In the ever-evolving landscape of private equity (PE), secondary investments have emerged as a significant strategy, particularly in emerging markets (EM) and developing countries. These markets present a unique combination of high growth potential and challenging conditions, making secondary PE investments an attractive option for investors looking to balance risk and return. However, the path to successful secondary investments in these regions is not just about financial performance; it is also about responsible exit strategies that ensure sustainable impact. This article explores the dynamics of secondary PE investments in emerging and developing countries, outlines the importance of responsible exits, and connects these concepts to additionality.

Discover how Kashf Foundation is transforming lives and enabling financial independence in Karachi, Pakistan. Meet Mehmooda Kanwal, a skilled artisan who has turned her passion for sewing into a thriving business.

Beyond the Highlights: 2024 in Perspective

From welcoming new Board Members to achieving regulatory milestones, 2024 was defined by purpose and progress, showcasing significant strides in our mission to move money to meaning and create tangible differences in emerging markets. Our 2024 Year-in-Review visual journey highlights pivotal moments of growth, innovation, and impact while celebrating the collective achievements of our team, partners, and clients. Together, we remain committed to leading with purpose and making a lasting impact.

Why EQ?

Enabling Qapital offers a unique opportunity to contribute to meaningful financial inclusion on a global scale. Working with EQ will allow me to collaborate with highly skilled, multicultural teams, each bringing diverse perspectives and innovative approaches to problem-solving. This dynamic environment excites me as it not only supports my growth but also aligns with my commitment to making a tangible impact in the world.

Why Enabling Qapital:

I’m drawn to Enabling Qapital’s vision of “Moving money to meaning,” which aligns with my belief in impact investing. The idea of using finance to generate both returns and positive social outcomes excites me. I’m motivated by the opportunity to contribute to meaningful change while advancing my career in finance.

Empowering Communities Through Microfinance: A Success Story from Karachi

In underserved communities, where access to financial resources, especially for women, is often limited, microfinance plays a pivotal role in fostering economic empowerment. Shakeel Ahmed, a branch manager at Kashf Foundation’s Karachi Saddar branch, shares his insights into how microfinance transforms lives and fosters independence, empowering women to lead change in their communities.

Why Enabling Qapital?

For nearly a decade, I have been actively involved in NGO social service weekend activities. Joining EQ, a leader in impact investing, would enable me to align my professional expertise with contributing to meaningful social impact projects.

Why Enabling Qapital?

I'm excited about EQ because it focuses on making a positive social and environmental impact through investments.

Spotlight on Ecuador | Armando Calderon | Faces

Investing in Innovation: Armando Calderon's Journey from Soil to White Gravel in Transforming Lettuce Farming

At Enabling Qapital, we are committed to making inv estments that create lasting impacts. Through our collaboration with FACES, an organization dedicated to supporting rural micro-entrepreneurs in Ecuador, we have witnessed numerous success stories that highlight the power of strategic financial support. One such story is that of Armando Calderon, a determined and innovative lettuce farmer. 

Investing in emerging markets requires a nuanced approach that goes beyond mere financial calculations. It involves recognizing unique opportunities and addressing specific challenges. At Enabling Qapital, we place great emphasis on the potential of secondary private equity (PE) investments and the concept of additionality to foster sustainable development and economic growth. Let us explore how these two approaches work in tandem to create meaningful impact.

Why EQ?

Your company's mission to help those in need achieve their goals inspires me to work with you. Additionally, the opportunity to work in an international environment is particularly appealing to me.

Areas of Expertise?

Research-Data, Analysis-Development Sector, Financial Inclusion

On August 1, 2024, Alexandra Borja, one of our Investment Execution Officer at Enabling Qapital, attended the Swiss National Day celebration at the residence of the Swiss Embassy in Quito, Ecuador. This event marked the 733rd anniversary of the Swiss Confederation's founding and provided a valuable opportunity for reinforcing our international connections in the financial sector.

Why EQ?

A great opportunity to continue serving in the impact sector specifically by increasing financial inclusion to the underserved.

