WHO’S WHO IN MICROFINANCE: Triple Jump

Triple Jump was founded in 2006 to support the expansion of microfinance institutions (MFIs) in various stages of development by providing capital and advisory services. Triple Jump currently manages five microfinance investment funds, for a portfolio worth approximately EUR 170 million, or USD 247 million. Its investments span 90 microfinance institutions (MFIs) in 37 emerging markets in Latin America, Eastern Europe, Africa and Asia.

Triple Jump was established by the NOTS Foundation, a Dutch development organization; Oxfam Novib, a Dutch organization for international cooperation and development; and ASN Bank, a “sustainability-driven” Dutch bank. Its shares are divided among these organizations and Triple Jump’s management team.

Triple Jump is comprised of Triple Jump Fund Management (TJFM) and Triple Jump Advisory Services (TJAS). TJFM provides its clients with four investment options: hard and local currency loans, equity, guarantees and subordinated loans. TJAS is an independent foundation that provides consulting services and technical assistance to tier 3 and tier 4 MFIs.

The investment funds under Triple Jump’s management include the Oxfam Novib Fund, NOTS Fund, ASN-Novib Fund, SNS Institutional Microfinance Fund and Calvert Social Investment Fund. According to its 2008 Annual Report, each of these funds has “a specific target group and different risk/return objectives. This mix of funds allows Triple Jump to serve MFIs throughout their entire life cycle.” At the end of 2008, Triple Jump clients were serving over 5.5 million micro and small entrepreneurs around the globe. Triple Jump was active in 42 countries, working with 111 MFIs.

The Oxfam Novib Fund, worth USD 28 million, lends to emerging financial institutions including NGOs, MFIs, and savings and credit cooperatives. It offers loans (including subordinated loans) and guarantees for microfinance portfolio expansion. It also provides donations for capacity building and technical assistance. Loan amounts range from EUR 250,000 to EUR 800,000 (USD 362,900 to USD 1.61 million), available in hard and local currency.

The NOTS Fund targets emerging and expanding MFIs and is worth up to USD 10 million, according to Triple Jump. The fund offers loans (including subordinated loans), equity investments and guarantees. Loan amounts are from EUR 250,000 (USD 362,900) and higher, available in hard and local currency.

The ASN-Novib Fund invests in financial institutions (microfinance institutions, savings and credit co-operatives, banks and investment funds) that provide credit to small-scale entrepreneurs in Africa, Asia, Eastern Europe and Latin America. These financial institutions are expanding or mature organizations with a proven management capacity. In 2008, the ASN-Novib Fund reported a 7.1 percent return. According to Triple Jump, ASN-Novib has a fund size of approximately EUR 80 million (USD 116.14 million) with loan sizes ranging from EUR 500,000 to EUR 5 million (USD 725,900 to USD 7.26 million). The fund provides loans (including subordinated loans), guarantees for microfinance portfolio expansion and equity investments. While the majority of loans are in hard currencies, the possibility exists for local currency loans.

The SNS Institutional Microfinance Fund, worth USD 140 million, is a microfinance investment vehicle that mobilizes capital for microfinance institutions (MFIs). The fund was created in 2007 by SNS Asset Management of the Netherlands and Development World Markets (DWM) Asset Management of the United States to invest in microfinance institutions (MFIs). The fund makes approximately 70 percent of its investments through debt and approximately 30 percent of its investments through equity. Loan sizes range from USD 500,000 to USD 10 million and are primarily made in hard currencies, but the possibility exists for local currency loans. The fund’s activities focus on Africa, Asia, Eastern Europe and Latin America.

The Calvert Social Investment Fund targets expanding and mature MFIs in Africa, Asia, Eastern Europe and Latin America. It offers loans for microfinance portfolio expansion. According to Triple Jump, the fund size depends on demand, but can potentially exceed USD 100 million. Loan amounts range from USD 250,000 to USD 2 million and are primarily provided in USD, although the option exists for local currency loans. The Calvert Social Investment Foundation (Calvert Foundation) is a private, US-based foundation that was established in 1995 with support from the Ford, MacArthur and Mott Foundations. It offers loans to organizations that provide housing, microfinance, small business loans and community facilities. Investment in the fund comes in the form of donation notes held by individuals and organizations, including Washington Mutual Bank, Ameritas Life Insurance Corporation and Gray Ghost Microfinance Fund, LLC.

Triple Jump’s Board of Directors includes Mr Ab Engelsman, former director of ASN Bank Investment (chairman); Ms Esha van der Hulst, Head of Quality and Control of Oxfam Novib; and Mr Bart Hartman, director and co-founder of the NOTS Foundation.

By: Stefanie Rubin, Research Assistant

Additional Resources:

Triple Jump: http://www.triplejump.eu/

Oxfam Novib: http://www.oxfamnovib.nl/

NOTS Foundation: http://www.nots.nl/

ASN Bank: http://www.asnbank.nl/

SNS Asset Management: http://www.snsam.nl/

The Calvert Social Investment Fund: http://www.calvert.com/

Interview with Mr Ab Engelsman (Dutch): http://eenhoorn.nl/index.php?pageID=42&id=12

Interview with Mr Bart Hartman (Dutch): http://www.nots.nl/…/interview_hartman_door_spruyt_-_02112008def.pdf

MicroCapital Universe: Oxfam Novib Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Oxfam+Novib+Fund

MicroCapital Universe: ASN-Novib Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ASN-Novib+Fund