Originally published: May 13, 2008
Source: PRNewswire
Legatum and Omidyar Network have announced a US$40 million co-investment in Unitus Equity Fund II (UEF II). Each firm will invest US$20 million in the fund. UEF II will provide capital to growth-oriented MFIs and will expand the focus of UEF I by investing in companies offering products and services that enable the world's poor to create opportunities for themselves and their communities.
"The microfinance industry is at a tipping point. With the application of patient, long-term capital from investors, we believe it is possible to accelerate the roll-out of low-cost credit to the world's poor. This has the potential to enable millions of people to lift themselves out of poverty," commented Philip Vassiliou, Managing Director of Legatum. Chris Brookfield, Managing Director of UEF II added, "This investment from Legatum and Omidyar Network demonstrates that some of the world's most successful investors find value backing entrepreneurs focused on the poor in developing countries."
In 2007, Legatum made investments in SHARE Microfin Limited, Financial Information Network & Operations Ltd. (FINO), A.Little.World, and Intellecap, all of which work to extend financial access to the poor. Omidyar Network has also committed US$83 million in investments and grants to increase access to microfinance services since 2004. In April 2008, Omidyar Network provided a three year, US$9 million expansion grant to Unitus.
Read the complete article: Legatum and Omidyar Network Invest USD 40 Million as Co-Anchors of Unitus (PRNewswire)