JPMorgan Invests in Ignia Fund

Mexico’s Ignia Fund has closed with $102m thanks to a $5m commitment from JPMorgan, Ignia says. Despite last year’s economic downturn, Ignia says it surpassed its initial fundraising target of $50-$75m. Its investments will support projects in the health, education, housing, and basic services sectors, among others. To date, Ignia has committed to invest $22m in 6 companies. Other investors contributing to the fund are the IFC, which is investing $10m, the Corporacion Mexicana de Inversiones de Capital, which is investing $7.5m and the IDB, which provided $25m in debt financing. Soros Economic Development and CAF also participated, says co-founder and managing partner Alvaro Rodriguez. The fund plans to hold investments for about 7-8 years and provide investors an IRR of about 25%, he adds.