(PEHub) Elevar Equity said Wednesday that its third venture capital fund closed at US$74 million. Elevar Equity III L. P. will focus on commercial investments in early stage companies providing financial services, education, housing and healthcare to low-income communities primarily in India and Latin America. Investors of Fund III include the Rockefeller Brothers Fund, Oblate International Pastoral Investment Trust, JPMorgan Chase & Co., Omidyar Network, Prudential Financial Inc., the Rockefeller Foundation, Blue Haven Initiative, Treehouse Investments as well as family offices, private foundations and a university endowment.
SEATTLE, Nov. 11, 2015 /PRNewswire/ — Elevar Equity announced its final close on $74 million for Elevar Equity III, L. P. (“EE III”), its third venture capital fund. EE III is focused on commercial investments in early stage companies providing financial services, education, housing and healthcare to low-income communities primarily in India and Latin America. With the new fund, Elevar manages over $165 million in committed capital.
EE III’s investors include the Rockefeller Brothers Fund, Oblate International Pastoral Investment Trust, JPMorgan Chase & Co., Omidyar Network, Prudential Financial, Inc., the Rockefeller Foundation, Blue Haven Initiative, Treehouse Investments and multiple family offices, private foundations and a university endowment.
“We are pleased to have raised this fund, like our first two, purely from marquee private investors, a unique distinction among emerging market impact funds,” said Maya Chorengel, Co-Founder and Managing Director of Elevar Equity. “With 6 new investments already for EE III, adding to our first two funds’ 16 companies, we are touching over 18 million low-income households.”
“The Rockefeller Brothers Fund believes its investment in EE III exemplifies the potential to make a meaningful societal impact while generating market rate returns,” said Geraldine Watson, VP of Finance and Operations for Rockefeller Brothers. “Elevar serves a critical role in providing much needed capital to high-growth companies backed by experienced entrepreneurs who are using their talents to improve the lives of their customers and contribute to the responsible development of local economies. Through our OCIO, Perella Weinberg Partners, we look forward to monitoring the range of services our commitment to Elevar will provide to disconnected communities.”
Elevar’s investment strategy hinges on alignment with exceptional entrepreneurs building innovative, high scale and customer-focused businesses. Among EE III’s investments are:
Varthana – which seeks to combine financial services and education by providing loans and services to schools inIndia that serve millions of low income children Financiera TFC – a diversified financial institution focused on low income housing loans in Peru.
Indifi – an online platform connecting small businesses with formal lending institutions inIndia
“Every family, regardless of income or location, deserves access to financial services, quality education, secure housing and essential healthcare,” said Amy Bell, Head of Principal Investments for JPMorgan Chase Social & Sustainable Finance. “JPMorgan Chase is proud to invest in Elevar Equity to help increase economic opportunity for all people and enable them to achieve their long-term goals.”
“We are pleased to be making our third investment in Elevar Equity,” said Matt Bannick, Managing Partner of Omidyar Network. “They are truly pioneers in commercial impact investing. Elevar’s first fund has been among the best performing funds in the industry in terms of top quartile financial returns alongside demonstrable social impact – and the momentum of their second fund demonstrates that their method of investing delivers results. We look forward to supporting Elevar’s continued success.”