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MIV Performance and Prospects: Highlights from the CGAP 2009 MIV Benchmark Survey
Sep 2009, Reille, X., Glisovic-Mezieres, J., Berthouzoz, Y. & Milverton, D.

Assessing impact of adverse market conditions on MIVs

This survey discusses the resilience of microfinance investment vehicles (MIV).

MIVs grew by 31 percent in 2008, and posted strong returns on investments despite the difficult financial situation. Survey findings include:

MIV growth demonstrated a slowdown when compared to the 72 percent growth experienced in 2007;
Growth in MIV assets was supported by a broad range of public and private investors;
Fixed-income debt instruments in hard currency are MIVs’ preferred investments, and such investments may leave them with large and often unhedged foreign exchange currency exposure;
Equity investments are growing faster, outstripping fixed-income growth of 32 percent in 2008;
Holding companies are growing in number and size;
MIVs are showing a growing focus on environmental and social priorities.

The performance of MIVs is likely to deteriorate during 2009 as the result of changing market conditions. MIVs are responding by slowing down their growth and closely monitoring their investments. They are also improving their risk management systems and partnering with public investors to support distressed MFIs.

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Journal Volume/Pages:
06

Publisher(s):
CGAP