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Fund geography
Rural Impulse Fund I (RIF I) is a microfinance investment vehicle investing in financially sustainable rural microfinance institutions (MFIs) that provide financial services adapted to the needs of the rural poor.
The fund invests in debt and equity and provides technical assistance to a number of selected partner MFI's.
RIF I pursues a double-bottom line objective of increasing outreach and impact of rural MFI's, to the benefit of the rural poor; and of providing investors with an attractive financial return.
RIF I has attracted funds through shares (USD 9M), mezzanine debt (USD 10M) and senior debt (USD 19M). Debt tranches have a maturity of 3-5 years. In June 2010, the successor of RIF I, RIF II, was launched. EUR 97M was raised during the first two closings of RIF II. RIF II still has room for subscriptions to senior notes for an amount of EUR 23M.
Fund status
Fund style
Not listed
Financial description
Rural Impulse Fund I is a closed-ended fund restricted to institutional and well-informed investors. The fund issues shares and attracts debts via notes and loans, up to a debt-to-equity ratio of maximum 1.
The fund provides loan and equity financing for rural MFIs. Part of the investments in microfinance institutions is in local currency.
17 years
of track record
2007
the year funded
40,000,000 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
Incofin Investment Management
Headquarters location: Belgium
Other funds managed by this asset manager: Rural Impulse Fund II
Impact Category
Key performance indicators
Fund overview
Asset manager: Incofin Investment Management
Product track record: Fund has 17 years of track record
Target IRR: 12%
Committed Capital: 40,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: Luxembourg
Product status: Closed - still investing
Style/Stage:
Inception year: 2007
Vintage year: 2007
Target region: Emerging countries
Target close date: n.a.
Product term: 10 years
Assets under management: 40,000,000 USD (US Dollar)
Investment size: Min: 500,000; Max: 2,000,000; Avg: 1,000,000
Co-investment policy: Only with LPs
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 35
Fund investments to date exited or repaid: 0
Management fee: n.a.
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: International Finance Corporation, European Investment Bank, Belgian Investment Company for Developing Countries (BIO), FMO, KBC Private Equity, KBL, Pax-Bank, VDK Spaarbank, Bank für Kirche und Caritas, ...
Limited Partner / Investor Type: Development Finance Institution (DFI), Pension Funds, Other Institutional Investors
Contact
E-mail: n.a.
Website: http://www.incofin.be
Phone number: +32 (0)3 829 25 37
If you wish to have your details removed from this database please email gdpr@impactyield.com
Alexander Vuylsteke
Business Development Associate
Geert Peetermans
Chief Investment Officer
Sara Vermeir
Director of Business Development
Impact Performance
n.a.
Impact thesis
RIF I invests in financially sustainable MFI's that have a rural focus, ie. have 50% or more of their branches located in rural areas (minimum 20%).
The main impact objectives are to:
strenghten rural MFIs' financial structure and capacity
improve outreach and impact of rural MFIs and provide opportunities to rural poor
act as a catalyst so that rural finance becomes an investible asset class
During the investment process, potential investees are screened on both financial and social criteria, with both being equally importance factors in the investment decision. To assess social performance, Incofin IM has developed and is using a proprietary Social and Environmental Performance Measurement Tool, called ECHOS©.
After investing, the fund provides technical assistance to facilitate the development of partner MFIs. Technical assistance interventions cover specific needs and weaknesses of MFIs, in fields such as governance, product development, management information systems, marketing, ...
Impact Management
n.a.