The following microfinance investment funds are profiled in this brief:

Fonds International de Garantie (FIG) (International Guarantee Fund (IGF))

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonds+International+de+Garantie+%28FIG%29+%28International+Guarantee+Fund+%28IGF%29%29

Investisseur et Partenaire pour le Développement (I&P)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Investisseur+et+Partenaire+pour+le+Développement+%28I

Gray Ghost Fund

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gray+Ghost+Fund

Incofin Impulse Microfinance Fund

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Impulse+Microfinance+Fund

Fonds International de Garantie (FIG) (International Guarantee Fund (IGF))

Overview

Fonds International de Garantie (FIG) (International Guarantee Fund (IGF)) provides support to microfinance institutions (MFIs) through guarantees and technical assistance.

Description

Fonds International de Garantie (FIG) (International Guarantee Fund (IGF)) provides support to small and medium microfinance institutions (MFIs), which are retail micro-lenders, by mobilizing local financial resources through international bank guarantees. FIG is currently active in Ecuador, El Salvador, Peru, Chile, Nicaragua, Guatemala, Burkina Faso, Benin, Senegal, and Togo. The average leverage effect is 3:1 (USD 1 guarantee results in a USD 3 loan). The working capital (capital available to cover guarantees) is composed of equity and back-to-back guarantees, which are guarantees from foundations that FIG uses to extend guarantees to MFIs. The Michelham Foundation and Research and Applications for Alternative Financing for Development (RAFAD) foundation extend guarantees to FIG.

Microfinance Information Exchange (MIX) Profile

http://mixmarket.org/funders/fig (external link)

Organization’s Website

http://www.fig-igf.org/en (external link)

Just the Facts

Country of Incorporation: Switzerland
Year Founded: 1996
Legal Status: Non-profit cooperative company
Fund Assets (as of day/month/year): CHF 4.8 million (USD 4.7 million as of 31/December/2008)
Number of MFI guarantees (as of day/month/year): 20 (as of 31/December/2008)
Area of Operation: Africa, Latin America and Caribbean
Participant(s)/Backer(s)/Investor(s): Research and Applications for Alternative Financing for Development Foundation (RAFAD), Michelham Foundation
Instruments: Guarantees, Technical Assistance
Fund Currency: CHF
Investment Horizon: 360 months
Fund Manager:

Contact Information

FIG c/o RAFAD Foundation
P.O. Box 117
Rue de Varembé 1
1211 Geneva 20
Switzerland

Phone: +41 22 733 5073
Fax: + 41 22 734 7083

Additional Resources

Latest News from FIG
http://www.fig-igf.org/en-1-5–ABOUT-FIGLast-News.html (external link)

South African Women’s Group Accessed $1m Loan from Commercial Banks with Guarantee from Shared Interest and Thembani International Guarantee Fund (January 2009)
https://www.microcapital.org/microcapital-story-south-african-women%e2%80… (external link)

Investisseur et Partenaire pour le Développement (I&P)

Overview

Investisseur et Partenaire pour le Développement (I&P) is a joint stock company which makes equity and debt investments in microfinance institutions (MFIs) and medium-sized African enterprises.

Description

Investisseur et Partenaire pour le Développement (I&P) was created in 2002 as a private finance company by a group of entrepreneurs. I&P invests in microfinance institutions (MFIs), which are retail micro-lenders, and Small and Medium Enterprises (SMEs), as an equity shareholder and/or a lender. I&P may invest globally, though currently most investments are in Africa. There are 21 shareholders of I&P, which include private individuals and one private company (name not available to public). I&P investments range from EUR 100,000 (USD 146,000) to EUR 750,000 (USD 1.1 million).

Microfinance Information Exchange (MIX) Profile

http://mixmarket.org/funders/ip-developpement (external link)

Organization’s Website

http://amanda.nfrance.com/~eq57487/5-15645-Home.php (external link)

Just the Facts

Country of Incorporation: Mauritius
Year Founded: 2002
Legal Status: Investment Company
Fund Assets (as of day/month/year): EUR 9.8 million (USD 14.3 million as of 30/September/2007)
Fund Assets Allocated to MFI Investment (as of day/month/year): EUR 5.9 million (USD 8.6 million as of 30/September/2007)
Number of Microfinance Fund Investments (as of day/month/year): 11 (as of 30/September/2007)
Area of Operation: Global
Participant(s)/Backer(s)/Investor(s):
Instruments: Loan and Debt Securities, Equity
Fund Currency: EUR
Investment Horizon: 5 years (Loans and Debt Securities)

Contact Information

3, rue Casteja
92100 Boulogne Billancourt
France

Tél.: +33 1 46 09 06 17
Fax: +33 1 46 09 18 97
Mail: info@ip-dev.com

Additional Resources

Pilot Project Koshi Yomuti to Become Namibia’s First Microfinance Bank with Funds from GTZ, FIDES, Incofin, Swiss Microfinance Holding and Investisseur et Partenaire Pour le Development (October 2008)

https://www.microcapital.org/microcapital-story-pilot-project-koshi-yomut… (external link)

