As a professional investor

As a professional investor

The funds on this page, which are managed or advised by Incofin Investment Management, invest in microfinance institutions in developing countries. The bottom-line is always a double one, focusing on a balanced combination of financial and social results.

Open for investment
agRIF will invest in financial intermediaries in emerging economies (Africa, Asia, LAC Region, CEE-NIS), that enhance financial inclusion of smallholder farmers and rural micro-, small and medium sized entrepreneurs (MSMEs) in the agricultural value chain. It will provide an attractive financial return to investors. agRIF is a 10 year closed-ended mixed fund, that will make equity and debt investments. The average ticket size of the investments will be between 5-10 million USD.
Open for investment
The Fairtrade Access Fund provides farmers' cooperatives and associations the trade finance, working capital and long-term loans they need to manage their operations, renew their farms or adopt new technologies and equipment. The Fund was launched in 2012 under the advisement of Incofin Investment Management by the fund sponsors Incofin cvso, Fairtrade International, Grameen Foundation and KfW. The fund began operations in Latin America and has expanded into Africa. It has the ambition to be a global fund.
Open for investment
Incofin cvso invests in sustainable microfinance institutions in developing countries that offer financial services adapted to small local enterprises and want to add value on a social level. Incofin cvso supports MFIs that offer financial services to small entrepreneurs to develop their own business and to improve their living circumstances.
Open for investment
Rural Impulse Fund II (RIF II) is the successor of RIF I and also invests in microfinance institutions through debt and equity investments. These commercial MFIs offer financial services in disadvantaged rural areas. The investors of this fund are development banks (IFC, EIB, KfW, BIO, FMO, PROPARCO and NMI), financial institutions (Storebrand, BNP Paribas Fortis, Bank für Kirche und Caritas, VDK Spaarbank, Vinis-Die Erste Sparinvest, Microfinanza) and Belgian trade union ACV-CSC Metea.
Incofin IM advises an account on the balance of BIO, the Belgian Investment Company for Developing Countries. Through the BIO account, Incofin invests in smaller, early-stage and difficult to access Tier 2 and Tier 3 microfinance institutions.
The Impulse Microfinance Investment Fund supports microfinance institutions at a later stage. It uses investments of the European financial sector, private companies and individuals to provide loans and equity investments to these MFIs. Some investors of this fund are KBC Private Equity, VDK Spaarbank, Ethias, BIO, Volksvermogen, ACV Voeding en Diensten, Pax-Bank, ACV-CSC Metea, Bank im Bistum Essen and Bank für Kirche und Caritas.
Rural Impulse Fund (RIF I) is a Luxembourg-based investment fund for rural microfinancing. The means it employs for investing in microfinance institutions are provided by development banks and the European financial sector. Through loans and equity investments, it invests in commercial MFIs that offer financial services in disadvantaged rural areas. Some of the main investors are BIO, EIB, FMO, IFC and KBC Private Equity.
VDK MFI Loan Portfolio was founded as an investment portfolio belonging to the Belgian VDK Spaarbank. With Incofin IM as fund adviser, it grants loans to large and well-developed MFIs.
Volksvermogen is a fund belonging to a Belgian investment company of the same name. It uses its own investment portfolio to support microfinance institutions and SMEs in developing countries. The fund offers loans as well as equity investments.


Dana Roelofs  (for corporate investors)

Mieke Winne (for private persons)

Tailor-made fund/facility

It is also possible to design a tailor-made investment fund or facility: microfinance, impact investments, agricultural finance,… Contact Dana Roelofs for more information.

Key figures

Portfolio Incofin IM on June 30, 2015:

  • Number of investees: 161
  • Number of investment countries: 44
  • Total amount invested: USD 460,108,489        
  • Assets under Management / Advice : USD 637,091,841


Quarterly figures per fund can be read here.


Success story

Triggering a spark of enthusiasm and hope

For many years, Sayen Voskanyan’s family from Mkhchyan village in the Artashat district has strived for better housing conditions. This villager has been working together with Kamurj for two years now.