Incofin Investment Management (Incofin IM), a Belgium-based manager of microfinance investment funds including two “Rural Impulse Funds” (RIFs), has announced the launch of “agRIF”, which is targeted to raise USD 200 million to invest in institutions that provide financial services to “small-scale” farmers [1]. The fund will provide debt and equity investments to institutions such as banks, cooperatives and microfinance institutions (MFIs) in developing countries. These institutions will also receive technical assistance to support the development of products and services that increase financial access for farmers who are traditionally excluded from such services. The fund will issue both shares and senior notes, and Incofin IM expects to hold a first closing during the last three months of 2014.
As of 2013, Incofin IM reports USD 500 million under management through nine facilities with investments in 40 countries. As of 2012, Rural Impulse Fund I holds EUR 30 million (USD 38 million), while Rural Impulse Fund II has a fund size of EUR 120 million (USD 173 million).
By Nisha Koul, Research Associate
About Incofin Investment Management: Incofin Investment Management is a private Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries. As of 2013, Incofin manages nine facilities with total outstanding investments of USD 500 million in approximately 40 countries.
About Incofin Rural Impulse Funds (RIF); The Incofin Rural Impulse Funds (RIF) were launched by Incofin Investment Management to invest in rural microfinance institutions (MFIs) that are deemed commercially viable. Rural Impulse Fund I and Rural Impulse Fund II target both farm and non-farm populations in small towns and villages. The funds invest primarily through loans, though they make equity investments and guarantees as well. As of 2012, Rural Impulse Fund I has a fund size of EUR 30 million (USD 38 million), while Rural Impulse Fund II has a fund size of EUR 120 million (USD 173 million).
Sources and Additional Resources:
[1] Incofin Press Release submitted to MicroCapital, December 2013.
MicroCapital Story, November 14, 2013, “SPECIAL REPORT: Overcoming Barriers to Agricultural Microfinance,” https://www.microcapital.org/special-report-overcoming-barriers-to-agricultural-microfinance/#more-26132
MicroCapital Story, August 11, 2013, “Belgium’s Incofin Investment Management, Amsterdam’s Agora Microfinance Collect Equity Stakes in Cambodia’s Angkor Mikroheranhvatho Kampuchea,” https://www.microcapital.org/microcapital-brief-belgiums-incofin-investment-management-amsterdams-agora-microfinance-collect-equity-stakes-in-cambodias-angkor-mikroheranhvatho-kampuchea/
MicroCapital Story, March 11, 2013, “Incofin’s Rural Impulse Fund II, Norwegian Microfinance Initiative (NMI) Frontier Fund, Invest $4.5m in Fusion Microfinance of India,” https://www.microcapital.org/microcapital-brief-incofins-rural-impulse-fund-ii-norwegian-microfinance-initiative-nmi-frontier-fund-invest-4-5m-in-fusion-microfinance-of-india/
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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