In this episode Serge LeVert-Chiasson of Sarona Asset Management shares with us the origin of Sarona, their theory of change and the measurements they use. We dive into why Sarona is seeing broad improvement in the impact of the companies they invest in globally from Vietnam to Sierra Leone.



Through our 22 IRIS compliant metrics, we’re able to provide some annual insights into how the companies are having a meaningful effect on the communities in which they operate. Last year, for example, our Values Report identified that 17,000 jobs were created through the 229 legible companies in the portfolio.Serge LeVert-Chiasson of Sarona Asset Management







Transcript of Interview with Serge LeVert-Chiasson



Jenelle:Hello, we are here today with Serge LeVert-Chiasson. He is the Partner and Managing Director of Impact Investment Advisory and Chief Compliance Officer at Sarona Asset Management. Thanks for being here with us, Chiasson.



Serge LeVert-Chiasson:Thanks. It’s great to be here.



Jenelle:Great. So let’s get right in. Why don’t you tell us a little bit about Sarona, its mission and your role there.



Serge LeVert-Chiasson:Sure Jenelle, and also sometimes I introduce Serona through a story and I think this might be a good place to do so. So before I was a partner at Sarona, Sarona started about 10 years ago, but before that I was the Impact Investment Manager for an NGO called Mennonite Economic Development Associates, MEDA for short. And they started in 1953. So sometimes we talk about our history starting 10 years ago, which when we were incorporated, but sometimes we talk about Sarona start being back in 1953 when MEDA started because MEDA when it started was a for profit entity doing impact investments as well and it made its first as a corporation made its first act as a loan to a dairy farm in Paraguay to help Mennonite refugees that were fleeing the second world war and what it a leg up in life to start a business that could support themselves, their families and the local community.



Serge LeVert-Chiasson:And that’s an interesting story mostly because that dairy farm was called Sarona Dairies, which is where we get our name and today Sarona Dairies doesn’t exist anymore, but there was a recent study that was done recently that showed that about 70% of the dairy sector in Paraquay could trace back its roots to people who had either been trained or had been managers at this original dairy farm. And it kind of tells you a little bit about Sarona and how we approach the world, which is to seed our partners with capital that is infused with values and allows them to invest with impact, while at the same time creating commercial returns for investors.



Jenelle:That’s a really nice connection to the history of the organization and the mission that it continues to deliver today. So we were talking a little bit previously about metrics and performance tracking of how do you track that performance? And so one of the questions we have for you is, can you provide us with some metrics that highlight the impact of Serona over the last few years?



Serge LeVert-Chiasson:Sure, sure. I guess, I guess before we get into metrics, one has to start with the theory of change. So our theory of change is that we work through local investment partners, either through private equity, fund managers or private debt fund managers or non-bank financial institutions that lend to working or to small to medium size businesses, seeking working capital in global growth markets in Asia, Africa, Latin America, and emerging Europe. And so what we try to do, our theory change is principally is to provide the resources,