2. Bringing meaning to your investments Take Advantage of Frontier Market Upside Invest in impact investing through a fund of SME funds focusing on SME equity in developing countries in clean tech, microfinance, agro-processing, health, tourism and telecom value chains Entrust a manager with a 56-year track record in SMEs in Frontier Markets and a history of exceeding performance
7. Frontier Market Upside The Environmental Premium Innovest’s Carbon Beta Model (Global stocks): Returns for 57 months Top 50% vs. Bottom 50% All Sectors Annualized Alpha: 378 bps Source : With permission of Matthew Kiernan (2009) of Risk Metrics
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11. SMEs in Southern Africa Renewable energy project in India & Philippines SMEs in Mexico Microfinance Banks in developing countries Fund Structure
24. Investor Term Sheet Terms and Conditions Terms and Conditions Description Investment offering Evergreen, annual closings on Dec 31 st Structure Limited Partnership Minimum investments $100,000 Availability Accredited investors Cash Call 100% at closing General Partner Manager Sarona Frontier General Partner Inc. Sarona Asset Management Inc. Annual ROE, net of fees Growing, from 5% in first 2-3 years, to 15% in years 5-8 Management Fee 1.45% pa on assets under management One-time up-front fee 1% on committed capital (except 2009) Income allocation First 6% to investor; thereafter 80% to investor, 20% to GP. Only paid to GP on investor exits Exits Full or partial redemption, after 3 year hold, subject to liquidity, on Dec 31 st of each year
