Axa, BNP Paribas Cardif, CNP Assurances and SG Insurance have backed the investment firm's first regional vehicle, which has already deployed $80m.

Luxembourg-based investment firm Blue Like an Orange Sustainable Capital has closed a Latin America-focused fund with limited partners including insurers Axa, BNP Paribas Cardif, CNP Assurances and SG Insurance at $200m.

Financial services firm HSBC, pension fund MACSF and family offices for Ronald Cohen and Ray Chambers also made commitments to the Latin America Fund I along with undisclosed additional investors.

Founded in 2017, Blue Like an Orange concentrates on mezzanine financing deals supporting the United Nations’ Sustainable Development Goals mandate.

The firm has already invested more than $80m out of Latin America Fund I and concentrates on areas including access to finance for the unbanked as well as infrastructure-as-a-service, agricultural, healthcare and education technology.

Latin America Fund I has a co-financing agreement with IDB Invest, a private sector credit subsidiary of the multilateral Inter-American Development Bank, in a bid to tap private capital for the Latin American innovation ecosystem.

Bertrand Badré, founding partner and CEO of Blue Like an Orange, said: “We are honoured to steward each and every dollar entrusted to us by such an incredible group.

“I know that each member of our Blue like an Orange ecosystem is joining us on this journey to prove – as these extraordinary times highlight – the important role that finance can, and must, play as a force for good in the world.”