Triple Jump Annual Review 2013€¦ · Triple Jump Annual Review 2013. Capital committed €339,000,000 Capital invested €264,000,000 Portfolio companies 163 Equity investments

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Triple JumpAnnual Review 2013

Capital committed€339,000,000

Capital invested €264,000,000

Portfolio companies 163

Equity investments 20

Entrepreneurs reached 355,000

Women 63%

Rural 53%

Dedicated team of 50 professionals

Over 10 years of fund management experience

350

300

250

200

150

100

50

02012 20132011201020092008

Facts & Figures 2013

Capital committed & invested in millions of Euros

Geographic distribution of all investments managed

ASN-Novib Microcredit Fund Cumulative Total Net Return (EUR)

Asia 7%Caucasus 15%Central America 15%Central Asia 17%Eastern Europe 3%Global projects 2%Middle East - North Africa 1%South America 30%Sub-Saharan Africa 10%

30%15%

17%

10% 7%

1% 2%3%

15%

150

140

130

120

110

1002012 20132011201020092008200720062005200420032002

Investment portfolio

2011 2012 2013

Committed EUR 307 M EUR 322 M EUR 339 M

Invested Capital EUR 269 M EUR 276 M EUR 264 M

Number of portfolio companies 166 177 163

Average Exposure per portfolio company

EUR 1.6 M EUR 1.6 M EUR 1.6 M

Number of financial intermediaries ‘jumping’ to commercial funds

12 6 3

Committed

Invested

Highlights

Breakdown of local currency funding in Euro equivalentDecember 2013

Social Performance Dimension Scores

Social Performance Score by Region

72%

73%

77%

70%

Europe, Caucasus & Central Asia

Latin America

Asia & Pacific

Africa & Middle East

Number of entrepreneurs served by financial intermediaries financed

8,500,000 Triple Jump portfolio companies that endorsed the SMARTCampaign’s Client Protection Principles:

81%

Human Recources

67%

Client Satisfaction 61%

Social Performance

Information63%

Gender64%Outreach

75%

Client Protection

85%

Key financial ratios across all portfolio companies in the Triple Jump portfolio in 2013

Return on Equity: 17.4%

Solvency: 21.1%

PAR+resch >30: 3.3%

Write-off ratio: 0.7%

Nicaragua

Bolivia

Paraguay

MexicoHonduras

Dominican Republic

Brazil

Argentina

Ethiopia

Tanzania

Zambia Malawi

Zimbabwe

Mozambique

South Africa

KenyaDR Congo

Kosovo

Macedonia(FYROM)

Mali

Benin

Nigeria

Netherlands

GeorgiaAzerbaijan

Angola

Cameroon

Palestine

Niger Chad

Tajikistan

Philippines

Indonesia

India

Pakistan

Afghanistan

Mongolia

Kyrgyztan

Kazakhstan

Uzbekistan

Vietnam

Ghana

Costa RicaPanama

Ecuador

Colombia

El SalvadorGuatemala

Peru

Senegal

Rwanda

Namibia

Ivory Coast

Albania

LebanonMorocco

Armenia

Cambodia

Thailand

Uganda

Bosnia-Herzegovina

Haiti

KZT

AZN

KG

S

MXN XO

F

TJS

CO

P

HN

L

NG

N

BO

B

PE

N

PK

R

XAF

AM

D

TZS

KH

R

GTQ

ZMK

RW

F

UG

X

ZAR

VN

D

BR

L

PY

G

MW

K

IDR

ZMW

KE

S

DO

P

ETB

HTG

AR

S

GH

S

10.000.000

8.000.000

6.000.000

4.000.000

2.000.000

0

Social Performance Pathway Scores

81%

64%

62%

Intent

Implementation

Results

Head Offices Regional Offices Countries where Triple Jump worked in 2013

Triple Jump structures, manages and advises funds that aim to invest responsibly in financial service providers in developing countries. Our clients are social investors ranging from international development organisations to pension funds, insurance companies and banks. Our investees are financial service providers serving our end-clients: micro and small & medium sized enterprises. Each fund entrusted to us has a specific target group and different risk and return objectives. This mix of funds allows Triple Jump to serve financial service providers, mainly microfinance institutions, throughout their entire life cycle. Our portfolio companies range from NGOs receiving their first non-subsidised loans, to regulated banks, which intermediate savings and serve hundreds of thousands of borrowers.

Our Advisory Services team contributes to a social and solid sector and helps financial service providers to further the finance frontier by providing capacity building services on a cost-sharing basis. Our services areas focus on product/channel development (mobile banking, upscaling), risk management (including IT/MIS, Internal Audit) and Social Performance Management (making impact assessment affordable).

04 Facts & Figures 2013 09 From the Board10 Our Profile13 From the Management14 Financial Results18 Social Performance19 Impact Measured

20 Investment Funds - ASN-Novib Microcredit Fund - Oxfam Novib Fund - SNS Institutional Microfinance Funds - Triple Jump Seed Capital Fund - MicroBuild Fund - Triple Jump Innovation Fund

26 Products and Services - Advisory Services - Innovation - Housing - Equity

Contents

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Ab Engelsman, chair of the Board of Triple Jump (photo, right, with glasses), along with his management and fellow board members and some business women in a small village north of Kampala (Uganda). “This village has no public electricity, no water system, no sewage system! But thanks to some very entrepreneurial women, here in the photo with us, the villagers make do. With a loan from our portfolio company Finca, one of these ladies managed to start her own small business in solar energy and provides electricity for light, phones and other essential needs in life,” says Ab. “It is always amazing what small entrepreneurs can mean in these villages.” Ab and his fellow Board members had a meeting with Finca in Kampala last year, one of Triple Jump’s portfolio companies in Uganda. “But we always use these official meetings as an opportunity to visit end-clients, the small entrepreneurs who are at the very heart of our business.”

Ab stresses that it is really rewarding to be the chair of an organisation like Triple Jump, that enables these women to make a difference in their village. “I have been involved with Triple Jump right from the start. I have personally witnessed many, many of these success stories. I feel privileged!”

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We hereby present Triple Jump BV’s 2013 Annual Review, prepared by the Management Board.

Good Governance Triple Jump is governed by a Supervisory Board, which acts as an independent supervisory body. By virtue of its investment company licence, Triple Jump is regulated by the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank. Triple Jump’s business operations must satisfy the obligations under the Market in Financial Instruments Directive (MiFID). The rules of conduct designed to ensure that clients are treated with care are embedded in Triple Jump’s processes, procedures and company culture. We have no incidents to report for 2013 and conclude that Triple Jump satisfies the requirements set for eligibility for the licence.

