Triple Jump news - Monday, August 30, 2010
EUR 12 million for NOTS Fund
Triple Jump partner the NOTS Foundation has raised EUR 12 million from the Dutch government and its international development bank FMO for the NOTS Microfinance Fund , managed by Triple Jump.
On August 30 the NOTS Foundation and FMO have signed an agreement for the EUR 12 million facility as part of the NOTS Microfinance Fund. Triple Jump is the investment manager of the fund, thereby responsible for portfolio management, asset selection and deal execution.
The NOTS Foundation is raising money from retail investors through long term bonds. The EUR 12 million facility from the Dutch government and its international development bank FMO will be subordinated to senior bondholders in the NOTS Microfinance Fund. For each euro invested in NOTS bonds, the Dutch Ministry of Foreign Affairs and FMO co-invest 43 euro cents. This co-investment of 43 euro cents per bond is subordinated to the investment of the bondholders. NOTS aims to raise a total of EUR 40 million for the fund.
The NOTS Microfinance Fund targets lower tier microfinance institutions in developing countries. (Microfinance is the provision of comprehensive financial services to low income entrepreneurs who traditionally lack access to banking and related services.)
