New fund theses.
New capital structures.
We help impact funds develop an investment thesis around digital transformation, and design the equity, debt, or blended structures to deploy it.
Digital transformation has changed what impact looks like. Most fund theses and structures have not.
AI, digital payments, and data infrastructure are reshaping MSME finance, climate adaptation, and agri- finance. A fund thesis that does not account for these (r)evolutionary trends can miss both the opportunity and the risk in its target markets.
Digital thesis
What does digital transformation make possible in fund’s target markets, and how does that change the investment opportunity?
Market context
What are the target country’s digital infrastructure, regulatory conditions, and financing environment for the thesis to work?
Manager edge
Why is this team positioned to underwrite this thesis, and what do they see that others do not?
Capital structure
Which equity, debt, or blended structure fits the thesis, the markets, and the stage of the fund?
Country contexts shape the digital thesis.
CDEM, the Country Digital Enabling Matrix, provides a structured view of market readiness across digital ID, payments, data governance, open finance, regulation, and connectivity. It tells the fund where the digital thesis can work today, where it needs more time, and where structural constraints require a different approach or additional support.
The right capital structure will help accelerate impact and returns.
Equity, debt, and blended structures each carry different assumptions about risk, return, and the role of the fund in its portfolio. Accendo helps funds choose and design the structure that fits their thesis and their markets — not the one that is most familiar.
Private equity structures
For funds taking ownership stakes in digitally-enabled FSPs and fintechs. Thesis design covers sector selection, value creation logic, hold period assumptions, and exit pathways in emerging market contexts.
Private credit facilities
For funds providing debt to FSPs, MFIs, and digital lenders. Thesis design covers underwriting criteria, portfolio construction, risk-adjusted return expectations, and covenants linked to digital performance.
Blended finance vehicles
For funds combining concessional and commercial capital to reach underserved markets or borrower segments. Structure design covers first-loss layers, performance-based incentives, TA windows, and staged concessionality.
Hybrid and multi-tranche structures
For funds that need to serve different investor risk appetites within one vehicle. Structure design covers tranche architecture, waterfall logic, and how to maintain a coherent thesis across capital layers.
Three ways to work with us
Our mantra is “Speed to Impact”. We take a sprint based approach to support you at the highest possible speed.
Thesis sprint
Develop the digital transformation thesis for the fund’s target markets, test the investment logic, and produce a concise thesis note for internal alignment or early LP conversations.
Fund design workstream
Build the full thesis, CDEM market view, investment filters, value creation logic, impact framework, and if needed capital structure design with instrument-level detail.
Raise-ready architecture
Full thesis, capital structure, LP narrative, DFI/LP engagement strategy, and decision tools for origination, IC, and portfolio monitoring.
Useful outputs.
Not long reports.
Pragmatic deliverables built to be used in LP conversations, IC papers, and portfolio decisions.
Digital investment thesis
The digital transformation opportunity in the fund’s markets, the investment logic, manager edge, and what the fund will not do.
Market and CDEM view
Country readiness across digital infrastructure, regulation, and financing environment, with clear market selection logic.
Capital structure design
Equity, debt, or blended structure fitted to the thesis with instrument options, stage logic, and tranche architecture where needed.
Raise-ready materials
Impact framework, IC language, and LP narrative built on and into the thesis.