Project detail - DOLMA IMPACT FUND 1


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Dolma Impact Fund is the first international private equity fund for Nepal, providing growth capital to small- and medium-sized enterprises (SMEs) in Nepal's underserved energy, finance, healthcare and agriculture sectors. The fund was established to generate private sector-led growth and jobs while creating positive social and environmental impact.

What is our funding objective?

The fund achieved a first close in fundraising of US$21 million in 2014. FMO invested US$8 million in Dolma through the government fund MASSIF, which targets first-time fund managers in post-conflict markets such as Nepal, where both the risks and the potential impact are high. Being a first time fund manager, Dolma also received capacity development funding to support the fund's managers in their professional development. The fund managers will receive specialized training on private equity in emerging markets.

Why do we fund this investment?

As anchor investor in the first international private equity fund for Nepal, FMO is contributing to the country's economic recovery by providing high-risk development financing. Strengthening SMEs in emerging markets contributes directly to economic growth and is a cornerstone of FMO's strategy. As well as boosting access to finance for entrepreneurs and creating jobs, the fund's success has the potential to encourage additional investors into Nepal by showing that high risk investing can go hand in hand with viable returns. Innovative deals often creates challenges – in this case because Nepal lacks an established regulatory framework for processing international private equity funds. FMO and Dolma have asked the local government to enact a smoother investment approval process, which could ultimately boost efficiency, ease bureaucracy and pave the way for future impact investors in Nepal.

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Date Total FMO financing
6/29/2020 EUR 0.10 MLN
Infrastructure, Manufacturing and Services
Effective date
Total FMO financing
USD 11.10 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)