The Clinton Bush Haiti Fund (CBHF), a nonprofit organization created by former US presidents Bill Clinton and George W. Bush to rebuild Haiti following the January 12 earthquake, has announced USD 1 million in new grants aimed at creating new jobs and promoting economic opportunity, including microfinance. An unspecified proportion of the grant will be used to finance the Haiti Emergency Liquidity Program (HELP), which will give recovery grants to “key” microfinance institutions (MFIs), which are defined as those having approximately 50,000 clients or more.
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MICROCAPITAL BRIEF: The Inter-American Development Bank’s (IDB’s) Multilateral Investment Fund (MIF) to Provide $2m to Haitian Emergency Liquidity Program (HELP)
The Inter-American Development Bank (IDB), which reported total assets of USD 6.3 billion as of 2008, plans to provide up to USD 2 million to the Haiti Emergency Liquidity Program (HELP) under the Multilateral Investment Fund (MIF), which was founded in 1993 and reported total disbursements of USD 112 million in 2008.
MICROCAPITAL BRIEF: Elizabeth Littlefield, Former CEO of CGAP (Consultative Group to Assist the Poor), Confirmed As President and CEO of Overseas Private Investment Corporation (OPIC)
The United States Senate has confirmed President Barack Obama’s nomination of former CGAP (Consultative Group to Assist the Poor) Chief Executive Officer, Elizabeth Littlefield, to head the Overseas Private Investment Corporation (OPIC), a US government development organization working in 150 countries with a portfolio of USD 13 billion.
MICROCAPITAL BRIEF: Triple Jump Disperses Total of $6.5m to Microfinance Banks Procredit Bank of Macedonia, FINCA Azerbaijan, Crezcamos of Colombia and Fundacion Campo of El Salvador
Triple Jump, a microfinance fund manager based in the Netherlands and established in 1998, recently reported to MicroCapital that one of the five funds it manages, ASN-Novib Fund, has executed debt investments totaling USD 6.5 million in four microfinance banks [1]. The largest amount, USD 2.5 million, went to Procredit Bank of Macedonia, a Macedonian bank founded in 2003 with a gross loan portfolio of USD 185 million [2].
MICROCAPITAL BRIEF: LeapFrog Investments Microinsurance Fund Raises Additional $25m in Commitments from New Investors Including J.P. Morgan and TIAA-CREF
LeapFrog Investments, an international for-profit microinsurance fund, recently announced its final close raising USD 25 million for a total fund size of USD 137 million for investments in Africa and Asia.
MICROCAPITAL BRIEF: LeapFrog Investments Poised to Invest $30m to $37m in Microinsurance Projects in India
In a recent interview with the Indian online news platform VCCircle, Mr Jim Roth, Principal at LeapFrog Investments, a private equity microinsurance fund, said that of the fund’s USD 110 million in capital, it would commit USD 30 to 37 million to microinsurance products in India.
MICROFINANCE EVENT: Third Annual Global Microfinance Investment Congress to Be Hosted in New York City May 24 – May 26, 2010 by PlaNet Finance
Event Name: Third Annual Global Microfinance Investment Congress
Event Date: May 24 – May 26, 2010
Event Location: New York, New York
Event Website: http://www.microfinancecongress.com/
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Congress only – USD 1595; Congress and Workshop – USD 2095. Discounts available for early registration (by March 26 and by April 16) as well as a USD 200 discount MicroCapital Monitor subscribers.
Summary of Event: The Global Microfinance Investor Congress intends to provide a place for representatives of microfinance investment vehicles (MIVs), microfinance institutions (MFIs) and other industry stakeholders to meet, collaborate and share best practices.
WHO’S WHO IN MICROFINANCE: Triple Jump
Triple Jump was founded in 2006 to support the expansion of microfinance institutions (MFIs) in various stages of development by providing capital and advisory services.
KNOW A MICROFINANCE FUND: Opportunity Transformation Investments (OTI)
Overview:
Opportunity Transformation Investments (OTI) is a microfinance investment vehicle, which mobilizes capital for microfinance institutions.
KNOW A MICROFINANCE FUND: Sarona Global Investment Fund (SGIF)
Overview:
The Sarona Global Investment Fund (SGIF) is a microfinance investment vehicle, which mobilized capital for microfinance institutions (MFIs). The fund closed in 2004.
