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Executives in KKR & Co.’s Singapore and Sydney offices have taken the firm’s environmental, social and governance initiatives one step further, this time outside the portfolio.
KKR teamed up with Impact Investment Exchange Asia (IIX) to help a company called East Bali Cashew develop its business plan, which ultimately resulted in $900,000 million of new financing, according to a release from the firm. The new financing, which did not include capital from KKR, will aid in the construction of a second factory, which in turn will hire 100 new employees.
October 22, 2013
Impact Investment Exchange Asia (IIX), a leader in social sector development through impact investment, and KKR, a leading global investment firm, marked the successful completion of its technical assistance project with East Bali Cashews (EBC), based in the rural village of Ban in Bali’s Karangasem District.
Social Enterprises are businesses which actively create a positive return to society. EBC, founded in 2012, is the first large-scale cashew processing facility in Bali and uses sustainable, eco-friendly business practices to process unshelled cashews, package and sell them under the brand name Alamente. EBC creates employment for women from farmer households who are mostly illiterate and have never had formal, salaried employment.
Impact Investment Exchange Asia (IIX) announced today that its Impact Partners platform has facilitated an investment of US$450,000 into Sun-eee Pte. Ltd. Mr. Ben Pwee, who is the founder and chairman of the Pwee Foundation and a recipient of IIX’s Impact Leader Award, led this deal.
Sun-eee Pte. Ltd. (Sun-eee)
Sun-eee is a Cambodian renewable energy company that addresses both the social problem of low penetration of electricity in rural areas and the environmental problem of a heavy reliance on diesel fuel.
Sun-eee aims to acquire a number of existing IPPs in this highly fragmented and under-served market. In turn, Sun-eee will generate clean and affordable power in these licensed areas by converting the existing diesel generators to a combination of biomass and solar technology while also extending the existing transmission networks to reach additional households. This will enable Sun-eee to offer low-cost, reliable power in these under-served markets and help to improve the lives of thousands of rural Cambodians.
“I am glad to have worked with IIX in securing this round of investment which has allowed me to purchase an IPP, replace the diesel-based charging stations with solar and biomass power plants, while aggressively expanding the transmission line network. These are the first steps to providing affordable energy to rural villagers in Cambodia. We will implement additional renewable energy power plants in the future to improve the quality of life for disadvantaged people and to reduce the greenhouse effect while protecting existing energy resources.” – Sov Leang, Founder, Sun-eee
IIX introduced Sun-eee to a group of angel investors who provided US$450,000 of funding in the form of convertible notes. This capital has enabled Sun-eee to purchase its first IPP and commence commercial operations. IIX continues to work with other potential investors with the goal of raising up to another US$3,000,000 in capital for Sun-eee.
IIX provided Sun-eee with exposure to investors through its Impact Partners platform, opportunities to present at events and facilitation of meetings with interested investors. With the Support of Asian Development Bank’s ‘Energy For All’ program, IIX was able to offer Sun-eee technical assistance in preparation for engaging with potential investors.
“IIX started working with Sun-eee after the company had completed a successful pilot and was looking for investment capital to scale the business. Over the last few months, we have worked closely with Sun-eee to refine their financial model and are thrilled to see that all the work has paid off with this investment. We look forward to continue supporting Sun-eee as it grows and brings prosperity to rural Cambodia.” – Robert Kraybill, Managing Director, IIX.
Impact Investment Exchange Asia (IIX) is a Singapore-based organization with a mission to provide Social Enterprises (SEs) in Asia greater access to capital, allowing them to more rapidly expand the impact of their activities.
IIX offers three investment platforms – Impact Incubator, Impact Partners and Impact Exchange. Impact Incubator focuses on raising seed capital for start-up SEs while Impact Partners is a private placement platform dedicated to growth-stage SEs that are seeking expansion capital. IIX also recently announced the launch of Impact Exchange, operated by the Stock Exchange of Mauritius in collaboration with IIX. Impact Exchange is the world’s first “social stock exchange”, a regulated stock exchange dedicated to listing and trading securities issued by mature SEs and other socially-driven organizations. IIX’s sister not-for-profit company, Shujog assists in capital raising through its proprietary impact assessment, research, advocacy and advisory work.
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IIX announced today that its Impact Partners platform has successfully facilitated an investment from two private investors, alongside lead investors from the Artha initiative and the Stone Family Foundation, into Spring Health Water (India) Pte. Ltd., a for-profit Social Enterprise that provides safe and affordable drinking water to rural customers in India.
