51586 - Quona Fund IV

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Summary of Investment Information

Project Number

51586

Company Name

Quona Fund IV, LP

Date SPI Disclosed

Apr 13, 2026

Country

World Region

Region

Global

Projected Board Date

May 29, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Apr 14, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Venture Capital Fund

Project Description

IFC is considering an equity commitment in Quona Fund IV (“Fund IV” or the Fund), a venture capital fund that seeks to make equity or equity-equivalent investments in early- and growth-stage companies that develop and/or provide products, services and technology to expand financial inclusion in emerging markets.

Sponsor / Cost / Location

Development Impact

On the project level, the investment is expected to contribute to increased access to financial services for individuals and MSMEs through the Fund’s portfolio of fintech and fintech-enabled companies operating in emerging markets. By providing venture equity to early- and growth-stage firms with scalable and innovative business models, the Fund is expected to support the expansion of inclusive financial products and services. On the market front, the investment is expected to lead to improved market competitiveness of financial markets by catalyzing market-wide innovation, through the expansion of investees with innovative business models via demonstration, replication, innovation.

1) IFC own account equity: IFC’s investment of up to US$12 million will help the fund reach its target size, signaling continued support for the Fund Manager and providing patient risk capital for VC investments; 2) Resource mobilization: IFC’s support as a strategic investor at the Fund's first close will help mobilize capital from new institutional investors and send a strong signal of confidence to the market given IFC's reputation and strong experience in emerging markets.

Indicator	Metrics	Comments
Average gross investee IRR	%
Level of aggregated follow-on funding raised by investee companies as a proportion to the size of total investments made by the Fund	Multiple
Number of new tech-enabled investees that deliver innovation at scale, leading to disruption	#

E&S Category Rationale / Risks and Mitigation

The project involves US$12 million equity investment in Quona Fund IV, a successor of Quona Accion Inclusion Fund (Fund III #45324), Accion Quona Inclusion Fund (Fund II #42191), and Accion Frontier Inclusion Fund (Fund I #36362), which are existing IFC projects. Fund IV will focus on early-stage emerging market fintechs, including AI & trade innovation, agri-fintechs, EV financing, cross-border trade, logistics & agriculture, and open data and market infrastructure companies. The activities supported by the Fund are expected to have medium environmental and social (E&S) risks. As such, the Project has been classified as category FI-2 project in accordance with IFC’s Sustainability Policy. Quona’s Environmental and Social Management System (ESMS), developed for the previous three funds, is in line with IFC’s E&S requirements and E&S performance of three earlier funds is considered satisfactory.

The Fund will not support coal-related activities or higher-risk business activities that may include: (a) involuntary resettlement; (b) potential adverse impacts on Indigenous Peoples; (c) significant risks to or significant negative impacts on the environment, community health and safety, biodiversity, cultural heritage; or (d) significant occupational health and safety risks. The applicable E&S requirements for this project include the IFC Exclusion List, relevant host country E&S laws and regulations, and the IFC Performance Standards as applicable.

The key E&S risks and impacts of this project derive from the Fund manager’s capacity to identify and manage such risks and impacts associated with its investment activities, which in the case of this project are associated primarily with the activities of fintech companies which are mostly early stage and/or SMEs.

The Fund will be required to maintain and to continue implementation of its E&S policies and procedures, entailing: (i) screening of all potential investee companies against IFC’s Exclusion List; (ii) review of all investee companies per the E&S laws and regulations of the target country and the IFC Performance Standards as applicable; (iii) maintaining of ESMS Officer; and (iv) providing E&S training to staff responsible for the implementation of the ESMS. The Fund manager will be required to provide regular updates of its investment portfolio.

The Fund manager has developed an ESMS, implementation of which is supported with several tools: (i) ESG Due Diligence Questionnaire – used to guide the investment team as it completes its ESG due diligence and (ii) ESG Appraisal Report which is presented to Quona partners and the Fund Investment Committee for approval. The Fund manager also developed an Environmental, Social, Governance and Integrity Policy that specifically addresses incorporation of E&S principles, policies, and procedures into the Fund’s ongoing operations. Monitoring of investee companies is carried out through regular interactions with clients, including monitoring visits, board participation, and inclusion of ESG provisions into legal agreements. Review of compliance with relevant environmental, health and safety regulations as well as the relevant Performance Standards, is a part of the due diligence process carried out by the Fund manager for all Fund investments.

The Fund manager has appointed an ESMS Officer. Environmental policy is communicated to staff through training focused on the organization’s investment process. The Fund’s ESG Policy and ESMS are available to all staff and is readily available as a part of the documents required during the investment process.

As part of the project, IFC will review the first three E&S due diligence reports. The Fund will also be required to provide Annual Environmental Performance Report to IFC and to maintain its External Communication mechanism.

Contacts

For Inquiries About the Project, Contact

Quona Capital Management Ltd.
David Mathewson
Chief Operating Officer
+1-202-215-4285
investor.relations@quona.com
1900 K St NW Suite 1111, Washington, DC 20006
https://quona.com/

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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