Dolma Impact Fund
Dolma Fund Management is a Mauritius-regulated private equity fund manager operating Dolma Impact Fund I and II (USD 108.56M AUM) that invests USD 1-10M growth equity tickets in Nepalese companies across Technology, Healthcare, and Renewable Energy, with capital sourced from development finance institutions and a portfolio of 15 companies.
- Company typePrivate
- Founded2011
- HeadquartersEbène, Mauritius
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Dolma Impact Fund does
Dolma Fund Management is a Mauritius-regulated private equity fund manager (legal name: Dolma Fund Management, headquartered at Level 5, Maeva Tower, Cybercity Ebene, regulated by the Mauritius Financial Services Commission) that operates exclusively in the impact-investing niche, channeling growth capital into Nepalese companies in Technology, Healthcare, and Renewable Energy. Founded in 2011 by Tim Gocher OBE following his earlier 2003 establishment of the Dolma Foundation, the firm manages two flagship vehicles: Dolma Impact Fund I (DIF I, USD 36.6M final close in 2018) and Dolma Impact Fund II (DIF II, USD 71.96M final close in 2022), with combined assets under management of USD 108.56 million and a 15-company portfolio. The fund targets equity tickets of USD 1-10 million in companies with at least USD 500K in annual revenue, taking significant minority positions with 4-6 year hold periods, and applies an ESG framework aligned with IFC Performance Standards, UN Global Compact principles, and the UN Sustainable Development Goals.
The firm's revenue model combines standard private equity management fees on committed capital with carried interest on realized exits, with no direct product or subscription revenue. Capital is sourced almost entirely from development finance institutions including IFC, FMO, BII, DFC, Swedfund, JICA, OeEB, Finnfund, and DGGF, while deal flow comes through direct investment relationships in Nepal supplemented by the firm's Kathmandu-based advisory arm (Dolma Advisors Pvt. Ltd.). Portfolio outcomes to date include 11,647 jobs created (2023 data) and 372,132 tonnes of CO2 emissions avoided, with two precedent exits: Swet Ganga Hydropower's oversubscribed local stock market IPO in 2022 and Fusemachines' 2025 Nasdaq listing as the first Nepal-based company on a major US exchange. In September 2024, the firm announced the Dolma Climate Fund, a third vehicle focused on solar, hydropower, and EV infrastructure, signaling an extension of the strategy into climate-specific deployment.
Dolma Impact Fund firmographics
Firmographics- Name
- Dolma Impact Fund
- Legal name
- Dolma Fund Management
- Website
- https://dolmaimpact.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Dolma Fund Management is a Mauritius-regulated private equity fund manager operating Dolma Impact Fund I and II (USD 108.56M AUM) that invests USD 1-10M growth equity tickets in Nepalese companies across Technology, Healthcare, and Renewable Energy, with capital sourced from development finance institutions and a portfolio of 15 companies.
- Ownership category
- akta.pro rank
Dolma Impact Fund industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
- akta.pro secondary industries
- Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Gender Lens / Diversity, Equity & Inclusion (DEI) Funds (FSANAJAM)
Keywords
Where Dolma Impact Fund is headquartered
LocationHeadquarters
- HQ city
- Ebène
- HQ country
- Mauritius
- HQ region
- Africa
Offices2 records
Markets served
Dolma Impact Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Private Equity Investment Returns: Dolma generates returns through equity investments in Nepalese portfolio companies, realizing gains through exits via IPOs, strategic sales, or secondary transactions. Notable exit achieved through Fusemachines Nasdaq listing in 2025.
- Fund Management Fees: Standard private equity fund management structure with management fees on committed capital and carried interest on investment returns.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Ticket Size: USD 1 Million to USD 10 Million |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels7 records
Dolma Impact Fund product offering
Product offeringCore offering
Dolma Fund Management operates as an international private equity fund manager providing growth capital (USD 1-10 million tickets) and operational expertise to Nepalese companies in Technology, Healthcare, and Renewable Energy sectors. The firm manages two flagship impact funds—DIF I (USD 36.6M) and DIF II (USD 71.96M)—plus the newly announced Dolma Climate Fund, generating returns through management fees and equity exits while targeting measurable environmental and social impact.
Product overview
Dolma Fund Management operates as a private equity fund manager offering three distinct fund products: Dolma Impact Fund I (DIF I) with USD 36.6 million in commitments investing in 8 companies across Technology, Healthcare, and Renewable Energy; Dolma Impact Fund II (DIF II) with USD 71.96 million targeting similar sectors; and the newly announced Dolma Climate Fund focused on clean energy and climate resilience. The funds maintain a diversified portfolio of 15 portfolio companies including AI technology providers (Fusemachines, CloudFactory), telecommunications (WorldLink), logistics technology (Upaya City Cargo), renewable energy projects (hydropower and solar farms), healthcare facilities (hospitals and diagnostic labs), and FMCG manufacturing. The investment strategy targets companies in Nepal with ticket sizes of USD 1-10 million, focusing on generating both financial returns and positive social/environmental impact aligned with Sustainable Development Goals.
Differentiator
Problem solved
Functional benefit
Products and services
- Dolma Impact Fund I (DIF I) The first private equity fund managed by Dolma Fund Management, with total commitments of USD 36.6 million. The fund made significant minority equity investments in Nepalese growth companies in Technology, Healthcare, and Renewable Energy sectors, with typical ticket sizes of USD 1-10 million per company and 4-6 year hold periods.
