity development study with regard to the optimal strategy of the microfinance operations of the Berendina Microfinance Institute in Sri Lanka (BMI) and to write a strategic plan allowing BMI to grow in the coming years.
FOUNT developed a new Strategic Plan for BMI in Sri Lanka. The 3-year strategic plan encompasses the steps required for the future organizational model and governance required to gain access to additional funding. This is based on international best practices and an in-depth market assessment.
FOUNT was appointed by the Ministry of Foreign Affairs to advise them on the Investment Strategy for the newly established Dutch Good Growth Fund (DGGF) focusing on enhancing access to finance for local SME’s in Development Countries (track 2).
The DGGF is a EUR 750 million revolving fund, which offers tailored funding arrangements for entrepreneurs (particularly small and medium sized enterprises) that have solid business or investment plans and relevance to development.
FOUNT provided the Ministry of Foreign Affairs with the following advisory services:
For the Development branch of the German bank KfW, FOUNT prepared a feasibility study regarding financing of renewable energy and energy efficiency in Ghana.
FOUNT supported SolarNow in preparation of their business plan for scaling up activities in Uganda. SolarNow is a for profit social business, providing solar energy and financing solutions in East Africa
Function: Partner
Contact: bernadette@fount-eu
Bernadette is Managing Partner, co-founder and owner of FOUNT. She has around 25 years structured finance and strategic advisory experience of which around 20 years experience in impact investing.
Within FOUNT, Bernadette has been leading several strategic advisory assignments focusing on designing, implementing and evaluating various impact investment initiatives in different sectors and geographies.
Bernadette has set-up several impact investment funds and is currently Director of BIX Capital and Director and IC member of the Good Fashion Fund. On International Women’s day Bernadette was nominated as one of the ‘Top 50 women in sustainable finance 2022 in the Netherlands. Additionally Bernadette is Advisory Board member of Berendina Micro Finance and Board member at Stichting Anne-Bo.
She has worked with different type of clients and investors in various countries in Africa, Asia, CEE and Latin America.
Before establishing FOUNT, Bernadette co-founded Corporate Connect, a financial advisory firm with a focus on impact investing in emerging markets, and worked at Accenture, BTMU investment banking (London) and ABN AMRO Bank’s investment banking division (Amsterdam).
Function: Partner
Contact: bob@fount.eu
Bob is Managing Partner and co-founder of FOUNT. He has over 20 years of investment experience and a wealth of experience in setting up and managing funds. Bob is currently Fund Director of Good Fashion Fund, Board and IC-member for BIX Capital as well as Board and IC-member for AGRI3 Fund Manager. Additionally, he is Advisory Committee-member for the Mergence Renewable Energy Debt Fund in South Africa.
Within FOUNT, Bob has been leading in the long-term assignment for portfolio management and refinancing of a social housing loan portfolio in 17 emerging countries and played a key role in ‘investment readiness’ assignments for several clients. Prior to FOUNT, Bob worked for impact investment organisations FMO, Triodos Investment Management and ProCreditBank and gained hands-on experience in general management and SME banking. He has a vivid interest in sustainable business operations and has been on assignments in numerous countries in Africa, Asia, Latin America and Central- and South Eastern Europe.
Function: Managing Director BIX
Contact: jeroen@bixcapital.nl
Before founding BIX Capital, Jeroen was deputy-director of the Shell Foundation. In this role he was among others responsible for the Breathing Space (Access to Energy) programme and setting up Shell Foundation’s carbon based pre-finance cookstove investments. With this experience, Jeroen created the investment concept of “Impact-based pre-finance” for BIX Capital. Previously, he worked for FMO, the Dutch development bank as investment officer private equity in Eastern Europe and Subsahara Africa and at KPMG transaction services on wide ranging due diligence engagements, mainly for European Financial Institutions.