I&P Lends Edpyme Alternativa of Peru $250,000 (December 2006)
https://www.microcapital.org/ip-lends-edpyme-alternativa-of-peru-250000/ (external link)

I&P Annual Reports
http://amanda.nfrance.com/~eq57487/5-15640-Publications.php (external link)

Gray Ghost Fund

Overview

Gray Ghost invests in microfinance investment vehicles (MIVs), which mobilize capital for microfinance institutions (MFIs)

Description

Gray Ghost is a for-profit portfolio of microfinance fund investments created in 2003 by Bob Patillo. Gray Ghost invests exclusively in microfinance funds that supply start-up and expansion capital to microfinance institutions (MFIs), which are retail micro-lenders. The Gray Ghost portfolio is managed by Grassroots Capital Management. Gray Ghost has invested in the following funds: ACCION Investments in Microfinance (AIM), DABA, Microvest, BlueOrchard Microfinance Securities (BOMS), Emergency Liquidity Facility, Short Term Liquidity Facility, Calvert Foundation, Antares Equity Participation Fund, Bellwether, Catalyst Microfinance Investors, Global Commercial Microfinance Consortium (GCMC), Balkans Financial Sector Equity Fund, Solldus Investment Fund, Latin American Challenge Investment Fund (LA-CIF), and BlueOrchard Loans for Development (BOLD).

Microfinance Information Exchange (MIX) Profile

http://mixmarket.org/funders/gray-ghost (external link)

Organization’s Website

http://www.grayghostfund.com/ (external link)

Just the Facts

Country of Incorporation: United States
Year Founded: 2003
Legal Status: Limited Liability Company
Fund Assets (as of day/month/year): USD 75 million (as of 30/September/2006)
Fund Assets Allocated to MFI Investment (as of day/month/year): USD 75 million (as of 30/September/2006)
Number of Microfinance Fund Investments (as of day/month/year): 16 (as of 30/September/2006)
Area of Operation: Global
Instruments: Loan and Debt Securities, Equity, Guarantees
Fund Currency: EUR, INR, USD
Fund Manager: Grassroots Capital Management

Contact Information

Grassroots Capital Management
80 Broad Street
Suite 609
New York, NY 10004

Tel: + 1 212 837 7973

Additional Resources

News from Gray Ghost
http://www.grayghostfund.com/media_center (external link)

Gray Ghost Microfinance Fund Spins Off Grassroots Capital Management (May 2008)
https://www.microcapital.org/press-release-gray-ghost-microfinance-fund-s… (external link)

AfriCap Microfinance Fund Attracts Notable Investors Including Nordic MicroCap, BlueOrchard and Gray Ghost, Raises Capital to $50m (October 2007)
https://www.microcapital.org/microcapital-story-africap-microfinance-fund… (external link)

Gray Ghost’s Antares Fund Announces Three Secondary Market Microfinance Equity Investments (November 2006)
https://www.microcapital.org/gray-ghosts-antares-fund-announces-three-sec… (external link)

US Gray Ghost Fund Continues Secondary Market Activity (October 2006)
https://www.microcapital.org/us-gray-ghost-fund-continues-secondary-marke… (external link)

The Inter-American Development Bank and Norfund Sell Shares in LA-CIF in Microfinance Investment Deal, Giving Gray Ghost 41% of Shares (September 2006)
https://www.microcapital.org/the-inter-american-development-bank-and-norf… (external link)

Omidyar Network, MicroPlace, Dignity Fund, & Gray Ghost Microfinance Fund Sponsor Silicon Valley MicroFinance Network Presentation by Gray Ghost Founder, Bob Patillo (April 2006)
https://www.microcapital.org/omidyar-network-microplace-dignity-fund-gray… (external link)

Incofin Impulse Microfinance Fund

Overview

The Incofin Impulse Microfinance Fund is a microfinance investment vehicle, which mobilizes capital for microfinance institutions (MFIs)

Description

The Incofin Impulse Microfinance Fund was launched in 2004 by Incofin and four other Belgian financial groups: KBC Bank, one of Belgium’s largest banks; Volksvermogen, a Belgian financial holding group; Boerenbond, the Belgian professional association of agricultural entrepreneurs; and VDK Spaarbank, a Belgian savings bank. The Fund invests in microfinance institutions (MFIs), which are retail micro-lenders, through loans and debt securities. The Fund is managed by Incofin Investment Mangement, a fund manager specializing in microfinance investment.

