by Lindsey Shaughnessy -

MICROCAPITAL BRIEF: SEEP Network Releases Two Tools for Internal Audit Function of Microfinance Institutions, Internal Audit Toolkit and Board Audit Guide

Through its Financial Services Working Group, the Small Enterprise Education and Promotion (SEEP) Network, a global network of microfinance practitioners, recently released two tools to facilitate the internal audit functions of microfinance institutions (MFIs), namely an Internal Audit Toolkit and a Board Audit Guide.

by Zoran Stanisljevic -

MEET THE BOSS: Discussions on Impact Investing and the Sarona Frontier Market Fund I, LP: An Interview with Serge LeVert-Chiasson, Vice President of Sarona Asset Management

Sarona Asset Management is a boutique investment firm with the goal of achieving triple bottom line targets: profit for its investors, economic benefit for developing countries and reduced impact on or improvement in a focus on the environment.  Its newest fund, the Sarona Frontier Markets Fund, is focused on harnessing the growth and vitality of micro-, small and medium-sized enterprises (MSMEs) in developing countries.

by Christine Chang -

MICROCAPITAL BRIEF: Sarona Asset Management Inc, a Canadian Asset Manager, Raises $12m for Sarona Frontier Markets Fund I LP

Sarona Asset Management Inc (Sarona), a Canadian asset manager with over USD 200 million of assets under management in developing countries around the world, has successfully completed the closing of its Sarona Frontier Markets Fund I LP, raising USD 12 million in investor commitments in the initial three-month fundraising window.

by Zoran Stanisljevic -

MEET THE BOSS: Discussions on Developing a Global Credit Ratings Framework for Microfinance Institutions: Interview with Damian von Stauffenberg, Founder and Chairman of MicroRate

Damian von Stauffenberg is the founder of MicroRate, a rating agency specializing in microfinance.  Mr. von Stauffenberg founded MicroRate in 1997 and served as its CEO until 2009.  Through its Latin American and African subsidiaries, MicroRate has conducted over 400 ratings of microfinance institutions in Latin America, Africa and Eastern Europe. 

Mr. von Stauffenberg previously worked for 25 years at the World Bank and its private sector affiliate, the International Finance Corporation (IFC).  He has been president of Seed Capital Development Fund (SCDF), chairman of the investment committee of ProFund, chairman of the executive committee of MicroVest and a member of the executive committee of the Latin American Challenge Investment Fund (LA-CIF).

by Kenny Kline -

KNOW A MICROFINANCE FUND: Fonds International de Garantie (FIG) (International Guarantee Fund (IGF)), Investisseur et Partenaire pour le Développement (I&P), Gray Ghost Fund, Incofin Impulse Microfinance Fund

The following microfinance investment funds are profiled in this brief:

Fonds International de Garantie (FIG) (International Guarantee Fund (IGF))

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonds+International+de+Garantie+%28FIG%29+%28International+Guarantee+Fund+%28IGF%29%29

Investisseur et Partenaire pour le Développement (I&P)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Investisseur+et+Partenaire+pour+le+Développement+%28I

Gray Ghost Fund

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gray+Ghost+Fund

Incofin Impulse Microfinance Fund

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Impulse+Microfinance+Fund

by Chinq Yee Chong -

MICROCAPITAL.ORG STORY: Wall Street Journal Reports That While Microfinance Funds Have Previously Paid Off Some Investors Are Concerned About Future Prospects of Microfinance Industry In The Current Economic Downturn

A recent report in the Wall Street Journal [1] entitled ‘For Global Investors, Microfinance Funds Pay Off…So Far’ [2] by Mr Rob Copeland suggests that whilst investments in microfinance funds have proven to be lucrative in the past 12 months, investors are concerned about future prospects in the microfinance sector as a result of the weakened global economy. According to research undertaken by CGAP [3], the USD 30 billion microfinance industry has been expanding its lending at a rate of 40 to 50 percent over the past 5 years. Mr Copeland states that certain microfinance funds have returned 4.47 percent for investors over the past 12 months, according to a benchmark index. Details of the said index were not given. He contrasted these figures with a 22 percent loss as registered by Standard & Poor’s 500-stock index [4], one of the commonly used benchmarks to assess the overall performance of the US stock market.

by Zoran Stanisljevic -

MEET THE MICROBANKER: Interview with Scott Budde, Managing Director of the Global Social and Community Investment Group (GSCIG) and founder of the Global Microfinance Investment Program (GMIP) at TIAA-CREF

TIAA-CREF is a national financial services organization with more than USD 398 billion in combined assets under management (9/30/08) and a provider of retirement services in the academic, research, medical and cultural fields. In 2006 the company had formed a new Social and Community Investing Department within its Asset Management area. The Global Microfinance Investment Program is part of TIAA-CREF’s Social and Community Investing Department, which develops new socially oriented products, oversees the screening methodology of social screened funds, formulates policies around key social issues and manages community investment programs. Notable accomplishments for the firm have been the creation of a USD 100 million Global Microfinance Investment Program (GMIP) to invest in selected Microfinance Institutions (MFI’s) worldwide. Concurrently, TIAA-CREF also announced GMIP’s first investment – a USD 43 million private equity stake in ProCredit Holding AG, a microfinance company.

Scott Budde, Managing Director of the Global Social and Community Investment Group (GSCIG), and founder of the Global Microfinance Investment Program (GMIP) at TIAA-CREF

by the MicroCapital Team -

CGAP Microfinance Dealbook: May 2009 Transactions

The CGAP Microfinance Dealbook publicizes microfinance capital market transactions in an effort to bring greater transparency to the industry. This information is made freely available as a public service. Parties to microfinance transactions are encouraged to submit their deals to this effort. The following deals were collected for May 2009:

by Jaclyn Berfond -

MICROCAPITAL STORY: CGAP, Dell Foundation, Ford Foundation and MIX Market Announce New Social Performance Reporting Award Winners AMK, FINCA Peru, Prisma Peru and Asasah

The winners of a new Social Performance Reporting Award were announced at the Annual Social Performance Task Force Meeting in Madrid, Spain. AMK in Cambodia, FINCA Peru, and Prisma Peru received the Gold Award, and Asasah from Pakistan received the Silver Award.

by Goda Thangada -

MICROCAPITAL STORY: Global Partnerships Microfinance Fund 2008 Invests $1.75m in South American MFIs FODEMI, Fundacion D-MIRO and Prisma

The Global Partnerships Microfinance Fund 2008 (GP MFF 2008), a member of the Global Partnerships family of funds, reported three investments in April 2009 to the CGAP Microfinance Dealbook, the monthly report on microfinance market transactions. Equadorian microfinance institutions (MFIs) FODEMI and Fundacion D-MIRO each received USD 500,000 in debt while Peruvian MFI Asociacion Benefica PRISMA received USD 750,000 in debt. MicroCapital previously reported on the launch of the GP MFF 2008 in November 2008.

by Laura Anderson -

MICROCAPITAL STORY: Unitus Announces Ganesh Rengaswamy as India Country Director and Newest Member of Global Senior Management Team

Ganesh Rengaswamy has been named India Country Director for Unitus, Inc., an international non-profit organization that partners with early-stage microfinance institutions (MFIs).  Mr. Rengaswamy will head the organization’s India microfinance initiatives including managing the team of consultants, advising Unitus microfinance partners, and serving on the global senior management team.