IIAF II · Investors Update

Portfolio Dashboard

Q4 2025 10 Companies 4 Countries 5 Sectors
    Portfolio Update
    Companies
    ESG Update
    Pipeline
    1Financial Summary 2Portfolio Metrics 3Allocation & Thresholds 4NAV Composition 5Fund Performance
    1Financial Summary — Q4 2025
    Total Deployed
    $37.15m
    Across 10 portfolio companies
    NAV per Share
    $1.04
    vs. subscription price $1.00
    Cost Multiple (LC)
    1.31×
    Portfolio weighted average
    Portfolio IRR (LC)
    14.7%
    No new investments in Q4 2025
    2Summarized Portfolio Company Metrics — Q4 2025
    CompanyCountry InstrumentEntryCost (USD) FMV (LC)QoQ FMVMultiple (LC)IRR (LC)Risk
    IIAF II Total $37,149,842——1.31×14.7%—
    3Portfolio Allocation & Thresholds
    Allocation Per Company ('000 USD)
    Allocation Per Country ('000 USD)
    Investment in Debt Instruments (% of total commitments)
    4NAV Composition & Fund Commentary — Q4 2025
    % of Total NAV by Company
    Ranked largest to smallest · Q4 2025
    India
    Pakistan
    Cambodia
    Thailand
    Fund Manager Commentary
    • Fund has 10 portfolio companies as of Dec 31, 2025 (Azaylla written off in Q1). Total deployment USD 37.15m. No new investments in Q4 2025.
    • Q4 2025 valuation changes:
      • Butterfly +12% — new funding discussions
      • HROne +7% — same multiple, growth in revenue
      • UCIC +2% — P/B multiple + BV growth
      • Taleem (debt) +1% — accrued interest
      • SynPitarn +1% — converted loan + accrued interest
      • Taleem (equity) −0.8% — minor valuation adjustment
      • KWSH −1% — IVCC NAV
      • Others held flat (WorkIndia, Goldfin, Medkart, Trellis)
    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 → Q4 2025 · Net USD
    DPI (Net USD)
    0.00×
    Distributed to Paid-In
    RVPI (Net USD)
    1.04×
    Residual Value to Paid-In
    TVPI (Net USD)
    1.04×
    Total Value to Paid-In
    Portfolio Companies — click to explore
    1Fund-Level ESG 22X Gender Finance Alignment
    1Fund-Level ESG — Q4 2025
    ESG Activity
    No material events
    Monitoring & No Material Events

    The Fund Manager continued work with portfolio companies on periodic monitoring and implementation of outstanding action points from ESG Action Plans. No material events were reported in Q4 2025.

    Team Training

    Q4 trainings: 6-part Climate Capacity Development Program (DGGF); Managing Business Integrity Risk in Impact Investing and Fraud Risk Management Workshop (BII). Impact-focused: Living Wage as a Driver of Sustainable Value (Anthos) and Impact Blueprint Training (ANDE).

    TA Projects

    New TA project initiated for HROne (capacity building & innovation); Taleem productivity TA project successfully completed.

    Active TA Projects — Q4 2025

    Five projects in progress as of quarter end.

    UCICImplementation of Digital Impact Measurement and Management Systems (Delegated Authority)
    WorkIndiaSales Onboarding Efficiency (Delegated Authority)
    HROneIntegrated Capacity Building & Innovation for Growth & Market Leadership (Delegated Authority)
    ButterflyCapacity Building for Operations and Clinical Excellence (Delegated Authority)
    GoldfinStrategic Media Management to More Efficiently Target BoP Customers (Delegated Authority)
    22X Gender Finance Alignment — Q4 2025
    2X Update — Fund Manager Activity

    At the Fund Manager level, the integration of gender considerations remains a top priority in the DD reports, ESAPs, IC papers, and TA projects of portfolio companies. The Manager regularly updates gender tracking data for ease of reference.

    Team members continue to participate in gender-related trainings and studies offered by LPs and other ecosystem organizations, including 2X Global, 2X Ignite, and the Value For Women program offered by FMO and DGGF.

    A recertification with the 2X Global framework is planned for early 2027 to confirm Insitor's ongoing adherence to 2X criteria.

    2X Criteria Alignment — IIAF II Investees
    91% 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

    Sector thresholds vary by sector for the leadership and employment criteria, and represent the minimum a company must meet to qualify on that dimension.

    Selected Pipeline — Q4 2025
    CompanyCountrySectorInstrument Round SizeEst. TicketProbabilityNotes