Emerging and Growth Markets | October 13, 2021

AXA takes a minority stake in Blue Like an Orange sustainable investment firm

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, October 13 – Blue Like an Orange was launched in 2017 by former World Bank officials Bertrand Badré, Amer Baig and Suprotik Basu to unlock mezzanine debt for Latin American businesses advancing the Sustainable Development Goals. The firm raised $200 million for its first fund, which secured early backing from global insurance giant AXA, as well as HSBC, CNP Assurances, BNP Paribas Cardif, SG Insurance, MACSF, and the family offices of Sir Ronald Cohen and Wesray Capital founder Ray Chambers.

AXA is taking a 20% stake in Blue Like an Orange. The comapny said in a statement that its equity stake in the firm signals a “long-term and strategic commitment” to Blue Like an Orange.

AXA is also anchoring Blue Like an Orange’s second fund. Blue Like an Orange declined to offer additional information about the fund.

SDG investing

Blue Like an Orange invests alongside development finance institutions and multilateral banks. Its portfolio includes Mexican neobank Kubo, Ecuadorian lender Produbanco, Brazilian healthcare venture Placi Cuidados Extensivos, ride-hailing company Cabify and IT services firm Grupo Cimcorp.