NEW DEALS
For a list of recent MIV transactions Click Here.
Type of Microfinance Funds
Equity (shares sold by MFIs): 8 deals
Fixed Income (loans received by MFIs): 74 deals
Total: 82
Size of Transactions by Region
East Asia and Central Pacific: US$5.8 Mil
Eastern Europe and Central Asia: US$49.4 Mil
Latin America and Caribbean: US$32.0 Mil
North America: US$0.5 Mil
South Asia: US$16.0 Mil
Sub-Saharan Africa: US$1.7 Mil
Worldwide: US$0.5 Mil
Total: US$106.0 Mil
Top 10 Microfinance Investment Vehicles
NEW MIVs 2007 & 2008
- BlueOrchard Private Equity Fund
- Global Microfinance Facility
- Minlam Microfinance Fund
- db Microfinance-Invest Nr. 1
- "Co-operative Bank" Fund
- Rural Impulse Fund
- MicroAccess Trust 2007
- responsAbility Mikrofinanz-Fonds
- VDK MFI Loan Portfolio
- BlueOrchard Loans for Development 2
- LocFund
- SNS Institutional Microfinance Fund
- Tajikistan Micro and Small Enterprise Finance Facility
For a list of new (2006-2008) MIVs Click Here.
NEW MIX MARKET PROFILES
Hekima, Democratic Republic of the Congo
Sahara Uttarayan, India
CrediComun, Mexico
FINCA, Jordan
Kauswagan Bank, Philippines
For details Click Here.
RECENT RATINGS AND ASSESSMENTS
ACME, Haiti, A-, Microfinanza Rating
Al Sol, Mexico, Enhanced Social Rating, Microfinanza Rating
Amret, Cambodia, A, Microfinanza Rating
Biblian, Ecuador, BBB+ (Credit Rating), Microfinanza Rating
CAPA, Romania, Enhanced Social Rating, Microfinanza Rating
Codesarollo, Ecuador, BB+ (Credit Rating), Microfinanza Rating
Comixmul, Honduras, BB-, Microfinanza Rating
EKI, Bosnia & Herzegovina, A, Planet Rating
Equitas Micro Finance, India, mfR4, CRISIL
FESF, Kazakhstan, B+, Microfinanza Rating
Fundacion Alternativa, Ecuador, BB, Microfinanza Rating
Insotec, Ecuador, BB, Microfinanza Rating
Jardin Azuayo, Ecuador, BBB (Credit Rating), Microfinanza Rating
JEP, Ecuador, BBB (Credit Rating), Microfinanza Rating
Sharada's Women's Association for Weak Section, India, mfR4, CRISIL
Sodruzhestvo (Kam.), Russia, B-, Microfinanza Rating
Timpac, Togo, CC+, Microfinanza Rating
Viator, Azerbaijan, BB-, Microfinanza Rating
RECENT PUBLICATIONS
"Open Up Your Virtual Wallet: The buzz about online microlending"
CGAP
"A Billion to Gain? The Next Phase"
ING
"Foreign Capital Investment in Microfinance: Balancing Social and Financial Returns"
CGAP
"Microfinance Banana Skins 2008: Risk in a Booming Industry"
Center for the Study of Financial Innovation
"Can Microfinance Reduce Portfolio Volatility?"
New York University
"The Role of International Capital Markets in Microfinance"
Developing World Markets
"2007 MIX Global 100: Rankings of Microfinance Institutions"
The MIX
"Toward a Social Performance Bottom Line in Microfinance"
CGAP
"MFI Capital Structure Decision Making: A Call for Greater Awareness"
CGAP
"Microfinance: An Emerging Asset Class for Equity and Debt Investors"
MicroCapital
"Capital Markets: A Long-Term Solution to Financial Freedom"
Microenterprise Development Review
"Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions"
CGAP
"Evaluation of Microfinance Rating Reports"
Microfinancecapital.com
"Resilience of MFIs to National Macroeconomic Events"
The MIX
"Microfinance Taking Root in the Global Capital Markets"
Standard and Poor's and working group
"Microfinance Insights: Microfinance & Capital Markets"
Intellecap
"Mission Investing in Microfinance"
MicroCredit Enterprises
"CGAP Reflections on the Compartamos Initial Public Offering"
CGAP
"MIX MicroBanking Bulletin Spring 2007 Issue"
The MIX
"Microfinance Cracking the Capital Markets II"
ACCION
"2006 Social Performance Report"
responsAbility
"How Should Microfinance Institutions Best Fund Themselves?"
Inter-American Development Bank
SELECTED INDUSTRY RESOURCES
Foreign Exchange Risk Mitigation Techniques
CGAP
Commercial Loan Agreements - A Technical Guide for Microfinance Institutions
CGAP
Data on over 1,100 MFIs, 97 microfinance investors and 165 industry support organizations
MIX Market
Briefs for bankers on investing in microfinance institutions and providing retail microfinance services
CGAP
For additional industry resources see the CGAP Publications Index.
EVENTS
Microfinance Cracking the Capital Markets South Asia Conference
Delhi, India, 29 - 30 Apr 2008
The Global Microfinance Investment Congress
New York, NY, US, 14 - 16 May 2008
15th Annual Global Finance Conference
Hangzhou, China, 18 - 20 May 2008
11th MFC Conference of MFIs: Clients and Institutions, Growing Together
Ulaanbaatar, Mongolia, 29 - 31 May 2008
"A Billion to Gain?" Seminar
Amsterdam, Netherlands, 16 Jun 2008
HBS-ACCION Program on Strategic Leadership for Microfinance
Cambridge, MA, US, 15 - 21 Jun 2008
Microfinance: The Investment Opportunity
San Francisco, CA, US, 14 - 15 Jul 2008
For additional events see the Microfinance Gateway Calendar.
| HIGHLIGHTS OF THE MONTH
The EUR 90 Bil Dutch healthcare pension fund, PGGM, launched a global microfinance investment program. The investment program of EUR 200 Mil is expected to be invested via specialized microfinance investment vehicles within two to three years. PGGM seeks a competitive return via responsible investments that have a low correlation to traditional asset classes. The first investment, of EUR 27 Mil, was placed in the Dexia Micro Credit Fund managed by BlueOrchard Finance.
