MICROCAPITAL BRIEF: responsAbility Loans $4.4m to Profinanzas of Peru, Coomuldesa of Colombia, the Mexican Arms of ProCredit and ProMujer

responsAbility Social Investments AG (responsAbility), a Swiss asset management company that invests in microfinance, recently reported to MicroCapital that it made debt investments totaling the approximate equivalent of USD 4.4 million through microinvestment vehicles (MIVs) it manages to Profinanzas of Peru, Coomuldesa of Colombia and the Mexican arms of ProCredit and ProMujer.

responsAbility Mikrofinanz-Fonds (Mikrofinanz-Fonds), an MIV that invests in microfinance institutions (MFIs) and other MIVs through short- to medium-term debt securities, loaned the equivalent of USD 500,000 in local currency to Profinanzas and USD 500,000 in local currency to Coomuldesa of Colombia.

responsAbility Global Microfinance Fund (rAGMF), another MIV managed by responsAbility, loaned amounts equivalent to USD 1.0 million to Profinanzas, USD 1.2 million to ProCredit Mexico and USD 500,000 to Coomuldesa, all in their respective local currencies. ProCredit Mexico is an affiliate of ProCredit Holding of Germany, which reported assets equivalent to USD 6.8 billion and a gross loan portfolio equivalent to USD 4.8 billion as of December 31, 2010.

responsAbility Microfinance Leaders Fund (rAMLF), an MIV that invests in MFIs through debt securities and up to 25 percent in equity investments, loaned amounts equivalent to USD 680,000 in local currency to ProMujer Mexico. Pro Mujer, which has operations throughout Latin America, reported total assets of USD 70.4 million as of 2009.

By Carol Kim, Research Associate

About responsAbility Social Investments AG (responsAbility): 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 in accessing information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. 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 Mikrofinanz-Fonds (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 is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short to medium-term income-bearing debt securities of microfinance institutions (MFIs). 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. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.

About responsAbility Global Microfinance Fund (rAGMF): The responsAbility Global Microfinance Fund (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 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. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.

About responsAbility Microfinance Leaders Fund (rAMLF): The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. 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. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 155 million in 2011.

About Coomuldesa: Coomuldesa was founded in Columbia in 1962 to support farmers and small businesses. Coomuldesa has total assets of COP 136 billion (USD 67 million). Coomuldesa does not report to the US-based nonprofit Microfinance Information Exchange (MIX).

About ProCredit Holding: ProCredit Holding consists of 21 banks operating in transition economies and developing countries in Eastern Europe, Latin America and Africa. It provides credit and other banking services to small and medium-sized enterprises and lower- and middle-income savers who have limited access to formal financial services. As of December 31, 2010, it reported assets of EUR 5.2 billion (equivalent to USD 6.8 billion) and a gross loan portfolio of EUR 3.6 billion (equivalent to USD 4.8 billion).

 

About Pro Mujer: Pro Mujer is a women’s development and microfinance organization, established in 1990, that provides microfinance services, healthcare and training to 202,000 women in Latin America. These services are delivered through communal banks, or peer groups, of 20 to 30 women who support each other and guarantee each other’s loans. Pro Mujer has a presence in Argentina, Bolivia, Mexico, Nicaragua, Peru and the US. As of 2009, Pro Mujer reported total assets of USD 70.4 million.

 

Sources and Additional Resources:

 

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

MicroCapital.org: “MICROCAPITAL BRIEF: responsAbility Loans $10.5m in Local Currency to ProCredit Affiliates in Ecuador, Mexico; Peruvian Microfinance Institutions Confianza, Crear Arequipa”, August 11, 2011, https://www.microcapital.org/microcapital-brief-responsability-loans-10-5m-in-local-currency-to-procredit-affiliates-in-ecuador-mexico-peruvian-microfinance-institutions-confianza-crear-arequipa/

MicroCapital’s Universe Profile: responsAbility Social Investments AG (responsAbility), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility

MicroCapital’s Universe Profile: responsAbility Mikrofinanz-Fonds (Mikrofinanz-Fonds), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds

MicroCapital’s Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29

MicroCapital’s Universe Profile: responsAbility Microfinance Leaders Fund (rAMLF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Microfinance+Leaders+Fund+%28rAMLF%29

MicroCapital’s Coomuldesa, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Coomuldesa

MicroCapital’s ProCredit Holding, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Procredit+Holding

MicroCapital’s Pro Mujer, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pro+Mujer

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

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