20080915CGAP MIVs Benchmarkx

CGAP 2008 MIV SurveyMain FindingsSeptember 20082CGAP 2008 MIV Benchmarks Surveyyg Highlights» 91 MIVs are currently active with Assets Under Management (AUM) of USD 5.4 billion as of December 31 2007, which represents a 78% increase from 2006.» Average Total Assets has increased significantly from USD 66 million (2006) to USD 81 million (2007).» MIVMIV’s preferredpreferred instrumentinstrument is stillstill Debt (78% of Microfinance PPortfolio)ortfolio) butbut Equity investments are growing rapidly (+ 95% in 2007). » Investments are still concentrated in ECA (45%) and LAC (32%) but investments in South Asia and Africa are on the rise (+ 164% and 119% respectively).» The microfinance fund industry is very concentrated with the top 5 assets managers (all(all European) accounting fforor 52%52% of the ttotalotal AUM.» Returns are improving: average USD net return for Registered Mutual Funds is at 6.3% and 12.5% for Private Equity Funds (gross IRR for 2002/2003 vintage years). » MIV investments remain concentrated in a few tier 1 MFIs, with average top five investment exposure accounting for 43% of MIV investments.» IInstittitutitionall iinvesttors are now tthhe ffiirstt provididers off capiittall withith a 41%41% shhare, ffollllowedd by retail investors (30%) and DFIs (only 19%).3CGAP 2008 MIV Benchmarks MethodologySurvey» Participp,ation of 58 MIVs, including 28 MIVs providing audited financial statements » Total Assets of 4.7 billion USD* ...