20080915CGAP MIVs Benchmarkx

Vincent.Dufresne

Description

CGAP 2008 MIV SurveyMain FindingsSeptember 20082CGAP 2008 MIV Benchmarks Surveyyg Highlights» 91 MIVs are currently active with Assets Under Management (AUM) of USD 5.4 billion as of December 31 2007, which represents a 78% increase from 2006.» Average Total Assets has increased significantly from USD 66 million (2006) to USD 81 million (2007).» MIVMIV’s preferredpreferred instrumentinstrument is stillstill Debt (78% of Microfinance PPortfolio)ortfolio) butbut Equity investments are growing rapidly (+ 95% in 2007). » Investments are still concentrated in ECA (45%) and LAC (32%) but investments in South Asia and Africa are on the rise (+ 164% and 119% respectively).» The microfinance fund industry is very concentrated with the top 5 assets managers (all(all European) accounting fforor 52%52% of the ttotalotal AUM.» Returns are improving: average USD net return for Registered Mutual Funds is at 6.3% and 12.5% for Private Equity Funds (gross IRR for 2002/2003 vintage years). » MIV investments remain concentrated in a few tier 1 MFIs, with average top five investment exposure accounting for 43% of MIV investments.» IInstittitutitionall iinvesttors are now tthhe ffiirstt provididers off capiittall withith a 41%41% shhare, ffollllowedd by retail investors (30%) and DFIs (only 19%).3CGAP 2008 MIV Benchmarks MethodologySurvey» Participp,ation of 58 MIVs, including 28 MIVs providing audited financial statements » Total Assets of 4.7 billion USD* ...

Informations

• Publié par: Efta
• Nombre de lectures: 11
• Langue: English

Extrait

CGAP 2008 MIV Survey  

September 2008

Surve Hi hli hts

2

CGAP 2008 MIV Benchmarks

    

» 91 MIVs are currently active with Assets Under Management (AUM) of USD 5.4 billion as of December 31 2007, which represents a 78% increase from 2006. » Average Total Assets has increased significantly from USD 66 million (2006) to USD 81 million (2007). ’          investments are growing rapidly (+ 95% in 2007). » Investments are still concentrated in ECA (45%) and LAC (32%) but investments in South Asia and Africa are on the rise (+ 164% and 119% respectively). » The microfinance fund industry is very concentrated with the top 5 assets managers  . » Returns are improving: average USD net return for Registered Mutual Funds is at 6.3% and 12.5% for Private Equity Funds (gross IRR for 2002/2003 vintage years). » MIV investments remain concentrated in a few tier 1 MFIs, with average top five investment exposure accounting for 43% of MIV investments. » ns u ona nves ors are now e rs prov ers o cap a w a s are, o owe by retail investors (30%) and DFIs (only 19%).

3

CGAP 2008 MIV Benchmarks

Survey » Partici ation of 58 MIVs includin 28 MIVs rovidin audited financial statements  » Total Assets of 4.7 billion USD* accounting for 86% of the MIV universe** Output » 2 benchmark tables (MIV Balance Sheet and Performance) » peer groups: eg s ere u ua un s, ommerc a nves men un s, Structured Finance Vehicles actively managed (New), Structured Finance  , , , Holding Companies ***

* FX Rate EUR/USD: 1.47, 31 Dec. 2007 ** 5.4 billion USD (CGAP dataset, 91 MIVs, estimated) *** Peer group definition and composition in ppendix

Methodolo

Main Indicators All MIVs

Indicator Average MIV Assets ($ Million) Nb of Years Since Inception Annual Total Asset Growth of all 58 MIVs (2006-2007) nanc a ns rumen s cro nance or o o Microfinance Portfolio in Debt Microfinance Portfolio in Equity Geographic Distribution (% Microfinance Portfolio) Eastern Europe and Central Asia   Funders (% Investor Type) Public Investors ns u ona nves ors Retail Investors MIV Juridiction (%Total Assets) Western Europe North America

4

CGAP 2008 MIV Benchmarks

Value 80.6 4.4 71.7%

77.5% 21.0%

44.5% .

18.8% . 29.8%

81.4% 11.5%

To Five Asset Mana ers

ProCredit Holdin AG

BlueOrchard Finance SA

Credit Suisse Microfinance Fund Management ompany - espons y

 

Oppenheim Asset Management Services S.a.r.l. (EFSE)

0

Source: Public available information/CGAP MIV survey

200

400

Total Microfinance Portfolio

5

CGAP 2008 MIV Benchmarks

600

Total Assets

800 $m

Total Assets Avera e and Growth

$m 160

140

120

100

80

60

40 20

0

 

.

6

CGAP 2008 MIV Benchmarks

.

        Mutual Funds Investment Finance Finance Value Funds Companies Equity Funds Funds Vehicles Vehicles actively passively managed managed Average Total Assets 2007 Total Assets Growth 2006-2007

300%

250%

150%

100%

0%

Microfinance Portfolio Instruments

100%

90%

80%

70%

60%

50%

40%

30%

10%

0%

All MIVs

7

CGAP 2008 MIV Benchmarks

Registered Commercial Structured Structured Blended Value Holding Private Equity Mutual Funds Investment Finance Finance Funds Companies Funds Funds Vehicles Vehicles actively passively

Debt (%MP) Equity (%MP) Guarantee (%MP)

Microfinance Portfolio Main Re ions

100%

90%

80%

70%

60%

50%

40%

30%

10%

8

CGAP 2008 MIV Benchmarks

All MIVs Registered Commercial Structured Structured Blended Value Holding Private Equity Mutual Funds Investment Finance Finance Funds Companies Funds Funds Vehicles Vehicles activel assivel managed managed Eastern Europe and Central Asia (%MP) Latin America (%MP) Asia (%MP) Africa and Middle East (%MP) Other (%MP)

9

CGAP 2008 MIV Benchmarks Microfinance Portfolio To Five Ex osures

90%

80%

70%

60%

50%

30%

10%

All MIVs

Registered Commercial Structured Structured Blended Value Holding Private Equity Mutual Funds Investment Finance Finance Funds Companies Funds Funds Vehicles Vehicles activel assivel managed managed Top Five Country Exposure (%MP) Top Five Microfinance Exposure (% MP) Total Five Unhedged Exposure (%MP)

Subscriptor Type

100%

90%

80%

70%

60%

50%

30%

10%

0%

ll MIVs

Registered Commercial Mutual Funds Investment Funds

Structured Finance Vehicles actively

10

CGAP 2008 MIV Benchmarks

Structured Blended Value Holding Private Equity Finance Funds Companies Funds Vehicles passively

Institutional Investors Retail Investors Public Investors - DFI & national public funders Other (Foundations, NGOs, Networks) MIVs

Total Ex ense Ratio

8%

7%

6%

5%

4%

3%

2%

1%

0%

Registered Mutual Funds

Commercial Investment Funds

Structured Finance Vehicles actively managed

.

Structured Finance Vehicles passively managed

Average Total Expense Ratio

Blended Value Funds

11

CGAP 2008 MIV Benchmarks

Holding ompanies

Private Equity Funds