Netherlands-based investor, Triple Jump has touched first close on its emerging markets-focused vehicle, raising 60% of the final targeted amount.
The specialist investor has brought in $72 million for the first close of Triple Jump Financial Inclusion Resilience Fund (FIRF), which is 60% of the $120 million targeted at final close.
The fund is anchored by Dutch Good Growth Fund (DGGF), a development finance vehicle set up by the Dutch Ministry of Foreign Affairs in 2014. DGGF is managed by Triple Jump.
DGGF’s investment in the fund was leveraged by the ASN Microkredietfonds, an approximately $424 million (€400 million) fund, established by ASN Bank and Oxfam Novib in 1999.
Investors in the fund include the International Development Finance Corporation (DFC) which committed to $48 million senior worth of debt to the fund.
“The financial inclusion sector has a strong track record of resilience, and quickly moved to successfully manage the liquidity crisis triggered by Covid-19. However, in the aftermath of the pandemic, solvency challenges have emerged, delaying recovery and hindering the growth of lending to MSMEs,’’ said Orsolya Farkas, equity manager at Triple Jump. ‘’We saw an unmet capital need in the market, and FIRF has been created in order to deploy subordinated debt quickly and at scale to strengthen the capital buffers of financial institutions, allowing them to respond to the financing needs of their clients.”
Clemens Gerteiser, director fund investments at Triple Jump is also leading the fundraise.
James Polan, vice president for development credit at DFC represented the investor.
FIRF will look to make equity, debt investments in small and medium-sized companies operating in the financial services space.
PwC is a financial advisor on the fund.
Please see full fund details here including LPs and advisors.
Fund Card
| Fund Name | Financial Inclusion Resilience Fund (FIRF) |
| Fund Manager | Triple Jump |
| Target ($) | $120m |
| Fund Size Class | Mid-Cap ($100m to $499) |
| Target (Base Currency) | $120m |
| Hard Cap | n/d |
| Latest Fund Size | $72m (2023) |
| Final Close (Base Currency) | n/a |
| Year Closed | n/a |
| Latest Fund Event | LP Commitment |
| Latest Fund Update | First Close |
| Interim Close(s) | First close: $72m (2023) |
| Current LPs Profiles | Development Finance Institutions |
| Current LPs Geographies | Europe, US |
| Current LPs & Amounts | Dutch Good Growth Fund (DGGF) (n/d), Development Finance Corporation (DFC) ($48m) |
| Cornerstone LP | Bespoke request |
| Structure | Bespoke request |
| Fund Type | Debt Fund |
| Domicile | Bespoke request |
| Fund Tenure | Bespoke request |
| Deal Size Range | n/d |
| Sectors | Financial Services |
| Geographical Focus | Emerging Markets |
| Country Focus | n/d |
| Predecessor Fund | Energy Entrepreneurs Growth Fund |
| Predecessor Deals | See predecessor fund |
| Lead Fundraiser | Orsolya Farkas, Equity Manager (Triple Jump), Clemens Gerteiser, Director Fund Investments (Triple Jump) |
| Fund Legal Advisers | Bespoke request |
| Other Advisers | PwC |
| Fund Administrator | Bespoke request |
| Placement Agent | Bespoke request |
| Target Fund Returns | Bespoke request |
| Carry | Bespoke request |
| Hurdle | Bespoke request |
| Management Fees | Bespoke request |
| Related News Stories | 2010-2023 |
| Deals in Fund | n/a |
| Fund Exits | n/a |
| Fund Contact | Orsolya Farkas, Equity Manager (Triple Jump), Clemens Gerteiser, Director Fund Investments (Triple Jump) |
| Notes | n/d |
| Fund status | Open |
| Fund Phase | Fundraising |
Source: Deal Book Africa
