Praxis supports global emerging markets through Sarona fund
Funding will help develop under-served entrepreneurs and economies
Praxis Mutual Funds® recently purchased $1 million of OPIC (Overseas Private Investment Corporation) bonds to support impact investments in frontier and emerging markets all over the world.
The proceeds of OPIC’s recent bond went to the Sarona Frontier Markets Fund 2, a fund which emerged out of Mennonite Economic Development Associates in 2010. The fund’s objective is “to deliver capital to entrepreneurs in under-served markets and help them develop their companies and their communities profitably and sustainably.”
Sarona upholds positive ethical, social, and environmental values in each of its investment decisions and works to globally catalyze change within the investment industry and in investee companies.
Sarona operates as a Fund of Funds, meaning that it invests in funds that own stakes in smaller portfolio companies. These investments include firms such as Verod Capital Management, a private equity firm based in West Africa that works with small to mid-market growth companies in the region.
Verod assists companies like Niyya, which uses a sustainable farming model to produce organic fresh fruit juices and dairy products for locals in Nigeria and Oreon, which consolidates and grows high-potential K-12 schools across West Africa. Investments like these contribute to growing economic self-sufficiency, the well-being of local communities and strengthening education systems in these regions.
Sarona has a portfolio of over 200 companies across more than 50 countries. Their investments have created over 154,000 jobs, 36% of which are held by women. The fund has reduced its environmental footprint with 4 gigawatts of clean energy capacity and 90 billion liters of industrial grey water recycled each year across its entire portfolio.
Sarona continues to work towards building sustainable communities through employment generation, community development and equality and empowerment.
About Praxis Mutual Funds
Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with values.