Bamboo Finance buys controlling interest in microfinance fund
Bamboo Finance, the Luxemburg-based social investment firm with a strong focus on Asia, has acquired a controlling interest in specialist private equity fund Accion Investments in Microfinance for $105 million.
The fund was launched in 2003 by Accion International, a global non-profit organization dedicated to facilitating financial inclusion. It is a for-profit vehicle that targets microfinance institutions (MFIs). The fund has generated an IRR of 15.62% since inception and invested in MFIs that collectively serve 386,000 borrowers and 245,000 depositors.
"This $105 million transaction is a landmark for the industry," said Jean-Philippe de Schrevel, CEO of Bamboo Finance. "It demonstrates the maturity of the sector and its readiness for private investors."
Bamboo Finance has $250 million under management and its $195 million Financial Inclusion Fund is the largest microfinance private equity fund globally. The firm's regional operations are run out of Singapore.
Recent investments include a $4 million round of funding for Greenlight Planet, a company that provides solar-powered lanterns solar-powered lanterns to villagers in rural India and Africa through local community networks.
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