Sarona Asset Management

Sarona pursues growth equity, co-investments, and secondaries in emerging markets. It allocates capital directly into lower mid-market companies and through commitments to local private equity funds and intermediaries. The firm does not publicly disclose specific fund structures but maintains three distinct vehicles — SFMF1, SGGM1, and SGGM2 — indicating separate vintages or mandates.

Yes. Sarona's model explicitly includes co-investment as a strategy. The firm invests both directly in companies and through local fund managers, allowing it to participate alongside GPs. The portfolio list includes positions that likely originated from such arrangements, though individual deal structures are not publicly detailed.

Sarona operates through six offices spanning Canada, the Netherlands, the United States, Australia, Singapore, and Luxembourg. Its deal flow relies on local intermediaries and fund-manager relationships across Africa, Latin America, the Middle East, and Asia. The firm's emphasis on lower mid-market businesses serving the middle class suggests an on-the-ground, relationship-driven sourcing model.

Sarona embeds social and environmental values in every investment decision. Since 2022, it has applied the 2X Criteria for gender-lens investing as a member of 2X Global. The 2025 Values Report highlights climate-action investments in Vietnam, India, and West Africa. An ESG-feedback email channel invites stakeholders to report concerns directly to the firm.

Sarona's portfolio reflects activity across Africa (Nigeria, Egypt, South Africa, Kenya, Tunisia, Ghana), Latin America (Mexico, Brazil, Colombia, Peru), Asia (Vietnam, India, Philippines, Singapore, Indonesia), and the Middle East. The firm also holds investments in Eastern Europe, including Poland and Turkey. Its largest concentration of named portfolio companies appears in India and Southeast Asia.

Yes. Secondaries are listed as one of the firm's disclosed strategies. The portfolio includes positions tagged as exited, which may indicate secondary sales alongside traditional exits. However, Sarona does not specify whether its secondary activity involves purchasing LP interests or acquiring direct stakes from other holders.

Sarona publishes an annual Values Report that tracks climate-action investments and other impact metrics. The firm frames its overall impact thesis around building the middle class through job creation and access to essential goods and services. Concrete metrics beyond the 2X Challenge alignment are not publicly disclosed, but the firm solicits stakeholder feedback via a dedicated ESG email channel.