MicroVest closes second PE fund at $60 million

Microfinance Monitor, Feb 4, 2010: MicroVest Capital Management, LLC has announced the closing of MicroVest II, LP, a private equity fund targeting top-tier microfinance institutions, at $60 million in commitments in December 2009. J.P. Morgan Securities Inc. acted as a placement agent, and one of its affiliates was a lead investor.
In addition to J.P. Morgan, lead investors include the International Finance Corporation, CARE USA, Kinnevick New Ventures AB, The Prudential Insurance Company of America, Christian Super Pyt, Ltd, and Mennonite Economic Development Associates.

“We are excited to be working with our investors in providing market-leading microfinance institutions with steady and patient capital support, especially in these turbulent economic times,” noted Gil Crawford, CEO of MicroVest. “Capital from the fund will allow these institutions to increase their outreach and product offerings to the working poor, ensuring that entrepreneurial individuals are afforded a stake in their own economies.”

MicroVest II, LP began investment operations in early 2009. The securities issued by MicroVest II, LP have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the Unites States absent registration or an applicable exemption from registration requirements.

The MicroVest family of funds, now including MicroVest II, LP, links capital markets to the entrepreneurial poor by funding select microfinance institutions in emerging markets. MicroVest is headquartered in the Washington, DC and was founded by CARE, MEDA and the Seed Capital Development Fund, three non-profit organizations with longstanding reputations for excellence in microfinance.