Fund GovernanceAs a fund management company, Triple Jump is committed to complying with the Principles of Fund Governance established by the Dutch Fund Association (DUFAS). The objective of this code is to provide additional guidelines as guarantees to investors, that fund managers operate in an ethical manner, with due care and in the best interests of the investors. The Supervisory Board is of the view that the code of conduct is being complied with, in the company. It notes that, to the extent that funds managed by Triple Jump have their own separate governance structure, the Supervisory Board is not responsible for supervision of the individual fund policies.

Activities performed in 2013 The Triple Jump Management Board and the Supervisory Board consult with each other on a regular basis, during which they discuss the activities, organisation and development of Triple Jump in detail. The main focus of the five joint board meetings held in

2013 were the strategy plan 2013-2015, risk management, financial and social performance, and IT.

We are happy to ascertain that the Management Board has begun implementing the policy plan for 2013-2015, as adopted by the Supervisory Board. In 2013, Triple Jump further tightened its risk management and monitoring policy in accordance with regulatory guidelines. The Supervisory Board is of the opinion that the Management Board maintains a good balance between its financial goals and its social results.

To increase business understanding, a delegation from the Supervisory Board embarked on a working visit to Uganda in October of last year, visiting several organisations financed by funds managed by Triple Jump.

We would like to thank the Triple Jump Management Board for being a pleasure to work with, as well as for the transparent manner in which they communicate with the Supervisory Board. Furthermore, we would like to thank the employees of Triple Jump for their professionalism and their contribution to the company. Ab Engelsman, Chairman of the Board April 2014

The Supervisory Board

Ab Engelsman, Esha van der Hulst-Haldar, Bart Hartman, Eduard van Gelderen, Ewoud Goudswaard

From The BoardThe Supervisory Board hereby presents Triple Jump‘s 2013 Annual Review. The Board is satisfied with the timely implementation of the strategic plan 2013-2015. Equally important, the company is maintaining a good balance between financial and social results.

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Clients, Investees and End-clientsTriple Jump structures, manages and advises funds that aim to invest responsibly in financial service providers in developing countries. Our clients are social investors ranging from international development organisations to pension funds, insurance companies and banks. Our investees are financial service providers serving our end-clients: micro and small & medium sized enterprises. We target intermediary financial institutions in all stages of development, though we view emerging and expanding financial service providers as our niche. With the funds entrusted to us we provide our investees with loans, capital investments and technical assistance. Our investees range from NGOs receiving their first non-subsidised loans, to big regulated banks. Supporting these institutions in the early stages of their development maximises partnership value and allows us to grow with the institution. Triple Jump also offers capacity building services to promising financial service providers to fortify governance, strategy and operations. Our core business is to achieve both a financial and a social return from our investments.

Organisation The Triple Jump head office and more than half of our staff are located in Amsterdam. The entire team is composed of 50 professionals with ample field experience and in-depth financial knowledge. Our advisory services staff works in partnership with the investment team, that is organised along regional lines, with regional offices in Lima, Mexico City, Tblisi, Bangkok and Nairobi. Triple Jump’s fund administration operations are ISAE 3402-II compliant.

Legal Structure Triple Jump BV is a private company with limited liability, organised and existing under the laws of the Netherlands. Triple Jump is a regulated investment firm under the supervision of The Dutch Authority for the Financial Markets and the Dutch Central Bank. The company has four shareholders: ASN Bank, Oxfam Novib, NOTS and the management of Triple Jump.

Our Profile

Triple Jump BV

Management Board

Supervisory Board

Latin America

Europe, Caucasus

& Central Asia

Risk

Internal Audit

Africa & Middle East

Asia & Pacific

Investor Relations

DebtFinance &

ControlPortfolio

ManagementLegal &

ComplianceEquity

AdvisoryServices

ICTPR

HR

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Ab EngelsmanChairman of the Board