The investment will enable Spring Health to expand its operations throughout the Eastern states of India and impact the lives of over 400,000 people.
Spring Health was founded by Dr. Paul Polak, founder of International Development Enterprises (iDE), a non-profit organization which creates livelihood opportunities for poor rural households and Jacob Mathew, a serial entrepreneur who has set up design firms, a manufacturing unit, and retail enterprises.
Spring Health distributes safe and affordable water to villagers in Eastern India. To date, Spring Health has provided over 38,000 people in 95 villages with access to safe drinking water by building water tanks at kiranas (mom-and-pop shops) of rural entrepreneurs. Sourced locally, the water is treated with chlorine and sold at very low prices. Spring Health aims to impact over 800,000 households over the next two years and over 8 million people within the next 5 years.
“I’m delighted to have been introduced to a group of passionate impact investors through the IIX network. The investment will accelerate our provision of affordable and safe drinking water to rural people and support the organization in expanding its impact across more villages.” – Jacob Mathew, Founder of Spring Health
Spring Health had the opportunity to showcase its business to accredited investors at this year’s Impact Forum, an annual event co-organised by IIX and its sister not-for-profit organization, Shujog. IIX also introduced the company to its Impact Partners investor base and facilitated the investment process by securing two private investors. Meanwhile Shujog helped Spring Health create a social impact framework for measuring and assessing their impact.
IIX is delighted to have assisted Spring Health in raising investment capital which will allow it to scale up its current operations and expand the impact of its activities. We are also pleased to be able to support World Water Week, with the timely closing of this deal. This demonstrates our commitment to this year’s theme of “Water Cooperation: Building partnerships”. By facilitating access to capital for Social Enterprises through its platforms, IIX continues to contribute to the growth of social capital markets in Asia. – Robert Kraybill, Managing Director, IIX
Impact Investment Exchange Asia (IIX) is a Singapore-based organization with a mission to provide Social Enterprises (SEs) in Asia with greater access to capital, allowing them to more rapidly expand the impact of their activities. IIX operates three investment platforms – Impact Incubator, Impact Partners and Impact Exchange. Impact Incubator focuses on raising seed capital for start-up SE’s while Impact Partners is a private placement platform dedicated to growth-stage SE’s that are looking for expansion capital. IIX recently launched Impact Exchange in partnership with the Stock Exchange of Mauritius. Impact Exchange is Asia’s first trading platform where mature SE’s can raise capital through the issuance of securities. IIX’s sister not-for-profit company Shujog assists in capital raising through its proprietary impact assessment, research, advocacy and advisory work.
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The International Finance Law Review (IFLR) shines light on how the world’s first stock exchange dedicated to Social Enterprises will change the face of investing. Read on as IFLR interviews IIX’s legal counsel Matt Kasdin about the Impact Exchange and what the next stage of investing will be here.
May 30, 2013
In a collaborative move to strengthen and standardize the impact investing sector, Nexii and Impact Investment Exchange Asia (IIX) are pleased to announce the transfer of Nexii’s role in Impact Exchange to IIX. With effect as from May 6 2013, IIX has taken over the cooperative management of Impact Exchange with the Stock Exchange of Mauritius (SEM). Impact Exchange aims at being a social stock exchange with significant global reach, from Africa to Asia, two regions in the most need of capital assistance for sustainable development.
Tamzin Ractliffe, founder of Nexii, said, “We are delighted at this integration, will continue to work with the SEM and IIX to ensure a smooth handover and transition, and are enthusiastic to watch Impact Exchange’s ascension to importance within the financial services industry over the next decade.”
Professor Durreen Shahnaz, Founder and Chairwoman of IIX, commented, “This partnership with the SEM to develop Impact Exchange is an important step in consolidating the interest from impact investors globally to two regions that have the most potential to impact millions of lives for the better.”
The Evolution of Impact Exchange
In 2006, the SEM successfully launched the Development and Enterprise Market to support medium-sized and growing business in Mauritius. Building upon its experience and recognition by Africa Investor (Ai) as Africa’s most innovative stock exchange in 2011 and 2012, the SEM partnered with Nexii to jointly develop the regulatory framework of Impact Exchange, collaboratively drafting listing rules that would cater towards impact investment opportunities. Impact Exchange aims at becoming a platform for the public to invest in and trade shares of social enterprises while assuring mission alignment to social and/or environmental impact. Impact Exchange is designed to be operated and regulated by the SEM. As Impact Exchange becomes operational, IIX will assume Nexii’s current role to oversee impact reporting requirements.
