Andes Plus Fund I LP - Closed 

In November 2020, Andes Impact Partners launched Andes Plus Fund I LP (APF-I). Its focus was Colombia and Peru. It was aimed at inclusive businesses, which incorporate low-income or underserved communities in their business models, improving the incomes and quality of life of these populations. The fund targeted companies in three focus sectors: 1) Sustainable Agribusiness, 2) Light or Artisanal Manufacturing, and 3) Inclusive Technologies (businesses with technology-based solutions that enable underserved communities to either increase their income or save on costs).

APF-I was launched at the dawn of the Covid-19 pandemic. Peru and Colombia were particularly badly affected by the Covid-19 crisis. The companies targeted by the fund’s strategy faced various operating challenges. Some delayed expansion plans, other entered financial difficulties, and other opted for lower-cost capital available from the rescue packages offered by the governments in target countries. This, combined with a meticulous evaluation process carried out by Andes Impact to choose companies with promising outlooks, contributed to a delay in capital deployment.

APF-I revised its strategy in November 2021 in response to the market conditions, broadening its focus on technology-enabled enterprises. With the renewed strategy and improvement in the pandemic conditions, the fund was on track to make its first investments in July 2022. 

However, the revised strategy in the economic environment of higher interest rates, reduced liquidity, and global recession risk could not be tested.  A key person event was triggered in June 2022. The investors’ perception of the higher risk associated with the fund’s strategy in the environment at the time, combined with the delay in capital deployment and the key person event, led to investors deciding to close the fund.

The fund investors were:

Dutch Good Growth Fund

The Dutch Good Growth Fund (DGGF) provides financing to intermediary funds and financial institutions with the goal of developing financial ecosystems for missing middle SMEs in developing countries and emerging markets. The DGGF is owned by the Dutch government and managed by Triple Jump and PwC.

Blink C.V.

Blink is a single-family office focused on promoting market-based solutions to poverty, social and economic inequality, and environmental degradation. Blink does this mainly by investing in highly impactful investment funds along three broad themes: economic empowerment, access to basic goods and services, and environmental protection. Blink focuses primarily on Sub-Saharan Africa, Latin America and South & Southeast Asia, but it also selectively invests in developed markets.

Ceniarth LLC

Ceniarth is a single-family office focused on funding market-based solutions that benefit underserved communities. Ceniarth provides capital to enable the deployment of products, services, and support that directly impact marginalized, primarily rural, populations. Ceniarth aims to finance enterprises and intermediaries in ways that lead to long term growth and sustained benefits to communities.