fr - de - en - es


The Microfinance Investment Vehicles within Switzerland

According to the Consultative Group to Assist the Poor (CGAP) estimates, in recent years, global microfinance public and private sector investments have more than tripled between 2004 and 2007 to US$ 5.4 billion2 .

Currently there are 91 MIVs (Microfinance Investment Vehicles)3 worldwide. Most of them were launched during the past five years, including 18 in 2007 alone. The total value of their assets is estimated as of December 2007 at US $ 5.4 bn, i. e. a 78% increase in the volume of assets compared to 20063. This rapid growth shows both the novelty and the dynamism of this sector.

Switzerland has been a leader creating and managing some of the first and largest MIVs. Among the MIVs surveyed in the CGAP report2, 22 have a direct link with Switzerland. Indeed, these funds are managed or advised by companies based in Switzerland. As of December 2007, they currently manage assets of 1.5 billion CHF, 25% of all private microfinance investments worldwide4. Switzerland identified the opportunities afforded by marketing in this sector and can boast a Geneva hub featuring a number of world leaders in microfinance.


Domiciliation Managed or advised Microfinance portfolio (millions of CHF, Dec. 2007)
Blueorchard Finance SA Geneva 653
ResponsAbility Social Investment Services AG Zurich 395
Symbiotics SA Infromation, Consulting and Services Geneva 298
Aga Khan Agency for Microfinance Geneva 48
Swiss Investment Fund for Emerging Markets Bern 37
Ecumenical Loan Funds For Human Development Geneva 36
Fundo SA Morges 23
Fonds International de Garantie/RAFAD Geneva 3
Global Microfinance Group Lausanne 3
DFE Partners Zug N/A
FIDES Neuchatel N/A
Spinoza Ethical Fund Lausanne N/A

1 Source: The Consultative Group to Assist the Poor (CGAP) Focus Note Nbr. 44: Foreign Capital Investment in Microfinance

2 The Consultative Group to Assist the Poor (CGAP) MIV Survey 2008 Main Findings

3 The Consultative Group to Assist the Poor (CGAP) MIV Survey 2008 Benchmarks

4 Symbiotics SA Infromation, Consulting and Services report: La Suisse, un pôle de l’investissement en micro finance