It was recently reported on the Reuters news wire [1] that Omidyar
Network (Omidyar) [2], a social investment firm, has established a
new entity in India called Omidyar Network India Advisors which will be led by Mr Jayant Sinha. The Indian office will enable Omidyar to increase investments and partner more closely with India-based portfolio organizations. Mr Sinha expects Omidyar’s involvement in India to ‘catalyze economic opportunity and social impact’ in the country through ‘market-based approaches that have the potential to improve millions of lives’.
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MICROCAPITAL.ORG STORY: BRAC, Soros Economic Development Fund (SEDF), Open Society Initiative for West Africa (OSIWA), Omidyar Network and Humanity United Form $15m Microfinance Partnership in Sierra Leone and Liberia
For discussion of this topic click here: http://microfinanceassociation.ning.com/forum/topics/deals-in-microfinance-the
The Bangladesh Rural Advancement Committee (BRAC), an international non-government organization (NGO), will lead a partnership worth USD 15 million in Sierra Leone and Liberia to provide microfinance, healthcare and agricultural support [1, 2]. The Soros Economic Development Fund (SEDF), Open Society Initiative for West Africa (OSIWA), Omidyar Network and Humanity United are funding this project through a combination of grants and equity [1, 3, 4, 5, 6]. BRAC has opened 20 new microfinance branches since March 2009 in Sierra Leone and Liberia, with the first loan being issued in June, and aims to open 20 more by the end of the year [1]. During the two year pilot program it aims to provide loans to tens of thousands of women in these two West Africa countries [1]. Furthermore the project will provide agricultural supplies, training to farmers and 400 community based health volunteers [1].
MICROCAPITAL STORY: Omidyar-Tufts $100m Microfinance Fund Earns 12 Percent Return and $6.6m for Tufts University in 2008
In 2005, MicroCapital reported enthusiastically that Pierre Omidyar, founder of eBay, and his wife donated USD 100 million to their former school Tufts University, to be managed as a for-profit fund exclusively for investments into microfinance initiatives. At the time, the Omidyar-Tufts Microfinance Fund was the largest single for-profit microfinance fund in the world.
MICROCAPITAL STORY: Omidyar Network Grants $4.5m to Opportunity International to Scale Technology-Based Microfinance Services in Africa
Opportunity International announced it received a 4.5 million USD grant from Omidyar Network, a philanthropic investment firm. According to PR Newswire, the grant will be used to create and implement new electronic and mobile banking technologies that will reduce transaction costs and make microfinance services available to more people in Sub-Saharan Africa. Specifically, it will launch an “electronic wallet” strategy in Ghana, Kenya, Malawi, Mozambique, Rwanda, South Africa, Tanzania, and Uganda – countries where Opportunity has significant operations already, including banks and financial institutions. The strategy aims to develop the optimum mix of electronic banking technologies needed in each of these countries.
PRESS RELEASE: Omidyar Network Expands Operations to Europe with Appointment of Ian Callaghan as Senior Director, Investments
Source: Omidyar Network.
MICROCAPITAL STORY: Unitus Launches $56m Microfinance Fund; Key Stakeholders Include Legatum, Omidyar Network
Seattle-based Unitus Equity Fund has raised USD 56 million that it plans to invest solely in commercial microfinance institutions throughout the world. Key stakeholders in the private equity fund include Legatum Group and Omidyar Network, each investing USD 20 million. The remaining USD 16 million was provided by an undisclosed source. Omidyar’s investment in the fund comes in the wake of an April 2008 MicroCapital report that Omidyar awarded a USD 9 million grant to Unitus, a nonprofit that is affiliated with the private equity fund. Omidyar’s grant supported Unitus’ three year expansion plan.
MICROCAPITAL STORY: Investment Group Legatum and Omidyar Network Invest $40m in Unitus Equity Fund II
Legatum, an international private investment group, and the Omidyar Network, a philanthropic investment firm, will invest USD 40 million in Unitus Equity Fund II, a newly created private equity fund that will provide capital to microfinance institutions (MFIs) with an emphasis on growth.
PRESS RELEASE: Legatum and Omidyar Network Invest $40m as Co-Anchors of Unitus
Source: PR Newswire.
MICROCAPITAL STORY: Omidyar Network Granting $9m to Microfinance Non-Profit Unitus
Omidyar Network, a philanthropic investment firm begun by the founder of eBay, has announced a three-year grant of USD 9 million in Unitus, a Seattle-based non-profit that facilitates access to capital and consulting services to high-potential microfinance institutions (MFIs).
PRESS RELEASE: Unites States: Omidyar Makes Largest Grant to Date in Microfinance: $9m to Unitus
Source: Unitus.
PRESS RELEASE: Soros Economic Development Fund, Omidyar Network and Google.org Launch $17m Small to Medium Enterprise Investment Company for India
Source: Open Society Institute.
eBay Enters Microfinance, Part 3 of 5: Who Is Oz? eBay Founder Pierre Omidyar has Lots of Levers
Previous articles in the series available here: Part 1/5, Part 2/5
We hold eBay and its founder, Pierre Omidyar, in great esteem and to the highest of standards. The Omidyar Network is a ‘mission based’ organization founded by Pierre Omidyar and his wife Pam in 2004. It makes both for-profit and non-profit investments.
