Saturday, 1 November 2014
Last updated 17 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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