(31 Mar 2008)
The Indian microfinance venture capital fund Lok Capital raised US$10 Mil in a second round closing; the fund now has US$22 Mil in assets under management. Investors in the second round include ACCION International, Développement International Desjardins, FMO, IFC, responsAbility, and individual investors. Lok Capital seeks to continue providing equity investments and consulting to MFIs in India.
(19 Mar 2008)
MOVERS AND SHAKERS
Drawing on the work of various industry leaders as well as its own experience, Morgan Stanley's Microfinance Institutions Group has created an internal credit analysis and rating methodology - one that, by producing global (foreign and local currency) scale ratings, enables its analysts to assess and compare risks both within the microfinance sector and relative to other sectors. For details on the report Click Here.
Presentations given at the Microfinance Cracking the Capital Market III conference, sponsored by ACCION and Credit Suisse, are now available Online.
Columbia Business School students launched Microlumbia, a 501(c)3 microfinance fund. The fund will make US$25K-50K loans to start-up MFIs and offer technical assistance to portfolio MFIs. (Feb 2008)
Reeta Roy has been appointed CEO at the MasterCard Foundation. Roy has experience in social corporate responsibility, global philanthropy, and health policy. The foundation's mission is to broaden access to the global economy through innovative microfinance programs and increase access to quality educational opportunities for youth. The foundation has an endowment of more than US$2 Bil.
(2 Apr 2008)
Lynn Martin joined BlueOrchard Finance as director of Investors' Relations. She will be based in New York. Previously, Martin was managing director at Zephyr Management, an emerging markets private and public equity investment firm, with responsibility for client relations and marketing. From 1991 to 2004, Martin was managing director at Credit Suisse Asset Management and at Warburg Pincus Asset Management, where she built Post Venture/Distribution.
MARKET NEWS
Microfinance Grows Up: Success Brings New Challenges for Investors, Practitioners, in Emerging Countries
Knowledge at Wharton, 16 Apr 2008
Online Tool for MFI Financial Reporting Launched
MicroCapital.org, 11 Apr 2008
EDA Launches Equity Exchange for Social Investments
The Microfinance Gateway, 10 Apr 2008
Unitus Microfinance Case Studies
Social Edge, 8 Apr 2008
IFMR Trust and Grameen Capital India Reduce Cost of Capital for an Emerging MFI Through a Structured Transaction
Press Release, 7 Apr 2008
Niche Lenders Feel Safe
MiamiHerald.com, 6 Apr 2008
Microfinance's Success Sets Off a Debate in Mexico
The New York Times, 5 Apr 2008
Aavishkaar Goodwell Acquires Significant Minority Interest in Grameen Koota
The Microfinance Gateway, 1 Apr 2008
Blackstar Provides US$11 Mil Loan to South African MFI
The Microfinance Gateway, 1 Apr 2008
"Beyond Chairty" - Socially Responsible Investments
Press Release, 28 Mar 2008
Global Commercial Banks Double Loans in Microfinance
Press Release, 27 Mar 2008
OPIC Announces Guarantee to Allow Calvert to Sell US$143 Mil in Community Investment Notes on MicroPlace
MicroCapital.org, 27 Mar 2008
Further EBRD Support for Bosnian Micro Enterprises
Press Release, 27 Mar 2008
Microfinance Meets Wall Street
Forbes, 26 Mar 2008
Dutch Pension Fund Expands to Offset Aging Client Base
The Wall Street Journal, 26 Mar 2008
Microlending for Microbankers
The Wall Street Journal, 20 Mar 2008
What Microloans Miss
The New Yorker, 17 Mar 2008
Company Lessons in Reaching the World's Poorest
Financial Times, 17 Mar 2008
Microfinance Area Feeling Credit Heat
Investment Dealers Digest, 17 Mar 2008
AfriCap Microfinance Investment Company Expands its Presence in Francophone Africa
Press Release, 14 Mar 2008
Top Microfinance Companies Line Up PE to Feed Fund Quest
SiliconIndia.com, 14 Mar 2008
Funding a Path Out of Poverty
The Spectator, 12 Mar 2008
EBRD to Lend US$1.5 Mil to Georgian MFI
The Microfinance Gateway, 1 Apr 2008
Market Movers
Conde Nast Portfolio, 11 Mar 2008
Lok Capital has Raised US$1.25 Mil for Investing in Microfinance
The Microfinance Gateway, 10 Mar 2008
TIAA-CREF Adds International Equity Investments to CREF Social Choice Account
Press Release, 10 Mar 2008
Morgan Stanley and Women's World Banking Sum Up Conference on Microfinance and the Capital Markets
MicroCapital.org, 10 Mar 2008
EBRD Lends US$1 Mil to MFI IMON of Tajikistan
MicroCapital.org, 7 Mar 2008
Social Funds Aim to Lure Wealthy Investors
The Wall Street Journal, 6 Mar 2008
US$10 Mil for 10,000 Women
Business Week, 5 Mar 2008
EBRD Loan to Strengthen Microfinance in Tajikistan
Press Release, 4 Mar 2008
Socially-Conscious Investment Information Portal Xigi.net Launches Social Capital Index
MicroCapital.org, 28 Feb 2008
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