The following microfinance investment funds are profiled in this brief:
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KNOW A MICROFINANCE FUND: Fonds International de Garantie (FIG) (International Guarantee Fund (IGF)), Investisseur et Partenaire pour le Développement (I&P), Gray Ghost Fund, Incofin Impulse Microfinance Fund
The following microfinance investment funds are profiled in this brief:
Fonds International de Garantie (FIG) (International Guarantee Fund (IGF))
Investisseur et Partenaire pour le Développement (I&P)
Gray Ghost Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gray+Ghost+Fund
Incofin Impulse Microfinance Fund
MICROCAPITAL STORY: Indian Venture Capital/ Private Equity Funds Turn to Investing in Microfinance Institutions in India
Venture Capital/ Private Equity funds in India are now looking at investments in Indian microfinance institutions (MFIs), reports The Times of India, an Indian daily owned by The Times Group [1]. The release quotes undisclosed industry observers as predicting that around INR 1000 crore (approx USD 200 million) will be invested by VC/ PE funds in the Indian microfinance space in 2009 alone. Presence of a good management structure coupled with the business scalability demonstrated by several MFIs has been indicated as some of the ‘essential elements’ favoring VC/ PE funding [1]. In addition, the social angle to the business, scope for high growth and opportunity for exit for investors are also projected as factors favorable to potential investors [1].
CGAP Microfinance Dealbook: May 2009 Transactions
The CGAP Microfinance Dealbook publicizes microfinance capital market transactions in an effort to bring greater transparency to the industry. This information is made freely available as a public service. Parties to microfinance transactions are encouraged to submit their deals to this effort. The following deals were collected for May 2009:
MICROCAPITAL STORY: European Development Finance Institutions Part 3: The Netherlands Development Finance Company (FMO) Invests Over USD 160 million in Microfinance in Last Two Years
The Netherlands Development Finance Company (FMO), founded by the Dutch government in 1970 to support the private sector in developing countries, invests in microfinance as a way to stimulate sustainable economic growth. Between January 2007 and March 2009, FMO has invested at least USD 160 million in microfinance services around the world.
PAPER WRAP-UP: A Closer Look at Consolidation: The Sonata-Jeevika Acquisition, by Akhand Tiwari and Michael Chasnow
Akhand Tiwari and Michael Chasnow, IFMR Centre for Microfinance’s co-authors, provide an in-depth look at an acquisition in Indian microfinance: Sonata Finance’s purchase of Jeevika Livelihood Support Organization’s microfinance operation in August 2007. The Institute for Financial Management and Research (IFMR) Centre for Microfinance was established in 2005 with the objective to improve the accessibility and quality of financial services for the poor through research, knowledge dissemination and evidence-based policy for MFIs. This paper explores the acquisition and insights it may have for other microfinance practitioners.
MICROCAPITAL STORY: Caspian Advisors-Managed India Financial Inclusion Fund (IFIF) Raises Additional $20m for Investment in Microfinance Institutions
The India Financial Inclusion Fund (IFIF), an off-shore equity fund, has raised USD 20 million in capital, taking its total fund size to USD 58 million. IFIF focuses on equity investments in Indian companies that are “directly or indirectly associated with bringing about the inclusion of the poor within the formal financial system.”
MICROCAPITAL STORY: Equitas Micro Finance Gets Transaction Securitized and Rated by CRISIL, Structured and Arranged by the Institute for Financial Management and Research
Equitas Micro Finance India announced it has completed a microloan backed rated securitization worth USD 3.0m. According to a press release in the Economic Times, the pass-through certificates are rated by CRISIL and backed by microloan receivables originated by Equitas. CRISIL is an Indian rating company and a division of Standard and Poor’s. The Series A1 certificates are rated AA(so) and the Series A2 certificates are rated BBB(so). IFMR, the Institute for Financial Management and Research in India, structured and arranged the transaction. The COO of Equitas, S. Baskar, commented “traditionally MFIs in India have had to access only banks for debt raising, placing limitations. This transaction would open a new window to the industry to raise debt from those banks which do not generally participating (sic) in funding to MFIs”.
PRESS RELEASE: ACCION Invests $4.2m in Microinsurance Initiatives, Helping to Move Microfinance Beyond Credit
Source: ACCION.
NEWS WIRE: India: Indian Microfinance Grows Fast But Without Purpose
Source: Business Today.
NEWS WIRE: India: MFIs Face Challenge of Global Meltdown
Source: The Economic Times.
WHO’S WHO IN MICROFINANCE: A Little World
A Little World (ALW) is a company which creates technologies used in extending branchless banking services to the poor. While ALW is a for-profit corporation, its vision is to “touch a billion people through innovative technologies and alliances at the bottom of the pyramid for delivering multiple financial services at the lowest cost through mainstream financial institutions.” Currently, the company’s main project is the ZERO platform, which provides banking technologies via mobile phones.
NEWS WIRE: India: Lok Capital, Michael and Susan Dell Foundation Invest $1.5m In Microfinance Institution Arohan
Source: VCCircle.
PRESS RELEASE: A Little World a Branchless Banking Platform, Closes Series B
Source: A. Little. World .
MICROCAPITAL STORY: Lok Capital and the Dell Foundation Announce Investment in Indian Microfinance Organization Arohan
Lok Capital, a microfinance venture capital fund focused on India, and the Dell Foundation, a charitable organization, have announced an investment in Arohan Financial Services Limited, a for-profit Indian microfinance institution (MFI). The size of the equity investment was not disclosed. Arohan offers microcredit and credit-linked insurance to urban women in Kolkata, and it plans to use the funds to expand operations to other urban centers in eastern India and to expand its product offering.
MICROCAPITAL STORY: Reliance Capital Enters First Phase of Microfinance Initiative in India
As posted by MicroCapital on Thursday, Reliance Capital of India, a publicly-traded financial institution offering a wide range of services and reporting March 2007 total assets of USD 1.5 billion, announced a new microfinance initiative on March 3rd beginning with the financing of two microfinance institutions (MFIs) based in Gujarat state. As stated in the press release, MAS Financial Services Limited (MFSL) and Vardan Trust received the first checks and Reliance Capital plans to continue the first phase of the initiative in Maharashtra state before expanding nation-wide at an undetermined date. Mr. K. V. Srinivasan, the Deputy CEO of Reliance Consumer Finance—a division of Reliance Capital offering loans for a variety of products—expressed that the methodology of the initiative will be to lend to MFIs which will then on-lend to individuals, self help groups (SHGs), and other joint liability microfinance structures. SHGs are unions of individuals, usually connected by geographical location, which organize to take advantage of the financial services that can be utilized from their collective assets.
MICROCAPITAL FEATURE: Marilou van Golstein Brouwers, Managing Director of Triodos Investment Management B.V., Talks to MicroCapital
“I really enjoy my job still after fifteen years,” says Marilou van Golstein Brouwers, the head of the Triodos division that runs its microfinance investments. She has been with the company since they began investing in microfinance, which was at first tried as means to promote sustainable development. “You have to tackle the divide between rich and poor if you are serious about sustainability,” she says.
MICROCAPITAL STORY: Microfinance Investor Netherlands Development Finance Company (FMO) to Establish $125m Fund to Support Small and Medium-sized Enterprises (SMEs) in India
The Netherlands Development Finance Company (FMO), a development bank founded by the Dutch government and business community in 1970, plans to establish a USD 125 million fund in India which will finance family-owned small and medium-sized enterprises (SMEs). The proposed Banyan Tree Fund will receive a USD 25 million contribution from FMO. The bank is in talks with Indian investors and other international development finance institutions to fund the balance amount.