MICROCAPITAL BRIEF: Dutch Pension Fund PGB to Invest $22.6m in Actiam Institutional Microfinance Fund III

Persoonsgebonden Budget (PGB), the pension fund for the Dutch printing industry and formerly SNS Asset Management, will invest EUR 20 million (USD 22.6 million) to Actiam Institutional Microfinance Fund III, which is managed by Actiam Impact Investing. An arm of asset manager Actiam, Actiam Impact Investing provides debt and subdebt funding to microfinance institutions (MFIs) [1] [2]. 

Actiam Institutional Microfinance Fund III has a term of eight years, with total commitments of EUR 130 million (USD 147 million) as of January 2015 and a target return of approximately six percent per year [1]. Its other investors include Spoorwegpensioenfonds (SPF), the Dutch pension fund for railway workers, and Stichting Pensioenfonds Openbaar Vervoer (SPOV), the dutch pension fund for public transport. SPF and SPOV have not disclosed the amounts they have committed to the fund.

Theo Brouwers, the director at Actiam Impact Investing, said “Financially, the returns [of Actiam Institutional Microfinance Fund III] are at the same level as from regular funds with a similar risk profile…However, in this case, both the investor and the investment target receive a social return.” As of June 2014, Actiam reported total assets under management of EUR 47 billion (USD 53.3 billion). As of July 2014, Actiam Impact Investing reported total assets of EUR 181 million (USD 205 million).

By Julia Marín, Research Associate

About Persoonsgebonden Budget (PGB)

Persoonsgebonden Budget (PGB) is the pension fund for the Dutch printing industry. As of 2015, it reported total assets of EUR 19.3 billion (USD 22 billion).

About Actiam

Actiam is a Dutch asset management organization serving institutional investors. As of June 2014, it reported total assets under management of EUR 47 billion (USD 53.3 billion). Actiam Impact Investing, which was launched in January 2011, is its arm that manages three closed-end investment funds providing debt and sub-debt capital to microfinance institutions, Actiam Institutional Microfinance Fund I, Actiam Institutional Microfinance Fund II and Actiam Institutional Microfinance Fund III.

Sources and Additional Resources

[1] Investments & Pensions Europe, Dutch pension fund to invest in Actiam microfinance fund 

MicroCapital, January 13, 2015, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Syndicates $70m in Loans to BRAC for Small, Medium-Sized Enterprises with Participation from OFID, OeEB, BIO, Actiam, responsAbility

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