Quona Capital’s second fintech fund oversubscribed by 25%

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Quona Capital announced the final close for its second fintech fund last week, garnering enough commitments from its LPs to beat the venture firm’s original final close target by 25%. Between them, the global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices, and development finance institutions have invested a total of $203 million in the Accion Quona Inclusion Fund, outstripping the fund manager’s initial goal of $150 million. As with the fund’s predecessor, microfinance specialist Accion is the new fund’s anchor investor, general partner, and sponsor.

The fund’s predecessor, the Accion Frontier Inclusion Fund which closed with $141 million in March 2017, is now fully deployed and has already two exits under its belt. Its successor’s investment strategy is similar, targeting equity or equity-equivalent investments in early- and growth-stage companies that develop or provide products, services or technology to expand financial inclusion in emerging markets. Examples of these include businesses offering alternative credit solutions, payment services, small and medium enterprise finance, and technology-based insurance offerings in Sub-Saharan Africa, Latin America, and Asia.

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