Microfinanceusapdf3 090916181954 Phpapp02

Microfinance for Institutional Investors

Conference Plus Workshops: September 21-23, 2009Washington D.C.

Analyzing the Latest Microfinance Investment Strategies

for Pension Funds, Family Funds & Private Wealth Managers

Conference Chair Scott Budde Jordan B Levine Vikram Akula Monica L. Brand Elizabeth Littlefield Managing Director Portfolio Analyst Founder & Chairperson Principal DirectorCEO & Director TIAA-CREF University of Chicago SKS Microfinance Gateway Microfinance

CGAP Office of Investments Innovation ACCION

Robert Annibale Paul Szkiler Raul Pomares Peter Johnson Julie T. KatzmanGlobal Head of Chairman Vice President Partner General ManagerMicrofinance Truestone Asset Guggenheim Developing World Multilateral Investments CITI Group Management Partners Markets Funds - Inter American

Development Bank

• Analyze next generation microfinance investments and the evolution of microfinancestructured instruments

• Evaluate emerging opportunities in China, India, Bangladesh and the Middle Eastmarket

• Learn about the latest trends and increased interest of University endowmentstowards investments in illiquid assets in emerging markets

• Assess the exit strategies for equity investments in microfinance and other strategiesto hedge risks

PLUS!

• Be the first to learn about the latest venture capital investment initiatives in microfinance

Official Partner Supporting Partners

Media Partners

Your 49 Faculty Members Include:

� Standard Chartered� ACCION� International Association of Microfinance Investors(IAMFI)

� Grassroots CapitalManagement

� Deutsche Bank� Women’s World Bank� IFC� responsibility� IMFR Capital� Grameen Capital India� CGAP� State Bank of Pakistan� Asian Development Bank� Toronto Leadership Centreon Financial Supervision

� MFX Solutions� Treetops Capital LLC� Innpact Sàrl� Citigroup� Symbiotics� J.P.Morgan� MicroVest� Meda Investments Inc.� Carbon Manna Unlimited� OPIC� Developing World Markets� Deutsche Bank� Tamweelcom Jordan� Rockefeller Foundation� Impact Capital Partners� Transformative VenturesLLC

� Standard & Poor’s� Fitch Ratings� LocFund� Banco Sol� Cyrano Management� Omidyar Network� LuxFlag� Benchmark AssetManagement

� Kashf Foundation

Tel: +44 (0) 203 141 8708

Email: [email protected]

Microfinance for Institutional InvestorsDate: September 21-22, 2009 Washington D.C.

Day One September 21, 2009

8:00 Coffee & Registration

8:15 Chair’s Welcome AddressElizabeth Littlefield, CEO CGAP

8:45 Market Focus: Enhancing the Efficiency, Reach and Scope of Investmentsin Microfinance through Venture Equity • Guide to sustainable poverty-alleviation solutions and using frontier

investing to build on the success microfinance has achieved in “bank-ing the unbanked”

• Achieving social change through market means by investing in companies that produce balanced financial returns as well as high-impact social gains

• Sector analysis for next-generation investments, with a specific focuson financial products and services: • Housing and micro-insurance• Remittances and other financial products for the poor that move well

beyond microcredit

Monica L. Brand, Principal Director Gateway Microfinance InnovationACCION

9:15 Portfolio Analysis: Benchmarking Microfinance against AlternativeEmerging Market Asset Classes• Capital market’s perspective on growth and performance indicators

• What debt/equity instruments are being used for large deal sizemicrofinance funds

• Will microfinance be able to revive structured finance transactions?• Analysing large microfinance transactional deal structures and what

makes them successful• Market-based analysis of the benefits of microfinance funds against

other asset classes• Comparative analysis between microfinance and other asset classes

• fixed income securities• equity investments • single issuer bond structures• IPOs

Faculty:Fixed Income Perspective:Vibhuti Sharma, Managing Director Global Head of DevelopmentOrganizations Standard Chartered Equity Perspective:Deborah Drake, Vice President and Program Manager, Investing inInclusive Finance, Center for Financial Inclusion ACCION InternationalSingle Issuer Perspective:Scott Budde, Managing Director TIAA-CREF

10:00 University Endowments and Investments in Illiquid Alternative Assets inEmerging Markets• Taking advantage of the opportunities presented by globalization and

new investment vehicles designed to improve your returns and reducerisk

• Understanding the mechanics behind the Yale Model and the impor-tance of alternative investments

• What are the investment opportunities for smaller endowment funds?

