Sarona Frontier Markets Fund 2 (SFMF2) is a USD 150M fund that invests in frontier and emerging market private equity funds, which in turn invest in small to midmarket companies. SFMF2 used a first-loss layer provided by the Canadian Government and a credit guarantee provided by the Overseas Private Investment Corporation (OPIC) to catalyze private investment in the fund. SFMF2 targets strong financial returns for investors and positive ethical, social, and environmental outcomes for investees. As of June 2016, SFMF2 had invested in funds that invest across 20 countries including Peru, Ecuador, Nigeria, Egypt, Vietnam, and Indonesia.