The Federal Government’s emerging market impact fund has invested $5.6 million in Sweef, an impact investor focussed on economic empowerment for women in Southeast Asia.
Sweef Capital is led by women and focussed on driving gender-lens investing in Indonesia, Vietnam and the Philippines.
The positive signal from the government fund has attracted investment from some of Australia’s wealthiest and most influential family offices.
Andrew Forrest’s Tattarang, the Scalzo family office, and a range of other private investors, were given access to the government’s due diligence work with the hope of lowering the risks and the costs of due diligence to crowd-in other investors.
In the process it pushed Sweef’s fund-raising round to $35 million.
“We’re delighted to invest alongside EMIIF; having them as a partner was influential in our decision-making. EMIIF provided a practical springboard by sharing due diligence of the SWEEF investment. We look forward to continuing to collaborate with the Australian government in promoting and growing impact investment in Southeast Asia.” says John Hartman, Chief Executive Officer of Tattarang.
The Emerging Market Impact Investment Fund (EMIIF) was originally launched by Julie Bishop in 2017. Seeded with around $40 million, it was tasked with supporting fund managers in the Asia Pacific region, and raising impact capacity in the region.
Sarona was chosen as the lead fund in 2020, and has so far identified three funds on the ground for investment.
“Australia has a unique opportunity to help create the conditions for greater private investment in the region” said EMIIF’s Investment Committee Chair Kylie Charlton.
“and Sweef is a great example of a fund combining strong private equity credentials with an innovative impact approach focused on improving outcomes for women, their families and communities.”