MAPRE AM, the asset management subsidiary of Spanish insurance behemoth MAPRE, has partnered with Global Social Impact Investments SGIIC (GSI) to the Global Social Impact Fund.

The fund aims to raise €50 million to invest in short to medium bonds issued by companies based in sub-Saharan Africa and other emerging and frontier markets. The longer term goal is to move into Latin America while the types of companies targeted is similar regardless of the jurisdiction, namely those involved in ‘high social impact’ activities.

The fund will invest in three sectors: agriculture, energy and financial inclusion. Mapfre said GSI will manage the fund with support from Santa Comba and the wider Mapfre Group as its leading investors, while Mapfre AM will act as an investment adviser.

Mapfre added the new launch reinforces its support for ESG and impact investing while embracing a ‘theory of change’ model. This involves a five-step process used to measure improvements in quality of life for people, communities and companies.

MAPFRE Chief Investment Officer José Luis Jiménez said in a statement: "We are very excited about this project, and we couldn't have wished for a better partner for this. We believe that impact investment has a long way to go and, after the pandemic, socially responsible investment is going to emerge stronger, particularly investments made with social criteria."