Panellists:Joan Trant, Executive Director International Association of MicrofinanceInvestors (IAMFI) Jordan B Levine, Portfolio Analyst University of Chicago Office ofInvestments

10:30 Morning Coffee Break & Opportunity to Network

11:00 Setting Out Clear Exit Strategies for Equity Investments in Microfinance • Analyzing innovative agreements with financial institutions, such as

take-out financing that allows institutions to buy back stock with long-term debts

• Trade sales of equity to the founding promoters of an MFI• Redeemable preferred stock options and preferred stocks with a pre-

agreed conversion clause• Buy-out by larger equity investors

Panelists:Paul DiLeo, Managing Partner Grassroots Capital ManagementJulie T. Katzman, General Manager Multilateral Investment Fund InterAmerican Development Bank

11:45 Feasibility Analysis: To What Extent Can the Microfinance Sector RemainInsulated Against Global Economic Pressures in the Capital Markets?• Can the risk and reward profile that microfinance investments offer

today be retained despite the convergence with the capital markets? • Has the Microfinance industry been able to develop sufficiently sophis-

ticated risk tools:• refinancing risk• cross currency risk• political and regulatory risk

• Exploring new opportunities for investments• partial credit guarantees • alternative product offerings

Moderator:Asad Mahmood, Managing Director Global Social Investment FundsDeutsche Bank

Panellists:Mary Ellen Iskenderian, President & CEO Women’s World Bank Andre Laude, Chief Investment Officer IFC Christian Speckhardt, Member of the Management Board responsAbility

12: 30 Regional Focus: Evaluating Investment Opportunities in Asia forAmerican Investors• Exploring recent performance of funds and investments in Asia:

Assessing driving factors behind strong/weak performers• Identifying the key investment opportunities available in:

• China• Hong Kong• India• Bangladesh• Pakistan

• What is the regulatory framework to encourage investments and isforeign investment protected under a special agreement?

• Assessing an entry strategy for investors who are new to the region• Implementing the best investment strategy to drive returns in the

region

Moderator:Vikram Akula, Founder and Chairperson SKS Microfinance

Panelists:Meenal Madhukar, VP IMFR Capital Royston Braganza, CEO Grameen Capital India

1:15 Networking Lunch

2:30 Investment Protection: Regulatory Environment for Investments inMicrofinance in Emerging Markets• Exploring how new investors can set up due diligence that effectively

assesses risk in emerging markets• Standardised analysis of the financial legal and regulatory situation for

microfinance investments• Understanding licensing requirements and standards available• Tax treatment and other relevant business legislation

Moderator:Tim Lyman, Global Policy Director & Expert in Regulations CGAP

Panelists:Dr Shamshad Akhtar Former Governor State Bank of Pakistan & AdvisorFinancial Crisis Asian Development Bank Jorge Patino, Executive Director Toronto Leadership Centre on FinancialSupervision

3:15 Afternoon Coffee Break & Opportunity to Network

3:45 What Strategies Exist to Hedge Microfinance Risks in Different Economic Scenarios?• Overcoming MFI balance sheet risk caused by currency and interest

mismatch• Identifying what risk management tools are available to MIVs: How

should institutional investors adjust their own risk strategies to matchthe unique variables of the microfinance market?

• Role of MIS in good governance and compliance, and the need forstandardization

Moderator:Brian Cox, Executive Director MFX Solutions

Panelists:Luca Torre, Partner Treetops Capital LLC Patrick Goodman, Partner Innpact Sàrl

4:30 Establishing Stringent Due Diligence Requirements: Managing the Legal,Regulatory and Jurisdictional Risks • Identifying and qualifying the challenges and risks arising from the

global credit crunch• What is the importance of social performance rating and what it

means to investors now• Using market position and diversification to reduce risk exposure• What approaches are rating agencies using now to evaluate the

performance and institutional risk of microfinance investments?

