Fund characteristics

• Target fund size– EUR 15m ($ 20m)
• Equity and mezzanine for 20 - 30 SMEs
• Kenya, Uganda and Tanzania
• Investing between EUR 100.000 and EUR 1m for 3 to 7 years
• Agro & food processing, ICT, media, energy, manufacturing, logistics, finance
  Fund term – 10 years
• Returns:
  -  Gross return 25% / annum local currency
  -  Management fee   3% / annum
  -  Operating costs   1% / annum (max, budget based)
   - Carried Interest 20%, 6% hurdle
   - Net return 10-15% / annum in euro (after taxes and hedging costs)
  
• EUR 0,5m grant for Technical Assistance of Dutch Ministry of Foreign Affairs
• EUR 1,55m subordinated investment of Cordaid & InReturn