“Impact Exchange is a pioneering effort in democratizing access to investment information, market infrastructure and capital for both impact investors and social businesses or impact investment funds – a stepping stone towards achieving scale in the impact investment sector”, said the SEM’s CEO, Sunil Benimadhu.
Impact Exchange Moving Forward
IIX will work directly with the SEM to build upon the platform’s potential and work towards its launch in the future. Nexii will continue to support Impact Exchange by accrediting Authorised Impact Representatives through the Impact Trust, a move that will establish an independent qualification for intermediaries, with the intention of servicing social stock exchange initiatives globally.
IIX’s entry into Africa through the Impact Exchange relationship with the SEM is a strategic acquisition. “We are excited for this expansion of our footprint. IIX is currently raising capital through Impact Partners, its private placement platform impacting lives of thousands across Asia. With Impact Exchange, that impact can be multiplied to millions reaching both Africa and Asia. Impact Exchange will also allow for every citizen in this world to become an impact investor and part of the democratization of capital markets”, Shahnaz said.
“As Impact Exchange is a pioneering effort to use public markets for impact, we are excited to work with IIX given their track record of success connecting Social Enterprises to investment capital. We thank Nexii for their initiative and the passion they have brought to this project”, stated Benimadhu.
Interested Social Enterprises and investors can attend IIX’s annual Impact Forum, held in Singapore June 13-14, 2013 where more details of Impact Exchange’s operations will be unveiled. Registration and further information on the Forum can be found at www.impactforum.asia.
For further information on how to become an accredited Authorised Impact Representative, visit http://impacttrust.co.za/subscribe/ to sign-up for further information.
Nexii’s vision is of an inclusive, sustainable and ethical capital markets system that promotes prosperity for all and pays as much attention to issues of people and the planet as it does to issues of financial profit. Nexii is dedicated to building the impact investment market infrastructure and integrated intermediation services necessary to help businesses operating in sustainable sectors to raise capital and trade financial securities. For more information, please visit www.nexii.com
IIX is revolutionizing the way the world looks at sustainable economic development through the creation of social capital markets. It is operating investment platforms, developing products and ecosystems to connect socially and environmentally mission-driven enterprises with impact investors. IIX currently operates Impact Partners and Impact Incubator, two private placement platforms – the largest in the world in the impact investing space, offering social enterprises based in Asia Pacific a marketplace to raise private capital. IIX platforms have successfully raised pioneering investment capital for many social enterprises across the region. IIX’s sister entity Shujog focuses on doing impact assessments for social enterprises and plays a crucial role in the capital raising process. For more information, please visit www.asiaiix.com , www.impactpartners.asiaiix.com and www.shujog.org
Over the years, SEM has been at the forefront of innovation in the Exchange space in Africa, emerging as a reference Exchange on the African continent. SEM is today one of the leading frontier Exchanges and a full-fledged member of the World Federation of Exchanges (WFE).SEM is presently actively pursuing its internationalisation strategy, which is aimed at moving up the value-chain of products listed/traded on the SEM platform and setting the stage for the Exchange to gradually emerge as an attractive listing, trading and capital-raising platform offering international and multi-currency products. For more information, please visit www.stockexchangeofmauritius.com
About IMPACT TRUST:
The Impact Trust’s mission is to facilitate access to financial, intellectual and political capital for social and environmental solutions through research, impact finance product design, advocacy and education. It is also responsible for accrediting Authorised Impact Representatives, qualified firms and professionals in impact measurement, evaluation, and due diligence. Its work most recent includes developing a pilot for the first social impact bond in South Africa and research into stimulating SME and social business growth through taxation frameworks and legal structures. For more information, please visit www.impacttrust.co.za
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NUS Business School’s Asia Centre for Social Entrepreneurship and Philanthropy (ACSEP), led by Rob John and Pauline Tan with Ken Ito, has developed its second Entrepreneurial Social Finance in Asia working paper series – “Innovation in Asian Philanthropy”. The working paper explores the trends, innovations and strategies in Asian philanthropy and the various organizations that support entrepreneurial philanthropy, including IIX. Read on as IIX is profiled vis-à-vis other players in the region. More>>