Acumen LatAm Impact Ventures has completed fundraising for its debut impact fund on $28 million, with commitments coming from a range of investors.
The Acumen Latin America Early Growth Fund will invest primarily in Peru and Colombia, targeting three key sectors: agribusiness, clean energy and education and employment access.
ALEG was backed with commitments from IDB Lab, a member of the InterAmerican Development Bank Group; Colombian development bank Bancoldex; the Dutch Growth Fund; and investment management company Mercantil Colpatria, which is a subsidiary of Canada’s Scotiabank, among other investors.
The fund has already made four investments, a statement from Acumen confirmed, which includes Peruvian fruits and vegetables agribusiness Phoenix Foods and solar energy solutions provider SunColombia.
Mosi Mosquera, a senior specialist at IDB Lab, said the group was attracted to the fund due its “experienced team and commitment to achieving impact while also generating healthy returns for limited Partners.”
Acumen was established in 2001 with seed capital from the Rockefeller Foundation, Cisco Systems Foundation and three individual philanthropists.
The ALEG Fund represents an expansion in the organization’s approach to achieve impact, which has previously favored direct investments over extended time periods. Acumen also provides operational support through a network of experts as well as post-investment support.
Jacqueline Novogratz, founder and chief executive of Acumen said in a statement: “We are proud to expand Acumen’s critical investments into Latin America and develop new, local business models centered around the welfare of low-income communities and the environment.”