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MIV Performance and Prospects: Summary of CGAP 2009 Benchmark Survey

Core Content Overview

The CGAP 2009 Microfinance Investment Vehicles (MIVs) Benchmark Survey provides insights into the performance and future outlook of microfinance investment vehicles during the 2008 financial crisis and into 2009. It highlights the resilience of MIVs despite challenging market conditions, their growing focus on ESG (Environmental, Social, and Governance) considerations, and the evolving landscape of their investment strategies and funding sources.

Key Findings

MIV Growth and Performance

• MIVs grew by 31% in 2008, a slower rate than the 72% growth in 2007, but still significant amid the 20% sell-off in emerging markets funds.
• In 2009, MIVs continued to grow at an annualized rate of 16%, with few redemptions reported due to the crisis.
• Total assets under management reached US$6.6 billion, with 80 MIVs participating in the survey, accounting for 93% of total MIV assets.
• 103 MIVs were active globally as of December 2008, with the majority registered in Europe (Luxembourg and the Netherlands), due to favorable regulatory and tax frameworks.

Investment Trends

• Fixed-income investments remain dominant, with 76% of total fixed-income investments denominated in hard currencies (Euros or dollars).
• Equity investments grew by 47% in 2008, outpacing the 32% growth in fixed-income investments.
• New funds were created in 2008, with a focus on equity, new markets (e.g., agriculture), and financial services (e.g., microinsurance).
• Asia showed strong growth at 55% in 2008, driven by the Indian microfinance market.

Performance of Investment Types

• Fixed-income mutual funds posted net returns between 5.8% and 6.3% over the past three years, largely due to fixed interest rates and historical valuation.
• Private equity funds had an average gross internal rate of return (IRR) of 10.5% in 2008, though the sample size was small.
• Holding companies of MFIs are becoming more prominent, with Procredit being the largest (about US$1 billion in assets) and the oldest (10 years).

ESG Considerations

• Over 60% of MIVs report ESG information to investors.
• 65% have staff trained in ESG issues.
• 63% have committed to the Client Protection Principles.
• 12% have purchased carbon emission offsets, and 41% have environmental exclusions.

2009 Outlook

• MIV performance is expected to deteriorate in 2009 due to increased credit risks and market volatility.
• Portfolio-at-risk increased sharply in the first half of 2009.
• Capital demand has declined across all regions as MFIs reduce growth and tighten credit policies.
• MIV cash positions have reached record levels (around 20% of total assets), lowering total fund returns.
• Hedging costs have risen due to currency volatility, putting pressure on fund profits.
• MIVs are slowing growth and tightening investment monitoring, while improving risk management systems and partnering with public investors to support distressed MFIs.

Funding Sources

• Institutional investors account for 42% of MIV funding.
• Retail investors also continue to invest, with the Responsibility Global Microfinance Fund growing by 96% in 2008.
• Public investors launched two new funds in 2009 to provide liquidity: the Microfinance Enhancement Facility (US$250 million) and the Microfinance Growth Fund (US$100 million).
• New funds were created with support from public investors, and MIVs are becoming more diverse in their investment strategies.

Conclusion

Despite the financial crisis, MIVs have shown resilience and continued growth, driven by diverse investor participation and strategic shifts. However, returns are expected to decline in 2009, and ESG integration is becoming a significant trend. The future of MIVs depends on their ability to manage risks, adapt to market changes, and maintain liquidity.