Microfinance Information Exchange (MIX) Profile

http://mixmarket.org/funders/incofin-impulse (external link)

Organization’s Website

http://www.incofin.be/Default.aspx (external link)

Just the Facts

Country of Incorporation: Belgium
Year Founded: 2004
Legal Status: Limited Liability Company
Fund Assets (as of day/month/year): EUR 42.5 million (as of 31/December/2008)
Fund Assets Allocated to MFI Investment (as of day/month/year): EUR 29.8 million (as of 31/December/2008)
Number of Microfinance Fund Investments (as of day/month/year): (as of)
Area of Operation: Global
Participant(s)/Backer(s)/Investor(s): KBC Private Equity, VDK spaarbank, Ethias, BIP, Incofin, Boerenbond, Cera, Volksvermogen, ACV metaal, ACV voeding en diensten, Kringloopfonds, Pax-Bank, Bank im Bistum Essen, Bank fur Kirche und Caritas, Pensioenfonds Vlaams Parlement, Psychiatrisch Ziekenhuis Sint-Jozef, VKW Synergia, Solid
Instruments: Loan and Debt Securities, Equity, Guarantees
Fund Currency: USD, EUR, local currencies
Investment Horizon: 5 years (Loans and Debt Securities)
Fund Manager: Incofin Investment Management

Contact Information

Impulse Microfinance Investment Fund
Sneeuwbeslaan 20
2610 Wilrijk
tel.: +32 0 3 829 25 36
fax: +32 0 3 740 78 28
e-mail: info.impulse@incofin.be

Additional Resources

Latest news from Incofin
http://www.incofin.be/en/knowledge_center/archive/List.aspx (external link)

Belgian Investment Firm Incofin Provides USD 1 Million to Nicaraguan Microfinance Institution Fundación José
Nieborowski through Impulse Microfinance Investment Fund (August 2007)

https://www.microcapital.org/microcapital-story-belgian-investment-firm-i… (external link)

Belgian Impulse Microfinance Investment Fund (Incofin) Purchases a 10% Capital Share of Bolivian Microfinance Institution FIE and Makes Loans to Uganda Microfinance Limited and Sinapi Trust, Ghana (April 2007)
https://www.microcapital.org/belgian-impulse-microfinance-investment-fund… (external link)

Tajikistan-Based Eskhata Bank received a USD 1 mn Loan from Belgian Impulse Microfinance Investment Fund (Incofin) (April 2007)
https://www.microcapital.org/tajikistan-based-eskhata-bank-received-a-usd… (external link)

Impulse Microfinance Investment Fund offers USD 393,960 credit line to Nigeria’s LAPO (December 2006)
https://www.microcapital.org/impulse-microfinance-investment-fund-offers-… (external link)

AMC de RL of El Salvador Receives a $750,000 Credit Line from the Impulse Microfinance Investment Fund (December 2006)
https://www.microcapital.org/amc-de-rl-of-el-salvador-receives-a-750000-c… (external link)

Edyficar of Peru Receives a $1.2 Million Credit Line from Impulse Microfinance Investment Fund (November 2006)
https://www.microcapital.org/edyficar-of-peru-receives-a-12-million-credi… (external link)

Impulse Microfinance Fund Issues EUR 2 Million Bond, Secured by Pax-Bank and DZ Bank of Germany (September 2006)
https://www.microcapital.org/impulse-microfinance-fund-issues-eur-2-milli… (external link)

Commercial Microfinance receives EUR 500,000 from Impulse Microfinance Investment Fund (July 2006)
https://www.microcapital.org/commercial-microfinance-receives-eur-500000-… (external link)

Impulse Microfinance Investment Fund Loans 1 Million Euros to Prizma in Bosnia & Herzegovina (June 2006)
https://www.microcapital.org/impulse-microfinance-investment-fund-loans-1… (external link)

Impulse Microfinance Investment Fund, Managed by Incofin, Makes USD $1 Million Debt Investment in Pro Mujer Bolivia (June 2006)
https://www.microcapital.org/impulse-microfinance-investment-fund-managed… (external link)

Impulse Microfinance Fund Makes New Loans to Microfinance Bank of Azerbaijan, FAMA Nicaragua, CRECER Bolivia, PADME Benin, and PRASAC Cambodia (March 2006)
https://www.microcapital.org/impulse-microfinance-fund-makes-new-loans-to… (external link)

Impulse Microfinance Investment Fund Made $1,250,000 Debt Investment in Azerbaijan Micro Finance Bank (AMFB) (February 2006)
https://www.microcapital.org/impulse-microfinance-investment-fund-made-12… (external link)

Belgian Investment Company Incofin Invests Over å¥1.5 Million in Three Microfinance Institutions (Fundación ESPOIR, FINCA Kosovo, EDPYME Confianza) (December 2005)
https://www.microcapital.org/belgian-investment-company-incofin-invests-o… (external link)

Authored by Kenny Kline, Research Associate