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))
Investisseur et Partenaire pour le Développement (I&P)
Gray Ghost Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gray+Ghost+Fund
Incofin Impulse Microfinance Fund
MICROCAPITAL BRIEF: LeapFrog Invests $6.8m in AllLife, a South African HIV and Diabetes Microinsurer
LeapFrog Investments, a for-profit, private equity microinsurance fund, has invested ZAR 50 million (USD 6.8 million) in AllLife, a South African insurer for people with HIV and diabetes. AllLife provides life insurance only to those who follow an appropriate health monitoring and treatment program, enabling it to maintain more competitively priced coverage. Mr. Ross Beerman, Managing Director of AllLife said: “These are potential policyholders, willing to pay for reasonably priced insurance and willing to take steps to manage their disease so that they lead long and productive lives. From a business risk and profitability perspective, of course they’re insurable – we simply had to invent systems to monitor and support them in the right ways.”
MICROCAPITAL.ORG BRIEF: SCOR Invests in LeapFrog Investments to Gain Experience in Microinsurance Sector
According to The Review, an insurance magazine, the Paris-based reinsurer, SCOR Group, has invested an undisclosed amount in LeapFrog Investments, a microinsurance fund with USD 44 million in equity. A statement issued by SCOR stated, “Our investment in LeapFrog is a demonstration of [our] support of a socially-responsible sector such as microinsurance.” SCOR also said that the “strict investment return criteria applied … to all its investments” was also applicable in this instance. Additionally, SCOR’s CFO, Mr. Paolo de Martin, will be joining LeapFrog’s advisory board.
MICROCAPITAL BRIEF: US President Obama Nominates CGAP CEO Elizabeth Littlefield for Overseas Private Investment Corporation (OPIC) Presidency
President Barack Obama has announced that he will nominate Elizabeth Littlefield to become President of the Overseas Private Investment Corporation (OPIC). Ms Littlefield is currently a Director of the World Bank and the CEO of CGAP (Consultative Group to Assist the Poor), a multi-donor organization created to help build a the microfinance industry. Ms. Littlefield previously worked with JP Morgan, where she was the Managing Director of the Emerging Markets Capital Markets Division. She has served on the executive board of Women’s World Banking, Profund, Africa International Financial Holding, the Mastercard Foundation, the Calvert Foundation, and E&Co. Littlefield is a graduate of Brown University and also attended Ecole Nationale de Sciences Politiques in Paris.
KNOW A MICROFINANCE FUND: AfriCap Microfinance Fund
Overview:
The AfriCap Microfinance Fund (AfriCap) is private equity fund that invests in microfinance related organizations that are committed to commercial viability.
Description:
AfriCap uses equity and quasi equity instruments with an aggregate exposure of $1.5 million per investment, with equity stakes ranging from 15 to 30 percent. AfriCap also offers a Technology Assistance Package through the AfriCap managed grant fund. AfriCap invests in a range of financial services companies, including micro-insurance, low-income housing, micro-leasing and money transfers.
MICROFINANCE PROFILE: LeapFrog Investments
Name of Organization or Microfinance Investment Vehicle: LeapFrog Investments
Overview: LeapFrog Investments is a for-profit, private equity fund focused on microinsurance and financial inclusion
Description:
LeapFrog Investments was founded in 2007 by Dr. Andrew Kuper. It is a for-profit, private equity fund aimed at earning large returns by investing in and supporting microinsurance initiatives. LeapFrog has raised USD 44 million from a range of public and private investors, including the European Investment Bank, the Omidyar Network, FMO, Triodos-Doen and Hivos-Triodos, ACCION International, Calvert, and Felipe Medina (a senior Goldman Sachs wealth manager). The LeapFrog team has also committed USD 1 million of their own personal money into the fund. The fund focuses on ventures in Africa and Asia, with initial target countries including South Africa, Kenya, Ghana, India, Indonesia, Pakistand and the Philippines.
MEET THE BOSS: Interview with Andrew Kuper, President and Founder of LeapFrog Investments Ltd.
Dr. Andrew Kuper is President and Founder of LeapFrog, the world’s first microinsurance fund, which he founded in 2007. He was previously a Managing Director of Ashoka, a support organization for social entrepreneurs. He has worked with microfinance institutions Grameen and BRAC, and is the author of two books on globalization. He holds a PhD from Cambridge University in the United Kingdom.
MEET THE BOSS: Discussions on Successful Due Diligence When Evaluating Microfinance Investment Vehicles’ (MIV’s) Financial Viability: Interview with Christina Leijonhufvud, Managing Director, Social Sector Finance Group (SSF)/Investment Bank (IB) at JP Morgan (Part I of a Three Part Series)
Ms. Leijonhufvud is Managing Director of the Global Social Sector Finance Group at JPMorgan. The SSF unit leverages JP Morgan’s products and skills to help bring financial services to microfinance and social enterprises around the world. The scope includes capital markets, structured products and principal investments. The unit seeks to achieve a double bottom line of social benefit and financial returns. According to JP Morgan, potential demand for sustainable financial services is immense, at an estimated USD 300 billion. JPMorgan utilizes its global IB platform to raise capital to support poverty alleviation initiatives in developing economies.