MicroVest

Microfinance Banana Skins 2008: Risk in a Booming Industry

(Centre for the Study of Financial Innovation, March 2008)
"This report presents the findings of the first global industry survey on the risks affecting the growth and viability of commercial microfinance institutions."

Can Microfinance Reduce Portfolio Volatility

(Nicolas Krauss and Ingo Walter, New York University Press, 2/18/08)
"This paper addresses whether microfinance shows low correlation with international and domestic market performance measures.  If so, it could form the empirical basis for MFI access to capital markets and performance-driven investors in their search for efficient portfolios."

Morgan Stanley's Approach to Assessing Credit Risks in the Microfinance Industry

(Journal of Applied Corporate Finance, Winter 2008)
"Convinced of investor demand for microfinance investments, Morgan Stanley has developed its own origination platform to provide a capital markets contribution to the projected $2.5-5.0 billion of annual capital demand from MFIs. 

To support that platform, the firm's Microfinance Institutions Group developed an internal credit analysis and rating approach that allows us to assess the risk of microfinance institutions relative to any other issuers through a global (foreign and local currency) scale rating-- an approach that is not currently prevalent in the microfinance industry."

2007

Microfinance: An emerging investment opportunity

(Deutsche Bank Research, 12/19/07)
A comprehensive study of the current state and trends of the microfinance industry.  The study also highlights why this emerging asset class is increasingly attractive to commercial investors.

eBay: The Place for Microfinance

(Catherine Holahan, Business Week, 10/24/07)
"On the online auction giant's new MicroPlace site,
investors can lend as little as $50 to would-be small
business owners around the globe"

Microscope on the Microfinance Business Environment in Latin America 2007

(Economist Intelligence Unit, IADC, CAF, September 2007)
"This paper describes the dynamic, weighted model on the microfinance business environment, built by the Economist Intelligence Unit (EIU) and supported with financing and advice by the Inter-American Development Bank (IDB) and the Andean Development Corporation (Corporacion Andina de Fomento, CAF)"

Microfinance: An Emerging Asset Class for Equity and Debt Investors

(Marco Coppoolse, MicroCapital Monitor, August 2007)
"The main conclusions are that microfinance:

• Shows high growth and high returns on a global basis,
• Is still under-leveraged,
• Has high expense ratios,
• Has good asset quality and
• Has returns of a global nature that show no geographic bias."

New Horizons: Creating Value, Enabling Livelihoods

(Forum for the Future, June 2007)
"Opportunities in microfinance for the UK financial services sector"

The Investment Opportunity in Microfinance

(Paul DiLeo and David FitzHerbert, Grassroots Capital Management, LLC, June 2007)
"The microfinance industry is growing rapidly, both in clients served and the volume and types of investment it attracts.  This overview provides a brief summary of available information on the industry to help prospective investors orient themselves within the market, and further refine their expectations with respect to financial and social returns." 

What Would Leland Stanford Do?

(Jonathan C Lewis, MicroCredit Enterprises, Revised 6/12/07)
An editorial commentary submitted to the microfinance community about the Compartamos IPO

Small loans and big ambitions

(The Economist, 3/15/07)
"The commercialization of microcredit and what stands in the way."

"Time to take credit"

(The Economist, 3/15/07)
"Aid donors have shown microfinance can work.  They should now leave their successes behind."

2006

Millions for Millions

(Connie Bruck, The NewYorker, 10/30/06)
The NewYorker reports on this year's Nobel Peace Prize winner and some high-tech entrepreneurs competing to provide credit to the world's poor.

2008

Time to Reflect- What does the Subprime Market's Devolution mean for Microfinance?

Cecelia Beirne, Portfolio manager at MicroVest Capital Management, has published an article featured in the July 2008 periodical, Microfinance Insights.

Subprime Lending: Lessons for the Microfinance Industry

Cecelia Beirne, Portfolio Manager at MicroVest, published an article featured in MicroCapital Monitor on subprime lending and the microfinance industry.