- Dolma Impact Fund II (DIF II) The successor fund to DIF I, with final close at USD 71.96 million, continuing the focus on renewable energy, healthcare, and technology sectors in Nepal. The fund invests USD 1-10 million equity tickets per company and qualifies for 2X Challenge gender-lens investing criteria.
- Dolma Climate Fund (DCF) A newly announced fund focused on clean energy investments including solar power, hydropower, and electric vehicle (EV) infrastructure to reduce Nepal's carbon footprint and build climate resilience.
Quantifiable outcome
- 11,647 jobs created across portfolio companies
- +3 more outcomes
Companies that use Dolma Impact Fund
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles2 records
Dolma Impact Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Dolma Impact Fund partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and core.
- Upaya (Warehouse Project)majorDolma Impact Fund II invested NPR 180 million in Upaya's 3PL warehouse project at Sanga, Kavrepalanchowk - Nepal's largest warehouse project with NPR 1.2 billion investment.
- 2X ChallengecoreGender-lens investing initiative; DIF II qualifies for 2X Challenge criteria for gender representation.
- UN Global CompactcoreUN sustainability initiative that Dolma adheres to for ESG principles.
- Sustainable Development Goals (SDGs)coreDolma aligns investments with UN SDGs and 169 underlying targets, collected and reported annually.
Scale indicators20 records
Recent moves7 records
Expansion highlights5 records
Dolma Impact Fund competitors and assessment
Company assessmentBroad incumbents
- Omidyar Network: Philanthropic impact investment firm funding early-stage ventures in emerging markets across multiple asset classes; comparable on impact mandate and emerging-market focus, though much larger and more diversified than Dolma.
- BlueOrchard Finance: Pioneer in emerging-market impact investing with multiple funds including renewable energy strategies; comparable on impact mandate and DFI capital base, but larger and more diversified across geographies than Dolma.
- Incofin Investment Management: Belgian impact investment manager with global emerging-market funds in financial inclusion and agri-SME; comparable on DFI-backed impact mandate and emerging-market growth PE, though larger and more diversified.
Direct peers
- Acumen Capital Partners: Acumen invests patient capital in early- and growth-stage companies addressing poverty across South Asia and Africa; highly comparable to Dolma's impact PE model, frontier-market focus, and DFI-backed fund structure.
- Lok Capital: India-focused impact PE firm backing financial inclusion, healthcare and agriculture businesses; comparable to Dolma in South Asia geographic focus, growth-stage ticket sizes and impact-driven PE approach.
- Aavishkaar Capital: Indian impact investment manager operating multiple PE funds (Intellecap, Aavishkaar VC) targeting underserved sectors; closely comparable to Dolma on emerging-market impact PE, fund-of-funds model and DFI-backed capital.
- responsAbility Investments AG: Swiss-based impact asset manager investing in financial inclusion, renewable energy and SME finance across emerging markets; directly comparable to Dolma's PE/VC structure and climate/sustainability investment thesis.
- Insitor Management: Impact PE firm building and investing in essential-service companies across South and Southeast Asia; comparable to Dolma on emerging-market growth equity, DFI backing and focus on basic services.
- Menterra Impact Investments: India-focused impact fund manager backing early-stage and growth-stage social enterprises; comparable to Dolma on South Asia geographic focus and impact-mandated PE model.
Regional players
- Frontier Investment Management: Pakistan-focused impact PE/VC manager backing growth-stage businesses in frontier South Asia; comparable to Dolma on geography-adjacent South Asia focus and growth-stage impact PE, but operates primarily in Pakistan.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Dolma Impact Fund social profiles
Digital presenceDolma Impact Fund compliance and trust
Trust signalCompliance4 records
Dolma Impact Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dolma Impact Fund leadership team
Management profileNumber of profiles
Profiles11 records
Dolma Impact Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dolma Impact Fund M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dolma Impact Fund
What does Dolma Impact Fund do?
Dolma Fund Management operates as an international private equity fund manager providing growth capital (USD 1-10 million tickets) and operational expertise to Nepalese companies in Technology, Healthcare, and Renewable Energy sectors. The firm manages two flagship impact funds—DIF I (USD 36.6M) and DIF II (USD 71.96M)—plus the newly announced Dolma Climate Fund, generating returns through management fees and equity exits while targeting measurable environmental and social impact.
Is Dolma Impact Fund a public or private company?
Dolma Impact Fund is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Dolma Impact Fund founded?
Dolma Impact Fund was founded in 2011. It employs 251 to 500 people.
Where is Dolma Impact Fund based?
Dolma Impact Fund is headquartered in Ebène, Mauritius, in the Africa region.
How does Dolma Impact Fund make money?
Two revenue lines are on record. Private Equity Investment Returns are the primary driver. The others are fund Management Fees.
Who are Dolma Impact Fund's main competitors?
Broad incumbents on record are Omidyar Network, BlueOrchard Finance and Incofin Investment Management. Direct peers are Acumen Capital Partners, Lok Capital, Aavishkaar Capital, responsAbility Investments AG, Insitor Management and Menterra Impact Investments. Frontier Investment Management is listed as a regional player.
Does Dolma Impact Fund have an API?
No public API is recorded for Dolma Impact Fund.
What industry is Dolma Impact Fund in?
Dolma Impact Fund's product category is Private Equity Fund Management. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds, with a secondary code of BPADACAJ, Private Sector & Blended Finance Arms (IFC-type). Its NAICS code is 525 and its SIC code is 6282.