Esha van der HulstBoard Member

Bart HartmanBoard Member

Eduard van Gelderen Board Member

Ewoud GoudswaardBoard Member

Mark van Doesburgh Managing Director

Steven Evers Managing Director

Eelco MolRegional Manager

Orsolya FarkasRegional Manager

Claudia VroomManager Investor Relations | Business Development

Ward BouwersHead of Equity

Luca PaonessaHead Portfolio Management

Michael RabonzaSenior Portfolio Management Officer

Gildas MichaudPortfolio Management Officer

Marnix MulderHead of Triple Jump Advisory Services

Barbara RademakerAdvisor Latin America

Gareth EvansSenior Adviser Africa

Hoda SalmanSenior Investment Officer Africa & Middle East

Clemens GerteiserSenior Investment Officer Africa & Middle East

Christophe BochataySenior Investment Officer Africa & Middle East

Andrea HuszthyInvestment Officer Africa & Middle East

Gerlof de KorteField Regional Manager Eastern Europe, Central Asia and Caucasus

Lida VardaniaSenior Investment Officer Eastern Europe, Central Asia and Caucasus

Raushana KolbayevaInvestment Officer Eastern Europe, Central Asia and Caucasus

Tatiana BabiiInvestment Officer Eastern Europe, Central Asia & Caucasus

Tamar BasilashviliPortfolio Analyst Eastern Europe, Central Asia & Caucasus

Todd MasonManager South America

Gustavo SantivañezField Regional Manager Central America

Luis GuerraSenior Equity Investment Officer Latin America

Claudia RojasSenior Investment Officer Latin America

Karla JahnckeInvestment Officer Latin America

Luis Gabriel Alba GarciaInvestment Officer Latin America

Daniel NäfInvestment Officer Latin America

Kaitlyn GodfreyInvestment Officer Latin America

Gabriela Perez MollInvestment Officer Latin America

Jarri JungPortfolio Analyst Latin America

Henning Haugerudbråten Field Regional Manager Asia and Pacific

Wiwit Kiat-anupongPortfolio Analyst Asia and Pacific

Jeanette BoumanHR Officer

Frits Nieuwerth-van den AkkerICT Manager

Johan WierdaHead Finance & Control

Juan Nieto SolisFinancial Administrator

Ed SpekFinancial Administrator

Paulien PeetFinancial Administrator

Han HooglandFinancial Administrator

Gabriela BustamenteLegal Counsel

Nines EspinaLegal Officer

Mirjam MuisLegal Officer

Josefina AguileraLegal Assistant

Natascha KorvinusLegal Assistant

Peter DriessenSupport Officer Finance & Control

Lotte AkkermanExecutive Assistant

Geert van AsbeckPR and Communications Officer

Supervisory Board

Head Office

Regional Office

Advisory Services

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Steven Evers and Mark van Doesburgh, co-founders and Managing Directors at Triple Jump, started the company 8 years ago. The idea to set up a specialised investment firm to foster growth of the micro and small enterprises in emerging markets, by mobilising responsible capital, has borne fruit. “To achieve our goal and increase access to finance, we not only wanted to provide capital, we also felt that there was a clear lack of solid institutions to deploy this capital. Providing capacity building services has been instrumental in extending the offer to our portfolio companies.” Both Steven and Mark have been instrumental in developing a company that is continuously looking to further the financing frontiers. Triple Jump currently has regional offices in Lima, Peru, Tbilisi and Bangkok, with a new office to be opened in Nairobi in 2014. “Local presence has been key to the company’s success. Having direct access to bottom-up information allows the team to make better investment decisions.”

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13

While 2013 has been a year of consolidation, Triple Jump has taken an important step to further diversify its assets under management. Triple Jump managed to further boost its institutional depth and started implementation of new systems in anticipation of new regulation and new compliance requirements. Most importantly, the financial and social results of the funds under our management remained very satisfying. In particular, portfolio quality of the funds under management was excellent with a net increment of provisions of 0.1% only. Triple Jump published its second Social Performance report and was able to reach over 350,000 end-clients.

Innovation FundAn important milestone for Triple Jump was the USD 22 million first closing of the Triple Jump Innovation Fund, a new fund that focuses on furthering the financing frontier in emerging economies. The investment fund will invest in innovative solutions that increase access to finance for the bottom of the pyramid. In line with our strategy, we expanded the geographic footprint of our client coverage team by opening an office in Bangkok. We served over 160 portfolio companies distributed across around 60 countries.

MarketGeneral conditions for financial service providers in markets where Triple Jump operates remained positive with the exception of a few countries where political interference may lead to a more unfavourable regulatory environment. Across the board, portfolio companies showed similar growth rates and risk indicators, compared to 2012. Our Advisory Services team has joined forces with both the International Finance Corporation and FMO to support Central Asian financial service providers in strengthening its services to the market of small and medium-sized enterprises (SMEs).

Social Performance In 2013 Triple Jump presented its second Social Performance report. Main findings show an increase in social performance scores, indicating a better awareness at investee level. The best performers in Triple Jump’s portfolio remain countries in Latin America and Asia. In 2009, Triple Jump started using its current methodology to measure social performance.Oxfam Novib and Triple Jump have jointly developed a robust, but affordable and scalable method to measure social impact of financial services to micro and small entrepreneurs. The approach has been tested with two financial service providers in Africa. In both cases, evidence was found that the services of these financial service providers have had a positive impact on a number of livelihood indicators.

Demand IncreaseDespite a challenging macro-economic environment in some of the countries where Triple jump operates, we anticipate a further increase in financing demand from our portfolio companies on the back of GDP growth. Also, we anticipate further interest in impact investing on the part of investors. We expect to launch a new initiative later in 2014 that will support our portfolio companies in their efforts to upscale to serving small and medium enterprise clients. We would like to thank our staff, external investment committee members and all our stakeholders for their continuing efforts and commitment.

Mark van Doesburgh Steven Evers

Management Board

From The ManagementIn 2013 we managed to further diversify our assets under management, as well as our regional representation, with the launch of Triple Jump Innovation Fund and the opening of a regional office in Bangkok. The financial and social results of the funds under our management remained very satisfying. Also, we co-developed an affordable and scalable method to measure social impact of microfinance.

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By the end of 2013, we reached over 350,000 entrepreneurs through our investees, 63 per cent of whom are women borrowers, and 53 per cent of whom live in rural areas. Overall, our investees reached 8.5 million borrowers throughout the world. Although the total invested capital under our management slightly declined to EUR 264 million, we saw amounts committed increase after closing of the Innovation Fund later in the year.

The main portfolio characteristics of the funds entrusted to us remained largely unchanged, with high diversification and strong asset quality. Over the year, returns were negatively influenced by exchange rate fluctuations. Still, we managed to offer the investors in the funds entrusted to us, an attractive average net return of 4.4%.

Asset Selection Demand from financial institutions differed per region. However, across the board, the funds under Triple Jump management benefitted from healthy growth of financial service providers, to finance the activities of micro and small entrepreneurs. Investments continued to perform well with a net increment in provisioning of 0.1% only, due to good market conditions and our thorough asset selection process. Focusing on opportunities that involve fundamentally sound propositions that finance real economy businesses and provide value-adding products and services to customers, remains a key element in our search for new prospects.

Investing ResponsiblyThe sector continues to improve and adapt its practices to respond responsibly and sustainably to the global challenges of financial inclusion. We are very much aware that our obligations in this regard as a socially responsible asset manager extend all the

way to our end-clients. As an investment manager, our responsibility is to select those portfolio companies that offer appropriate financial services to their end-clients at the bottom of the pyramid. Our focus lies in selecting those intermediary institutions that look after their clients, make sufficient efforts to improve operating efficiency, and distribute the wealth generated by these improvements in a balanced way. Given the good performance indicators of our portfolio companies and promising macroeconomic indicators in general, we have every confidence that the assets under our management will continue to perform well in 2014.

Financial Results 2013In 2013 the main portfolio characteristics of the funds entrusted to us remained largely unchanged, with high diversification and strong asset quality. We saw amounts committed increase after the closing of our Innovation Fund. In our selection process our focus is on those financial service providers that look after their clients, make sufficient efforts to improve operating efficiency, and distribute the wealth generated by these improvements in a balanced way.