Supporting Fundación Génesis Empresarial alongside FMO and other partners to foster sustainable economic growth in Guatemala.

Why Enabling Qapital?

I am passionate about working on projects that speak to social and economic needs of communities and excited to be part of the team at EQ that will deploy resources to investments in clean energy and financial inclusion to empower people while embracing the planet.

What inspired you to join Enabling Qapital?

I was drawn to Enabling Qapital because of its people and their values. It's inspiring to work with a team that has a strong sense of purpose. Traveling to meet the super-talented team, and to see how everyone is so focused on trying to make a difference, has been such a pleasure.

What inspired you to join Enabling Qapital?

I have a background in (and personal passion for) impact investment, which I wanted to put to good use with a company with a clear vision and that shows sustainable growth in this space. EQ stood out, in terms of their performance compared to peers, the quality and vision of the management team, and the potential for meaningful societal impact. I’ve been very impressed so far and look forward to supporting EQ in the next stage of its growth.

Enabling Qapital (EQ) was founded in early 2020 with the goal of investing institutional funds sustainably and with attractive returns, guided by the mission of 'Moving Money to Meaning'. Since then, EQ has experienced remarkable growth and now manages assets worth 700 million US dollars with over 50 employees in the areas of Private Debt/Microfinance, Access to Energy, and Clean Cooking. Enabling Qapital is B-Corp certified and collaborates with over 150 microfinance and clean cooking companies, thereby reaching more than 400,000 small and micro-entrepreneurs across over 45 emerging countries.

Amid the bustling villages of rural Kenya, individuals like Mary Malelu embarked on entrepreneurial journeys, striving to make ends meet with limited resources. Despite her perseverance, she faced challenges accessing the financial resources she needed to expand her ventures.

At EQ, we strongly believe that Earth Day should be celebrated every day. More than just a corporate goal, it's a way of life, a shared passion, and a collective responsibility we’ve all set out to embrace as best we can.  

Enabling Impact in Indonesia
Voices of Change: Mrs. Nur | Esta Dana Ventura

In Gunung Sindur, West Java, Mrs. Nuridah (Mrs. Nur), and her husband Pak Mahmud faced a significant challenge when he lost his job in 2022. Determined to provide for their family and support their daughter's university education, Mrs. Nur decided to utilize her knitting skills to start a knitting bag-making business. With the help of a business capital loan and training from Esta Dana Ventura (EDV), she transformed her passion into a thriving enterprise.

Why Enabling Qapital?

I've been closely monitoring Enabling Qapital since its inception, and I must say, I'm thoroughly impressed by its exceptional team and their profound expertise in impact investing within emerging markets. Collaborating with a Swiss Firm, which boasts a network of local professionals spanning over 10 developing countries, presents an unparalleled opportunity for both my investors and me.

Embark on the journey of Armando, a lettuce producer, as he navigates the world of agriculture with FACES by his side. Witness how their support has helped him overcome obstacles and achieve success in his rural entrepreneurship endavors.

Enabling Impact in Ecuador
Voices of change: Alexandria Garcia | Faces

At EQ, we are dedicated to fueling growth that makes a lasting impact. Through our partnership with FACES, a leading financial institution in Latin America, we’ve had the privilege of supporting microentrepreneurs like Alexandria Garcia, whose inspiring journey shows how small beginnings can lead to substantial business success.

Enabling Impact in Tajikistan
Voices of Change: Oisha Madalieva | Humo

Oisha Madalieva aspired to pursue a career in IT, but faced significant obstacles in Tajikistan. The country's IT sector had low female employment rates, and education costs were prohibitively expensive for her. 

Enabling Impact in Ecuador

Voices of Change: Galapagos Flores | Produbanco

At EQ, we focus on providing capital that drives sustainable development. One of our key success stories is Galapagos Flores, a leader in Ecuador’s flower industry for over 30 years. Through our partnership with Produbanco, we’ve helped Galapagos Flores expand and contribute to local communities while reaching international markets.

SME loans are tailored to meet the financial requirements of Small and Medium Enterprises (SMEs), a pivotal sector renowned for fostering substantial employment opportunities at comparatively lower capital outlays, while also driving industrial growth in rural locales. With their substantial contributions to domestic production, marked increase in export revenues, and operational adaptability, SMEs play a key role in a country's development.

Abishov Razim Husan, a valued customer of AccessBank CJSC’s Barda branch, resides in Gapanli village, Tartar region, where he manages a family-run animal breeding business with his three sons. Facing challenges in obtaining funding from other banks due to the front-line location of his village, Abishov turned to AccessBank in 2011 for support in expanding his household.

Enabling Qapital (EQ) is actively engaged in more than 50 Emerging Markets. Since the inception of EQ, each business year begins with a planning session in which the past is reviewed, and different scenarios for the upcoming year are discussed and planned for. The aim is to be as well-prepared as possible for whatever changes may occur, recognizing that in Emerging Markets, change is the only constant.

What an inspiring week at #AFIForum 2024 in Bangkok!

During our recent field trip with investors and partners, one of the highlights was the invitation to the Swiss Embassy in Nairobi. We had the privilege of attending a Dinner hosted by Valentin Zellweger, the esteemed Swiss Ambassador, and Dr. Steve Tharakan, Deputy Head of Mission.

We believe in the transformative power of education to change lives and communities. As we celebrate the International Day of Education 2024, we seize this opportunity to underscore our commitment to Sustainable Development Goal 4 – Quality Education. This year’s theme, ‘Learning for Lasting Peace,’ resonates deeply with our mission.

Enabling Impact in the Democratic Republic of Congo.
Voices of Change - SMG SA – Ms Mamie

Société de Microfinance Guilgal (SMG SA) is a microfinance institution operating in the Democratic Republic of Congo. Established in 2020, following the transformation of COOPEC GUILGAL created in 2012, SMG SA currently has nine branches across six provinces. The institution aims to provide financial services to individuals and small businesses that lack access to traditional banking services.

The World Economic Forum (WEF) kicked off in Davos on January 15th, 2024. One of our Co-founders and Managing partners, Remo Oswald attended the House of Switzerland panel discussion on financing just transitions. 

Chandrani Podder, Subhojeet Chatterjee, Elisabetta Bertotti, and Abdul Rehman Ijaz are gearing up for AFIFORUM – Asia Financial Institutions Forum!

In the dynamic economic landscape of Azerbaijan, the story of ART RIGHT LLC stands out as a testament to AccessBank’s commitment to fostering entrepreneurship. Gurbanov Tariyel, the founder of ART RIGHT LLC, embarked on his journey with AccessBank on September 14, 2017. At that time, Tariyel was involved in food sales with his father, and started with a modest business capital of AZN 15,000.

Breaking the Cycle of Poverty: Annah Mumbe's Journey with Yehu

Annah's First Steps Towards Financial Empowerment

In the ever-evolving finance landscape, our commitment to “Moving Money to Meaning” propels us to invest strategically, to drive impact on both financial and social fronts. Acknowledging the significance of ensuring gender equity, we are applying a gender lens to our internal processes and investments, taking steps to foster a more inclusive global financial ecosystem.

At Enabling Qapital, we're committed to monitoring the progress of microfinance institutions and celebrating the success stories of entrepreneurs they support. Witnessing the improvement in the well-being of micro-entrepreneurs is integral to the impact we strive to achieve. Recently, we had the privilege of meeting Mrs. Nelson Mwangi, owner of a thriving small shop in Kangemi, Nairobi County, through our collaboration with Sidian Bank.

As we approach the new year, let’s reflect on the impactful journey of 2023 at Enabling Qapital. Thanks to our team and partners for contributing to a world where investment empowers people and embraces the planet!

Reflecting on an extraordinary End-of-Year call at EQ! We didn’t just celebrate wins; we savored the sweet taste of success, toasted to our shared victories, and reminisced about the incredible journey that brought us here.

Enabling Impact in Cambodia
Voices of Change - Chhoeun Sokha | Chamroeun

In the heart of Siem Reap province, Cambodia, meet Chhoeun Sokha, a dedicated farmer who has transformed her life through the cultivation of cassava and rice. 

Why Enabling Qapital?​

I was drawn to Enabling Qapital’s dedication to social impact investing and their commitment to effecting positive change globally. The company’s proficiency in emerging markets is particularly appealing, and I am confident that joining EQ could offer me invaluable experience and skills in this domain.​

CENTRAL AMERICAN AND CARIBBEAN MICROFINANCE NETWORK (REDCAMIF) is bringing together leaders and experts at the Regional Forum on “Strengthening the value proposition of financial inclusion for women.” SMT and Co-Founder Chuck Olson will be a panelist at this impactful event, in collaboration with FinEquityALC, Andares Mujeres, FinDev Portal, and National Networks.

Why Enabling Qapital?​

I chose EQ because it focuses on investing in Micro Finance Institutions, which increase financial inclusion for low-income individuals, and small and medium enterprises mainly in developing countries. Working for EQ will enable me to have a positive impact on people’s lives..

As the world gears up for COP28, the significance of addressing climate change becomes more pronounced than ever. Amid global efforts, let’s delve into microfinance’s often-overlooked yet powerful role in the battle against climate challenges.

Together with our partners, investors, and team members from Ecuador, we had the honor of meeting Marianne Jenni, the Swiss Ambassador to Ecuador.

In the world of impact investing, making informed decisions is crucial to ensure that capital is channeled into initiatives that create a positive and lasting difference. A key aspect of this decision-making process involves conducting thorough due diligence to gain deeper insights into the organizations and individuals being supported. Recently, two of our investment analysts in Pakistan, Aastha Dawani and Abdul Ijaz embarked on a due diligence trip in Pakistan, where they had the opportunity to visit MFIs and meet with end clients. This journey offered them a unique perspective on the impact of EQ’s investments and provided valuable lessons on the power of financial inclusion in a developing nation.

Our time at LuxFLAG Sustainable Investment Week (#LSIW23) allowed us to connect with industry leaders, share perspectives, and contribute to the advancement of Sustainable Finance.

Why Enabling Qapital?​

I applied to Enabling Qapital because its impact investment focus aligns with my vision of the private sector playing a crucial role in enhancing social, economic, and environmental aspects. The company’s commitment to financial inclusion resonates with my social awareness, especially as a citizen of Ecuador. I’m excited about EQ’s projects, such as the Spark+ Africa Fund, positively impacting societies like Africa through modern household energy access. In essence, I am drawn to EQ’s dedication to social responsibility and creating value by investing in high-impact projects for community well-being.​

Enabling Impact in Cambodia
Voices of Change: Mr. Horn Kong | Chamroeun

Mr. Horn Kong, aged 59, and his wife Kul Theara, aged 58, reside in Ou Ta Kam Pir Village, Toul Ta Ek commune, in the Battambang Province of Cambodia. They have been acquainted with Chamroeun Microfinance Plc for nearly a decade since Chamroeun established its first office near their home.

Resilient Harvests: How Smart Agriculture Transformed a Sri Lankan Tea Plantation

We are committed to supporting organizations that drive positive change and make a significant impact in the world of microfinance. Kashf Foundation is a remarkable addition to Enabling Qapital’s portfolio.

As part of our commitment to education and knowledge sharing, we are excited to announce that, one of our esteemed Co-Founders and SMT Member Remo Oswald, serves twice a year as a guest lecturer at FHNW School of Business, sharing insights on how microfinance works in practice. This lecture is a part of the CAS Sustainable Finance course module Sustainable Investing, aimed at equipping participants with the necessary tools to make a meaningful impact in the field of finance.

Recent Central Bank language as well as early economic indicators are clearly pointing towards a state of global interest rates remaining higher for longer, somewhat in opposition to previous market consensus and futures forward pricing. I joined a recent session where our portfolio management has shared its views on what that means for the microfinance industry and its return perspectives as a whole.

At EQ, addressing the risk of greenwashing isn’t just a regulatory requirement—it’s a commitment to credibility and transparency. Our meticulous approach guides our strategies, aligns our team, and ensures our impact fund communications go beyond industry best practices. Explore how we steer through the challenges, making continuous strides in demonstrating tangible impacts and evolving alongside regulatory landscapes.

The African Microfinance Week, often referred to as SAM (Semaine africaine de la microfinance), stands as the largest conference dedicated to inclusive finance in Africa. Held in a different African country every two years, this extraordinary five-day event brings together up to 900 professionals in the inclusive finance sector from across the globe. SAM week 2023, was held in Lomé (Togo) from 16-20 October 2023, and some members of our investment team based in Kenya had the opportunity to attend.

Why EQ?

EQ’s mission is highly inspiring due to its essential positive influence on emerging markets, particularly in the context of the Central Asian region.

Our recent expedition to Sri Lanka uncovered the nation’s unwavering spirit in the face of challenges. Our Asia team conducted due diligence, visited branches and countless clients.

Enabling Impact in Kazakhstan
Voices of change: Ulzhas Agatayeva | Solva

At Enabling Qapital, we are inspired by success stories like that of Ulzhas Agatayeva, an enterprising woman from Shymkent, Kazakhstan, and a valued end client of one of our partner microfinance institution, Solva.

Why EQ?

EQ offers a platform for fostering a sustainable and positive impact in developing nations.

Why EQ?

I like the mission of EQ!

The 2023 United Nations Sustainable Development Goals (SDG) Summit brought together world leaders, experts, and stakeholders to tackle pressing global challenges and outline pathways toward sustainable development. Across various reports and discussions, several critical takeaways emerged.

Why EQ?

Great people, a meaningful mission, and endless learning opportunities.

The students of MAS Business Innovation Engineering for Financial Services at ZHAW Zurich University of Applied Sciences got the opportunity to learn about innovative practices disrupting the microfinance sector from our Managing Partner and co-founder, Roger R. Müller.

The Swiss Green Economy Symposium is a prestigious conference at the forefront of sustainable business practices in Switzerland. Their 11th annual conference took place on the 6th and 7th of September 2023, and one of our Managing Partners and Co-founders, Remo Oswald was among the moderators.

The World Bank Group is hosting a Webinar with Chuck Olson, Co-Founder & Managing Partner at EQ, as a featured speaker at the upcoming Disaster Risk Finance for Agriculture and Climate-Resilient Livelihood Knowledge Exchange Series.

Why EQ?​

I come from an emerging market and through EQ I can contribute to my country and the region.​

Why EQ?​

EQ affords me the opportunity to contribute to its mission of moving money to meaning through impact investing with a friendly, diverse and competent team.

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Get ready to cheer as Remo Oswald, EQ’s Managing Partner and Co-Founder, gears up once again for another adrenaline-pumping annual Bike Race Charity Ride!

Why EQ?

Enabling Qapital is an internationally minded, fast-growing company with a proven track record of real impact investing. I’m especially inspired by the mission of EQ to move money to meaning, as well as the exceptional people who I have had the pleasure of already meeting. I’m excited for the opportunity to join the EQ family and become a part of the journey!

Enabling Qapital’s impactful journey takes center stage as we proudly present an insightful article endorsed by one of our esteemed partners and influential investors, Alternative Bank Switzerland. This article sheds light on the transformative force of microfinance investments, emphasizing their profound social and ecological impact.

The East of Georgia is strongly involved in agriculture, thanks to its nutrient-rich soil. Additionally, agricultural practices are often deeply intervened with family history. This is also the case for Nino. Thirty years ago, his father decided to purchase land and start a family business in the agro-business. 

Good governance and servant leadership are at the core of our sustainability strategy. They define our shared goals and are the foundation of our mission and vision to move money to meaning in a world where investments strive to empower people and embrace the planet.

Why EQ?

I am a believer of making positive changes wherever and whenever possible

Why EQ?

Its strong reputation in the investment industry, collaborative work environment, and opportunities for professional growth and development.

Enabling Qapital prides itself in going the extra mile to find perfectly positioned microfinance institutions in the Emerging Markets that are not yet big commercial banks but have some years of experience in a professional set-up as well as a decent size of AuM and outstanding loans.

From Fields to Shelves, A Blossoming Entrepreneurial Journey

Building Healthier Communities: The Impact of Bailyk Finance in Kyrgyzstan

Nurturing Health and Well-being in Kyrgyzstan

Monitoring the outcomes of our investments is essential to ensure that we are achieving our social mission and goals and can measure our impact. At the portfolio level, we carefully select financial institutions by integrating the assessment of environmental, social, and governance (ESG) risks in the investment decision-making process. However, we also recognize the importance of assessing whether our investees contribute to generating positive change in the lives of their clients and households.

The co-founder of Enabling Qapital, a company that lends money to microentrepreneurs in emerging markets, on their business model. And about whether it’s fair for the poor to pay interest to the rich.

Why EQ?

Perfect place to utilise tech and product thinking to make a difference for the society

Join us in celebrating our LATAM Team! A special thank you to Carolina Ordóñez, our Investment Officer, and Agustin Villalba, our Regional Manager, for their commitment and invaluable contributions.

In the Microfinance Industry, regular engagement with Microfinance Institutions (MFIs) is crucial for fostering connections and collaboration. One effective platform for such interactions is the Microfinance Conference, where multiple MFIs can be met within a short timeframe.

Xavier Pierluca, Managing Partner and Co-Founder of Enabling Qapital and Co-Investment Director of Spark+ Africa Fund is scheduled to speak in the “Impact for Good: Sustainable Investment Strategies by Leading B Corps” webinar that will be held on 12th June 2023.

Happy EQ Day! Today marks a significant milestone for Enabling Qapital as we celebrate the 3-year anniversary of EQ being the advisor for the EMF Microfinance fund.

From Aspiring Entrepreneur to Business Owner: Symbat Kurmanbekova's Journey

Attention impact investors!

Enabling Qapital signed a $10m credit agreement with AccessBank Azerbaijan, the leading bank for micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan. AccessBank plays an important role in Azerbaijan’s financial sector by providing crucial support for the country’s economic growth by facilitating finance accessibility for MSMEs and we are excited to be a part of their commitment to impact investing and to the overall development of the nation.

The Spark+ Africa Fund, created to catalyze investment in clean and modern cooking has managed to attract a number of private investors since its launch in March 2022. The companies that Spark+ invests in are not only able to grow their production capacity and technology, but their outreach as well proving that clean cooking is a sector that is developing rapidly and is in need of the continued support of public capital at a much larger scale.

Introduction :The Middle East (ME) and North Africa are among the regions with the lowest microfinance presence worldwide. Additionally, women and those living in rural communities are disproportionately affected by financial exclusion.

The EMF Microfinance Fund has achieved a significant milestone of USD 500m in Assets under Management (AuM) for the first time in its history, thanks to the support of our Partners and Investors and the hard work of the Enabling Qapital team! With this achievement, we can now impact the lives of more than 11 million micro-borrowers and help them achieve financial inclusion through microfinance, and for that, we thank you!

Gender equity and financial inclusion are closely related concepts that are critical for promoting sustainable economic growth and reducing poverty. 

The most recent episode of the Enabling Qapital Moving Money to Meaning Podcast centers around EQ as a diverse and progressive company. In this episode, our marketing associate, Sharon Kimondo gets the opportunity to have an in-person sit-down chat with one of our founders and Managing Partners, Chuck Olson, who shares with us his first-hand experience in running a company as diverse and inclusive as EQ. Follow the link below to listen in on their very interesting and insightful conversation.

In Spring 2023 the Senior Management Team (SMT) traveled to Bishkek, Kyrgyzstan where they had the opportunity to meet the regional team responsible for the EECCA region (Eastern Europe, Caucasus, Central Asia, and Mongolia).

Gopal is an Indian businessman who specializes in the art of weaving, a skill that he learned from his late father. His life changed when his friend referred him to one of the MFI’s in our EMF Microfinance fund in India. Watch the video below to get a first-hand account of his experience since borrowing the loan, as well as his plans for the future.

Why Enabling Qapital?

I have a passion for impact investment, and EQ’s mission and vision align with my aspirations.