Paper
2012 Symbiotics MIV Survey: Market Data & Peer Group Analysis
Analyzing financial and social efficiency of microfinance investment vehicles
This 2012 Symbiotics MIV Survey provides key performance indicators and peer group analysis using the CGAP MIV Disclosure Guidelines on the microfinance off-shore investment industry.The Survey is based on December 2011 information reported by MIVs and focuses on two dimensions, namely, financial and social performance. This years survey regroups data from 72 funds, covering over 90% of the industry. Findings include:
- As of December 31, 2011, MIVs managed assets worth USD 6.8 billion;
- MIV assets recorded a year-over-year growth rate of about 15%;
- Average MIV portfolio amounts to USD 71 million, with 83% of assets in direct debt investments;
- More than 70% of the total microfinance portfolio was invested in mature microfinance markets;
- In terms of volume, fixed income funds accounted for 80% of the total assets under management;
- Mixed funds had average portfolios of about USD 45 million;
- Equity funds recorded a positive growth rate and increased their cost efficiency;
- Almost all MIVs report environmental, social, and governance (ESG) issues to investors;
- About 66% of funds have integrated environmental issues in their investment decisions.
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