MicroVest Closes $60 Million Microfinance Equity Fund

Feb 2010
Washington D.C., United States, February, 04 2010 - MicroVest Capital Management, LLC is pleased to announce the closing of MicroVest II, LP, a private equity fund targeting top-tier microfinance institutions worldwide. The fund will serve as a capital intermediary between investors and financial institutions that serve the working poor.

The fund closed with $60 million in commitments in December 2009.  J.P. Morgan Securities Inc. acted as a placement agent, and one of its affiliates was a lead investor.  In addition to J.P. Morgan, lead investors include the International Finance Corporation, CARE USA, Kinnevick New Ventures AB, The Prudential Insurance Company of America, Christian Super Pyt, Ltd, and Mennonite Economic Development Associates.

 "We are excited to be working with our investors in providing market-leading microfinance institutions with steady and patient capital support, especially in these turbulent economic times," noted Gil Crawford, CEO of MicroVest.  "Capital from the fund will allow these institutions to increase their outreach and product offerings to the working poor, ensuring that entrepreneurial individuals are afforded a stake in their own economies."

MicroVest II, LP began investment operations in early 2009.   

The securities issued by MicroVest II, LP have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the Unites States absent registration or an applicable exemption from registration requirements.

Source : Microvest

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