Function: Senior Investment Advisor
Contact: gerard@fount.eu
Gerard has more than 20 years of work experience, including 6 years of direct impact investing experience in Africa. From 2006-2015 he worked for two different private equity firms: HAL Investments (2006-2009) and the Investment Fund for Health in Africa (“IFHA”, 2009-2015, investors including IFC, APG and FMO). Both funds are well-respected investment organisations with an international focus. Through his broad work experience, Gerard has developed a keen insight into the entire investment process, from the first contact with a potential investment candidate to portfolio management activities.
He joined FOUNT in early 2015 as a Senior Investment Advisor. Since then, Gerard has worked for Reall (affordable housing investor in Africa and Asia, based in the UK), PMIC (microfinance organisation in Pakistan), IFHA (healthcare PE fund focused entirely on Africa) and BIX Capital (clean energy, main focus on Africa and Asia), amongst other. Assignments included performing a market study, financial modelling, compiling an Investment Memorandum as well as deal execution.
Gerard obtained his Master’s degree in Macroeconomics at the Rijksuniversiteit Groningen, the Netherlands.
Function: Controller
Contact: sabien@fount.eu
Sabien has worked in finance positions for various profit and non-profit organisations for over 20 years. Besides having a masters degree in General Linguistics, she is a Qualified Business Controller (QC). The seven years she spent working and living in Botswana and Ghana acquinted her with development issues and sparked her interest in impactful busniness models. Sabien joined FOUNT as of 1 October 2019 and is already somewhat familiar with the firm thanks to her work for Goodwell in 2012-2013. Prior to joining FOUNT she worked for Porticus CV as a business controller.
Function: Investment Advisor
Contact: samira@fount.eu
Samira started her career at the Commercial Bank of Africa in the risk management department and thereafter offered pre-investment support to various Small and Medium Sized companies in East Africa. Prior to joining FOUNT, she was a Senior Analyst at Ernst and Young LLP where she worked on various transactional advisory assignments in infrastructure, financial services, retail, and hospitality. She has supported various projects in due diligences, financial modelling, feasibility studies and data analysis. Samira is passionate about building communities in developing countries through impact financing and was Project Manager to a social impact green bond in Kenya sponsored by Cardano Development B.V and Water Finance Facility.
She holds a Master’s with Distinction in Development Finance from the University of Manchester and a Bachelor’s Degree in Financial Economics from Strathmore University.
Function: Investment Director AGRI3
Contact: casper@fount.eu
Casper joined FOUNT in August 2020. He has over 12 years of experience in development finance covering all stages of the investment process. Before joining FOUNT, Casper developed his career at Dutch development bank FMO, where he gained experience in different roles in front office and credit risk departments. From 2012-2016 he contributed to the development of FMO’s Agribusiness portfolio as Investment Officer focusing on debt transactions throughout Latin America. From 2017-2020 he worked in FMO’s Special Operations department where he managed restructuring and recovery of distressed investments in, amongst others, agribusiness, renewable energy and real estate sectors in Latin America, Africa and Asia.
Function: Office Manager and Communications Officer
Contact: liane@fount.eu
Liane joined FOUNT in September 2020. She has an extensive background in providing administrative and operational support at non-profit organizations such as Oxfam Novib, Wilde Ganzen Foundation and the Department for Development Cooperation of the Netherlands Antilles. Besides she has more than fifteen years of experience in (multilingual) communications, and in writing and in (web) editing in her mother tongue Dutch.
Liane studied Latin American Studies at Leiden University. She lived in several Latin American countries as a tour leader and in other roles on Curacao, her island of birth.
Function: Analyst
Contact: buck@fount.eu
Buck joined FOUNT in May 2021. Prior to this, Buck did research on sustainability in the beef sector at the Ministry of Agriculture. After that he did an internship at the Dutch entrepreneurial development bank FMO where he worked on the sustainability framework for agricultural investments. During his studies he focused on international sustainability challenges, and he went to Spain and Senegal for a couple of months to look into sustainable entrepreneurship.