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Jeanette Bouman, human resources officer here at the office in Amsterdam, is constantly scouting for new staff. “Seeing the continued growth of Triple Jump, we are always looking for talented new colleagues,” says Jeanette. “Most of them are non-Dutch. With all these different nationalities around me at Triple Jump, I often feel as if I am part of a small – but growing – United Nations. The challenge is finding people who share the company’s mission and vision, and fit well socially, into the existing team. Team spirit is our most important asset, our human capital. Triple Jump helps out here by organising an annual team meeting, where the staff from the regional offices gather in Amsterdam. During that week, we share knowledge and best practices, organise in-house trainings and make sure there are plenty of social events.” The rapid global expansion of the company makes it a very challenging job, for example because of different labour laws in different countries. Triple Jump’s HR department has been professionalised over the years, which can be expected of a company that shows an average annual staff growth of 15%, reaching 50 employees by the end of 2013. The most recent big step forward is the purchase of a very well-functioning personal information system, another method of keeping the entire organisation well connected, and bringing its offices closer to each other.

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Christophe Bochatay, Senior Investment Officer for francophone Africa and coordinator for social performance at Triple Jump (photo, right), meets with women entrepreneurs in Goma. Women of Goma, the city in the troubled Kivu region of DR Congo, have to live in the face of extraordinary hardship. The recent history of Goma is dominated by several wars, and also by volcanic eruptions. In fact these women’s houses are built with the lava rocks of the volcano that destroyed more than 40% of the city in 2002. Needless to say, Goma is not the most attractive city for a bank to set up a branch. The microfinance institution Hekima, supported by Triple Jump since 2011, is one of the very few institutions providing financial services to the women of Goma. Christophe: “What makes my work at Triple Jump particularly fascinating is the diversity of financial institutions we partner with, from large banks that service medium size enterprises with sophisticated products, to smaller institutions with a strong humanitarian purpose such as Hekima, who attend to very poor women in difficult environments. Each of these provides much needed services to the many hardworking entrepreneurs in Africa.”

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Financial service providers that are financed by Triple Jump usually have an explicit social mission. The set of processes and systems in place within these institutions to ensure they fulfil their social mission is called Social Performance Management.

AssessmentThe assessment of the social performance of potential Triple Jump investees constitutes an integral part of the investment process. Triple Jump uses a proprietary model to assess the likelihood that the companies financed, contribute to socio-economic development and act responsibly towards their stakeholders. The graph below summarises the social performance management score of all the financial service providers in Triple Jump’s portfolios as of December 2013. The average score is 73%, meaning that the investees’ social performance practices are on average well developed and integrated into operations. In terms of overall score, financial service providers in Asia are the best performers, thanks to their long track record and their outreach to a great number of clients. African institutions on the other hand, score below the average, as they have been less exposed to international best practices, although this is now starting to change.

Performance DimensionsFinancial service providers score best on “Intent”, meaning they have a clear social mission and objectives, but must further improve their institutional systems to ensure effective implementation of their mission and the measurement of social results. Of the six social performance dimensions, “Client Protection” scores the highest, indicating that most financial service providers have the measures in place to ensure responsible and appropriate service to clients. “Outreach” also scores high, showing that Triple Jump’s investees reach a significant number of financially underserved individuals

and target groups. “Client Satisfaction” and “Social Performance Information” receive the lowest scores, although both are at acceptable levels. This reflects the fact that still too few portfolio companies continuously collect client feedback and that more need to integrate social performance indicators into their management systems. Triple Jump’s advisors support institutions in this regard. Along with this social performance assessment, all institutions in the portfolio are specifically screened to ensure their pricing policy and management remuneration are in line with responsible practice.

Sector InitiativesIn 2013 Triple Jump continued to play a significant role in furthering the debate on balanced returns by sharing its Interest Traffic Light approach. It also worked jointly with other microfinance investors and raters, to define indicators for the Universal Standards for Social Performance in an effort to harmonise social performance management within the sector. Finally, Triple Jump in collaboration with its partners, published several impact studies to bring new insight into the impact of microfinance on the well-being of entrepreneurs and to the approach to measure it. Triple Jump is a signatory of the Principles for Investors in Inclusive Finance (UNPRI). Further information on Social Performance at Triple Jump can be found in its Social Performance Report 2013.

Social PerformanceAs of December 2013 the social performance management score of all the financial service providers in our portfolio was 73%, with the best performers to be found in Asia. Financial service providers score best on client protection and outreach, but must improve their practice in collecting client feedback. We published several impact studies and our second Social Performance Report.

Social Performance Dimension Scores

Human

Recources67%

Client Satisfaction

61%

Social Performance Information

63%

Gender64%Outreach

75%

Client Protection

85%

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In 2013, we co-developed a robust, but affordable and scalable method to measure social impact of financial services to micro and small entrepreneurs. This new method has been applied with two financial service providers and positive impact on a number of livelihood indicators was confirmed. The new method may help impact investors to improve investment strategies and sustain claims of social impact.

Oxfam Novib and Triple Jump joined forces in 2013 to develop a robust, but affordable and scalable method to measure social impact of financial services to micro and small entrepreneurs. The approach has been tested with two microfinance institutions in Africa – Attadamoune (aka AMSSF) in Morocco and VisionFund (aka APED) in Ghana. In both cases, evidence was found that the services of these financial service providers have had a positive impact on a number of livelihood indicators.

Pilot StudyOxfam Novib designed a cost-efficient pilot – with methodological support from Wageningen University – to measure impact by comparing the perception of change of a sample of clients with a control group. In both cases, a randomised sample of around 250 clients and 250 non-clients (the control group) were interviewed. Data was automatically uploaded from the survey app into a central database. Sampling and data analyses were done independently from the financial service providers. Propensity score matching was used to ensure comparability of the client group with the control group.

ResultsThe results are encouraging. For example, more clients have perceived an increase in income and savings, compared to the control group (composed of future clients). Other (indirect) impact domains included in the assessment are living standards, access to food, social participation, education and health, where mixed impact was shown. The potential use of this cost-efficient approach is positive, due to its scalability and low costs. It places the end-client at the forefront. It may help impact investors and financial institutions to improve investment strategies and sustain claims of social impact with evidence at

reasonable costs. Based on the results, financial service providers can define and implement follow–up actions to improve their products, or the intermediaries can start a more qualitative analysis to get a more in-depth understanding of the impact findings.

