MicroVest, a global impact investing asset management firm, has closed a USD20 million, five-year revolving credit facility with MetLife Investment Management to provide a redemption line to their flagship impact investment fund.
The credit facility will serve as a secondary source of liquidity for Limited Partners. The partnership will enable both organisations to increase their commitment to deep impact through financial inclusion. This investment represents MetLife Investment Management’s largest community investment to date.
The credit line enables MicroVest to better manage liquidity of the fund to deploy more capital, more quickly, to the places that need it the most. Per MicroVest’s stated mission, these are often microfinance institutions in emerging and frontier markets that have few other means of accessing capital to promote financial inclusion within their markets.
“Having this facility, and this partnership, with such a well-regarded financial inclusion leader, will hopefully prove catalytic as we seek to grow MicroVest’s lending footprint across emerging markets, providing appropriately priced capital to financial institutions serving the underbanked,” says Gil Crawford, CEO of MicroVest. “Our rigorous and time-tested due diligence process and 15-year track record of extending financial inclusion to underserved markets fits perfectly with MetLife Investment Management’s commitment to the space. This partnership will spur deep impact designed to transform the financial future for so many across the globe.”
Matt Sheedy, Director of Responsible Investment Strategies at MetLife Investment Management, says: “Expanding financial inclusion is one ofMetLife’s highest priorities, so we’re pleased to be able to support MicroVest with financing that will accelerate the growth of their investment fund and enable more capital flow to high-impact microfinance institutions globally.”
