The Antares Fund, a microfinance equity fund which is owned by Grey Ghost, another microfinance fund, recently announced several secondary market equity deals.
In August, it purchased 965 shares in Financiera de Desarrollo S.A. (FINDESA), a microfinance institution (MFI) based in Nicaragua. The shares compose 4.5% of the MFI’s total equity. According the MIX Market, the microfinance information clearinghouse, FINDESA had a gross loan portfolio of USD 57.8 million, total assets of USD 76.4 million, a return on assets of 3.53% and a return on equity of 32.1% as of the end of 2005. Antares reported that the MFI recently received a BBB+ rating from Fitch, the financial securities rating company.
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