MetLife Investment Management, a member of US-based financial services firm MetLife Incorporated, recently granted a 5-year revolving
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MICROCAPITAL BRIEF: Triple Jump, MicroVest Lend $10m to Indian Microfinance Institution Aye Finance
Aye Finance, a non-banking financial company-microfinance institution (NBFC-MFI) in India, recently issued USD 10 million in non-convertible debentures in undisclosed portions to two microfinance fund management firms, Netherlands-based Triple Jump BV and US-based MicroVest Funds. Aye intends to use the proceeds to expand its small and medium-sized enterprise (SME) loan portfolio.
MICROCAPITAL BRIEF: IFC Syndicates $44m in Debt from BIB, Incofin, MicroVest, Symbiotics for KazMicroFinance (KMF) of Kazakhstan
KazMicroFinance (KMF), a microfinance institution operating in Kazakhstan, recently borrowed USD 44 million syndicated by the World Bank Group’s International Finance Corporation (IFC) in an effort to enable KMF to expand its lending to small businesses. Of the total, IFC is providing USD 5 million
MICROFINANCE PUBLICATION ROUND-UP: Microinsurance Distribution Channels, Friendship Bridge, MicroVest Impact Reports
“Microinsurance Distribution Channels: Insights for Insurers;” by Alice Merry, Pranav Prashad and Tobias Hoffarth; published by the Microinsurance Innovation Facility of the International Labour Organization as Paper Number 33; June 2014; 25 pages; available at http://www.microinsurancefacility.org/sites/default/files/MP33.pdf
The Microinsurance Innovation Facility of the International Labour Organization (ILO), an agency of the United Nations that addresses labour standards and related issues, recently analyzed the distribution channels available to microinsurance providers based on the experiences of 60 of its partner institutions.
MICROCAPITAL BRIEF: MicroVest to Manage Calvert Foundation’s $50m Microfinance Investment Portfolio
Calvert Foundation, a US-based nonprofit organization specializing in social impact investment, recently announced that MicroVest Capital Management, a US-based private microfinance investment firm, will manage its USD 50 million microfinance investment portfolio.
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits
Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.
MICROCAPITAL BRIEF: MicroVest GMG Capital Management Acquires Minlam Microfinance Fund
MicroVest GMG Capital Management (MVG), a partnership between MicroVest Capital Management (MicroVest), a US-based private microfinance investment firm, and GMG Investment Advisors (GMG), an emerging markets credit asset management firm, recently took over the investment management of Minlam Microfinance Fund, a local-currency debt fund, from US-based investment manager Minlam Asset Management.
MICROCAPITAL BRIEF: Rural Impulse Fund II, MicroVest II, ASN-Novib Fund Purchase 45% Stake In Arnur Credit Microfinance Institution of Kazakhstan
Rural Impulse Fund II, a Belgian microfinance investment vehicle managed by Incofin Investment Management; MicroVest II, a US-based equity fund managed by MicroVest Capital Management, and ASN-Novib fund, a Dutch microfinance investment vehicle managed by Triple Jump, have taken stakes totaling 45 – percent ownership in Arnur Credit, a microfinance institution (MFI) based in Kazakhstan.
MICROCAPITAL BRIEF: Spurned by Commercial Banks, Indian Microfinance Institutions (MFIs) Raise Funds from Social Investors IFC, ACCION, MicroVest, ShoreCap, Aavishkaar, BlueOrchard
Indian microfinance institutions (MFIs), which have seen new lending from commercial banks dry up since the “Andhra Pradesh crisis” broke in late 2010, instead have been accessing funds from social and philanthropic investors including: International Finance Corporation (IFC), the private-investment arm of the World Bank Group; ACCION International, a US-based nonprofit organization; MicroVest Capital Management, a US-based family of microfinance investment funds; Shore Capital, a UK-based investment banking company; Aavishkaar Goodwell India Microfinance Development Company Limited, an India-based financing company; and BlueOrchard Microfinance Investment Managers, a Swiss manager of microfinance funds.
MICROCAPITAL BRIEF: Advans Ghana Receives Investment of $4.52m from Société Générale, IFC, Triodos; Advans Cameroun Receives Loans of $2.45m from MicroVest, REGMIFA
Advans SA, a microfinance investment vehicle (MIV) registered in Luxembourg, recently reported to MicroCapital that two of its holdings have received local-currency refinancing loans.
