Press Releases

April 24, 2013

Waterloo, ON – Sarona Asset Management today announced an investment in Khyati Foods Limited. The investment was made alongside its private equity partner, SEAF Agribusiness India Fund.

Khyati Foods, based in Mumbai India, processes organic cotton and soybeans, primarily for export to Europe and North America. Khyati is unique in that it purchases its products from 10,000 certified-organic smallholder farmers in India. The company has successfully established a farmer training and certification system to ensure that farmers can easily move through the three-year certification process and deliver consistently high quality products to Khyati. The farmers benefit from both increased output volumes and higher pricing for their products. Sarona’s investment will enable Khyati to expand both its processing facilities and the range of products it works with.

Sarona is pleased with its investment in Khyati Foods because it helps build up a strong and growing company, while generating solid financial returns for its investors. Investing with top-quartile return targets, along with positive community benefits is at the core of Sarona’s vision. Sarona is also pleased with this investment because it complements its portfolio of private equity funds in frontier and emerging markets around the world. Investing directly into companies such as Khyati enhances Sarona’s projected return to its investors.

Sarona Asset Management is a private equity investor, investing in frontier and emerging markets around the world. Through its strategy of partnering with local private equity firms to invest in growth stage companies, Sarona is able to build top-performing companies that deliver excellent risk-adjusted returns. Sarona is based in Waterloo, Canada and Amsterdam, The Netherlands.

For further information, please contact:

April 24, 2013

Waterloo Canada – Sarona Asset Management today announced the purchase of limited partnership units in four Asian and African private equity funds from a seller in the secondary market.

Sarona is pleased to be investing in, and building up small/mid-market companies in these regions. The four private equity funds hold investments in 95 private companies, employing 40,000 people (43% women) in Bangladesh, India, Kenya, Sri Lanka, Tanzania and Uganda. The companies provide sustainable goods and services across a broad variety of sectors, including agribusiness, clean energy, education, finance, health, technology, logistics, manufacturing, professional services, retail, tourism and waste management.

These latest investments add to Sarona’s portfolio of private equity funds in frontier and emerging markets, and provide a significant potential boost to the expected return. Like all private equity secondary purchases, they increase visibility on investments made, reduce the expected holding period and Sarona was able to negotiate an attractive discount to NAV.

Sarona Asset Management is a private equity asset management company, investing in frontier and emerging markets around the world. Through its strategy of partnering with local private equity firms to invest in growth stage companies, Sarona is able to help build top-performing companies delivering attractive risk-adjusted returns. Sarona is based in Waterloo, Canada and Amsterdam, The Netherlands.

For further information, please contact:

March 13, 2013

Waterloo Canada – The World Bank’s private sector investment arm – the International Finance Corporation – is one of the most experienced investors in our field, having invested in private equity funds in Frontier and Emerging Markets for about 20 years. During the five year period between 2007 and 2012, IFC has invested in over 600 funds, of which almost two thirds have less than $250mm AUM. Like IFC, Sarona has recognized the attractiveness of smaller funds that invest in small to mid-sized companies with positive ESG attributes. IFC also performs good research which they share on their website and at conferences. We are now pleased to share with you a recent presentation that supports the validity of Sarona’s own strategy:

• •Why invest in Private Equity (PE) in Frontier and Emerging Markets (F/EM)?
  • •PE performance in F/EM is competitive. Indeed, a disproportionate number of F/EM funds are in the top quartile and top half of Global PE performance since 2004. (please see page 4 of attached presentation)
  • •Low PE correlation between F/EM and developed markets. This benefit derives from broad geographic diversification and low leverage. (please see page 5 of attached presentation)

• •How can an investor outperform?
  • •Regional returns vary, but fund selection is a strong driver of performance Like IFC, Sarona believes that bottom-up manager selection is more important than a top down macro allocation. (please see page 11 of attached presentation)
  • •More Small to Mid-Market PE funds outperforms. The smaller fund space attracts fewer investors, yet delivers three times more managers with a 2x return than the bigger fund space. (please see page 13 of attached presentation)
  • •By diversifying broadly, and low exposure to overheated regions, IFC significantly outperformed EM indices. Like IFC, Sarona employs a broad diversification strategy, as well as a focus on funds with strong ESG strategies. (please see page 10 of attached presentation)

If you are interested in reviewing IFC and other research reports, please do let us know. We’d be glad to link you to them.

Tuesday, July 23rd, 2012

Waterloo, ON – Sarona Asset Management and ImpactAssets released a joint article arguing that private equity makes a positive difference in emerging and frontier markets while earning solid financial returns.

