Originally published: August 18, 2008
Source: microcapital.org
Advans SA, a Luxembourg-based venture capital firm specializing in microfinance ventures, has raised EUR7 million (USD 10 million) in equity capital from CDC Group, a private equity fund of funds sponsored by the British government. CDC’s investment aims to support Advans’ expansion to Asian and African MFIs. The deal will consist of two financing rounds. CDC has committed to an initial round of EUR 3 million (USD 4.4 million) in equity, and plans to invest EUR 4 million (USD6 million) of equity during a subsequent round of Advans’ planned fundraising in early 2009.
CDC’s commitment to Advans takes its total investment in microfinance-related funds to USD 53.2 million since 2004. In October 2007, CDC made USD30 million equity commitment to American hedge fund Minlam Microfinance Offshore Fund.
Related news: UK Government Investment Group Puts US$30Mln in New Microfinance Hedge Fund (18 Oct 2007)