MicroVest caps fund-raising at $60M for its second microfinance fund

By Nagesh Narayana

Microfinance Focus, Feb 5, 2010: MicroVest Capital Management, LLC has closed fundraising for MicroVest II, LP, its second private equity fund targeting top-tier microfinance institutions, at $60 million in commitments in December 2009, said a statement.

J.P. Morgan Securities Inc., one of its affiliates was a lead investor and acted as a placement agent. Other lead investors include the International Finance Corporation, CARE USA, Kinnevick New Ventures AB, The Prudential Insurance Company of America, Christian Super Pyt, Ltd, and Mennonite Economic Development Associates.

MicroVest II, LP began investment operations in early 2009. The securities issued by MicroVest II, LP have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the Unites States, the statement said.

The MicroVest family of funds, now including MicroVest II, LP, links capital markets to the entrepreneurial poor by funding select microfinance institutions in emerging markets. Headquartered in Washington, DC, the MicroVest was founded by CARE, MEDA and the Seed Capital Development Fund, three non-profit organizations with longstanding reputations for excellence in microfinance.

“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.”

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