Buck holds a master’s degree in Agricultural Economics from the Wageningen University, with a bachelor’s in Development Economics.
Function: Investment Advisor
Contact: francisco@fount.eu
Francisco joined FOUNT in January 2022. Prior to this, he worked for nearly six years in the banking industry at BNP Paribas in Lisbon and in Amsterdam. In his previous roles, he gained experience in originating, structuring, and executing lending corporate transactions.
He worked with private and public companies from a vast array of different sectors throughout Europe, and in transaction types ranging from asset based lending to LBOs. Some of his key responsibilities included analyzing debt RFPs and doing financial models.
Francisco obtained his Bachelor’s degree in Finance at the University of Lisbon.
Function: Impact Investment Team lead
Contact: gemma@fount.eu
Gemma joined FOUNT in January 2022. With 15 years of experience in development finance in emerging markets, she is a seasoned professional in impact investing.
Before joining FOUNT, Gemma fulfilled the role of Regional manager East Africa and Asia at EDFI MC – ElectriFI in Brussels. ElectriFI is a blended finance facility funded by the EU providing early stage catalytic capital to financially sustainable initiatives aimed at increasing or improving access to energy in emerging countries.
Gemma has worked 7 years as Investment Officer at FMO, the Dutch development bank, in multiple regions and sectors, covering the full investment process life cycle. Having left FMO and the Netherlands in 2014, she lived in Bulgaria for 6 years where she worked as independent investment advisor, among others for FMO and ElectriFI.
Gemma finished her masters degree in international financial business in Amsterdam.
Function: Investment Advisor FOUNT
Contact: jayanth@fount.eu
Jayanth is an investment professional with a background in impact investing, impact investment advisory and venture capital-focused on Asia and Africa. He is skilled in the entire investment process from origination to transaction closure and portfolio management. He has led transactions as part of both equity (Ennovent IIH) and debt (Grameen Impact) investment teams across food & agriculture, financial services/inclusion, health, education, energy, technology and waste management.
In his advisory roles, Jayanth has led multi-cultural and international teams to implement detailed impact investment advisory projects across emerging markets. He has successfully consulted on impact strategy, feasibility, investment readiness, impact evaluation, etc. for impact funds, non-profits, foundations, innovation & development consultancies and governments.
At FOUNT, Jayanth advises the Good Fashion Fund on the India transactions and supported the fund's first transaction in Pratibha Syntex.
He has a Master of Business Administration (MBA) from the University of Oxford and a Bachelor of Business Administration with First Class Distinction from the University of Madras.
Function: Legal Counsel BIX
Contact: caroline.noothoven@bixfund.com
Caroline is a finance transaction lawyer who has been involved in lending and private equity transactions in emerging markets for over 15 years. She started her career in private practice with focus on capital market transactions, but subsequently worked in-house with the Dutch Development Bank FMO, the Investment Fund for Health in Africa, DOB Equity and, since 2015, BIX Capital. Caroline is also involved with another Cardano Development initiative, the Water Finance Facility. During a period of 4 years Caroline was located in Lagos, Nigeria.
Function: Head of ESG and Impact AGRI3 Fund
Contact: kate@fount.eu
Kate has over twenty-five years’ experience in ESG, Social Sustainability and International Development working within the agriculture and forestry sectors primarily in sub-Saharan and West Africa. She has worked with private sector corporations, financing institutions, multi-lateral donors, international NGOs, industry platforms and civil society organisations promoting and facilitating responsible, inclusive investments.
Prior to joining FOUNT in September 2022, Kate spent much of her career living and working in Tanzania and Malawi, before relocating along with her family to the UK in 2015 where she undertook consultancy work and more recently a valuable role as an ESG expert at Mirova Natural Capital.
Within FOUNT Kate is responsible for all ESG aspects of the AGRI3 fund: ESG appraisal and due diligence; establishing ESG requirements for financing; developing impact indicators and working with Partnerbanks and clients on risk mitigation and positive impacts for transactions in low and middle income countries. She also takes the lead in developing ESG and impact policies and tools for the fund.
