Not One The Same (NOTS) Foundation, a Dutch non-governmental organization (NGO) established in 2003, has raised EUR 12 million (USD 15.5 million) from the Dutch government and its international development bank, the Netherlands Development Finance Company (FMO), to be invested in the NOTS Microfinance Fund. Triple Jump, a Dutch microfinance investment manager founded in 2006, is responsible for portfolio management, asset selection and deal execution of the NOTS Microfinance Fund.
The funding will support NOTS starting to issue bonds to private investors to finance its activities. FMO will provide EUR 7 million (USD 9.02 million) of subordinated capital from its own account, and EUR 5 million (USD 6.44 million) will be from the MASSIF fund, an investment fund which FMO manages on behalf of the Dutch Ministry of Foreign Affairs. For every euro that will be invested by private investors, the Dutch government and FMO will commit a subordinated investment totaling EUR 0.43, thus reducing risk for private investors. The total amount that NOTS aims to raise, EUR 40 million (USD 51.5 million), will be invested in Tier-3 microfinance institutions (MFIs) in developing countries.
About 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, worth a total of approximately EUR 170 million (USD 247 million) as of 2009. Its investments span 90 MFIs in 37 emerging markets in Latin America, Eastern Europe, Africa and Asia as of 2009.
About NOTS (Not One The Same) Foundation:
The NOTS Foundation is a Dutch NGO that was established in October 2003. The primary function of NOTS Foundation is to combine donating (to microfinance institutions (MFIs) and renewable energy providers) with bond investment by means of a tax-efficient annuity structure. NOTS Foundation owns 25 percent of Triple Jump, a microfinance investment fund manager that was founded in 2006.
NOTS Foundation does not report financial information to the MIX.
About Netherlands Development Finance Company (FMO):
The Netherlands Development Finance Company (FMO), founded in 1970, supports financial institutions and countries through “loans, participations, guarantees and other investment promotion activities.” It was founded by the “Dutch government, private sector, employers and employee organizations.” It has access to government funds and therefore can take higher risks with its investments including long-term finance. It also specializes in local currency finance. As of 2009, FMO had an investment portfolio of EUR 5.04 billion (USD 6.5 billion), EUR 378 million (USD 490 million) of which was committed to microfinance activities.
By Matthew Fox, Research Assistant
Source and Additional Resources:
Netherlands Development Finance Company (FMO): Press Release 30 August 2010: http://www.fmo.nl/smartsite.dws?id=7566
MicroCapital: MEET THE BOSS: Nanno Kleiterp of the Netherlands Development Finance Company (FMO), 26 March 2010: https://www.microcapital.org/meet-the-boss-nanno-kleiterp-of-the-netherlands-development-finance-company-fmo/
MicroCapital Universe: Triple Jump: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Triple+Jump
MicroCapital Universe: NOTS (Not One the Same) Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=NOTS+(Not+One+the+Same)+Foundation
MicroCapital Universe: The Netherlands Development Finance Company (FMO): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Netherlands+Development+Finance+Company+(FMO)
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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