MICROCAPITAL BRIEF: Swadhaar FinServe Private Limited to Receive $5.9m in Equity from ACCION International, Unitus Equity Fund, Michael and Susan Dell Foundation, MicroVest, an Indian Family Trust and Swadhaar’s Promoter Group
Swadhaar FinServe Private Limited, a Mumbai-based microfinance institution (MFI) with total assets of USD 2.1 million as of 2008, recently announced that it will receive INR 27.5 crore (equivalent to USD 5.9 million) in equity from several different investor organizations and private investors.
MEET THE BOSS: Discussions on Microfinance Investment Vehicles (MIVs): Interview with Gil Crawford, Chief Executive Officer of MicroVest Capital Management
Mr. Crawford is Chief Executive Officer of MicroVest Capital Management, responsible for the development, management and growth of MicroVest, including developing and implementing business development strategies and supervising investment deals. He led the launch of MicroVest I, LP, a commercial private equity vehicle focused on microfinance in North America. He has over 20 years of experience with microfinance institutions (MFIs) and capital markets and has worked in Latin America, Africa and Asia.
Previously, Mr. Crawford worked for the Latin American Financial Markets Division at the International Finance Corporation (IFC), created and ran Seed Capital Development Fund and was the Assistant Project Director for Africa Venture Capital Project. Mr. Crawford received his bank training at Chase Manhattan Bank in the mid 1980’s after working in Africa for the Red Cross and the US State Department. He graduated from Johns Hopkins University School of Advanced International Studies (SAIS) (US) in 1983 and Bates College (US) in 1980.
MICROCAPITAL BRIEF: MicroVest Capital Management Announces Close of $60m Microvest II, a Microfinance Equity Fund
MicroVest Capital Management recently announced the closing of MicroVest II with USD 60 million in commitments.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $4.2m from MicroVest Purchase of Non-convertible Debentures (NCDs)
Grameen Financial Services Private Limited, an Indian microfinance institution also known as Grameen Koota, has raised INR 20 crore (USD 4.27 million) from a sale of secured, redeemable, non-convertible debentures (NCDs) to MicroVest I LP, a US-based private equity fund.
MICROCAPITAL.ORG STORY: MFX Solutions Closes First Currency Hedge Transaction; $4 million Currency Swap With MicroVest
MFX Solutions Inc., a company providing currency hedging solutions designed specifically for microfinance, closed its first hedging transaction, a USD 4 million currency swap with MicroVest I, LP. The cross-currency swap transaction allowed MicroVest I, a Washington DC-based microfinance investment fund, to make a USD 4 million, 3-year loan in Columbian pesos to Fundacion Mundo Mujer, a Columbian-based microfinance institution. [3]
MICROCAPITAL.ORG STORY: Peruvian Commercial Bank, Banco de Credito, to Acquire Microfinance Group, Financiera Edyficar from CARE, International Finance Corporation (IFC), and MicroVest (MV)
Banco de Crédito del Perú (BCP) recently announced its deal with nongovernmental organization CARE, to purchase a 77.2% stake in the Peru-based microfinance company, Financiera Edyficar. BCP is a Peruvian publicly-traded commercial bank founded in 1889 and owned by Credicorp Ltd, a financial holding company in Peru. BCP offers services and products to businesses and individuals, as well as small and medium-sized enterprises [1]. In March 2008, BCP reported total assets of USD 17.3 billion, a debt-equity ratio of 1,422.10%, and a return on average assets of 2.13%. It has a BBB- credit rating from both Standard & Poor’s and Fitch Ratings. As of June 2009, BCP claimed 32% of loans and 36% of deposits in the Peruvian banking system. Approximately 97% of BCP is owned by Credicorp [2].
MICROCAPITAL STORY: Grama Vidiyal Micro Finance Limited (GVMFL) Raises USD 4.25 million from MicroVest, Unitus Equity Fund, and Amar Foundation
In its second round of fundraising, Grama Vidiyal Micro Finance Limited, a microfinance institution (MFI) based in Tamil Nadu, India, raised USD 4.25 million from MicroVest, Unitus Equity Fund, and the Amar Foundation.
MICROCAPITAL STORY: Kinnevik Invests $10m in Microfinance Equity Fund MicroVest II
Swedish company Investment AB Kinnevik has committed to investing USD 10 million in MicroVest II , an equity fund focusing on microfinance and part of the microfinance investment group MicroVest Capital Funds. Additionally, Kinnevik announced the acquisition of 30 percent of shares worth USD 4 million in an Ukrainian farming company. Henrik Persson, Head of New Investments at Kinnevik, comments, “”Micro financing and farming are focus sectors for new investments in Kinnevik and we are pleased to have identified investments within these growth areas.” In October 2007, MicroCapital reported that Kinnevik invested USD 14 million in the African microfinance institution (MFI) Bayport Financial Services.