13.07.2012 | Microfinance Investments: 2012 Symbiotics MIV Survey Release
The 2012 Symbiotics MIV Survey, the sixth consecutive review of microfinance investment funds, has been published on-line. This market study provides key performance indicators and peer group analysis, using the CGAP MIV Disclosure Guidelines, on the microfinance off-shore investment industry. This year's survey regroups data from 72 funds, covering over 90% of the industry.
Key highlights of the 2012 Symbiotics MIV Survey:
- MIV assets recorded a year-over-year growth rate of about 15%
- Investments still concentrate on more mature markets in Latin America and Eastern Europe & Central Asia (over 70% cumulated)
- The average MIV portfolio amounts to USD 71 million, with 83% of assets in direct debt investments
- The average yield on direct debt investments decreased from 8% to 6.6% in 2011
- With 19.1% growth rate, Mixed Funds recorded the highest growth rate
- Equity Funds have increased their cost efficiency and their total expense ratio (TER) has come down significantly, from 6% to 4% overall
- The average MIV reached out to nearly 120,000 active borrowers with an average loan size of USD 1,800
The Survey is based on December 2011 information reported by MIVs. It offers two levels of analysis: key market trends and peer group analysis, and focuses on two dimensions: financial performance (with a focus on growth, risk, return, efficiency and funding patterns) and social performance (with a focus on commitment to ESG practice and reporting).