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Fund geography
Emerging countries (256) / Africa (127) / Western Africa (11) / Nigeria (1)
The Eye Fund I is an innovative $14.48 million senior debt fund launched in 2010 with the goal of reducing blindness by fostering the growth in outreach of sustainable eye hospitals that serve the poor, and initiate transformation in the financing of the eye care industry. Previously, this nascent industry was exclusively financed by donations and retained surpluses. Structured, placed and managed by Deutsche Bank, the Eye Fund I is the eye care industry’s first fund ever to be created and was the first commercial-like debt taken by the eye hospital borrowers. It was also one of the first non-microfinance impact investment funds.
The transaction was the fruit of a unique partnership of social finance and eye care industry expertise between Deutsche Bank, the International Agency for the Prevention of Blindness (IAPB) and Ashoka. Additionally, Deutsche Bank helped arrange the seed funding of a technical assistance package for the Eye Fund’s borrowers to transfer the management information systems, management expertise and best practices implemented by the world’s leading eye care organization for the poor, the Aravind Eye Hospital in India.
Financial description
The Eye Fund brought together differently motivated investors to a common investment platform by utilizing foundation investments in junior and equity tranches, development financial institution loans in mezzanine tranches and debt from fiduciary investors in a senior tranche. The Eye Fund made 3 loans, financing key expansion initiatives of its eye hospital borrowers in Nigeria, China and Paraguay to construct new facilities, purchase advanced eye care equipment, expand outreach programs and train practitioners.
14 years
of track record
2010
the year funded
14,480,000 USD
AUM
Interested in this fund?
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Gain a deeper and comprehensive understanding of how this fund generates positive impact in the themes and SDGs that matter to you, with insights provided by our dedicated team of expert analysts, and receive notifications about new available impact products, exciting investment opportunities, and relevant updates in the world of impact investing.
Asset manager
Deutsche Bank
Headquarters location: United States of America
Other funds managed by this asset manager: Global Commercial Microfinance Consortium IIGlobal Commercial Microfinance Consortium IFINCA Microfinance Fund B.V.First German Fund for Microfinance
Key performance indicators
Fund overview
Asset manager: Deutsche Bank
Product track record: Fund has 14 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Below risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - no longer investing
Style/Stage:
Inception year: 2010
Vintage year: n.a.
Target region: Africa, Emerging countries, Nigeria, Western Africa
Target close date: n.a.
Product term: 7 years
Assets under management: 14,480,000 USD (US Dollar)
Investment size: Min: 0; Max: 0; Avg: 0
Co-investment policy:
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 3
Fund investments to date exited or repaid: 0
Management fee: 0.88%
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: n.a.
Limited Partner / Investor Type: n.a.
Contact
E-mail: n.a.
Phone number: 212.250.0549
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Impact Performance
n.a.
Impact thesis
The Eye Fund made 3 loans, financing key expansion initiatives of its eye hospital borrowers in Nigeria, China and Paraguay to construct new facilities, purchase advanced eye care equipment, expand outreach programs and train practitioners.
The World Health Organization (“WHO”) estimates that 39 million people are blind and an additional 285 million people have moderate to severe visual impairments worldwide. Over 90% of the blind live in the poorest parts of the developing world. An estimated 80% of blindness is curable or preventable. The primary cause of blindness in developing countries is cataracts (51%). Cataracts can be cured through surgery, in fact one of the simplest surgical procedures in the world, which takes as little as 10-15 minutes. Cataract surgery is one of the most cost-effective interventions in modern health care. That such a debilitating condition can be easily reversed through simple medical procedures highlights the critical need to expand the eye care sector. In 1980s, a new model to treat cataracts at high volumes and affordable prices emerged in response to the vast unmet cataract surgery needs within the developing world.
Impact Management
n.a.