Impact Measurement

VisionFund (aka APED) in Ghana VFG Livelihood Indicators: Income and Savings

Attadamoune (aka AMSSF) in Morocco Attadamoune Livelihood Indicators: Income and Savings

Target group

Control group

Impact

Target group

Control group

Impact

61%

74.8%

39.8%

60.9%

46.6%

72.0%

31.8%

51.9%

Perceived increasein income

Perceived increasein income

Perceived increasein savings

Perceived increasein savings

+ 25.2%

+ 10.8%

+ 15.4%

+ 14.7%

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Investment FundsWe specialise in advising and managing funds that ultimately benefit micro, small and medium-sized enterprises in developing countries. Our objective is to manage our funds in a way that the goals of both our investors and our investees are being achieved. With different funds under our management, we are able to grow with our investees, as they increase outreach. In this part of our Annual Review, we highlight last year’s achievements in the seven investment funds we currently manage:

- ASN-Novib Microcredit Fund- Oxfam Novib Fund- SNS Institutional Microfinance Funds - Triple Jump Seed Capital Fund- MicroBuild Fund- Triple Jump Innovation Fund

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2011 2012 2013






2010 2011 2013






ASN-Novib Microcredit Fund

Oxfam Novib Fund

Asia 8%Caucasus 18%Central America 14%Central Asia 14%Eastern Europe 3%Global projects 2%Middle East - North Africa 1%South America 34%Sub-Saharan Africa 6%

Asia 12%Caucasus 1%Central America 19%Central Asia 9%Global projects 1%Middle East - North Africa 2%South America 18%Sub-Saharan Africa 38%

ASN-Novib Microcredit Fund (ANMF) was established by ASN Bank and Oxfam Novib in 1999. ANMF allows private individuals in the West to invest in financial service providers in developing countries by issuing shares, which can be traded on a daily basis. ANMF invests in expanding and mature financial service providers in Africa, Asia, Europe and Latin America. As an open-ended fund, ANMF can offer long-term equity and follow-on investments, along with senior and subordinated debt. For 2013, ANMF achieved a net return of 4.1 per cent (2012: 5.5 per cent).

The Oxfam Novib Fund (ONF) was established by Oxfam Novib in 1997 to support still young and small, but high potential and high impact microfinance institutions in developing countries. The fund seeks out financial service providers that focus on underserved markets and target specific groups (rural communities, women borrowers, etc). In 2013, three ONF clients made a ‘jump’ to other investment funds with a more conservative risk profile, a testament to the developmental role of ONF. ONF has been shifting its focus towards Africa to help develop the relatively young and underdeveloped sector in the region.

Distribution by currencyEUR 4%USD 70%Local Currency 26%


Portfolio outstanding by instrumentEquity 18%Loans 70%Subordinated loans 5%Deposit Agreements 7%

Portfolio outstanding by instrumentGuarantees 1%Loans 95%Subordinated loans 4%

2%

34%

3% 14%

14%

18%

8%1%6%

38%

12%

18%

2%1%19%

9%

2%

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2011 2012 2013






2012 2013

Committed EUR 0.8 M EUR 0.8 M

Invested Capital EUR 0.3 M EUR 0.1 M

Number of portfolio companies 1 1


EUR 0.3 M EUR 0.1 M

SNS Institutional Microfinance Funds

Triple Jump Seed Capital Fund

Central America 4%Central Asia 56%Eastern Europe 15%South America 25%

Central America 100%

100%

The SNS Institutional Microfinance Funds (SIMF I and SIMF II) offer institutional investors the opportunity to invest in expanding and mature financial service providers worldwide. SIMF I and SIMF II are organised as Closed Mutual Funds under Dutch law and initiated by SNS Impact Investing, the development investments arm of SNS Asset Management N.V. Triple Jump is a sub-advisor to SIMF I and SIMF II. Both SIMF I and SIMF II invest in Africa, Asia, Eastern Europe and Latin America, offering loans (including subordinated debt) guarantees for portfolio expansion, and equity investments.

Our Seed Capital Fund started in 2012 and invests in start-ups in difficult environments and in young financial service providers with a promising future. Triple Jump launched the fund using EUR 750,000 of its own retained earnings. With the fund, we seek to expand our investment horizon to young, innovative initiatives and to financial service providers in very difficult environments. In the past few years, we have encountered various examples of new and promising initiatives in which we would have invested if the funding possibilities were there. However, with our other funds under management we have limited the possibilities of investing in start-ups or in very young financial service providers.


Distribution by currencyLocal Currency 100%

Portfolio outstanding by instrumentLoans 89%Deposit Agreements 11%

Portfolio outstanding by instrumentEquity 100%

25%

4%

56%

15%

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MicroBuild Fund

Triple Jump Innovation Fund

MicroBuild Fund was established jointly by Habitat for Humanity International (HFHI) and Triple Jump in 2012. MicroBuild Fund supplies debt capital specifically for housing solutions that financial service providers offer to their low-income end-clients. A unique feature of the fund is that HFHI is funding and rolling out a complementary technical assistance programme to help these financial service providers develop and improve their housing products, and ultimately, serve end-clients better. The main shareholders in the fund are HFHI and the Omidyar Network, a US-based private social investor. The Overseas Private Investment Corporation (OPIC) invests USD 45 million of debt capital in the fund. The first loans were disbursed in September 2012.

In 2013, Triple Jump launched Triple Jump Innovation Fund to promote and support innovation in developing countries. There are still large parts of society that are unattended or underserved. More specifically, the Innovation Fund invests in financial service providers that offer rural and agricultural finance, operate in difficult countries and/or offer innovative products and services that have a direct positive impact on living conditions at the base of the pyramid. This is Triple Jump's first private label product. The investors committed a total amount of USD 22 million in 2013. A second issue of senior notes is expected to take place later in 2014.

2013

Committed USD 22 M

Invested Capital USD 4 M

Number of portfolio companies 5


USD 0.8 M

2012 2013

Committed USD 50 M USD 50 M

Invested Capital USD 4.8 M USD 15.5 M

Number of portfolio companies 4 9


USD 1.2 M USD 1.7 M

Distribution by currencyUSD 100%

Distribution by currencyUSD 100%

Portfolio outstanding by instrumentLoans 100%

Portfolio outstanding by instrumentLoans 100%

Caucasus 39%Central America 13%Central Asia 26%Middle East and North Africa 3%South America 19%

Caucasus 24%Central America 28%Central Asia 24%South America 24%

3%

19%

39%

13%

26%

24%24%

24% 28%

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Ward Bouwers (photo, front row, left), Triple Jump’s new Head of Equity, poses for the camera with a group of women entrepreneurs at one of the branches of Triple Jump’s investee ProMujer, just outside Mexico City. The women were holding one of their regular loan meetings, when Ward and Triple Jump’s Investment officer Claudia Rojas (photo, left), stumbled in. It was one of his first real encounters with microfinance. “What impressed me, was that apart from the loan, ProMujer also offered additional services, for instance health care to its clients,” says Ward. "It is not only the financial return on investment that counts, but also the social return!” This is a new way of investing for Ward, having worked for commercial equity investors in Holland and Argentina for many years. “I am also impressed to see that Triple Jump has gained very valuable in-depth knowledge of all aspects of the microfinance industry.”

