MICROCAPITAL BRIEF: Social Investment Company responsAbility Invests $4.3m in Microfinance Institutions (MFIs) Caja Municipal de Ahorro y Crédito (CMAC) Ica, Proempresa and Fair Trade Group Asociación de Comités de Productores Agropecuarios (ACOPAGRO), All of Peru

responsAbility Social Investments AG (responsAbility), an investment manager founded in 2003 in Switzerland, reported to MicroCapital that it made three debt investments totaling USD 4.3 million in microfinance institutions (MFIs) Caja Municipal de Ahorro y Crédito (CMAC) Ica, Proempresa, and Asociación de Comités de Productores Agropecuarios (ACOPAGRO), all of Peru.

responsAbility Microfinance Leaders Fund (rAMLF), a microfinance investment vehicle (MIV) under the management of responsAbility, made a debt investment equivalent to USD 2.99 million in CMAC Ica, an MFI based in Peru. As of year-end 2009, CMAC Ica has a gross loan portfolio of USD 121 million, USD 140 million in total assets and 58,160 borrowers.

responsAbility Global Microfinance Fund (rAGMF), an MIV also managed by responsAbility, made a loan to Proempresa, an MFI in Peru, in the local-currency equivalent of USD 1 million. Proempresa reports to the Microfinance Information Exchange (MIX) total assets of USD 61.9 million and gross loan portfolio of USD 49.6 million as of June 2010. As of October 2010, the MFI reports to MicroCapital return on assets (ROA) of 1.33 percent and return on equity (ROE) of 7.56 percent, as of June 2010. Proempresa had 38,400 active borrowers and 44,500 outstanding loans at the end of the 2009 fiscal year.

Lastly, rAGMF also made a debt investment of USD 300,000 in ACOPAGRO, a cooperative of roughly 1800 small-scale cocoa producers in Peru. Founded in 1997, ACOPAGRO assists growers in cocoa production and to market their product to four buyers, three in Europe and one in the United States.

By John Howard-Smith, Research Associate

About responsAbility Social Investments AG:

Founded in 2003 in Switzerland, responsAbility Social Investments AG is an investment company whose products aim to enable people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. It aims to enable private and institutional investors to contribute to positive social development while earning a financial return. According to calculations based on data on the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.

About responsAbility Global Microfinance Fund (rAGMF):

rAGMF is a microfinance vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and microfinance investment vehicles (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 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an independent organization that investigates whether microfinance investment vehicles actually support the microfinance sector. rAGMF reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it has USD 474 million in fund assets as of 2010.

About responsAbility Microfinance Leaders Fund (rAMLF):

rAMLF is a microfinance investment vehicle (MIV), managed by responsAbility, that mobilizes capital for microfinance institutions (MFIs). rAMLF invests in large microfinance institutions (MFIs) through debt securities and equity investments. LuxFLAG, an independent organization that investigates whether microfinance investment vehicles actually support the microfinance sector, renewed rAMFL’s label as of April 2010. The fund has USD 160 million in fund assets and USD 130 million of allocated funds as of 2010.

[1] Data submitted to MicroCapital by responsAbility, November 2010

MicroCapital’s Microfinance Universe profile: responsAbility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility

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

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

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