Moderator:Robert Annibale, Global Head of Microfinance Citigroup

Panelists:Roland Dominicé, Managing Director Symbiotics Christina Leijonhufvud, Managing Director Investment Bank/Social SectorFinance J.P.Morgan

Tel: +44 (0) 203 141 8708 • Email: [email protected]


5:15 Networking Opportunity: Industry Round Table Discussion on theGrowing Interest in Equity SME Investments:• Improving collection and dissemination of information on SMEs and

SME financial services produced by the Small and Medium Enterprises• Establishing a credit information system and increasing the use of

checks as an SME credit instrument• Leveraging Small and Medium Enterprises Equity Investment Scheme

experience, particularly that of venture capital companies establishedto manage equity investments

• Industry focus includes:• Green energy• Green Tech • Agricultural Processing• Logistics• Pharma

Facilitators:Gerhard Pries, President MEDA Investments Inc & Vice Chair MicroVest David A. Palella, Founder Carbon Manna Unlimited Richard Greenberg, Senior Manager Micro and SME Finance OPIC

5:45 Close of Conference

Day Two September 22, 2009

8:45 Chair’s Opening RemarksElizabeth Littlefield, CEO CGAP

9:00 Microfinance Fund Performance and Strategy: To What Extent CanMicrofinance Remain A Resilient Asset Class through the Next Phase ofThe Global Financial Crisis? • How are microfinance funds performing through the global credit crunch?• How should investors assess microfinance investment risks and conduct

their due diligence process?• Examining sound investment policies and risk management measures

that will enable you to construct a microfinance fund portfolio• How to assess legal, regulatory, political and geographical risks

Moderator:Simone Balch, Vice President Developing World Markets

Panelists:Raul Pomares, Vice President Guggenheim Partners Paul Szkiler, Chairman Truestone Asset Management Ann Miles, Managing Director BlueOrchard USA

9:45 Regional Focus: Assessing Investment Opportunities in Middle East & Africa • Leveraging continued growth of microfinance in MENA: What American

investors need to know about the opportunities in the region• Jordan• Sudan

• Analysis of the new regulations in Yemen for investments in microfinance • Access to more innovative Funding

• Importance of shariah compliant funds for regional clients

Alexander Schuetz, COOMENA Deutsche Bank Ziad Al Refai, CEO Tamweelcom Jordan

10:30 Morning Coffee & Opportunity to Network

11:00 Exploring New Strategies that Drive Financial Returns at Market RateWhile Securing Long Term Altruistic Value• Offsetting developing market’s inefficiencies while investing in specific

projects to generate market returns:• Assessing opportunities• Identifying innovative market solutions

• Building on the success of microfinance to drive financial returns at parwith mainstream financial products

• Meeting investor expectation on social as well as financial returns • Facilitating the development of industry-wide infrastructure to drive

improved performance

Institutional Investor Perspective:Margot Brandenburg, Associate Director Rockefeller Foundation

Fund of Funds:Lane Auten, CFA- Partner & Director of Marketing Impact Capital Partners

11:45 Building an Investment-Ready Microfinance Institution: Securing DebtFinancing• Preparing your MFI for optimal positioning in loan negotiation? • Which kind of debt is best suited for the microfinance institution’s

funding needs: Private Vs Public Funding• How can MFIs’ improve the financial terms, deal structure and loan

documentation of their commercial borrowings? • What role should credit enhancements play? • How should a microfinance institution manage multiple lenders?

