ImpactAlpha, August 9 – Global Partnerships has raised $45.5 million for its Impact-First Growth Fund. The firm’s ninth fund will provide “patient debt” and affordable working capital to help emerging-market social enterprises recover from COVID-related business disruptions.
Global Partnerships’ Rick Beckett described the fund as a “strategic response to the pandemic, which has severely impacted – and will continue to impact – the lives of people living in poverty.
The fund will focus in particular on social enterprises serving women and the rural poor.
The U.S. International Development Finance Corp., or DFC, anchored the fund with $37.5 million. That investment was made possible by an $8 million catalytic first-loss tranche, backed by family office Ceniarth, the Shelby Cullom Davis Charitable Fund and undisclosed investors.
“The pandemic has further highlighted the need for impact-first financing vehicles like this new fund,” said Ceniarth’s Diane Isenberg.
On an Agents of Impact podcast last year, Isenberg said, “I thought it hysterical that Ceniarth has to protect the United States – but if that’s what they need to get the money out the door.”