When it comes to “massifying” microfinance investments in dollars, however, Mr. Omidyar knows better. We at MicroCapital have publicly tracked Mr. Omidyar’s evolution in microfinance for you over the years, so you may be familiar with his story.
European Microfinance Company Access Holding AG Announces Intent to Go the ProCredit Way. Various Development Banks and Omidyar Tufts Microfinance Fund Purchase Equity in the Newly Founded Company.
In a press release, recently formed company Access Holding AG, announced that prominent microfinance investors, KfW, the European Investment Bank (EIB), the International Finance Corporation (IFC) and the Omidyar-Tufts Microfinance fund have each 19.2% of the company’s equity. The founding company LFS Financial Systems GmBH together with its employee investment company, MicroAssets, hold the remaining 23.2% equity.
The press release informs, “Access Holding’s strategic objective is to build up a network of commercial microfinance banks, with common principles and under a common management.” The IFC investment summary says, “Over time, AccessHolding aims to transform into a controlling parent company of a global network of microfinance banks with a common brand identity”.
This proclaimed strategy seems to be very similar to what ProCredit Holding has been executing to considerable attention from the capital markets. Procredit Holding AG, has, over the past decade or so, with the aid of funding from multilateral institutions, scaled up into a network of nineteen microbanks with a USD 2.3 billion loan portfolio spread across 670,000 loans of which 95 percent are USD 12,500 or smaller. ProCredit microbanks are spread across Eastern Europe, Latin America, and Africa. Recently, ProCredit was in the news as TIAA-CREF, one of the largest pension funds in the United States purchased USD 43 million of preference equity in the company.
SEEP Network and Omidyar Network to host ‘Microfinance Investor Roundtable’ to discuss the potential of commercial microfinance.
The SEEP Network will host its annual conference this year October 23-27 in Washington D.C. This year’s conference, “Investing in the Majority”, will draw attention to innovative practices and current issues in microfinance. The event is an opportunity for microfinance and microenterprise development practitioners to exchange knowledge and experiences. According to the SEEP Network, last year’s conference drew over 1,100 participants from over 101 countries.
Update on Omidyar-Tufts Microfinance Fund: Ensuring Sound Microfinance Investment
According to The Tufts Daily, the Board of Trustees of the Omidyar-Tufts Microfinance Fund has taken initial steps to outline an investment plan for the $100 million gift donated to Tufts University from eBay founder Pierre Omidyar and his wife Pam, who also co-founded the Omidyar Network. The endowment, originally made in November 2005, is intended exclusively for microfinance initiatives. The Board plans to diversify the fund through both direct and indirect microfinance investments in multiple countries, utilizing a variety of currencies and investment-fund managers.
Continue reading “Update on Omidyar-Tufts Microfinance Fund: Ensuring Sound Microfinance Investment”
Pure Genius: Bob Patillo of Gray Ghost Microfinance Fund Announces Co-investment with Omidyar Network and Gates Foundation into Rating Agency MicroRate to Begin Rating Microfinance Investment Funds
Microfinance funds, which invest in retail microfinance institutions (MFI’s), are in dire need of an objective ratings system. The Silicon Valley Microfinance Network’s event brought welcome news of a project to apply a set of standard performance indicators to microfinance investment vehicles.
Omidyar Network, MicroPlace, Dignity Fund, & Gray Ghost Microfinance Fund Sponsor Silicon Valley MicroFinance Network Presentation by Gray Ghost Founder, Bob Patillo
Bob Patillo, founder of the Gray Ghost Microfinance Fund, will speak to the Silicon Valley Microfinance Network on Monday, May 1st at 6:00 PM. Mr. Patillo will share his thoughts on the role of private investment in the growing microfinance industry.
Microfinance institutions are increasingly finding themselves able to take on private investment capital as the transition to profit generating businesses. Mr. Patillo will speak to this evolution in the industry through his experience as a founding partner of the Gray Ghost Microfinance Fund and as a successful entrepreneur. Prior to his work at Gray Ghost, Mr. Patillo managed an industrial real estate development firm and founded the Rockdale Foundation, a family foundation with a commitment to service, social enterprise, and education. In addition, he sits on the Board of Directors for ACCIÌãN Investments, MicroVest, the Deutsche Bank Microcredit Development Fund, and Catalyst Microfinance Investors.
Applauding $900,000 Grant from Omidyar Network to MIX, the Information Standard in Microcredit
The Microfinance Information eXchange (MIX) received a $900,000 grant from the Omidyar Network. MicroCapital supports The MIX as the information standard on microfinance, and this is a perfect example of where donations should be made in microfinance.
Continue reading “Applauding $900,000 Grant from Omidyar Network to MIX, the Information Standard in Microcredit”