Originally published: October 9, 2007
Source: Catalyst Microfinance Investors (CMI)
Catalyst Microfinance Investors (CMI), a private equity fund dedicated to investing in emerging, fast-growing microfinance institutions (MFIs) across Asia and Africa, has announced its second private closing with total initial commitments of US$50Mln. CMI expects total commitments from investors to reach between US$75Mln and US$100Mln by year end.
CMI is jointly managed by ASA, a Bangladeshi MFI and Sequoia, an independent European financial advisory and investment firm. Mr. Dirk Brouwer, Executive Director of CMI and Managing Director of Sequoia, said, "CMI now manages the largest pool of equity capital dedicated to investing in the microfinance sector."
Concurrent with achieving its second closing, CMI plans to make a US$10Mln equity investment in ASA International. ASA International is a wholly-owned subsidiary of CMI and is establishing new MFIs in Asia and Africa. ASA International has already commenced operations in the Philippines, Nigeria and Ghana, and expects to become operational in India, China and Pakistan over the next few months. CMI also has investments in existing MFIs in Sri Lanka and Cambodia.
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