responsAbility Social Investments AG, a Swiss investment company that operates a number of microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made local-currency debt investments worth a total of USD 7.5 million in Peruvian microfinance institutions (MFIs) Edpyme Raiz, Financiera Confianza and Asociacion Benefica Prisma (Prisma).
responsAbility Global Microfinance Fund (rAGMF) and responsAbility Mikrofinanz-Fonds, two MIVs managed by responsAbility, have made local-currency debt investments of USD 2.98 million and USD 993,000, respectively, in Edpyme Raiz. Edpyme Raiz was established in 1999 and aims to facilitate the growth of micro- and small enterprises by providing loans to low-income entrepreneurs. As of March 31, 2011, Edpyme Raiz reports to the US-based nonprofit Microfinance Information Exchange (MIX), USD 166 million in assets, a gross loan portfolio of USD 146 million, 78,600 active borrowers, return on assets (ROA) of 1.18 percent and return on equity (ROE) of 4.95 percent.
rAGMF made local-currency debt investments of USD 3.05 million in Financiera Confianza, an MFI that was founded in 1992 and offers microloans to rural and urban enterprises. As of March 2011, Financiera Confianza reports to MIX assets of USD 178 million, a gross loan portfolio of USD 140 million, 80,000 active borrowers, ROA of 2.84 percent and ROE of 19.94 percent.
rAGMF made a local-currency debt investment of USD 555,000 in Prisma, an NGO that was established in 1986 and offers loans and insurance products to poor Peruvians. As of December 31, 2010, Prisma reports to MIX total assets of USD 13.1 million, a gross loan portfolio of USD 11.6 million, ROA of -11.5 percent and ROE of -64 percent. As of December 31, 2009, Prisma reported 21,828 active borrowers to MIX.
According to calculations based on data from MIX from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.
By Rohan Trivedi, Research Associate
About Edpyme Raiz:
Edpyme Raíz was established in 1999 and facilitates the growth of micro- and small enterprises by providing loans to low-income entrepreneurs. As of March 31, 2011, Edpyme Raiz reports to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, USD 166 million in assets, a gross loan portfolio of USD 146 million, 78,600 active borrowers, return on assets (ROA) of 1.18 percent and return on equity (ROE) of 4.95 percent.
About Financiera Confianza:
Financiera Confianza is a microfinance institution that was founded in Peru in 1992 as the Entrepreneurial Development Program by the Inter-American Development Bank (IADB) of the US and the nongovernmental organization (NGO) Servicios Educativos Promoción y Apoyo Rural (SEPAR) of Peru. In 1998, the program grew to become an independent financial institution and was renamed Edpyme Confianza. In 2009, it again changed its name to Financiera Confianza. It now offers microloans to rural and urban enterprises. As of March 31, 2011, Financiera Confianza reports to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, USD 178 million in assets, a gross loan portfolio of USD 140 million, 80,000 active borrowers, return on assets (ROA) of 2.84 percent and return on equity (ROE) of 19.94 percent.
About Asociacion Benefica Prisma (Prisma):
Prisma’s mission is to strengthen the capabilities of poor and vulnerable people so they are able to develop economically and socially by themselves in a sustainable way. Prisma was founded as a nongovernmental organization (NGO) in Lima, Peru 1986. As of December 31, 2010, Prisma reports to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 13.1 million, a gross loan portfolio of USD 11.6 million, return on equity (ROE) of -64 percent and return on assets of (ROA) of -11.5 percent. As of December 31, 2009, Prisma reported 21,828 active borrowers to MIX.
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 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 microfinance institutions (MFIs) through debt securities and equity investments. 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. Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds in March 2011.
Sources and Additional Resources:
[1] Information submitted by responsAbility Social Investments AG to MicroCapital, June 2011
MicroCapital Universe Profile: Edpyme Raiz, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Edpyme+Raiz
MicroCapital Universe Profile: Financiera Confianza, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financiera+Confianza
MicroCapital Universe Profile: Asociacion Benefica Prisma (Prisma), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asociación+Benefica+Prisma+%28Prisma%29
MicroCapital Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
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