Retirement savings provider Nordea Life & Pensions selected impact manager Developing World Markets to run an allocation to an emerging and frontier markets loans strategy, a spokesman confirmed.
The value of the allocation was not disclosed.
The strategy will provide local currency debt financing to low-income communities hit hard by the coronavirus pandemic. Loans will be provided to financial institutions; micro, small and midsize enterprises; and well as women- and minority-owned businesses in sectors such as sustainable agriculture, education, housing, health, renewable energy, displacement, and water and sanitation.
The commitment will enhance Nordea Life & Pensions' sustainability and environmental, social and governance investing, the spokesman said.
Skandia Mutual Life Insurance Co. and Kapan Pensioners also committed to the strategy, a news release by DWM said. The total commitment from all three investors is $90.4 million.
Nordea Life & Pensions has €46.1 billion ($51.7 billion) in assets and is part of the asset and wealth management business unit of Nordea, which has a total €280.4 billion in assets under management. Skandia and Kapan asset sizes were not available.
DWM has originated and managed more than $2 billion of private debt and private equity.