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Posted on April 06, 2015

Enclude CEO Laurie Spengler spoke at CASE (Center for the Advancement of Social Entrepreneurship) at Duke’s Fuqua School of Business, about impact investing now and in the future.  Laurie delves into gaps in the current impact investing space: between rhetoric and participation in transactions, and in the analytical tools we need to provide to help investors perform risk/return analyses of transactions that truly capture total return.  Over the next 5 years, Laurie predicts, the opportunities inherent in these gaps will continue to create space for a maturing, robust ecosystem of investors, transaction professionals, and investment-seekers.  Check the CASE Chat 5 minute clip and the full video, Global Lessons on Leveraging Capacity with Capital for Impact.

Posted on April 01, 2015

London, April 1, 2015 – PROPARCO, the French Development Finance Institution, and GRET, an international NGO for fair development, under French law, have disposed of a combined 36% equity stake in Amret. The stake has been sold to a consortium consisting of the International Finance Corporation (IFC) alongside two existing shareholders, Advans S.A., SICAR and FMO, the Dutch counterpart of PROPARCO. The sellers were advised by Enclude Capital Advisory UK Limited, Enclude’s capital advisory services business.

Created by GRET in 1991 in the form of an experimental project to deliver microcredit to the rural population and duly registered with the Ministry of Commerce of Cambodia as a private limited company in 2000, Amret has become one of the largest dedicated MFIs in Cambodia with an outstanding loan portfolio of about US$ 288m and over 300k borrowers as at 31 December 2014. It is one of only seven MFIs in the country licensed to accept deposits. At the same time, Amret has adhered closely to its mission of financial inclusion, providing a wide-range of financial products and services to low income people as well as micro-, small-, and medium-sized enterprises.

Led by its experienced management team, Amret is well-placed to expand further into financially underserved Cambodian villages and provinces as well as into urban centres, rolling out new products.

This investment enables Advans S.A. to become the majority shareholder of Amret, with Amret now becoming a full subsidiary of the Advans group. This will strengthen the synergies between the Advans group and Amret, and allow Advans to work more closely with the institution. The investment by IFC, a member of the World Bank Group, will further diversify the shareholder base and will help Amret to improve its corporate governance and disclosure standards to support its sustained growth.

Enclude acted as sole financial advisor and Gide Loyrette Nouel as the main legal advisor to the sellers in the transaction.

General Manager of GRET, Olivier Bruyeron said: “Amret’s experience is evidence of the efficiency of Overseas Development Aid (ODA) to experiment with models whose social goal can’t survive with a market-focused approach. In the ‘90s, believing it was possible for an institution to achieve financial equilibrium by lending few amounts to poor people in rural areas was not easy! We are proud, as NGO, to have contributed to the success of Amret. We are confident to have found the right owners to support Amret during the next steps in its growth without losing its social aim.”   

Amret’s CEO, Mr Chea Phalarin added: “We are excited to welcome IFC to our shareholder-base and are grateful for the endorsement from our existing shareholders, Advans and FMO, in this transaction. I am confident that the current ownership will enable us to move to the next stage in our development and continue our mission of financial inclusion.”

Managing Director of Capital Advisory Services at Enclude, Steven van Weede, said: “Enclude is delighted to have been part of another important transaction in the sector. This adds to our extensive track record in responsible exits, where we work with clients not only to maximise value, but also to ensure that the incoming shareholders are aligned with the institution’s mission, values and vision, and have the right strategic fit to secure long-term sustainability.”

Posted on March 16, 2015

Dear Clients, Partners and Colleagues,

We are pleased to announce that Sustainability | Finance | Real Economies – the Company, for which Enclude acted as designer, structuring advisor and placement agent, was launched in Paris last Wednesday. The announcement was made during the annual meeting of the Global Alliance for Banking on Values (GABV), Enclude’s client and the initiator of the fund. We share a few highlights below; the GABV press release can be found at this link.