Gregory F. Casagrande, Managing Director Transformative Ventures LLC Roshaneh Zafar, CEO Kashf Foundation

12:30 Developing Standardised Procedures for Measuring Fund Performanceto Achieve Commercial Targets • Creating a successful checklist for assessing the performance of MIVs• Examining the operational structures and analysis required for

managing investments• Identifying benchmarks for quality & stability and ensuring that risk

management measures are in place

Moderator:Damian Von Stauffenberg, Founder and PrincipalMicrorate

Panelists:Gary Kochubka, Senior Director Emerging Markets Standard & Poor’s Michael Hoelter, Director Emerging Markets European StructuredFinance Fitch Ratings

1:15 Networking Lunch

2:30 Regional Focus: Understanding the Market Opportunities forInvestments in Latin America• Identifying regional opportunities to create performance targets and

conducting a feasibility report to weigh the risks against the returns• Global analysis of performance indicators from Latin America com-

pared to Africa, Asia, Eastern Europe and Central Asia (ECA) and theMiddle East and North Africa (MENA)

• What adjustments for inflation, loan loss provisioning, and in-kinddonations are available to create a basis for comparability of returnsand sustainability in an industry where diverse accounting policies,inflation and subsidy can distort performance

Pilar Ramirez, General Manager LocFund Kurt Koenigsfest, CEO Banco Sol Fernando Lucano, CEO Cyrano Management

3:00 Afternoon Coffee Break & Opportunity to Network

3:30 Structured Finance Instruments: Past and Present • The Evolution of microfinance structured instruments

• Microfinance structured finance performance over the past 12-18months.

• Are structured microfinance deals different than in more traditionalasset classes?

• Has a “subprime” crisis been averted in microfinance structureddebt?

• Prospects for a structured finance revival in microfinance? Reviewingthe efforts of recent months.

• The Role of Ratings in structured finance

Moderator:Peter Johnson, Partner Developing World Markets

Panelists:Theo Brouwers, Managing Director SNS Asset Management Loren Rodwin, Senior Manager,Micro and SME Finance Overseas PrivateInvestment Corp

4:15 Developing Internationally Applicable Corporate Governance Guidelinesto Build a Healthy Investment Environment• Ownership, governance and management strategies • Examining tactics of investors currently in the market to help formu-

late your plan of action • Developing and promoting common principles and standards which

address issues including• consumer protection• social performance• pricing transparency• promotion of financial

Matt Bannick, Managing Director Omidyar Network Kenneth Hay, Chairman LuxFlag

5:15 Examining the Extent to which Microfinance Reduce Portfolio Volatility?• How does microfinance shows low correlation with international and

domestic market performance measures?• How to form the basis for access to global capital markets and

performance-driven investors in their search for efficient portfolios? • What portfolio diversification value does a microfinance investment

present?

Moderator:Roland Dominicé, Executive Director Symbiotics

Panelists:Roger Frank, Managing Director, Benchmark Asset Management

5:45 Chair’s Closing Remarks

6:00 Close of Conference



POST CONFERENCE WORKSHOPS

Facilitator:Michael TaraziSenior Policy SpecialistCGAP/World Bank Group

Islamic microfinance represents the confluenceof two rapidly growing industries: microfi-nance and Islamic finance. It has the potentialto not only respond to unmet demand butalso to combine the Islamic social principle ofcaring for the less fortunate with microfi-nance’s power to provide financial access tothe poor. Unlocking this potential could be thekey to providing financial access to millionswho currently reject microfinance productsthat do not comply with Islamic law. Islamicmicrofinance is still in its infancy, and business

models are just emerging, this workshopensures you learn about the opportunities and how to assess the liability.

• What elements of traditional micro-finance products are impacted by Shariah?

• How might they be addressed?• What are the implications for

profitability? • What are the implications of shariah

lending on financial forecasting, riskcalculations, loan-loss assessment?

• What are the implications of compliantproducts on an institution's risk profile andhow can these be managed?

• What do we need to know about the legalframework for Islamic microfinance?

Facilitator: Scott GoodellManaging DirectorGuy Carpenter Micro Risk Solutions

Insurers have hardly touched a massive poten-tial demand for specialised insurance productsin the developing world’s low-income markets.The demand for appropriate risk managementservices offers insurance companies an oppor-tunity to expand this market greatly by treat-ing it as a specialised niche rather than as adevelopment activity. This perspective can leadto profitable operations for insurers and canmake a dramatic impact on the developmentof this low-income market. The workshop isdesigned to help understand the dynamics ofmicro-insurance in order to enable MFIs withrisk management through:

• Enabling infrastructure within the com-mercial marketplace to support MFIs’ risktransfer