Microfinance Grows Up

(Knowledge@Wharton, 4/16/08)
Success Brings New Challenges for Investors and Practitioners in Emerging Markets.

Gil Crawford, CEO of MicroVest, is quoted, "Microfinance has been demonstrated to be a profitable business serving the poor, even in some very difficult environments," he says.  "If the equity capital is there in sufficient amounts and is sufficiently patient, and it brings the right incentives, then the management talent will follow."

MicroVest, a Job-Seekers' Holy Grail

(World Resource Institute, 4/16/08)
On April 7th, 2008, MicroVest participated in  WAM-DC's (Women Advancing Microfinance) 2^nd Annual Career Fair at Georgetown University.  Susan Blake, MicroVest's Director of Human Resources, presented on a panel amongst other microfinance professionals such as Jean-Amiel Jourdan of FINCA, consultant Eileen Mamidian and MicroRate’s Damian von Stauffenberg.

It's a Microworld After All

(Bates Magazine, 3/20/08)
MicroVest's CEO, Gil Crawford, is profiled in Bates College Alumni Magazine and depicts his corporate philosophy. 

2007

EMU Professor Gets Hands-on Experience During Sabbatical

(Augusta Free Press, 10/11/08)
Professor Spencer Cowles speaks on his experience working for MicroVest during his sabbatical and the benefits of commercial microfinance.

Fragmentation in Microfinance May Stunt Its Growth

(Dow Jones Newswire, 1/18/07)
Microfinance may be capturing the attention of big investors, but its fragmented nature could derail efforts to drum up more money for this important source of financing for the world's poor.

MicroVest's CEO, Gil Crawford, comments.

2006

MicroVest Board Member, Joe Iarocci, Speaks Out on MicroFinance Benefits

(Atlanta Journal-Constitution, 10/22/06)
Joe Iarocci, MicroVest board member and senior Vice President of CARE, speaks to The Atlanta Journal-Constitution about the positive impact of microfinance.

MicroVest Emerging as Industry Leader

(Wall Street Journal, 1/5/06)
An article appearing in the Wall Street Journal titled "A New Way to Do Well by Doing Good" shows MicroVest leading the pack for returns on microfinance debt investments.  The article compares five leading microfinance investment vehicles with MicroVest's Microfinance Notes offering showing the highest return to investors at 4.5% to 6%.  The Wall Street Journal says other debt funds typically offer "returns to investors of anywhere from 1% to 5%".

2008

Making its Mark: MicroVest Received Investment from Benchmark Asset Managers

MicroVest is pleased to announce Benchmark recently added MicroVest I, LP to the portfolio of two of their funds, Safe Haven Investment Portfolios, LLC- Community Impact Portfolio and Safe Haven Investment Portfolio, LLC- Private Fixed Income Portfolio. 

Douglas Young Promoted to Senior Investment Officer

MicroVest is pleased to announce the promotion of Douglas Young to the position of Senior Investment Officer. 

2007

MicroVest Opens Two New MFI Relationships in Latin America

MicroVest made its first local currency loan of 2.4 million Peruvian Solves (equivalent to USD 750,000) to PRISMA and structured a syndicated USD 750,000 loan to FUNBODEM in Santa Cruz, Bolivia.

MicroVest Appoints New Director of Investments

MicroVest Published in IADB Journal

"Capital Markets: A Long-Term Solution to Financial Freedom" by Gil Crawford and Lauren Clark, Microenterprise Development Review, IADB / MIF, July 2007, Vol.10 No. 1

First Direct Microfinance Investment in Africa for MicroVest and Calvert Foundation

MicroVest and Calvert Foundation lent Ghanaian MFI, Sinapi Aba Trust, USD 1.5 Million, marking the first direct investment in an African MFI for both investors.

