Microfinance fund closes with $60 milion
Wednesday, 10 February 2010 06:47 | 
A microfinance equity fund has closes with $60 million in commitments, targeted to serve as a capital intermediary between investors and financial institutions that serve the poor.
MicroVest Capital Management recently announced the closing of MicroVest II with USD 60 million in commitments. The fund will serve as a capital intermediary between investors and financial institutions that serve the poor. Lead investors in the fund include International Finance Corporation, a member of the World Bank Group that mobilizes capital for private sector development, and Kinnevick New Ventures AB, a venture capital fund.
“We are excited to be working with our investors in providing market-leading microfinance institutions with steady and patient capital support, especially in these turbulent economic times,” noted Gil Crawford, CEO of MicroVest. “Capital from the fund will allow these institutions to increase their outreach and product offerings to the working poor, ensuring that entrepreneurial individuals are afforded a stake in their own economies.”
MicroVest Capital Management recently announced the closing of MicroVest II with USD 60 million in commitments. The fund will serve as a capital intermediary between investors and financial institutions that serve the poor. Lead investors in the fund include International Finance Corporation, a member of the World Bank Group that mobilizes capital for private sector development, and Kinnevick New Ventures AB, a venture capital fund.
“We are excited to be working with our investors in providing market-leading microfinance institutions with steady and patient capital support, especially in these turbulent economic times,” noted Gil Crawford, CEO of MicroVest. “Capital from the fund will allow these institutions to increase their outreach and product offerings to the working poor, ensuring that entrepreneurial individuals are afforded a stake in their own economies.”
To read the full, original article click on this link: MICROCAPITAL BRIEF: MicroVest Capital Management Announces Close of $60m Microvest II, a Microfinance Equity Fund
Author: Jay Kumar