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Products and ServicesWe are constantly renewing and improving our products and services. In this part of our Annual Review we highlight a few. We co-developed innovative impact evaluations that are affordable and effective. We launched a new fund to promote and support innovation in developing countries. We successfully approved our first Innovation Fund loans for entrepreneurs at the Bottom of the Pyramid. And we reinforced our equity team in a period of actual consolidation. Find more below:

- Advisory Services

- Innovation

- Housing

- Equity

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Triple Jump re-invests a portion of its earnings, through Triple Jump Advisory Services, in technical assistance projects for its investees, with the objective of contributing to a solid, social, and innovative micro-finance sector. Since its start in 2006, Triple Jump Advisory Services has executed over 150 projects in 29 countries, with tailored services in collaboration with partners like Oxfam Novib, the Dutch development bank FMO and institutions like the International Finance Corporation (IFC) of the World Bank Group.

ExpertiseOur expertise areas are clustered around three main topics:

1 Product/channel development, to help financial institutions to serve the underserved, like upscaling to the SME market and introducing branchless banking.

2 Risk management, focusing on both financial and social risks. Still a lot of work is to be done in building the foundations for solid risk management, like adequate governance and IT/MIS.

3 Social performance management, with cost effective approaches to assess impact.

Hands-on The core of our work consists of providing hands-on advisory services to financial service providers. The expertise that is built up on the ground is systematised and shared with other financial service providers, partners and wider community through publications and conferences. Central to our approach is the collaboration with our partners – financial service providers, consultants, donors – to leverage our resources and confront challenges bigger than ourselves.

In 2013, we conducted 30 projects with 26 different financial service providers throughout Africa, Central

Asia and Latin America, of which 17 were new partnerships.

Missing MiddleA lot of work has been done to reach out to the missing middle. We have been supporting seven financial institutions in upscaling their services to small and medium sized enterprises (SMEs). We co-hosted the SME finance conference in The Hague with FMO and the Dutch Platform for Inclusive Finance, NPM. Together with SEF (Social Equity Foundation) and WASTE (Advisors on Urban Environment and Development), we launched an innovative project for direct investment in SME in Africa. Other projects focused on expanding rural finance in post conflict areas (Sudan), the roll out of mobile banking services (Rwanda), innovation in Islamic finance (global) and tailoring financial services to youth (Morocco).

Risk InitiativeWe supported 7 partners in strengthening the foundations for risk management (IT/MIS and audit/control), while with another 8, we focused on building up their integrated risk management. We co-founded the Risk Initiative for Microfinance to contribute to a more solid and social microfinance sector, and shared the first fruits of the joint collaboration effort (the graduation model) during European Microfinance Week in Luxembourg.

Social ImpactWe conducted two pilot studies together with Oxfam Novib in Africa (see page 19). We also studied social performance databases of three socially oriented Financial Service Providers in Latin America to learn how these data can be used more efficiently to assess impact. A publication with very interesting insights will follow in 2014.

Advisory ServicesIn 2013, we conducted 30 technical assistance projects with 26 different financial service providers in Africa, Asia and Latin America. We co-hosted the SME finance conference in The Hague. And we worked on an innovative project for direct investments in SME in Africa.

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Claudia Vroom, Manager Investor Relations/ Business Development, meets with Floris Lambrechtsen from Double Dividend, the company that was hired by Achmea to select a suitable microfinance fund. After a thorough due diligence, they recommended Triple Jump - given our outstanding track record and the right balance between financial and social returns. Next, Achmea itself conducted an in-depth review of all the legal, tax and risk characteristics of the Triple Jump Innovation Fund. We were very happy when Achmea finally decided to join and consider this as some kind of ‘quality label’ for our offering. “I like meeting with the Double Dividend team, since they – just like us – want to build a bridge between financial and social returns. This is actually also the reason why I joined Triple Jump mid-2013, after having worked 15 years with more ‘traditional’ asset managers. I am happy with the change. I hope to establish a good relationship with all our investors. So far, my experience is that we interact more like partners than what I was used to, in my ‘previous life’.”

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In 2013, Triple Jump launched Triple Jump Innovation Fund BV, to promote and support innovation in developing countries.

First TimeThe Innovation Fund is our first private label product. Apart from being fund manager, Triple Jump is also responsible for investor relations and the whole set-up of the fund. Among the first round of investors are Achmea, the largest insurance provider in the Netherlands, the microfinance fund, KCD Mikrofinanzfonds, managed by BANK IM BISTUM ESSEN eG from Germany, and the Dutch development organisations, Cordaid and Oxfam Novib.

The goal of the fund is to further access to finance for still underserved people and communities around the world, thereby improving the quality of life for people at the ‘base of the pyramid’.

UnderservedTriple Jump took this initiative because, even though we can observe that access to finance has improved in many developing countries over recent years, there are still large parts of society that are unattended or underserved. It is our belief that innovation is needed in order for institutions to develop appropriate products, services and logistics to advance access to finance. The Innovation Fund therefore, seeks to serve as a catalyst for these efforts, by providing debt and technical assistance to lower-end financial service providers in developing countries, who on-lend this money to finance micro and small enterprises.

Agricultural FinanceMore specifically, the Innovation Fund invests in financial service providers that offer rural and agricultural finance, operate in difficult countries and/or offer innovative products and services that have a direct positive impact

on living conditions at the base of the pyramid. One of the first investments the fund made, for example, was to provide a loan to TBC Leasing in Georgia. This financial services company provides leasing solutions and long-term financial strategies to users of technology equipment in the SME sector.

Advisory ServicesFurthermore, the Innovation Fund works closely with Triple Jump Advisory Services to improve financial sector development. Many of the targeted financial service providers are in a developmental stage, and will benefit to a large extent from technical assistance. Triple Jump Innovation Fund issues junior and senior notes, each with a different risk return profile, and with a seven year maturity. The Investors committed a total amount of USD 22 million in 2013. Late December, the Innovation Fund made its first investments, for more than USD 4 million, to financial institutions in Georgia, Tajikistan, Ecuador, Honduras and Guatemala. A second issue is expected to take place later in 2014.