Function: Business Development Advisor FOUNT
Contact: rien@fount.eu
Rien joined FOUNT in January 2023. Following roles at the Chamber of Commerce and ABN AMRO, he entered the development finance world in 2009, joining Triodos Investment Management as an investment officer for Eastern Europe & Central Asia.
In 2011, Rien became Deputy Regional Director at Oikocredit International leading the EECA investment team and managing their 125M EUR portfolio of multicurrency debt investments. From 2014, Rien took a global role in business development, training and strategy development, focusing on developing new markets and products for Oikocredits African and Asian offices.
Prior to joining FOUNT, Rien worked with Cordaid International as Business Developer Inclusive Finance, with emphasis on creating access to finance in fragile states in Africa, Asia and the Middle East.
Rien has a master in Russian Studies from the University of Amsterdam.
Function: ESG and Impact Advisor, AGRI3 Fund
Contact: js@shankleman.com
Jill has over thirty years experience advising investors and development finance institutions on understanding and mitigating ESG risks and delivering positive impact as part of a commercial project.
Within the AGRI3 Fund, she has been responsible from September 2021 to September 2022 for ESG appraisal and due diligence; establishing ESG requirements for financing; developing impact indicators and working with Partnerbanks and clients on risk mitigation and positive impacts for transactions in low and middle income countries. She also took the lead in developing ESG and impact policies and tools for the fund. Until September 2022 she was involved with AGRI3 as a member of the E&S and Impact Advisory panel and at the same time provided advice and support on specific agriculture E&S and impact-related topics.
Prior to joining the AGRI3 Fund, she was a senior ESG Advisor to the Althelia Climate Fund. For most of her career, Jill has worked as a consultant and has extensive experience of the extractive industries worldwide as well as of the agriculture and forestry projects that AGRI3 focusses on. Jill has also been a Senior Social and Environmental Specialist at the Multilateral Investment Guarantee Agency (MIGA) and FMO, and was responsible for setting up the social performance consulting practice of Environmental Resources Management (ERM).
Function: Investment Intern
Contact: chanakya@fount.eu
Chanakya joined as an Investment Intern at FOUNT in November 2022. He is currently pursuing Executive MSc in Finance from Amsterdam Business School. He is also a CFA charter holder and a MBA from his home country India.
Chanakya has 7 years of corporate experience. Most recently he has worked 1 year in JP Morgan Chase in EMEA Capital Management and 4 years in Goldman Sachs in Treasury management and Regulatory reporting.
Chanakya likes travelling, fine dining, reading and socialising in his free time.
Function: Working Student
Contact: nina@fount.eu
Nina is currently pursuing a bachelor’s degree in Politics, Psychology, Law, and Economics (PPLE) at the University of Amsterdam. She is majoring in the discipline Politics. Prior to moving to Amsterdam she majored in International Affairs at the University of Maine in the U.S. where she had a scholarship to play field hockey.
Before FOUNT, Nina worked as a recruitment assistant. However, FOUNT connects to her future aspirations more since it is internationally oriented and makes a positive impact in other countries, contributing to a more sustainable world.
Eradicating poverty is not a task of charity, it is an act of justice and the key to unlocking an enormous human potential. Still, nearly half of the world’s population lives in poverty, and the lack of food and clean water is killing thousands every single day of the year. Together, we can feed the hungry, wipe out disease and give everyone in the world a chance to prosper and live a productive and rich life.
Hunger is the leading cause of death in the world. Our planet has provided us with tremendous resources, but unequal access and inefficient handling leaves millions of people malnourished. If we promote sustainable agriculture with modern technologies and fair distribution systems, we can sustain the whole world’s population and make sure that nobody will ever suffer from hunger again.
