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Understanding the Opportunities and Challenges of the Market_3

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Tham khảo tài liệu 'understanding the opportunities and challenges of the market_3', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 88 Microfinance for Bankers and Investors nearly all of that came from the public sector. After making 10 good solid investments and one standout success Equity Bank Kenya Africap quickly put together its second round 50 million approximately half of it from new private investors.25 Bob Patillo a shopping center developer from Georgia who became interested in microfinance first through philanthropy and later as a social investor has made it a personal challenge to draw private investors into microfinance. Patillo recognized that private investors needed quicker exit greater diversity and the ability to turn fund management over to a specialist. He conceived of a fund of funds that would foster trading of MFI equity. Investors in the fund of funds would be buying a mixed portfolio across the microfinance industry as a whole. Patillo also instigated the launch of the International Association for Microfinance Investors as a focal point for new investors wishing to enter the market via investments into existing funds. IAMFI s members include many familiar names in the mainstream investment world such as Omidyar MicroVest J.P. Morgan and BlueOrchard. TIAA-CREF and ProCredit. One of the highest profile deals in microfinance was the investment of TIAA-CREF a California-based fund manager in ProCredit Holding a group of microfinance banks. In 2006 TIAA-CREF ranked eightieth on the Fortune 500 list of largest corporations in America with more than 380 billion in managed assets. In addition to its core business-managing retirement funds-TIAA-CREF offers individual retirement accounts mutual funds life insurance and socially screened funds. In 2006 TIAA-CREF created the Global Microfinance Investment Program GMIP funded with 100 million in assets from its 160 billion fixed annuity account. This account represents some 2.3 million investors. It is significant that assets were pledged from mainstream accounts rather than from the socially responsible investment account. GMIP .