Alterfin CVBA


Last updated 12 May 2020, by Impactyield.

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Fund geography

Emerging countries (256)

Alterfin has a solid experience (20 years) in financing organizations in the South in order to develop a financial network that is accessible to poor, marginalized groups of society.

Alterfin invests in two types of organisations:

1) Microfinance Institutions (MFIs). Unlike traditional local banks, microfinance institutions provide credit to the poor. With such microcredit small entrepreneurs and farmers can start up or expand their activities. Thanks to the financing of Alterfin the MFIs are able to grant many small (micro)credits to their members or clients.

2) Producers' associations (mainly fair trade). By granting loans to groups of fair trade farmers, Alterfin enables them to pre-finance their harvest and secures easier access to the market for small producers.

At the end of December 2014, the capital amounted to USD 53,2 million owned by 5,002 shareholders. Private persons are the largest contributors to the capital of Alterfin: they brought together USD 31.6 million (83% of the total share capital). The rest is represented by NGOs, companies or other institutions.

Asset class


Fund style

Not listed

Financial description

Alterfin is a cooperative company and the share capital constitutes the financial basis that allows Alterfin to execute its investments. There are two types of Alterfin shares, depending on who is subscribing to the shares:
• Associations or companies can subscribe to shares of 250 Euros
• Individuals can subscribe to shares of 62,50 Euros
Every associate is entitled to an annual dividend (participation in the profits) if the General Assembly decides to pay out a dividend. The dividend is the annual financial compensation for your participation in Alterfin. Our activities have been profitable since 1998. Since the year 2000 Alterfin has been able to pay out a dividend on the basis of its results.
You will find all the information related to the shares of Alterfin in our prospectus available at

29 years

of track record


the year funded



Asset manager



Headquarters location:

SDG goals

SDG targets

Encourage companies to adopt sustainable practices and sustainability reporting

Sustainable food production and resilient agricultural practices

Increase access to financial services and markets

Impact Category

Key performance indicators

Fund overview

Asset manager: Alterfin

Product track record: Fund has 29 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 1994

Vintage year: n.a.

Target region:

Target close date: n.a.

Product term: Open-ended, intermediate liquidity

Assets under management: n.a.

Investment size: Min: 100,000; Max: 1,500,000; Avg: 360,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 154

Fund investments to date exited or repaid: 72

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Other Institutional Investors, Retail Investors




Phone number: 0032 (0)2 538 58 62

If you wish to have your details removed from this database please email

Audrey Timmermans

Reporting and Compliance Manager

Hugo Couderé

Senior advisor and head of portfolio for Asia

Impact Performance


Impact thesis

Alterfin is a social investor, which means it has a mix of social and financial objectives. Therefore Alterfin’s investments have to comply with a set of financial and social criteria. All financing requests are assessed by a credit committee which takes into account both types of criteria. Regarding the social relevance, the credit committee makes sure that:
• The project provides social and economic benefits to marginalised people. Profits should be used to the benefit of those people.
• These people are involved in the project in an organised way. This involvement should be reflected in the property structure.
• The project uses as much local human and natural resources as possible in order to keep the ecological impact as low as possible.
• The project not only benefits marginalised groups, but is also economically, socially and culturally meaningful to the broader community that goes beyond those groups.
• The project takes into consideration the proper tasks and responsibilities of men and women and aim at a fair distribution in this respect.
• There is no doubt about the bona fide character of the project organisation.
In December 2014, our partners were working with over 1.381.000 clients or producers throughout the world. Of these, 64,917 people (and their families) are being reached through the work of Alterfin. Women represent 61% of the people reached. 70% of the people reached live in rural areas, where the need for financing services is greater.

Impact Management


Financial benchmark

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