Over the last 15 years, the number of childhood deaths has been cut in half. This proves that it is possible to win the fight against almost every disease. Still, we are spending an astonishing amount of money and resources on treating illnesses that are surprisingly easy to prevent. The new goal for worldwide Good Health promotes healthy lifestyles, preventive measures and modern, efficient healthcare for everyone.
Education liberates the intellect, unlocks the imagination and is fundamental for self-respect. It is the key to prosperity and opens a world of opportunities, making it possible for each of us to contribute to a progressive, healthy society. Learning benefits every human being and should be available to all.
Gender bias is undermining our social fabric and devalues all of us. It is not just a human rights issue; it is a tremendous waste of the world’s human potential. By denying women equal rights, we deny half the population a chance to live life at its fullest. Political, economic and social equality for women will benefit all the world’s citizens. Together we can eradicate prejudice and work for equal rights and respect for all.
One in three people live without sanitation. This is causing unnecessary disease and death. Although huge strides have been made in increasing access to clean drinking water, a lack of sanitation is undermining these advances. If we provide affordable equipment and education in hygiene practices, we can stop this senseless suffering and loss of life.
Renewable energy solutions are becoming cheaper, more reliable and more efficient every day. Our current reliance on fossil fuels is unsustainable and harmful to the planet, which is why we have to change the way we produce and consume energy. Implementing these new energy solutions as fast as possible is essential to counter climate change, one of the biggest threats to our own survival.
Economic growth should be a positive force for the whole planet. This is why we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment. We must protect labour rights and once and for all put a stop to modern slavery and child labour. If we promote job creation with expanded access to banking and financial services, we can make sure that everybody benefits from entrepreneurship and innovation.
A functioning and resilient infrastructure is the foundation of every successful community. To meet future challenges, our industries and infrastructure must be upgraded. For this, we need to promote innovative sustainable technologies and ensure equal and universal access to information and financial markets. This will bring prosperity, create jobs and make sure that we build stable and prosperous societies across the globe.
Too much of the world’s wealth is held by a very small group of people. This often leads to financial and social discrimination. In order for nations to flourish, equality and prosperity must be available to everyone - regardless of gender, race, religious beliefs or economic status. When every individual is self sufficient, the entire world prospers.
The world’s population is constantly increasing. To accommodate everyone, we need to build modern, sustainable cities. For all of us to survive and prosper, we need new, intelligent urban planning that creates safe, affordable and resilient cities with green and culturally inspiring living conditions.
Our planet has provided us with an abundance of natural resources. But we have not utilized them responsibly and currently consume far beyond what our planet can provide. We must learn how to use and produce in sustainable ways that will reverse the harm that we have inflicted on the planet.
Climate change is a real and undeniable threat to our entire civilization. The effects are already visible and will be catastrophic unless we act now. Through education, innovation and adherence to our climate commitments, we can make the necessary changes to protect the planet. These changes also provide huge opportunities to modernize our infrastructure which will create new jobs and promote greater prosperity across the globe.
A flourishing life on land is the foundation for our life on this planet. We are all part of the planet’s ecosystem and we have caused severe damage to it through deforestation, loss of natural habitats and land degradation. Promoting a sustainable use of our ecosystems and preserving biodiversity is not a cause. It is the key to our own survival.
The Global Goals can only be met if we work together. International investments and support is needed to ensure innovative technological development, fair trade and market access, especially for developing countries. To build a better world, we need to be supportive, empathetic, inventive, passionate, and above all, cooperative.
FOUNT is strengthening and mentoring Wangara Green Ventures (“Wangara”), a first-time fund manager based in Ghana. The advisory assignment aims to optimize Wangara’s fund model and fundraising strategy. The assignment is jointly commissioned by Wangara and DGGF (Dutch Good Growth Fund, Seed Capital & Business Development, managed by Triple Jump and PWC).
