ABP puts $30m into microfinance
Dutch pensions giant ABP has invested $30 million in a global private equity microfinance fund from Grassroots Capital.
The move brings ABP’s total holdings in microfinance debt and private equity to $215 million.
“This kind of investment is particularly suitable for a pension fund, as it aims to achieve double bottom line returns,” said Jan van Roekel, spokesperson for APG, the asset manager for ABP’s investments.
“Moreover, it will give some of the world’s economically most disadvantaged people the opportunity to improve their livelihoods.”
ABP’s investment brings the amount raised by Grassroots for its Global Microfinance Equity Fund (GMEF) to $117.5 million.
Grassroots has now closed fundraising for the GMEF.
David FitzHerbert, Grassroots managing partner, observed that microfinance has continued to perform well through the financial crisis.
“Small loans to the working poor have proven to be of higher quality than many of the assets of western banks,” he said.
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.