Access Africa Fund, LLC
United States of America
Last updated 12 May 2020, by Impactyield.
To provide local currency debt and equity financing to microfinance institutions located in Sub-Saharan Africa that extend financial services to small and micro-sized enterprises and banking services to un-banked or poorly banked individuals.
Currently $8.8 million in equity capital leveraged with $20 million OPIC debt facility, with the potential to grow with the incorporation of new equity partners and providers of subordinated or other debt.
Financial return objectives over ten years:
• Preservation of capital for equity holders
• Upside potential if SSA economies and currencies accede to the global economy, if MFI default rates are reasonable, and if outside investor capital is raised at reasonable rates.
The Fund invests in various African local currencies as well as USD and Euro as of December 31,2013. Currently the portfolio contains five foreign currencies with the largest exposure to the Ghanaian cedis.
The management fee is applied in a tiered structure, from 5% down to 2.75%, according to total assets under management.
of track record
the year funded
MicroVest Capital Management
Headquarters location: United States of America
Other funds managed by this asset manager: MicroVest Short Duration Fund, LPMicroVest+Plus, LP
Increase access to financial services and markets
Key performance indicators
Asset manager: MicroVest Capital Management
Product track record: Fund has 8 years of track record
Target IRR: 4%
Committed Capital: 28,800,000 USD (US Dollar)
Target return category: Below risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - still investing
Inception year: 2015
Vintage year: n.a.
Target region: Africa, Emerging countries
Target close date: n.a.
Product term: Open (holding company equity)
Assets under management: 19,400,000 USD (US Dollar)
Investment size: Min: 1,900,000; Max: 4,000,000; Avg: 1,100,000
Currency of investments: GHS (Ghana Cedi)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 30
Fund investments to date exited or repaid: 10
Management fee: 5%
Carried interest: 20%
Hurdle rate: 5%%
GIIN Investors' Council Investment: No
Limited Partners / Investors: CARE USA, MEDA, OPIC
Limited Partner / Investor Type: Development Finance Institution (DFI)
Phone number: 301-664-6680
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Business Development Analyst
Chief Investment Officer
Business Development Manager
Access to a suite of basic financial services enables sub-Saharan African low income families to break the vicious cycle of poverty by transforming it to a virtuous cycle of employment creation, rising income, assets, improved health, better education, and greater participation in their communities and nations.
MicroVest utilizes a proprietary “Social Impact Scoring Model” to measure specific social indicators of an institution:
- Social Mission: exemplified in a clear and focused mission statement
- Governance and Staff Social Commitment: through a dedicated Board and social performance training
- Client Protection: the adoption of the Client Protection Principles or demonstrated adherence to similar internal policies
- Outreach: to the most underserved populations
We believe that collecting and tracking relevant social metrics are important as a reflection of the health and sustainability of an institution.