2014 Symbiotics MIV Survey

This survey aims to provide comprehensive market trends and peer group analysis on the microfinance off-shore investment industry. The study has been conducted annually since 2007, to assess the industry landscape of microfinance investment vehicles (MIVs).

This eighth annual survey compiles information from 80 MIVs which have reported their data as of December 2013, using the CGAP MIV disclosure guidelines. The report allows fund managers and microfinance investors to benchmark themselves across a variety of key financial and social performance indicators. The study sample covers 94% of the total MIV market asset base, which is estimated at USD 9.9 billion. The survey primarily focuses on two dimensions of the surveyed MIVs: financial performance and social performance. The key highlights from the survey include:

• Since 2010, the combined annual microfinance portfolio of MIVs has grown by 68%;
• Majority of this portfolio (33%) is managed by Swiss asset managers, followed by Dutch (25%) and German (14%) companies;
• Equity Funds’ superior social outreach in terms of active borrowers financed compared to fixed income funds and mixed funds.