MICROCAPITAL BRIEF: ACTIAM-FMO SME Finance Fund Closes at $162m with New Investment from Pensioenfonds Vervoer; Increased Investments from Spoorwegpensioenfonds, Stichting Pensioenfonds Openbaar Vervoer

The ACTIAM-FMO SME Finance Fund, which is managed by Actiam, a Netherlands-based asset manager, and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, recently closed at approximately EUR 150 million (USD 162 million). Pensioenfonds Vervoer, a pension fund for the Dutch transport industry, newly entered the fund, and two existing investors, Spoorwegpensioenfonds, a Dutch pension fund for railway workers, and Stichting Pensioenfonds Openbaar Vervoer, a Dutch pension fund for public transport, increased their commitments in unspecified amounts [1]. The fund was launched in 2013 to offer debt funding for the capital needs of small and medium-sized enterprises (SMEs) in developing countries [2]. Since then, the fund has loaned approximately EUR 103 million (USD 111 million) to 25 financial institutions for on-lending in 18 countries [1].

By Hye In Arielle Oh, Research Associate

About Actiam N.V.

Actiam N.V. is a Netherlands-based fund and asset manager that is a subsidiary of REAAL N.V., a Dutch insurance company, providing “sustainable” performance, service and advice. In 2013, Actiam launched the ACTIAM-FMO SME Finance Fund with Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank. Actiam Impact Investment is an arm of Actiam charged with servicing investors in the ACTIAM-FMO SME Finance Fund as well as ensuring the Fund’s responsibility and impact performance.  As of 2015, Actiam reported total assets of EUR 50 billion (USD 53.8 billion).

About Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Development Bank

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) is a Dutch development bank that was founded in 1970 by the Dutch government, which holds a 51-percent stake in the institution. Its other investors include commercial banks, trade unions, employers’ associations and individual investors. FMO supports governments and invests in financial institutions, energy and agribusiness in developing countries through loans, guarantees and other activities including local-currency investments. As of 2015, FMO reported total assets of EUR 8.4 billion (USD 9.05 billion), total loans and guarantees of EUR 4.37 billion (USD 4.71 billion) and return on average shareholders’ equity on operating profit of 10.2 percent.

Sources and Additional Resources:

[1] FMO Entrepreneurial Development Bank, “Final Closing Fund Enables Further Growth for Small and Medium Sized Enterprises in Emerging Markets,” https://www.fmo.nl/k/n1771/news/view/24085/20819/final-closing-fund-enables-further-growth-for-small-and-medium-sized-enterprises-in-emerging-markets.html

[2] FMO Entrepreneurial Development Bank, “SME Finance Fund,” http://www.fmo-im.nl/en/sme-finance-fund

[3] ACTIAM, “ACTIAM-FMO SME Finance Fund,” https://www.actiam.nl/nl/producten-en-diensten/Documents/SMEFF_2pager.pdf

[4] Actiam, “Who We Are,” https://www.actiam.nl/en/

[5] ACTIAM-FMO SME Finance Fund: “Information Memorandum,” https://www.actiam.nl/nl/producten-en-diensten/de-beheerder/Documents/documenten-impact-investing/Information%20Memorandum%20ACTIAM%20FMO%20SME%20Finance%20Fund%20I%2020142207.pdf

[6] FMO Entrepreneurial Development Bank, “Annual and Interim Reports,” https://www.fmo.nl/reports

[7] MicroCapital: “MICROCAPITAL BRIEF: Dutch Pension Fund PGB to Invest $22.6m in Actiam Institutional Microfinance Fund III,” https://www.microcapital.org/microcapital-brief-dutch-pension-fund-pgb-to-invest-22-6m-in-actiam-institutional-microfinance-fund-iii/

MicroCapital Universe, “ACTIAM N.V.,” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACTIAM

MicroCapital Universe, “Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Development Bank,” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nederlandse+Financierings-Maatschappijvoor+Ontwikkelingslanden+N.V.+%28Netherlands+Development+Finance+Company%2C+FMO%29

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