EMIIF provides investment capital and technical assistance to venture and early-stage capital funds, private debt funds, and Non-Bank Financial Institutions (SME funds) that support SMEs to grow in South Asia, Southeast Asia and the Pacific. EMIIF seeks to catalyse other impact investors including gender lens investors. EMIIF is a development financing mechanism for investing for impact. It helps SMEs to grow in ways that both generate profit as well as social, environmental and governance benefits, with a cross cutting focus on gender equality.

Who We Are

EMIIF is an initiative of the Australian Government Department of Foreign Affairs and Trade (DFAT). It is managed by Sarona in a Consortium with MEDA and SAGANA as technical assistance provides and the Whitelum Group which assists in monitoring and evaluation.

The Australian Government’s development program reflects Australia’s values and its commitment to reducing poverty and lifting living standards through sustainable economic growth. Learn more on the Australian Government’s development program.

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Sarona Asset Management Inc. is EMIIF’s investment manager. Sarona’s expertise is investing in private companies across emerging markets, both directly and via local funds. Its programmes include private equity and private debt. Sarona is committed to delivering strong financial returns to its investors, while creating deep and lasting impact wherever it invests. Learn more about Sarona.

SAGANA GmbH is a global impact investment advisory firm focused on unleashing the potential of business, capital and people to improve human and planetary health. SAGANA is passionate about investing in, advising and growing companies that are successfully solving some of the biggest challenges of our time and helping other investors to do the same. SAGANA leverages decades of experience in private equity, impact advisory, and entrepreneurship to scale big ideas that create an abundant, thriving world for all. Learn more about SAGANA.


MEDA provides technical assistance services to SMEs benefitting from the EMIIF program. MEDA is an international economic development organisation whose mission is to create business solutions to poverty. MEDA has over sixty years of experience designing and implementing inclusive market-driven programs around the world, including extensive experience in blended finance, impact investing, gender lens investing and supporting SMEs to advance their ESG and gender inclusive capacities. Learn more about MEDA.

Whitelum Group is a specialist consulting firm delivering design, research, monitoring and evaluation, and organisational change and facilitation services for international development programs and initiatives. Whitelum Group is an industry leader in evaluating complex, multi-year and multi-country development programs. Whitelum bring extensive experience from the Pacific, including on Australian Government-funded aid programs, with a diversity of experience leading and supporting the evaluation of projects across a range of sectors in the region. As a part of Alinea International, a global firm delivering technical specialists to international development programs, Whitelum Group draws upon broad networks to bring together bespoke expert teams to meet our client’s needs. Learn more about Whitelum.

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Perpetual is a professional trustee firm, and its wholly owned subsidiary, The Trust Company (Australia) Limited, has been appointed as EMIIF Trustee. Learn more about Perpetual.

The EMIIF Consortium is led by Sarona, an experienced emerging markets impact investment firm. EMIIF Consortium organisations are members of a variety of impact investing, responsible investing, and gender focused organizations. Sarona is a signatory of the Operating Principles for Impact Management developed by IFC, the United Nations-backed Principles for Responsible Investment Initiative (PRI), the Institutional Limited Partners Association: Private Equity Best Practice Principles and the CGAP Client Protection Principles. It is also a Certified B Corporation™. Collectively, Sarona, MEDA and SAGANA are members of the following organizations:

ESG Policy and ESG Grievance Process

EMIIF’s Environmental, Social, and Governance (ESG) policy can be accessed here. For addressing any related concerns, we have also implemented an ESG Grievance Process.