MicroVest Closes USD 39 Million Collateralized Loan Obligation

MicroVest Capital Management and Lehman Brothers are pleased to announce the successful closing of MicroAccess Trust 2007 (the "Trust"), constituting the first Collateralized Loan Obligation (CLO) for MicroVest.

Mutual Attraction: Parnassus Adds MicroVest to its Socially Responsible Portfolio

MicroVest is pleased to announce its second investment by a socially responsible mutual fund, coming less than three months after its first mutual fund investment.

Debate Over Benefits of Micro-Loans

Government Development Institutions Undermine Microfinance Sector Maturation

MicroVest supports a MicroRate study showing International Finance Institutions are preventing private lenders from financing poor micro-entrepreneurs.  Click here to read MicroRate Report.

See what the Economist has to say about MicroRate's study in their two recent articles:

MicroVest Welcomes Two New Staff Members

Spencer Cowles and Chris Laurent join MicroVest as the two newest members of the Investment Team

MicroVest Receives First Mutual Fund Investor

MicroVest I, LP attracts the Meritas Jantzi Social Index Fund as its first mutual fund investor.

MicroVest Structures First Syndicated Microfinance Loan among US Funds

MicroVest delivers more efficient capital to D-MIRO, an Ecuadorian MFI, via a USD 2.0 million syndicated loan partnering three independent US funds under one loan structure.

2006

XacBank, a MicroVest Client, Receives Mongolia's First Moody's Rating

Long time partner and client of MicroVest, XacBank became the first Mongolian bank to be assigned ratings by Moody's Investors Service.

Sasidhar Thumuluri Joins MicroVest's Investment Team

MicroVest is pleased to welcome Sasidhar Thumuluri to the MicroVest Investment Team.

MicroVest Structures First Long-term Loan with Apoyo Integral

During the fourth quarter of 2006 MicroVest structured its first long-term loan with Salvadorian MFI Apoyo Integral for $1.5 million.

Lori Atwood Joins MicroVest as Director of Business Development

MicroVest Capital Management, LLC announces the addition of Lori Atwood as the new Director of Business Development.

MicroVest Congratulates Professor Muhammad Yunus for Nobel Peace Prize

MicroVest congratulates Professor Yunus and Grameen Bank on being awarded the Nobel Peace Prize.

MicroVest Receives $1 Million Increase from Calvert Foundation

MicroVest receives a $1 million line increase from the Calvert Social Investment Foundation to fund portfolio growth.

MicroVest Fellowship Program Welcomes Douglas Young

MicroVest is happy to welcome Douglas Young as the newest member of the MicroVest Investment Team.

MicroVest Welcomes James Torrey to the Board of Directors

MicroVest is proud to welcome James Torrey, Founder of The Torrey Funds, to the MicroVest Board of Directors.

MicroVest Increases Interest Rate for Microfinance Notes

MicroVest announced today that it is increasing interest rates for its current offering of Microfinance Notes.

MicroVest I, LP Experiences Eighty Percent Portfolio Growth Over Last Year

At quarter-end March 31, 2006, total microfinance debt and equity investments in MicroVest I, LP stood at $16.4 million, an 80% increase over the year-ago period.

MicroVest & the University of Michigan

In March 2006, MicroVest opened its doors to University of Michigan students looking to increase their knowledge of microfinance investing.  Student teams have now presented their findings to the MicroVest Investment Team with considerable success.

MicroVest Enters Kazakhstan Market

In April 2006, MicroVest disbursed its first investment in the country of Kazakhstan, structuring a $3 million loan facility for Kazakhstan Loan Fund (KLF), the leading microfinance institution (MFI) in Central Asia.

Edyficar Receives CGAP Financial Transparency Merit Award

Edyficar (Peru) is the proud recipient of a CGAP 2005 Financial Transparency Merit Award. Edyficar was the first Latin American microfinance institution to receive an equity investment from MicroVest I, LP -- a US based private equity microfinance investment fund.