Two former JP Morgan credit bankers have established a new advisory firm focused on emerging market infrastructure, with a minority ownership held by the alternative investments arm of British insurer Legal & General.
ImpactA Global aspires to solve the World Bank’s anticipated $1 trillion annual investment requirement in emerging market infrastructure to meet development goals.
With a debt fund, it will first target renewable energy, mobility, and health and sanitation projects in Latin America, Africa, and South Asia.
Former JPMorgan executive director Da Costa Mendes holds the top position of ImpactA with co-founder Victoria Miles, a former managing director at the Wall Street firm.
ImpactA intends to attract investors such as development finance institutions, export credit agencies, and institutional asset managers in order to offer debt funding for these projects.
Isabella da Costa Mendes, ImpactA’s co-chief executive officer, stated in an interview that the inspiration for the organization stemmed from the dissatisfaction of witnessing so many promising projects fail to achieve completion due to a lack of finance.
Laura Mason, CEO of Legal & General Capital, stated that the insurance is a “significant minority shareholder” in ImpactA, but refused to divulge the size of the insurer’s position.