The article contends that investors in emerging markets have experienced lower volatility with more consistent financial performance than those invested in developed capital markets. Likewise, private equity, while not immune to market forces, has delivered more stability and been less correlated to major public markets. By bringing these factors together- emerging markets and private equity – investors have been able to generate both stronger growth and lower volatility.

A new breed of private equity investor is adding a third element that not only boosts financial performance, but also delivers positive social and environmental impact. These investors are discovering that by building upon the decades-long experience of development finance institutions (many of which have used public funding to finance enterprise creation in emerging markets) they can deliver capital while pursuing sustainable, long term returns for investor and other stakeholders alike.

The full article may be accessed here. For further information, please contact

Waterloo, ON, Canada – Sarona Asset Management announced a new investment commitment today from its Sarona Risk Capital Fund.

Sarona Asset Management is a private equity investor, investing in small and mid-market companies in frontier and emerging markets. Sarona invests in sectors such as housing, agribusiness, education, financial services, healthcare, information and communications technology and renewable energy. Sarona’s investee companies are market leaders in business, social and environmental excellence.

The Sarona Risk Capital Fund has committed US$500,000 to Brazil+, a fund that finances the receivables of 17,000 small and medium-sized companies in Brazil.

“Sarona is pleased to support the work of Brazil+,” says Gerhard Pries, Managing Partner and CEO of Sarona. “This investment strengthens the ability of the firm to provide financing products to underserved SMEs and the working poor while targeting strong returns to our investors.”

Sarona Asset Management is based in Waterloo Canada and Amsterdam Netherlands, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $190 million in assets under management in emerging and developing country markets around the world.

For further information please visit our website: www.saronafund.com or contact

Gerhard Pries
Managing Partner and CEO
Sarona Asset Management
[email protected]
+1.519.883.7557

WATERLOO, ON and Amsterdam, The Netherlands.

Sarona Asset Management has recently completed commitments into two global financial services funds. The MEDA Sarona Risk Capital Fund has committed $1,500,000 to Women’s World Banking (WWB) Isis I LP Fund, and $250,000 to MicroVest+ Plus Fund LP.

WWB’s Isis Fund will invest in microfinance institutions across the globe that have a significant emphasis on servicing female clients, or being governed and managed by women. WWB aims to expand the economic assets, participation and power of low-income women by helping them access financial services, knowledge and markets.

The MicroVest+ Plus Fund will globally invest in low income financial institutions (LIFIs), including those with microfinance offerings. MicroVest facilitates the flow of private capital to LIFIs to help build capital markets serving the entrepreneurial poor at the base of the pyramid while providing market-rate returns to its investors.

Sarona invests in small to mid-market companies that serve the large and growing lower middle class in emerging and developing country markets. These markets have been growing faster than developed countries. Sarona believes investment returns in these markets are further strengthened by a focus on progressive business strategies that target ethical, social, environmental and governance excellence.

Sarona Asset Management is based in Waterloo, Canada, and Amsterdam, The Netherlands. It is a co-founder and/or manager of numerous investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $180 million in assets under management in emerging and developing country markets around the world

For further information please visit our website: www.saronafund.com or contact

Gerhard Pries
Managing Partner and CEO
Sarona Asset Management
[email protected]
+1.519.883.7557

November 18, 2011 – For Immediate Release

Waterloo, ON, Canada – Sarona Asset Management and Deer Isle Capital are pleased to announce that they have entered into a partnership where Deer Isle will represent Sarona’s offerings in North America.

Sarona Asset Management is a private equity investor, investing in small and mid-market companies in frontier and emerging markets. Sarona invests in sectors such as housing, agribusiness, education, financial services, healthcare, information and communications technology and renewable energy. Sarona’s investee companies are market leaders in business excellence as well as social and environmental values.

Deer Isle Capital is an advisory firm that focuses on growth and catalyst capital. With an extensive track record in raising capital, especially for emerging markets, Deer Isle is well positioned to complement Sarona’s offerings.

“Sarona is pleased to work with Deer Isle Capital, a firm whose values and integrity have enabled it to build a solid track record in the capital markets,” says Gerhard Pries, Managing Partner and CEO of Sarona. “The Deer Isle team will significantly enhance our presence in the North American market. We have been very impressed with the intellectual capital they bring to their work.”

Dianna Raedle, CEO and Founder of Deer Isle says “Deer Isle is excited to be working with Sarona and believes, given their extensive track record, since 1953, of values investing in emerging and frontier markets that they are well positioned to continue to lead the market with a fund of funds product.”

Sarona Asset Management is based in Waterloo, ON, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $180 million in assets under management in emerging and developing country markets around the world.

