responsAbility SICAV (Lux) Micro and SME Finance Leaders


Last updated 11 May 2020, by Impactyield.

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responsAbility SICAV (Lux) Micro and SME Finance Leaders has been active since 2006 and invests in the global micro, small and medium-sized enterprise (MSME) finance sector. The fund aims to close funding gaps for local MSME financial institutions. The fund holds both debt securities and makes equity investments. This combination not only releases additional potential for increases in value but also improves diversification at country level, since certain regions and institutions can only be reached via private equity.

Fund style

Not listed

Financial description

Broadly diversified, responsAbility Microfinance Leadersi Fund either invests directly in MFIs or indirectly through institutions or investment products, which in turn, invest in MFIs. Most of the fund portfolio comprises variable or fixed-interest debt securities with short to medium terms to maturity. In addition, the fund can acquire an equity stake of up to 25% in the MFI. Long-term goals are positive value growth and low fluctuations in returns. Swiss franc and Euro investments are hedged against the US dollar.

17 years

of track record


the year funded

170,000,000 USD


SDG goals

SDG targets

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: responsAbility Investments

Product track record: Fund has 17 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: 2006

Vintage year: 2006

Target region: ,

Target close date: n.a.

Product term: n/a

Assets under management: 170,000,000 USD (US Dollar)

Investment size: Min: 0; Max: 0; Avg: 0

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 152

Fund investments to date exited or repaid: 0

Management fee: 1.4%

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Family Office, Pension Funds, Other Institutional Investors


E-mail: n.a.


Phone number: +41 44 250 99 30

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Sabine Fellman

Product Manager

Impact Performance


Impact thesis

responsibility Microfinance Leaders invests in microfinance institutions in developing countries and emerging markets that provide affordable financial services to micro-entrepreneurs and people from low-income households. These savings facilities and loans strengthen financial independence. They also give wide sections of the population the opportunity to pursue a business activity, thus opening new prospects.
To a limited extent the fund also invests in fair trade and focuses particularly on established organizations along the entire agricultural value chain.
Key benefits to society include:
-Access to development-related financial services
-Enabling micro and small enterprises to exploit opportunities for growth
-Improved living standards

Impact Management


Financial benchmark

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