Global Financial Inclusion Fund


Last updated 12 May 2020, by Impactyield.

Edit this fund

Leveraging on the success of Gawa Microfinance Fund, Global Financial Inclusion Fund continues investing in a mixed equity and debt investments in microfinance and SME focused institutions in countries with a high degree of financial exclusion that are selected through a very demanding selection process. We target institutions that focus on rural or other excluded population and have a strong social commitment.

We aim to reach an attractive risk-adjusted of return (net IRR of 9%) for our investors and provide financial services to thousands of un-banked people (mainly rural excluded population) through the organizations we invest in. We have a flexible approach to invest in the optimal part of the capital structure:

•60% in debt investments - typically 2 to 3 years maturity

•40% in equity investments - both preferred and common (intention of holding a seat on the board, minority stake only, typically up to 4-5 years)

Investments range between €1~3.5 million.

The Fund is a strategic, long-term investor that helps improving the performance of institutions by providing active management support. We help them improving their governance and scale up their operations.

Alignment with our investors is key. We invest our own money in the fund and our performance fees depend on social impact achieved which is measured and externally audited by a social auditor chosen by our investors. This provides a unique way to ensure that both social and financial returns are obtained.

Financial description

Strong Private Equity Experience: We bring top private equity and venture capital knowledge and experience to the impact investing field. Our team includes top individuals that have managed large private equity portfolios. Our strong experience in Private Equity enables us to conduct a fully comprehensive due diligence process and have a solid risk management. Only 15% of the institutions where we have conducted due diligence are approved for investment.
"Boutique" Investment Approach: We take time to select the best investments in the best territories. We privilege tight and frequent contact with our investors to achieve full transparency.
Partners are aligned with investors: partners are joint investors in each fund (shared risk with investors). Partners conduct each due diligence on field, have a close relationship with institutions/ investees.
Good asset mix between debt and equity with early repayment. Distributions to investors can start as soon as 3rd year (on debt portion). No reinvestment policy, this reduces risk for investors.
Target return: Net IRR of 9%
We are one of the very few funds where performance fees are linked to Social Impact Metrics audited by a social auditor. A set of 25 impact metrics are measured on due diligence and are monitored quarterly and audited at the exit of each investment. The social auditor is chosen by the fund investors independently from the managing partners.

9 years

of track record


the year funded

30,000,000 EUR


Asset manager

GAWA Capital


Headquarters location:

SDG goals

SDG targets

Full employment and decent work with equal pay

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: GAWA Capital

Product track record: Fund has 9 years of track record

Target IRR: 9%

Committed Capital: 20,000,000 EUR (Euro)

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

Fund domicile:

Product status:

Style/Stage: , ,

Inception year: 2014

Vintage year: 2014

Target region: ,

Target close date: n.a.

Product term: 6 years

Assets under management: 30,000,000 EUR (Euro)

Investment size: Min: 1,000,000; Max: 4,000,000; Avg: 2,500,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 3

Fund investments to date exited or repaid: 0

Management fee: 2.5%

Carried interest: 15%

Hurdle rate: 5%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office, Other Institutional Investors


E-mail: n.a.


Phone number: +34 91 576 05 37

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

Agustin Vitorica

Co-Founder and Co-CEO

Luca Torre

Co-Founder and Co-CEO

Impact Performance


Impact thesis

One of the greatest challenges impact investors face is measuring social impact. Global Financial Inclusion Fund is one of the very few funds in the world where managers tie their performance fees to social impact metrics of its investees. These metrics are measured and audited by an independent social auditor, chosen by the investors, ensuring the social impact is achieved.
In terms of social impact reporting, GAWA Capital has aligned its reporting with two widely accepted industry standards: The Social Performance Task Force (SPTF) and the Impact Reporting and Investing Standards (IRIS). Both standards have laid out a very comprehensive set of indicators in an attempt to cover all of the potential areas of impact in which impact investors are active (the SPFT being more specialized and detailed in covering those aspects specifically related to access to financial services).
The fund will report to its investors a comprehensive set of social indicators on our investments, along with real Impact Stories of the people behind the numbers. We gain knowledge of our impact with real life stories ("Impact stories") from clients that we personally interview. We also provide our investee companies with feedback obtained from our interviews.
Finally, it is important to highlight that all investments are made in local currency thanks to the support of our partner MFX Solutions. This way, no currency risk is passed to our investee companies.

Impact Management


Request information about this fund