Microfinance Gateway>Unitus Equity Fund to Receive an Estimated Return of US$70 million From SKS Investment

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Home » News » Unitus Equity Fund to Receive an Estimated Return of US$70 million From SKS Investment

Unitus Equity Fund to Receive an Estimated Return of US$70 million From SKS Investment
Holtzman, C.

Investors linked to Unitus stand to receive millions of dollars when SKS, a company they supported in lending to the poor in India goes public next week.

The charity, Unitus, abruptly dismissed most of its staff this month, saying it had accomplished its mission of creating an avenue for private capital to flow into microloans. However, its for-profit arm, Unitus Equity Fund, lives on and stands to receive an estimated return of about $70.4 million on the $6 million in private funds it invested in SKS Microfinance of India over the past few years.

Unitus channeled about US$6.6 million in donor cash and services to SKS. This support, which is separate from the private investment capital, provided operational funding, technical advice, and other help that Unitus says is now no longer needed. During the period when those donations were made, SKS grew rapidly. In 2003, when Unitus began providing SKS with assistance, the microlender had about 10,000 borrowers. Today, SKS serves more than 6 million borrowers.

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Posted: 26 Jul 2010
Source: Portfolio.com
Originally Published: 26 Jul 2010