• Expansion and improvement of multilinemicro insurance products

• Other Risk Transfer Beneficiaries: especially MFIs with no existing institu-tional risk transfer mechanisms

You will leave this conference with up to dateinformation on:

• Tailored risk management solutions forMFIs that effectively and innovativelyaddress organizational needs

• Strategies to improve your institutionalstability

• Increased product capacity and penetra-tion tactics through product innovation

• Access to invaluable commercial marketexpertise

Workshop A:Examining How To Capitalise On The Growth And Availability Of

Shariah-Compliant Microfinance StructuresSeptember 23, 2009 • 9:00-12:30

Workshop B:Improving Risk Management through Micro-Insurance

September 23, 2009 • 13:30-17:00


WHO YOU WILL MEET

Institutional Investors,Portfolio Managers,Analysts, ChiefInvestment Officers,Chief Executive Officers,Senior PortfolioManagers, AssetManagers andConsultants

From: Family Funds,Public and CorporatePension Funds, UniversityEndowments, Commercialand Investment Banks,Hedge Funds, VentureCapitalist Firms, InsuranceFunds and Firms, Tech-nology Funds and Firms

Dear Distinguished Investor,

No doubt you are only too aware microfinance is worth a dizzying $6.5 billion and its ten largestfunds grew at an equally impressive 32 per cent lastyear alone.

However did you know that the leading investors and microfinance experts are coming together inWashington in September to explore the opportuni-ties that exist for you in this asset class? Don’t miss thisin-depth analysis of sector potential: You will find outhow to diversify your portfolio and reduce volatility.

Whether you’re a seasoned microfinance investor orlooking to get into this rewarding investment classyou are sure to gain from a deeper understanding oftailor made investment models and solutions to driveyour investments forward. Get the latest on debt andequity investments to performance measurement tools and exit strategies.

You will also learn from regulators and decision makers from regional and emerging markets like Indiaand MENA region about what investment opportuni-ties exist for American investors and how to leveragethose for higher returns.

I look forward to welcoming you to Microfinance forInstitutional Investors in Washington where commer-cially and socially driven investors meet microfinancestakeholders to forge relationships and create mutually beneficial investment opportunities

Sarah AnjumProgramme DirectorMicrofinance for Institutional Investors

ACCION is a private, nonprofitorganization with the mission of giv-ing people the financial tools they

need – microenterprise loans, business training and otherfinancial services – to work their way out of poverty. Aworld pioneer in microfinance, ACCION was founded in1961 and issued its first microloan in 1973 in Brazil.ACCION’s partner microfinance institutions today are pro-viding loans as low as $50 to poor men and women entre-preneurs in 23 countries in Latin America, Asia, Africa andthe United States.

Symbiotics Information, Consult-ing and Services is a leading invest-ment advisor and information

service provider for the microfinance industry, offeringinnovative and professional investment services to micro-finance investors and fund managers. Over 15 funds useSymbiotics’ information, advisory and management servic-es to reach out to more than 100 micro-banks in emergingeconomies and about 200’000 micro and small enterprises.Created in 2004 in Switzerland, Symbiotics is composed ofmore than 30 microfinance experts and has offices inGeneva, Mexico and Singapore.http://www.symbiotics.ch/en/index.asp

Impact Capital Partners is a premier fundof funds group dedicated to impactinvesting. Providing commercial invest-ment vehicles for investors focused inaccess to capital, employment, andimproving the environment. ICP aims to

develop the sector infrastructure and discipline necessaryto drive impact investing while being a reliable source offunding for top impact managers

PARTNERSHIP OPPORTUNITIES:

If you have a solution or service that would add valueto the microfinance community, or if you would like tohighlight the work you are doing in this area, talk toMiles Harley about becoming a partner of the confer-ence. He is available to discuss how you could workwith us and can be contacted on +44 203 178 3423. Youcan also email him at [email protected]


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Microfinance for Institutional InvestorsDate: September 21-22, 2009

Washington D.C.

Priority Code: 434 - DLS

CODE: 4

34 D

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Microfinanceusapdf3 090916181954 Phpapp02

Economy & Finance

Transcript of Microfinanceusapdf3 090916181954 Phpapp02