MICROCAPITAL BRIEF: responsAbility Loans $3m to Microfinance Institutions (MFIs) Hattha Kaksekar Limited (HKL) of Cambodia, Mitra Bisnis Keluarga (MBK) Ventura of Indonesia

responsAbility Social Investments AG, a Swiss investment company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt investment totaling the equivalent of USD 3 million in microfinance institutions Hattha Kaksekar Limited (HKL) of Cambodia and Mitra Bisnis Keluarga (MBK) Ventura of Indonesia [1]. The investments have been made through three MIVs: responsAbility Global Microfinance Fund (rAGMF), responsAbility Microfinance Leaders Fund (rAMLF) and responsAbility Mikrofinanz-Fonds.

In Cambodia, rAGMF, rAMLF and Mikrofinanz-Fonds made an aggregate debt investment of USD 1.5 million to HKL, a private liability company that provides financial services to low-income families in rural areas. As of 2010, HKL reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 47.6 million, a gross loan portfolio of USD 44.3 million, approximately 47,900 borrowers, return on assets (ROA) of 4.43 percent and return on equity (ROE) of 21.2 percent.

In Indonesia, rAGMF made a local-currency debt investment equivalent to USD 1.5 million in MBK Ventura, an MFI that aims to provide access to “micro and small working capital to low-income households in rural areas and small towns.” As of 2010, MBK Ventura reported to MIX total assets of USD 22.1 million, a gross loan portfolio of USD 16.9 million, approximately 211,000 borrowers, ROA of 3.85 percent and ROE of 22.7 percent.

According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.

By Nisha Koul, Research Associate

About Hattha Kaksekar Limited (HKL): Hattha Kaksekar Limited is a microfinance institution (MFI) based in Phnom Penh, Cambodia. It was founded in 1994 by two charitable organizations, the Organisation Canadienne pour la Solidarité et le Développement (OCSD) and UK-based Oxfam International. It was transformed into a non-governmental organization (NGO) in 1996 and a private liability company in 2001. Its financial supporters have included Oikocredit, Norfund, Triple Jump, the French Development Agency (AFD), and Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). As of 2010, HKL reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 47.6 million, a gross loan portfolio of USD 44.3 million, approximately 47,900 borrowers, return on assets (ROA) of 4.43 percent and return on equity (ROE) of 21.2 percent.

About Mitra Bisnis Keluarga (MBK) Ventura: Mitra Bisnis Keluarga (MBK) Ventura is a microfinance institution (MFI) located in Indonesia. It was founded in 2003 and is a non-banking financial institution. As of 2010, MBK Ventura reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 22.1 million, a gross loan portfolio of USD 16.9 million, approximately 211,000 borrowers, return on assets (ROA) of 3.85 percent and return on equity (ROE) of 22.7 percent.

About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.

About responsAbility Global Microfinance Fund (rAGMF): rAGMF is a microfinance investment vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In March 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) that it had USD 474 million in fund assets as of 2010.

About responsAbility Microfinance Leaders Fund (rAMLF): The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. rAMLF reported to the US-based, nonprofit Microfinance Information Exchange (MIX) that it had USD 160 million in fund assets as of 2010. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMLF’s label in March 2011.

About responsAbility Mikrofinanz-Fonds: Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and funded by German Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). Mikrofinanz-Fonds reports to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, that it held USD 103 million in assets as of 2010. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector.

Sources and Additional Resources:

[1] Data submitted by responsAbility Social Investments AG to MicroCapital, August 2011

MicroCapital.org story, June 13, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund (rAGMF) Makes Loans Totaling $2.8m to Hattha Kaksekar Limited (HKL), Thaneakea Phum Limited (TPC) of Cambodia and Koperasi Mitra Dhuafa (Komida), Tanaoba Lais Manekat Foundation (TLM) of Indonesia,” https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-ragmf-makes-loans-totaling-2-8m-to-hattha-kaksekar-limited-hkl-thaneakea-phum-limited-tpc-of-cambodia-and-koperasi-mitra-dhuafa-kom/

MicroCapital.org story, October 1, 2010, “MICROCAPITAL BRIEF: responsAbility Social Investments AG Makes Debt Investments Totaling $1.7m in MBK Ventura of Indonesia, COOPAC Norandino of Peru and COAC Mushuc Runa of Ecuador,” https://www.microcapital.org/microcapital-brief-responsibility-social-investments-ag-makes-debt-investments-totaling-1-7m-in-mbk-ventura-of-indonesia-coopac-norandino-of-peru-and-coac-mushuc-runa-of-ecuador/

MicroCapital Universe Profile: Hattha Kaksekar Limited (HKL), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Hattha+Kaksekar+Limited

MicroCapital Universe Profile: Mitra Bisnis Keluarga (MBK) Ventura, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mitra+Bisnis+Keluarga+Ventura+%28MBK%29

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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