  • The first close of just over $40 million attracted a group of 21 private sector investors including Church of Sweden, Skopus Impact Fund, The F.B. Heron Foundation and 15 member banks of the GABV.
  • The open-ended fund, known as SFRE and pronounced “Sapphire,” is the first global investment company created to deploy long-term capital to real economy banks with a commitment to meeting the needs of individuals and enterprises while delivering steady financial returns (www.sfrefund.com).
  • Research by the GABV, with assistance from Enclude, shows that real economy banks emerged from the global financial crisis in better shape than 29 “too big to fail” banks that had strayed from funding the real economy. Find the report here.
  • SFRE will invest equity and subordinated debt in small to medium size banks which in turn are investing most of their assets in individuals and enterprises in the communities in which they operate. Every dollar of equity invested into SFRE is expected to be leveraged 10 times into the real economy.
  • Prospective investee financial institutions will be identified and evaluated with a proprietary scorecard that will provide a tool for reporting on quantitative and qualitative performance. A key consideration is the institution’s impact on local entrepreneurs and the communities in which they live and operate.
  • The portfolio manager for SFRE’s first compartment is MicroVest, selected via global search for its strong track record investing in regulated financial institutions serving low income communities and in liquidity management.
  • SFRE will enable community banks around the globe to be key players in building more inclusive and sustainable local economies – financing the enterprises and entrepreneurs who create jobs, produce goods and services, ensure clean water and promote solar energy and sustainable waste management.

SFRE is poised to support the growth of real economy financial institutions through its investments and to prove the value of sustainability-focused financial institutions in the global debate about the role of banks in society.

For more information, please contact me or Steven van Weede, Enclude’s Capital Advisory Services Director at svanweede@encludecapital.com.

Best regards,
Laurie

Posted on March 06, 2015

Dear Friends, Partners, and Colleagues,

I write with news on leadership developments across Enclude. With this team, we look ahead to new opportunities in offering “Capacity + Capital” solutions to advance our clients’ mission and business goals.

Within Enclude’s Capacity Solutions Business (CSB), we celebrate an exciting next step for a valued colleague and honour those Enclude team members stepping into expanded management roles:

Posted on December 10, 2014

Enclude CEO Laurie Spengler appears in The Wall Street Journal’s December 2 video on impact investing. Click here to view the video: WSJ Impact Investing.

Posted on November 04, 2014

As of November 17, Steven van Weede will become Enclude’s Managing Director of Capital Advisory Services, based in London. As Managing Director, Steven will tap his 19 years of investment banking experience in various markets around the world to lead and grow Enclude’s Capital Advisory Services business, including its activities conducted through our regulated company Enclude Capital Advisory UK Limited. Ian Callaghan, former Managing Director, will continue to work with Enclude on specific transactions.

Posted on September 03, 2014

GPA logo-02Enclude, in cooperation with HIVOS, launched the second and updated version of the Green Performance Agenda (GPA) electronic toolkit during the Social Performance Task Force Annual Meeting in Dakar in June 2014.  The GPA is an innovative and practical tool for assessing the environmental performance of MFIs.  The toolkit has a fresh look, updated interface features as well as a wealth of additional MFI case studies and implementation tools for green management. The toolkit can be downloaded here: GPA Toolkit.

For more information contact Geert Jan Schuite at gjschuite@encludesolutions.com or Natalia Agathou at nagathou@encludesolutions.com.

Posted on September 03, 2014

Nepal women waste mgmt trainingThe Sustainable Business Practices team of Enclude is proud to announce that the tailor-made “Developing women’s leadership skills in zero waste management for sustainable solutions” training is successfully completed. Enclude, in cooperation with PWEDO – a Nepalese NGO supporting women’s livelihoods – and UNESCO-IHE, has completed this six month project that consisted of a series of three training sessions. Thirty women have been trained on source separation of waste management, household composting, leadership and training skills as well as entrepreneurship in waste management. They are now delivering community trainings to others on source separation and are spreading the word of sound household waste practices throughout Kathmandu.

The video demonstrates the most important moments of our trajectory: Nepalese Women and Waste Management.

For more information contact Natalia Agathou at nagathou@encludesolutions.com.

Posted on September 03, 2014

 

AFD E&S trainingEnclude has successfully completed the 5th out of 10 trainings on Environmental and Social Management for financial institutions in Africa, funded by the African Development Bank. In total, staff representing 40 banks across 14 African countries have been trained. The five regional trainings were held in South Africa, Kenya, Nigeria, Togo and Senegal and welcomed participants from Ecobank, FirstRand Bank, Nedbank, Commercial Bank of Ethiopia, Access Bank in Nigeria as well as the central banks of the respective regions and sector associations. The next training will be held in Tanzania in August 2014.

 

For more information contact Geert Jan Schuite at gjschuite@encludesolutions.com or Natalia Agathou at nagathou@encludesolutions.com.

Posted on August 07, 2014

Mr. Omer Ghani joined Enclude in July as Regional Director, based in Islamabad, Pakistan. As Regional Director, Omer is responsible  Omer Ghani profile pic - 320w for leading, managing and growing Enclude’s capacity and capital business in Pakistan and other South Asian countries. His expertise in finance, capital markets and risk management will make him a valuable resource to Enclude’s clients.