In specific, Wangara is seeking to scale up and needs support to define an optimal fund model (including aspects such as size, structure, focus, instruments, and ticket size) that is consistent with the product offering and that can gain fundraising traction. As such, this assignment aims to provide capacity building to the team behind Wangara to support them in helping align the fund model, investment proposition, financial model and fundraising strategy to market needs and funding opportunities.
FOUNT supported Rabobank as a Strategic Advisor on the design of the AGRI3 Fund including amongst others the following elements: investment strategy and approach, funding structure, governance, investment processes and producing a high level financial model.
Sustainable Agriculture
About AGRI3
FOUNT is an Investment Advisor to the AGRI3 Fund, together with Cardano Development.
The Fund aims to mobilise public and private capital globally and at scale, by working with commercial banks, development finance institutions (DFIs), impact investors and institutional investors and provides credit enhancement tools and Technical Assistance to projects which actively prevent deforestation, stimulate reforestation, contribute to efficient sustainable agricultural production and improve rural livelihoods.
The AGRI3 initiative was created by the UN Environment Programme and Rabobank, together with partners IDH Sustainable Trade Initiative and the Dutch development bank (FMO) to support the transition to sustainable agriculture. The Ministry of Foreign Affairs of the Netherlands is a donor to the AGRI3 Fund.
FOUNT also acted as lead consultant to Rabobank for setting up the AGRI3 Fund before the Fund was established.
Read more in the AGRI3 brochure
Case Study on Carvalho Dias Group
The Carvalho Dias investment is a 10 year USD denominated loan to the amount of USD 5m with a 40% guarantee and tenor extension by AGRI3. The loan finances forest replanting and the protection and renovation of degraded pastureland, in line with recognised E&S guidelines.
The Carvalho Dias Group is a traditional Brazilian farm run by the family. They rare cattle and produce sugarcane and grains in Matto Grosso State. The family is committed to investment in forest renovation but it is difficult to finance as it is non-cash generating and thus, the support of AGRI3 creates high-impact.
AGRI3's support has accelerated the Group's compliance with Brazil’s strict Forest Code through forest replanting and protection. The Group has seen improved usage of existing pasture land through renovation and sustainable intensification. There has been an 80% reduction of chemical fertilizer usage by using natural manure. Knowledge sharing with other farmers via training will also boost other farmers in the region.
For further information see AGRI3 Fund
Or read the AGRI3 brochure
Affordable Housing
About Reall
FOUNT is an Advisor to Reall and has provided Strategic Advisory support to this initiative, through the development of the financial business case and marketing materials to support fundraising activities.
Reall’s mission is to build an affordable homes movement that improves the lives of 100 million people in urban Africa and Asia by 2030. Reall is an innovator and investor with unparalleled experience in affordable homes for the bottom 40% of the income pyramid, building an affordable housing movement through partnerships with local housing developers in Africa and Asia. Reall has set ambitious goals for 2025 and 2030 and aims to raise commercial funding to scale up their investment reach.
Financial Inclusion
FOUNT advised the Pakistan Poverty Alleviation Fund (PPAF) on several assignments. FOUNT developed a strategic plan including a financial model for a new microfinance investment company. In this respect, FOUNT also advised on the transition plan and the design of the investment process and delivered several manuals and guidelines and support for operations (HR, treasury policy, ESG, credit processes). The new entity (PMIC) with shareholders PPAF, KfW and Karandaaz/DFID is operational since 2016.
FOUNT advised IDH, the Sustainable Trade Initiative, on developing a proposition including strategy development and a business case for the Farmfit Fund, an agricultural Fund for smallholder farmers.
FOUNT acted as a Strategic Advisor to FMO on the NL Business Risk Portfolio and Fund Management team with a focus on strategy, investment processes and governance.
FOUNT was mandated by the Dutch Ministry of Foreign Affairs to review the MASSIF Fund which is managed by FMO. MASSIF provides financial resources to small businesses and Micro, Small and Medium Enterprises (MSME’s) by supporting the local financial intermediaries and institutions that can contribute to their development.
