The Overseas Private Investment Cooperation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, recently announced that it has committed senior debt totaling USD 10 million to the Ilu Women’s Empowerment Fund, an investment vehicle managed by Canada-based private equity firm Deetken Impact and US-based nonprofit Pro Mujer. Various Canadian foundations, credit unions and other investors, which have not been identified publicly, previously invested USD 15 million in the fund. Of the USD 25 million now committed to the fund, USD 14 million has been disbursed. The fund’s target volume is USD 35 million.
The Ilu Women’s Empowerment Fund deploys investments intended to progress women’s entrepreneurship and other forms of women’s economic empowerment in Latin America and the Caribbean. Specifically, it seeks to “promote women in leadership and governance, products and services that meet the needs of women and girls, gender-sensitive value chains and equity.”
Kathryn Kaufman, OPIC’s managing director for global women’s issues, stated, “Women in Latin America face steep barriers to full economic empowerment. By partnering with Pro Mujer and Deetken Impact to expand access to products and services that empower low-income women like financial services and safe housing, OPIC will help equip women with the tools they need to transform their communities.”
Deetken Impact primarily manages assets in businesses seeking financial as well as social or environmental returns in Latin America and the Caribbean. As of 2019, Deetken manages or co-manages assets valued at approximately USD 100 million.
Established in 1990, US-based Pro Mujer is a nonprofit women’s development organization operating in Argentina, Bolivia, Guatemala, Mexico, Nicaragua and Peru. Its focus is to deliver access to finance, health and educational services to women and their families. As of December 2017, Pro Mujer had total assets of USD 168 million and annual gross revenue of USD 58 million.
Established in 1971, OPIC provides loans, grants, advisory services and political-risk insurance to private equity funds and financial institutions as well as projects in the healthcare, energy, technology and education sectors. As of December 2018, the organization reported total assets of USD 9.6 billion and annual gross revenue of USD 250 million, closing the year with 112 active projects in 88 countries.
By Jolene Khor, Research Associate
Sources and Additional Resources
Deetken Impact press release
https://deetkenimpact.com/blog/opic-backs-deetken-impact-pro-mujer-women-empowerment-fund/
OPIC press release
https://www.opic.gov/press-releases/2019/opic-backs-asset-manager-deetken-impact-and-mission-driven-company-pro-mujer-empower-women-latin-america
Deetken Impact homepage
https://deetkenimpact.com/
Pro Mujer homepage
https://promujer.org/
OPIC homepage
https://www.opic.gov/
OPIC 2018 Annual Report
https://www.opic.gov/sites/default/files/files/OPIC_FY_2018_Annual_Management_Report.pdf
Guidestar
https://www.guidestar.org
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