IIAF II · Investors Update
Portfolio Dashboard
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Portfolio Update
Companies
ESG Update
Pipeline
1Financial Summary — Q1 2025
Total Deployed
$29.09m
Across 10 portfolio companies
NAV per Share
$0.93
vs. subscription price $1.00
Cost Multiple (LC)
1.16×
Portfolio weighted average
Portfolio IRR (LC)
8.7%
USD 0.5m follow-on in SynPitarn
2Summarized Portfolio Company Metrics — Q1 2025
| Company | Country | Instrument | Entry | Cost (USD) | FMV (LC) | QoQ FMV | Multiple (LC) | IRR (LC) | Risk |
|---|---|---|---|---|---|---|---|---|---|
| IIAF II Total | $29,094,882 | — | — | 1.16× | 8.7% | — | |||
3Portfolio Allocation & Thresholds
Allocation Per Company ('000 USD)
Allocation Per Country ('000 USD)
Investment in Debt Instruments (% of total commitments)
4NAV Composition & Fund Commentary — Q1 2025
% of Total NAV by Company
Ranked largest to smallest · Q1 2025
India
Pakistan
Cambodia
Thailand
Fund Manager Commentary
- Fund has 10 outstanding portfolio companies as of Mar 31, 2025. Total deployment USD 29.09m. USD 0.5m follow-on in SynPitarn completed during the quarter.
- Q1 2025 valuation changes:
- FX: Cumulative inception-to-date FX losses USD 1.2m. USD 25k FX gain in Q1 25 from INR appreciation (+0.1%).
- NAV per share: USD 0.93 vs. USD 1.00 subscription price.
5Fund Performance — DPI · RVPI · TVPI (Net, USD)
Net Return Multiples over Time
Fund performance in USD · Net of management fees and expenses
DPI — Distributed
RVPI — Residual Value
Q4 2021 → Q1 2025 · Net USD
DPI (Net USD)
0.00×
Distributed to Paid-In
RVPI (Net USD)
0.93×
Residual Value to Paid-In
TVPI (Net USD)
0.93×
Total Value to Paid-In
Portfolio Companies — click to explore
1Fund-Level ESG — Q1 2025
Monitoring & No Material Events
No material events
The Fund Manager continued periodic monitoring and implementation of outstanding action points from portfolio company ESG Action Plans. On-site monitoring visits scheduled to begin in Q2 2025, starting with the three Lahore-based portfolio companies. Insitor's India team (Tarun Agrawal and Rajan Gulati) attended an in-person ESG Workshop series by BII and DGGF in Mumbai, covering ESG for Board and Governance Structures, Gender Lens Investing, and Climate-related financial risks/opportunities. No material events were reported in the quarter.
Active TA Projects — Q1 2025
WorkIndiaSales Onboarding Efficiency — launched Q1 2025 (Delegated Authority)
TaleemProductivity Enhancement of Education Financing Teams (Delegated Authority)
ButterflySaaS Product for Government Schools (Last Mile Distribution)
AzayllaStrengthening accounting policies, procedures, and processes (Delegated Authority)
GoldfinStrategic Media Management to More Efficiently Target BoP Customers (Delegated Authority)
22X Gender Finance Alignment — Q1 2025
2X Certified Portfolio Companies
80% of portfolio 2X aligned
| Entrepreneurship | Leadership | Employment | Consumption | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Company | Women Ownership (≥51%) | Founded by Woman | Sector Threshold | Women Sr. Mgmt | Board-Level Women (30%) | Sector Threshold | Women in Workforce | Quality Indicator Beyond Compliance | Product / Service Benefits Women | 2X Aligned |
A recertification with the 2X Global framework is planned for 2026. Thresholds vary by sector for employment criterion.
Selected Pipeline — Q1 2025