Incofin Investment Management (Incofin IM), a Belgium-based manager of microfinance investment funds, recently announced the first close of agRIF, a 10-year debt and equity investment fund, at a total value of USD 71 million. In addition to Incofin IM, the investors include the Luxembourg–based European Investment Bank; France-based development finance institution Proparco; government-backed Swiss Investment Fund for Emerging Markets (SIFEM); Germany-based Bank für Kirche und Caritas, a cooperative bank; the Belgian Investment Company for Developing Countries (also known by its Dutch acronym BIO), and other Belgium-based organizations including the investment company Volksvermogen, the industry trade union ACV-CSC Metea, and the banks KBC Bank and VDK Spaarbank.
Loïc De Cannière, the CEO of Incofin IM, said that “agRIF will invest in financial institutions in order to support and accelerate their growth and the expansion of their agricultural and/or rural portfolio [1].” The investments will have an average ticket size between USD 5 million and USD 10 million. The fund will also aim to expand through further closings until December 2016.
In late 2013, Incofin IM announced the launch of agRIF with a target to raise USD 200 million, as was reported by MicroCapital at that time [2]. It is the successor to Rural Impulse Funds I and II. As of 2014, Incofin IM managed eight facilities with total outstanding investments of EUR 350 million (USD 479 million) deployed in approximately 40 countries.
By Arpita Sarkar, Research Associate
About agRIF:
Launched in 2013 by Incofin Investment Management, a Belgium-based manager of microfinance investment funds, agRIF aims to invest in institutions that provide financial services to small-scale farmers. The fund will invest in both debt and equity. As of June 2015, the fund announced its first closing totaling USD 71 million.
About Incofin Investment Management (Incofin IM):
Incofin Investment Management is a Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries, including two Rural Impulse Funds. As of 2014, it manages eight facilities with total outstanding investments of EUR 350 million (USD 479 million) in approximately 40 countries.
Sources and Additional Resources:
[1] Incofin IM Press Release: “Incofin Investment Management announces the First Close of the agRIF Fund for 71 M USD,” https://www.incofin.com/en/news/incofin-investment-management-announces-first-close-agrif-fund-71-m-usd
[2] MicroCapital Story, December 26, 2013, “Incofin Investment Management Seeking to Raise $200m for “agRIF” Fund for Small-Scale Agriculture,” https://www.microcapital.org/microcapital-brief-incofin-investment-management-seeking-to-raise-200m-for-agrif-fund-for-small-scale-agriculture/
MicroCapital Universe Profile, Incofin Investment Management (Incofin IM), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Investment+Management+%28Incofin+IM%29
MicroCapital Universe Profile, Incofin Rural Impulse Funds (RIF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Rural+Impulse+Funds+%28RIFs%29
MicroCapital Universe Profile, agRIF, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=agRIF
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