Circular Textile Supply Chain
About the Fund
The Good Fashion Fund is a unique initiative to create systemic change in the textile and apparel industry by financing the implementation of highly impactful and disruptive production technologies in Asia. FOUNT is the Fund Manager and works with Fashion for Good (FFG) as a Sub-Advisor. The Fund combines FOUNT’s investment and fund management expertise with FFG’s unrivaled industry network and technological expertise. Laudes Foundation was an Initiator and is an Anchor Investor. The initial close took place in September 2019, with a target size of USD 60 million.
Case Study on Pratibha Syntex LTD.
Good Fashion Fund's investment in Pratibha Syntex will be a five year, USD denominated loan to the amount of USD 3.2 million. This will provide Pratibha Syntex with financing for 18 types of production machinery. Additionally, part of the funds will be used to construct a rural factory in Jhabua, India.
The Company is a vertically integrated textile and garments producer which employs over 5,000 people and has a production capacity of around 60 million pieces of garments annually. Pratibha Syntex is a front runner of various sustainable production initiatives.
In terms of impact, the new technology will be responsible for a 50% reduction in water consumption due to the new continuous tumble dryer. The elimination of chemicals will be made possible due to the installation of a bio-based membrane bioreactor. There will be an increase in the production of green energy due to installation of solar panels. On the ground, local communities will be strengthened through the construction of this local factory.
For further information see Good Fashion Fund
See also the latest GFF Investor Factsheet
Impact Receivable Finance
About the Fund
FOUNT is a strategic partner and co-initiator of BIX Capital. BIX provides debt financing to SMEs through an innovative result-based finance structure, creating access to high impact products such as cookstoves or water purification systems for low-income households, mainly in Sub-Saharan Africa. FOUNT was first an Advisor to BIX and since 2017 FOUNT is part of the Management Team and has a role in the Investment Committee and Supervisory Board.
Case Study on C-Quest Capital
BIX provided C-Quest Capital with an Impact Receivables Finance Facility, to the amount of USD 3.55 million - with a first investment of USD 0.8 million in 2016 and a second investment of USD 2.75 million in 2020.
C-Quest Capital is a diversified impact-investment enterprise which provides clean and sustainable cooking solutions and devices. The beneficiaries are rural poor in Zambia, Zimbabwe, Mozambique, Malawi, Uganda and Kenya.
There are three million stoves in the pipeline and the impact is expected to support 150,000 end-user households, which is around 750,000 people. It is anticipated that there will be 15 million tCO2e in certified emissions reductions as a result.
Affordable Housing
FOUNT advises and supports DIGH with portfolio management, restructuring of debt and refinancing its portfolio. In cooperation with Dutch housing corporations, DIGH provides financing for social housing projects for the lower income segment. DIGH funds projects around the world, and is particularly active in three regions: South Africa, Central and Eastern Europe and Latin America.
Netherlands Enterprise Agency
FOUNT advised the Dutch government on affordable housing financing in Mozambique. To begin, the workshop ‘Finance for Affordable Housing’, part of the Beira Investment Conference 2018 was organised by FOUNT and successfully delivered. The audience included a strong representation from local banks who gained interest in the Maraza Affordable Housing Project. Secondly, FOUNT engaged in discussions with Mozambican banks on providing end-user financing, with a specific focus on the Maraza and Inhamizua Housing projects in Beira (10 houses delivered in 2018). The Dutch Embassy in Maputo played an important role in setting up a round table discussion during which conclusions were drawn on the best business model for affordable housing as well as the key conditions for attracting end-user finance.
Cyclone Idaï resulted in damage to the houses (mainly the roofs), with repairs being reimbursed by the project financier. After the cyclone, individual property titles for the first houses have been obtained by the property developer Casa Real, which is an important milestone. The impact of the cyclone has increased the need for affordable housing in Mozambique.
Going forward, FOUNT will further fine-tune the business case for investing in the Maraza project and engage in discussions with potential financiers, project developers and other parties.