Innovation In 2013 we started the Triple Jump Innovation Fund. Achmea was among the

first round of investors. A second issue of senior notes is expected to take place

later in 2014. Late December, the fund made its first investments. Innovation is

needed to develop appropriate products, services and logistics to advance

access to finance.

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In 2012, Triple Jump and Habitat for Humanity International launched the MicroBuild Fund. We continue to firmly believe in the premise that housing microfinance can empower the poor to provide themselves with adequate shelter and housing, within the realities of self-help strategies.

More DemandVery few financial service providers currently offer specialised housing loans. There is far more demand than supply in the current market. It is estimated that as much as 20 per cent of microfinance business lending is de facto used for housing.

In order to address the need for specialised products, Triple Jump and Habitat for Humanity International jointly established the MicroBuild Fund. The fund is intended to be a source of long-term social investment capital and technical assistance for financial service providers, to expand their housing microfinance portfolios.

Good Year2013 was a good year for MicroBuild Fund. By the end of the year, the fund had invested a total of USD 15.5 million in 9 financial service providers, including banks, NGOs and Savings and Loan Cooperatives, in 8 countries. Each and every one of the loans provided was accompanied by a comprehensive technical assistance (TA) package, provided by Habitat for Humanity’s Centre for Innovation in Shelter and Finance.

EcuadorIn April 2013, for instance, MicroBuild Fund disbursed a USD 2 million, 4-year loan to Banco D-Miro of Ecuador. The TA facility from Habitat for Humanity helped the bank to develop a Construction Technical Assistance model, in which credit clients are provided with specific technical advice on how to best carry out their home improvement project. In addition, the TA facility provided loan officers with specific home improvement loan

product training, and helped the bank research opportunities to link the loan product to housing subsidies provided by the Ecuadorian government.

Lebanon Another successful MicroBuild Fund example is a USD 500,000, 4-year MicroBuild Fund loan, disbursed to The Lebanese Association for Development – Al Majmoua (‘Al Majmoua’), which allowed the institution to leverage its existing relationship with Habitat for Humanity – Lebanon (HFHL), the national office of HFHI in Lebanon. The technical assistance programme included technical support by engineers to Al Majmoua clients (low income salaried workers and micro entrepreneurs) with larger loan sizes, monitoring support for the overall housing microfinance portfolio, and continuous technical training to loan officers. Clients’ feedback to the financial service provider particularly highlighted the added value from the HFHL engineer’s visit to their house, to advise on, for example, proposed home repair or improvement options, materials to be considered, and possible contractors.

Ambitious Goals Due to the success of MicroBuild Fund to date, both in lending and in technical assistance projects, we are confident about meeting the fund’s ambitious goal – to be close to fully invested (USD 50 million) by the end of 2014.

Housing2013 was a good year for the MicroBuild Fund we helped to establish in 2012. The fund for housing microfinance has invested a total of USD 15.5 million in 9 financial service providers in 8 countries. The fund is expected to be close to fully invested (USD 50 million) by the end of 2014.

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Wiwit Kiat-anupong, (photo, left), Portfolio Analyst in Triple Jump’s Asia Pacific team based in Bangkok, Thailand, meets with one of the motorcycle taxis in the city. “It is clear to me that microfinance can help bring better living standards and allow the borrowers to send their children to obtain a higher level of education.” Wiwit is committed to social development. “Microfinance’s emphasis on empowering entrepreneurial women and men resonates with my long-held belief in equality of opportunities. I am grateful for a chance to help contribute to improving livelihoods of people at the bottom of the pyramid,” says Wiwit. While many Asian economies have been growing at a high rate in recent years, large financially-excluded populations still exist. Triple Jump will expand its presence in the region from a recently opened regional office in Bangkok. Microfinance institutions in the region account for more than 40% of the world’s total microfinance loan portfolio and about half of its deposits. In general, the average microfinance institution in the region is somewhat smaller than in the rest of the world, and the average loan size is also smaller. At the same time, however, microfinance institutions in Asia exceed their peers in the rest of the world in sustainability/profitability, and they do so even with lower portfolio yields than elsewhere. There is generally a high level of focus on operating efficiencies and achieving low costs per disbursed loan.

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Claudia Rojas, (photo, right), Senior Investment Officer at Triple Jump’s regional office in Mexico City, feels “privileged” to work in microfinance. “In times where we witness how wealth concentrates in few hands and inequality increases, my job becomes invaluable”, says Claudia. “I provide the means, the tools to the less fortunate so they can fight their poverty trap. In my six years of work in microfinance and at Triple Jump in particular, I have personally seen how people use tiny loans to change their lives and those of their families; especially true in our region, where financial service providers are mostly small and rural.”Claudia often meets with small entrepreneurs like Carolina López (photo, left). With the USD300 loan that Carolina got from Pro Mujer México four years ago, she was able to buy the first juicer to start her Juice business. With the following loans, she has been able to buy three more machines to make flavoured, shaved ice treats and smoothies, and contribute to the education of her three children. Claudia: “Her dream now is to expand her business and open her own place in Pachuca, as she now rents a corner in a supermarket.”

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Equity is one of the instruments that Triple Jump offers to assist partners in their development. Triple Jump has been offering equity actively since 2006, through the ASN-Novib Microcredit Fund. When considering potential investments, Triple Jump looks in particular at shared vision and shared values. A requirement for good shareholdership is mutual trust. At Triple Jump we go for this type of privileged relationship with all of our portfolio companies. Our relationship with financial service providers normally starts with a loan or subordinated debt and develops over the years.

SME Bank In 2013, in order to keep a balanced debt and equity portfolio, we expanded our equity commitments only modestly, as the ASN-Novib Microcredit Fund did not expand. We finalised an equity investment in Fortaleza in Bolivia. With regard to our existing investments, we are pleased that several of our investee companies took successful steps with regard to transforming into regulated banks. In this respect, we are especially proud that Bai Tushum in Kyrgyzstan, became the first and only microfinance and SME bank in the country. It is also noteworthy that our investment in Hattha Kaksekar in Cambodia, in spite of the political unrest that affected the country, managed (again) to achieve significant growth.

