1. Led by the MaRS Centre for Impact Investing (MCII), and in collaboration with MEDA and Sarona, the INFRONT Global
Fund Manager Mentorship Program matches seasoned North American venture capital / private equity managers as
mentors with high-potential private equity fund managers based in frontier and emerging markets.
Fund managers in these markets play a critical role in attracting capital to small and medium enterprises that have a positive
social impact.
Mentors can help these impact-oriented fund managers attract capital from institutional investors in North America
by sharing insights, imparting knowledge and offering a strategic sounding board for business and investment strategies.
KEY AREAS OF MENTORSHIP
Areas of mentorship will be identified and prioritized by the mentee,
and may include the following:
Fundraising
• Explore the North American investor landscape
• Review fundraising strategy, positioning and pitch material
• Optimize opportunities with institutional investors
• Learn about selling a fund without a solid track record
Investment process
• Review processes
• Understand transaction structuring and valuation
• Learn about terms and conditions for mitigating common issues
Deal structuring and valuations
• Review term sheets and agreements
• Develop valuation models
Investor/LP relationship management
• Review quarterly / annual reporting requirements and templates
• Develop LP meeting structure
• Learn advisory board policies
LP due diligence
• Review processes and expectations of North American investors
• Learn about completing questionnaires
• Prepare for due diligence
ABOUT INFRONT
Impact Investing in Frontier Markets
(INFRONT) is an innovative public-private
partnership between three Canadian
organizations (Mennonite Economic
Development Associates [MEDA],
Sarona Asset Management and the
MaRS Centre for Impact Investing
[MCII]) and the Government of Canada
to support sustainable development in
frontier and emerging markets.
Central to this initiative is the up to
$150 million Sarona Frontier Markets
Fund 2 LP (SFMF 2 LP), which focuses on
investing growth capital in companies
and private equity funds in frontier and
emerging markets around the world.
The Government of Canada made a
$14.6 million investment commitment,
and also provided $5 million to launch
both a Sustainability Innovation Grant
Fund (managed by MEDA) and a Global
Fund Manager Mentorship Program
(managed by MCII).
GLOBAL FUND MANAGER MENTORSHIP PROGRAM

2. PHASE DESCRIPTION PURPOSE
Needs assessment Potential mentor and mentee
conduct 3 – 4 calls
Hold an initial discussion around objectives
and areas of mentorship and review fund
documents. Finalize agenda for mentor’s
in-country visit.
In-country visit Mentor visits the mentee’s country
for a duration of 5 – 10 business days
Conduct mentorship around mutually
identified focus areas.
Follow-up Report on action items discussed
during visit
Debrief on the visit, and complete outstanding
items and the program survey.
Questions?
Contact Melwyn Dcosta, Manager INFRONT Global Fund Manager Mentorship Program, at mdcosta@marsdd.com.
INFRONT Global Fund Manager Mentorship Program, MaRS Centre for Impact Investing
101 College Street, 4th Floor, Toronto, ON M5G 1L7
Foreign Affairs, Trade and
Development Canada
Affaires étrangères, Commerce
et Développement Canada
Project undertaken with the financial support of the Government of Canada. INFRONT is a partnership of
PROGRAM STRUCTURE
Mentee profile
• Mentees are principals from funds that have previously submitted an investment
proposal to Sarona.
• They operate in emerging/frontier markets and focus on deploying investments in
progressive small and medium enterprises in their country.
• They are actively seeking to raise capital from a broader institutional investor group,
many of which are in North America.
Mentor profile
• Mentors have 10+ years experience as the principal manager in a North American venture capital / private equity fund.
• Through their leadership and advisory roles, they have provided strategic investment, management and operations
advice to a broad spectrum of asset owners.
• They bring a deep knowledge of the sector and an array of perspectives to make the mentoring relationship a valuable source
for investor insight.
Mentoring commitment
Mentors and mentees commit to a four- to six-month mentoring relationship over three phases: