A recurring issue in private markets has resurfaced in 2026: the gap between promised liquidity and actual liquidity. Several evergreen private equity and private credit vehicles have faced significant redemption pressure, exposing a fundamental structural flaw. When investors request capital back, underlying assets, such as equity stakes or structured credit, cannot be monetised within the implied redemption timelines.

Private debt has grown as an asset class, but the expansion of capital into the market has not been uniform in quality. As more managers have entered the space, the range of underwriting standards has widened, and that dispersion is beginning to show up in portfolio outcomes.

Measuring impact beyond institutional reporting

Repayment Profiles as One Element of Intelligent Structuring

A framework for understanding how PD, LGD, and EAD interact with portfolio construction in impact debt strategies exposed to financial institutions. 

Microfinance markets include financial intermediaries across a wide range of size and operational maturity. Allocating to Tier 2 and Tier 3 microfinance institutions (MFIs) is a strategic choice that can enhance diversification and deepen exposure to underserved parts of the financial system. 

In private credit and impact lending, losses are often the result of processes that develop over time.

When we wrote about sustainable emerging market bonds in October 2025, our central argument was structural. A widening development finance gap, improving sovereign credit fundamentals across much of the EM universe, and growing green, social, and sustainability bond issuance were collectively changing the risk and return profile of this asset class. That argument has not changed. What has changed is the external environment in which it must be tested.

In emerging and frontier markets, economic conditions can change quickly. Interest rates, inflation, and currency stability vary across countries. These differences affect the risk of lending to financial institutions.

Zurich, February 2026: Enabling Qapital marks the first anniversary of the EQ Emerging Markets Sustainable Bond Fund Strategy, a milestone that underscores the commitment to sustainable finance, robust risk management, and innovative portfolio construction with investments from Swiss and Finnish Institutional Investors as well as Family Offices.

Financial markets in 2025 were shaped by geopolitical uncertainty and rapid shifts in investor sentiment. In that context, microfinance continued to behave differently from traditional asset classes.

Enabling Qapital onboards a new Microfinance Mandate, surpasses USD 800 million AUM and expanding its reach to more than half a million end clients in emerging markets.

Emerging Market Debt (EMD) is no longer just a high-yield play, it’s becoming a cornerstone of sustainable finance. As investors seek both impact and performance, integrating Environmental, Social, and Governance (ESG) factors into EMD strategies is essential. Within the European Union’s Sustainable Finance Disclosure Regulation (SFDR), Article 9 sets the benchmark for what qualifies as a truly sustainable investment. But applying these standards in emerging markets presents unique challenges and opportunities.

[Zurich, March 12th 2025] – Enabling Qapital (EQ), has been selected as an Emerging Impact Manager in the ImpactAssets 50™ (IA 50) 2025, a highly respected resource highlighting fund managers at the forefront of impact investing.

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.

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.

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.

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

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.

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 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.

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!

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.

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.

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.

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.

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.

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.

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?​

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.

​

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!

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.

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.

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.

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.

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!

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).

Why Enabling Qapital?

Great team, great opportunity, and a great product- impact investing, a very meaningful task

We would like to take this opportunity to congratulate the Spark+ team on their third investee! Bidhaa Sasa, which means ‘Products Now’ in Swahili, is a lean start-up based in Bungoma County in Kenya that focuses on goods and services that improve the quality of life for rural families.

Moving Money to Meaning is #Teamwork!

Our Regional Managers recently concluded their official trip to Zurich. This fruitful endeavor provided the senior management team an opportunity to sit down with the different team leaders from the various regions to reflect on the past year and develop the goals and strategies for the future.

We are excited to announce that Xavier Pierluca, Co-Founder and Managing Partner at Enabling Qapital, together with Sistema.bio / Sistema Biobolsa Alexander Eaton, will be joining the CCAC Household Energy Hub’s ‘Insights Meeting’ tomorrow from 14:00 CET to 15:00 CET, to discuss the different ways we can scale up finance to transform clean cooking.

We are excited to announce that Xavier Pierluca, Co-Founder and Managing Partner at Enabling Qapital, together with Sistema.bio / Sistema Biobolsa Alexander Eaton, will be joining the CCAC Household Energy Hub’s ‘Insights Meeting’ tomorrow from 14:00 CET to 15:00 CET, to discuss the different ways we can scale up finance to transform clean cooking.

An article was published in the Handelszeitung Business Newspaper this Sunday morning, on the lessons that microfinance can teach us in dealing with crises.

Thank you Women In Sustainable Finance International for the great opportunity to be the host for the kick-off 2023 and talk about the often overlooked #SDG1 – #NoPoverty. We are happy to see such big interest sparking engaged conversations.

EQ finally has a fully-fledged branch in Nairobi, Kenya which will serve as a Hub for the whole of Africa. The opening of this new branch reflects the growing importance of Africa for Enabling Qapital. Not just for the EMF Microfinance Fund and Spark+ Africa Fund but also for future funds to be added to the EQ shelf.

Ali & Ali, Barristers and Corporate Consultants is a leading corporate and commercial law firm based in Lahore, Pakistan. The Firm, led by Managing Partner Syed Reza Ali advises microfinance banks and institutions, offshore investment funds, telecommunication companies, startups and fintech companies on corporate and commercial matters, banking law, debt and equity financing, mergers and acquisitions, competition law, and intellectual property law.

According to the UN, the global poverty rate increased from 8.3% in 2019 to 9.2% in 2020 due to the pandemic. Moreover, the current inflationary effects of the war may lead to an additional 75 to 95 million people in extreme poverty in 2022. While SDG 1 on eradicating extreme poverty is a crucial goal of the 2030 Agenda for Sustainable Development, it may sometimes be less addressed than other objectives.

Enabling Qapital is looking back on a successful 3rd year of existence. The year 2022 was marked by various accomplishments.

An article was published last Sunday in the “NZZ am Sonntag, a well-renowned Swiss newspaper: “Der Kapitalismus ist gut” which loosely translates to “When Capitalism is good. The author, Mark van Huisseling narrates how he spent his days on the road with Managing Partner Roger R. Müller, traveling through India.

Yesterday, at exactly 2pm CET, the entire EQ team logged into zoom for the company call. The call was led by Roger Muller, who introduced his fellow managing partners: Remo Oswald, Christoph Dreher, Xavier Pierluca and Chuck Olson as they all made their presentations. The senior management team thanked the team for all their hard work in the past and presented their future goals and plans for the company. 

Recently, an article was published in the Special Report Managing Climate Change section of the Financial Times and focuses on businesses that are developing alternatives to unsustainable, dirty and polluting cooking fuels. The article mentioned how the African Development Bank (AfDB) is supporting investment funds that invest in projects to replace firewood, charcoal and kerosene with clean biomass fuels, biogas, ethanol, electric stoves, and liquified petroleum gas (LPG), and our very own Spark+ Africa Fund was one of them.

This is an exciting time for all our investors and partners, as we will be hosting a breakfast event on 15th November, 2022 from 08:30 AM, at Mühlebachstrasse 164, in Zurich.

We are delighted to announce a new partnership with U GRO Capital!

We are proud to announce that our very own Managing Partner and Co-Founder, Xavier Pierluca will speak at the Clean Cooking Forum 2022 in Accra, Ghana. We are delighted that during his session tomorrow, Wednesday, 12.10.22, he will discuss the importance of “Perspective on Innovation: Finance at Scale”.

Did you know that 1.7 billion people in this world have no access to finance?

The devastation caused by floods due to the current monsoon in Pakistan is still ongoing. Millions of people have been displaced from their homes due to the catastrophic flooding, which has overwhelmed government relief efforts and claimed the lives of thousands.  Many public health facilities, water systems and schools have been destroyed or damaged. Villages have been washed away leaving millions of children in need of immediate, lifesaving support, and at increased risk of waterborne diseases, drowning and malnutrition (UNICEF, 2022).

We are happy to announce that Spark+ Africa Fund has made its second investment in Sumac Microfinance Bank Ltd, a fast-growing and profitable microfinance institution with branches throughout Kenya that take deposits and provide consumer credit.

Gravel roads and long distances – in developing countries, most people walk. Yet, a simple resource can radically improve their lives: a simple, robust Bicycle.

EMF Microfinance Fund provided another subordinated loan to Bank Respublika

The first investment of the Spark+ Fund is to BRUN – a Bloomberg Award-winning company placed in Nairobi, Kenya. Over the last 10 years, BURN has built a successful business while proving that cookstoves can deliver transformative social, financial, and environmental impacts. With innovative and affordable Clean Cooking stoves, BURN contributes to saving forests and lives in the developing world through improved cooking solutions.

Recently, Co-Founders and Managing Partners of EQ, Remo Oswald and Roger Müller, visited one of the microfinance institutions we collaborate with in Kenya, Premier Credit Limited. This is a credit-only microfinance institution that aims to build lasting relationships with its clients with a vision to see them achieve their aspirations. James Kinyanjui, the Regional Manager of the Nairobi North Region, and his team at the Kangemi branch described to us their day-to-day business activities and tasks, such as daily team meetings, target setting, strategic planning, and client updates.

Exactly two years after taking over the mandate for the EMF Microfinance Fund, we reached another milestone of!

Our Investment Officer from Kyrgyzstan Farida Abdulhafizova took us on a monitoring visit to the Central Branch Bank of InvesCore in Mongolia. She had an in-depth exchange with the Branch Director, Mr. Baljirjantsan, and a thorough review of loan files.

Our local team from Kyrgyzstan Urmat Imankulov, Urmat Sarpekov, Kubanychbek Sapiianov, together with Managing Partner Chuck Olson participated at this year’s MFC Annual Conference 2022 in Istanbul, Turkey.

Enabling Qapital AG is happy to be a member of Swiss Sustainable Finance.

An essential part of EQ’s corporate culture is team work and living its values.

Let’s celebrate our 2nd EQ Day!

Spark+ Africa Fund raises over $40 million in a first close to invest in clean and modern cooking solutions in Africa

Is Democracy Becoming An Endangered Species? How investment can secure democracy.

We are excited that FMA Liechtenstein has approved the Article status of the EMF Microfinance Fund based on the SFDR regulation.

Enabling Qapital (EQ) is looking back to a challenging.

It’s time to celebrate! ?

#MovingMoneytoMeaning & together scaling the #Impact

This is the core of Microfinance! Moving Money to Meaning!‍

WE ARE VERY HAPPY TO ANNOUNCE OUR PARTNERSHIP WITHGSB CAPITAL NBFI LLC FROM MONGOLIA!

We are delighted do present Roger Müllers Interview at Swisspreneur.‍

Global Parametrics and Enabling Qapital launch the Climate Resilience Enhanced Debt product with Chamroeun Microfinance Plc. in Cambodia

Celebrate with us officially our #EQDAY 05.17.21

Interesting read! Clean Cooking Alliance released their Industry Snapshot & our Spark+ Africa Fund is nicely portrayed.

We invite you to celebrate #earthday2021 together with our Investment Officer from #Ecuador, Carolina Ordoñez and the whole EQ Team!

In the beginning, Muhammad Shoiab’s mobile textile business generated only a very little revenue. It was so little that he was not able to send his children to school. Nonetheless, Muhammad believed in himself and his business and decided to apply for a loan at ASA Pakistan limited.

Why is it that Microfinance funds remain comparably stable throughout international crisis or economic downturns? Where does the low correlation with the financial markets come from?

Enabling KyrgyzRepublic - Roundtable (in Russian): Friday, February 26 | 10:00 am (GMT+6)

#ENABLINGINSIGHTS >>Remo Oswald, Managing Partner informiert Sie über die wichtigsten Mikrofinanz Insights in Zeiten einer globalen Krise.

We are very happy to announce our partnership with Microserfin. Microserfin is a leading microfinance institution in Panama, looking after low-income entrepreneurs and is fully owned by the Fundación Microfinanzas BBVA.