Adding Value When we invest in a financial service provider, we look at adding value by participating in the Supervisory Board with either experienced Triple Jump staff, or an expert from our extensive network. As a member of the Board, we actively participate in the governance. Given our focus on tier two and tier three microfinance institutions, we have a network of experts who assist our partners with specific issues, for example transformation into a bank and the introduction of new products, as well as improving MIS and corporate governance.

Long-termWe are long-term value investors. Long-term, because the majority of the assets we manage are open-ended, meaning that we do not maintain a strict deadline for an exit. This allows us to be patient, and to work with our partners on their medium and long-term strategies. It also means that we do not invest based on short-term market speculation, but rather that we will look at the financial service provider’s inherent potential to grow and incorporate more micro entrepreneurs into the financial system.

When participating in the capital of a financial service provider, it is our goal to support the intermediary to fulfil its social mission, and to ensure that it has implemented at least a minimum of client protection measures. Triple Jump has endorsed the Client Protection Principles and has developed an in-house social performance assess-ment tool that identifies strengths and weaknesses in a financial service provider’s social performance. In addition, Triple Jump Advisory Services helps financial service providers to embed social performance within their organisations.

Minority StakeWhen participating in an institution’s capital, Triple Jump always takes a minority stake. We believe in autonomous development and a diversified governance structure. We assist prospective investees in finding the right mix of investors, and help them to access socially responsible capital markets. With our investees, we focus on preserving their mission while working towards increased economies of scale, which in turn can help the financial service provider to offer an increasing variety of efficiently priced products including loans, savings, insurance, pensions and remittance services. To implement these types of products one needsfunding, time and expertise. As a shareholder representative for the funds we manage, Triple Jump is able to provide for these requirements.

EquityIn 2013, several of our investee companies successfully took steps with

regard to transforming into regulated banks. We currently have 20 equity

investments in Africa, Asia and Latin America. We remain long-term

value investors.

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Gareth Evans, (with block note and pen), visiting a group of lenders from Opportunity Bank Uganda, joined Triple Jump Advisory Services in 2013. “I work for Triple Jump to try to help correct market failures,” says Gareth. “I see my role as helping improve access to financial services for the underserved and unbanked, as well as increasing market share and profits for the private sector. The two are definitely not mutually exclusive. In fact, in today’s competitive market place, businesses need to understand that they can continue to grow by developing products and services for previously untargeted markets.” As microfinance has developed, the sector has developed new ways of reducing asymmetry of information and improved ways of providing access to financial services. This new approach relies heavily on technology. This is either in the form of traditional databases and management information systems to collect and analyse repayment data, or in new and innovate delivery channels such as mobile financial services. “My work is to help microfinance institutions to deliver appropriate products and services that reach the unbanked and underserved, using cost effective delivery channels,” says Gareth.

Triple Jump Annual Review 2013 Text Triple Jump

Photography:

Cover: Berthe Kavira Mukosa

Caption: Women entrepreneurs in Goma, DRC, meeting to manage

their group loan.

page 6-7: Orsolya Farkas

page 11: Josefina Aguilera and others

page 12: Niels Blekemolen


page 16-17: Berthe Kavira Mukosa

page 24-25: Luis Gabriel Alba Garcia


page 31: Noppwit Lertkittipaporn

page 32: Luis Gabriel Alba Garcia

page 34-35: Opportunity Bank Uganda employee.

Concept, design and production Tangerine Design, The Netherlands

Cartography BosmaGrafiek.nl, made with Natural Earth

Printing Maasstad (this Annual Review is printed on FSC paper

from mixed sources.)

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Facts & Figures 2013

Nicaragua

Bolivia

Paraguay

MexicoHonduras

Dominican Republic

Brazil

Argentina

Ethiopia

Tanzania

Zambia Malawi

Zimbabwe

Mozambique

South Africa

KenyaDR Congo

Kosovo

Macedonia(FYROM)

Mali

Benin

Nigeria

Netherlands

GeorgiaAzerbaijan

Angola

Cameroon

Palestine

Niger Chad

Tajikistan

Philippines

Indonesia

India

Pakistan

Afghanistan

Mongolia

Kyrgyztan

Kazakhstan

Uzbekistan

Vietnam

Ghana

Costa RicaPanama

Ecuador

Colombia


Peru

Senegal

Rwanda

Namibia

Ivory Coast

Albania

LebanonMorocco

Armenia

Cambodia

Thailand

Uganda

Bosnia-Herzegovina

Haiti

Portfolio companies

163Investments

310 Head Offices

Regional Offices

Countries where Triple Jump worked in 2013

Portfolio Companies

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Nicaragua

Bolivia

Paraguay

MexicoHonduras

Dominican Republic

Brazil

Argentina

Ethiopia

Tanzania

Zambia Malawi

Zimbabwe

Mozambique

South Africa

KenyaDR Congo

Kosovo

Macedonia(FYROM)

Mali

Benin

Nigeria

Netherlands

GeorgiaAzerbaijan

Angola

Cameroon

Palestine

Niger Chad

Tajikistan

Philippines

Indonesia

India

Pakistan

Afghanistan

Mongolia

Kyrgyztan

Kazakhstan

Uzbekistan

Vietnam

Ghana

Costa RicaPanama

Ecuador

Colombia


Peru

Senegal

Rwanda

Namibia

Ivory Coast

Albania

LebanonMorocco

Armenia

Cambodia

Thailand

Uganda

Bosnia-Herzegovina

Haiti

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Triple Jump Head OfficeNachtwachtlaan 20 1058 EA AmsterdamThe NetherlandsT +31 (0) 20 512 06 20F +31 (0) 20 512 06 [email protected]

Triple Jump Georgia OfficeAkhvlediani ravine nr 3Tiblisi Georgia T +99 55 99 16 97 02

Triple Jump Kenya OfficeNairobiKenya

Triple Jump Mexico OfficeAvenida Benjamin Franklin 166, Oficina 1bis, Colonia Escandón Delegación Miguel Hidalgo C.P. 11800 Mexico D.F.T +52 55 62 78 84 47

Triple Jump Peru OfficeCalle Los Zorzales 130, Of. 902San Isidro, LimaPeruT +51 (0)1 421 08 92

Triple Jump Thailand OfficeExchange Tower building (Suite 2936) 388 Sukhumvit Road, BangkokThailandT +66 21 04 91 60

Documents

Triple Jump Annual Review 2013€¦ · Triple Jump Annual Review 2013. Capital committed €339,000,000 Capital invested €264,000,000 Portfolio companies 163 Equity investments