Deer Isle Capital LLC is based in New York City and has advised and/or raised over $5 billion in international assets with a focus on emerging markets since its founding in 2007.

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For further information please visit our website: www.saronafund.com or contact

Gerhard Pries
Managing Partner and CEO
Sarona Asset Management
[email protected]
+1.519.883.7557

October 24, 2011 – For Immediate Release

Waterloo, ON, Canada/Amsterdam, The Netherlands– Sarona Asset Management, the leading manager of a number of private equity impact investment funds, has officially established a presence in Europe and appointed Vivina Berla as a Senior Partner and European Managing Director.

Sarona Asset Management is based in Waterloo-ON, Canada, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, they represent over $180 million in assets under management in emerging and developing country markets around the world.

With over 15 years’ experience in institutional and alternative asset management acquired at Merrill Lynch and Gartmore Investment Management in London, Vivina’s breadth of experience and industry knowledge is a key addition to the Sarona team. She complements the strengths of the existing partners and her long involvement in private equity is particularly relevant to Sarona’s current efforts to broaden its investor base around the world.

Vivina will contribute to the future growth of Sarona Asset Management, the formulation and implementation of its strategy, and have a particular role to play in Europe, Middle East and Africa. She will also be a member of the investment committee. Sarona’s European activities will be managed from its Amsterdam office.

“Strengthening Sarona’s presence in Europe means that we can facilitate greater dialogue with investors and industry professionals around deploying greater amounts of capital into small/mid-market companies within frontier and emerging markets.” says Gerhard Pries, Managing Partner of Sarona. “With Vivina’s experience and passion for private equity in emerging economies, Sarona is confident it will attract greater interest to invest in regions, sectors and companies that will provide attractive market rate returns, as well as support local communities and protect the environment.”

October 14, 2011 – For Immediate Release

Waterloo, ON – Sarona Asset Management proudly announces that it has officially joined the growing international community of Certified B (benefit) Corporations. B Corporations represent a new breed of company which uses business solutions to address social and environmental problems – views Sarona has espoused for nearly 60 years.

In order to become a Certified B Corporation, Sarona had to demonstrate its corporate purpose to create a material positive impact on society and the environment; confirm its corporate responsibilities included consideration of the interests of employees, community and the environment; and publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent, and transparent third party standard.

The B Corporation movement has been building momentum as several US states have recently passed legislation that creates a new class of corporation that are legally required to pursue the creation of a positive impact on society and the environment, while meeting higher standards of accountability and transparency. As of July 2011, there were over 425 Certified B Corporations from over 50 industries, representing $2 billion in revenue and $6.5 billion in capital under management.

“Becoming a Certified B Corporation just makes good business sense. Sarona has already been using comprehensive and transparent performance standards,” says Gerhard Pries, President of Sarona. “Now, Sarona joins the community of Certified B Corporations to not only continue to improve on its own performance, but also encourage others to see the immense positive effects – including financial – good business solutions can have on social and environmental concerns around the world.”

Sarona Asset Management is based in Waterloo, ON, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $180 million in assets under management in emerging and developing country markets around the world.

For further information please visit our website: www.saronafund.com or contact

Gerhard Pries
Managing Partner and CEO
Sarona Asset Management
[email protected]
+1.519.883.7557

June 14, 2011 – For Immediate Release

Waterloo, ON – Sarona Asset Management has today been named to the ImpactAssets 50 – a global index of the top 50 private investment managers that deliver social and environmental value in addition to financial returns. Sarona was recognized for its success in bridging the gap between private capital and the impact investment opportunities in frontier and emerging markets.

Inclusion in the ImpactAssets 50 list speaks to Sarona’s commitment to building a world where all capital is invested for optimal financial, social, and environmental impact. It also highlights Sarona’s transparency in reporting its impact investing performance indicators to its investors and the public.

ImpactAssets 50 is part of a broader initiative by the Cordes and Calvert foundations to create a comprehensive impact investment platform, unleashing $2 billion of new capital to help solve the world’s most pressing challenges by 2016.

“We invest in companies that not only serve the demands of the rapidly growing middle class in developing countries, but also seek to be leaders in how they deal with people and the environment,” says Gerhard Pries, President of Sarona. “This is the best of both worlds – positive financial returns, together with ethical, social and environmental excellence.”

Sarona Asset Management is based in Waterloo, ON, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $180 million in assets under management in emerging and developing country markets around the world.

For further information please visit our website: www.saronafund.com or contact

Gerhard Pries
Managing Partner and CEO
Sarona Asset Management
[email protected]
+1.519.883.7557