Monday, 4 May 2015
Last updated 26 min ago
Nov 19 2010 | 11:12am ET
MicroVest Capital Management has raised $7.1 million for its MicroVest Short Duration Fund, according to regulatory filings.
The hedge fund, with a $500,000 minimum investment requirement, is the latest in the MicroVest family of funds making debt and equity investments in promising, existing microfinance and other low-income financial institutions across broad geographic areas.
Canadian-based Sarona Asset Management is an anchor investor in the fund, having placed $3.3 million in the new vehicle through its Sarona Risk Capital Firm.
“We believe our investment in the MicroVest Short Duration Fund will allow institutional investors, non-profit organizations and foundations the ability to invest their assets in a highly liquid, low risk vehicle that supports the growth of the microfinance banking sector,” said Gerhard Pries, president of Sarona.
MicroVest was founded in 2003 by three non-profit institutions: CARE, MEDA and the Seed Capital Development Fund. Gil Crawford serves as chief executive officer of the firm, Candace Smith as chief financial officer, and Michael Edberg as director of investments. The MicroVest board is composed of professionals with extensive international private sector experience.
Since launching operations in 2003, MicroVest has provided financing to over 50 microfinance institutions in 25 countries.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…