LuxFLAG, an organization established in 2006 to certify that microfinance investment vehicles (MIVs) actually invest in the sector, has renewed its annual label for 13 MIVs: Advans SA, BlueOrchard Microfinance Fund for US Investors, Dexia Micro-Credit Fund – BlueOrchard Debt Sub-Fund, Dual Return Fund – Vision Microfinance, European Fund for Southeast Europe, Finethic Microfinance, KCD Mikrofinanzfonds I, KCD Mikrofinanzfonds II, responsAbility Global Microfinance Fund, responsAbility (Lux) Microfinance Leaders Fund, responsAbility (Lux) Mikrofinanz-Fonds, Triodos Microfinance Fund and Wallberg Global Microfinance Fund.
To obtain the certification from LuxFLAG, an organization must meet the following criteria: microfinance investments correspond to at least 50 percent of the MIV’s total assets are invested in microfinance; at least 25 percent of its microfinance portfolio must be invested in microfinance institutions (MFIs) rated by a microfinance rating agency recognised by LuxFLAG; and the MIV must seek a return on investment. Additionally, the MIV must be established as a distinct legal entity, segregate of the functions of custody and management of assets, regularly report and publish audited financial and other information and maintain risk diversification.
By Rick Altieri, Research Associate
Sources and Additional Resources:
LuxFLAG: “LuxFLAG list of MIVs.” http://www.luxflag.com/fundsListing.htm
LuxFLAG: “LuxFLAG listing procedures.” http://www.luxflag.com/listingProcedure.htm
MicroCapital.org Brief, “Luxembourg Microfinance and Development Fund; Regional Micro-, Small and Medium-Sized Enterprise (MSME) Fund for Sub-Saharan Africa; Rural Impulse Fund II Receive LuxFLAG Microfinance Label” April 25, 2011. https://www.microcapital.org/microcapital-brief-luxembourg-microfinance-and-development-fund-regional-micro-small-and-medium-sized-enterprise-msme-fund-for-sub-saharan-africa-rural-impulse-fund-ii-receive-luxflag-microfina/
MicroCapital.org Brief, “Luxembourg Fund Labeling Agency (LuxFLAG) Releases Study Analyzing Microfinance Industry, Performance of Microfinance Investment Vehicles (MIVs),” January 18, 2011. https://www.microcapital.org/microcapital-brief-luxembourg-fund-labeling-agency-luxflag-releases-study-analyzing-microfinance-industry-performance-of-microfinance-investment-vehicles-mivs/
MicroCapital.org Brief, “Luxembourg Find Labeling Agency (LuxFLAG) Grants Label to Microfinance Investment Vehicles (MIVs) KCD-Mikrofinanzfonds I Global, KCD Mikrofinanz Fonds II Latin America, Finethic Microfinance SCA, Triodos SICAV II and Wallberg Global Microfinance Fund,” October 19, 2010. https://www.microcapital.org/microcapital-brief-luxembourg-find-labeling-agency-luxflag-grants-label-to-microfinance-investment-vehicles-mivs-kcd-mikrofinanzfonds-i-global-kcd-mikrofinanz-fonds-ii-latin-america-finethic-mi/
MicroCapital’s Microfinance Universe Profile: LuxFLAG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=LuxFLAG
MicroCapital’s Microfinance Universe Profile: Advans SA, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+SA
MicroCapital’s Microfinance Universe Profile: BlueOrchard Microfinance Fund for US Investors, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BlueOrchard+Microfinance+Fund+for+US+Investors
MicroCapital’s Microfinance Universe Profile: Dexia Micro-credit Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Dexia+Microcredit+Fund+%28DMCF%29
MicroCapital’s Microfinance Universe Profile: Dual Return Vision Microfinance Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=DUAL+RETURN+VISION+MICROFINANCE+FUND
MicroCapital’s Microfinance Universe Profile: European Fund for Southeast Europe, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29
MicroCapital’s Microfinance Universe Profile: Finethic Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Finethic+Microfinance
MicroCapital’s Microfinance Universe Profile: KCD Mikrofinanzfonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KCD+Mikrofinanzfonds
MicroCapital’s Microfinance Universe Profile: responsAbility Global Microfinance Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital’s Microfinance Universe Profile: responsAbility SICAV (Lux) Microfinance Leaders, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Microfinance+Leaders+Fund+%28rAMLF%29
MicroCapital’s Microfinance Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital’s Microfinance Universe Profile: Triodos Microfinance Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Triodos+Microfinance+Fund
MicroCapital’s Microfinance Universe Profile: Wallberg Global Microfinance Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Wallberg+Global+Microfinance+Fund
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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