Luca Torre, co-CEO of GAWA Capital, participates in the “Inclusive Finance India” annual Summit.

posted Jan 15, 2019, 8:51 AM by info rmation   [ updated Jan 15, 2019, 9:03 AM ]


New Delhi – December 2018. Luca Torre, co-CEO and co-founder of GAWA Capital, was invited to participate in the “Inclusive Finance India” (IFI) Summit, in a panel on changes expected in the microfinance business model (“MFI 2.0: Is it Time to Reinvent and Push the Boundaries?”), as a sign of recognition of the role of GAWA in the industry.

The session turned out to be very stimulating with speakers and audience confronting lively different views on the key issues raised. The panel focused on the challenging and necessary change urged in the microfinance industry in order to adapt to clients’ evolution and technology advances. The most questioned issues were the endurable efficiency of the group lending methodology, the practice of using similar structures for different types of products, regulation limits, MFIs’ / clients’ challenges to cope with a new operating model and lenders’ / investors’ capability to address a new business model. 

Inclusive Finance India (IFI) is a global policy platform on financial Inclusion, set up with the objective of enabling cross-pollination of best practices and breakthroughs, specifically to influence India’s financial inclusion strategy and campaign. IFI, backed by a 14-year legacy, has provided a strong articulation for building a vision and a robust ecosystem with clearly defined roles for stakeholders. This strategy has enabled it to star key recommendations on financial inclusion policy, regulation, supervision, technology advancements, client protection and institutional framework at national level. 

IFI's main instrument is its annual Summit, that strives to bring together all stakeholders in the financial inclusion value chain and to help create an ecosystem where all efforts collaborate and contribute to a large aggregate outcome, with national and internal input. The Summit seeks to inform, influence and support policy towards strengthening an enabling environment, besides providing a platform to discuss key issues and challenges and build consensus on the way forward.

Click here to view the session program and further information on IFI.

The fund “Magallanes Impacto Fil”, advised by GAWA Capital, exceeds 12 million euros in equity in three months.

posted Dec 28, 2018, 8:18 AM by info rmation   [ updated Dec 28, 2018, 8:22 AM ]



Madrid – December 2018. Magallanes Impacto FIL, launched by Magallanes Value Investors fund manager in September 2018 - under GAWA Capital exclusive advice, leader in impact investing with a successful trackrecord - has already reached the wealth of EUR 12 million, more than 50% of the estimated EUR 20 million, target for its launch phase expected to be achieved by the end of January. 

It is a unique fund in Spain with a strategy focused in financing microfinance institutions (MFIs) that target the most disadvantaged sectors of the population in developing countries, promoting their financial inclusion.

Under the legal status of free investment fund (FIL), it is aimed at the professional investor offering a competitive return while monitoring the impact. If social impact is below the minimum, the management fee is returned to the investors. Magallanes Impacto is already commercialized in the main platforms: Inversis, Tressis and Allfunds, with a policy of quarterly subscriptions and semi-annual reimbursements (from the first year). The minimum investment is EUR 100,000, being only suitable for professional investors.

During its first three months, and after extensive due diligence procedures of several target MFIs performed by GAWA Capital (analysis of impact goal, management team, portfolio of products, scope of action and sustainability, political, social, economic and regulatory environment of the country, etc.), four investment projects have already been approved; two in Chile, one in Peru and another in India, materializing the first investment in Emprende MF in Chile.

Click here to read the full article.

COFIDES celebrates 30 years of promotion of internationalization and sustainable development, and rewards GAWA Capital for its contribution to this goal.

posted Dec 13, 2018, 4:00 PM by info rmation   [ updated Dec 13, 2018, 4:06 PM ]



Madrid – December 2018. The Spanish Development Financing Company, COFIDES, celebrated its 30th anniversary on December 11th, in an event participated by the Minister of Industry, Commerce and Tourism, Reyes Maroto and the Secretary of State for Commerce, Xiana Méndez. Both politicians recognized the relevant role played by COFIDES in the financing for the internationalization of Spanish companies, generating value and wealth in developing countries, through jobs creation and improvement of the quality of life. 

The event was composed of five sections:
  • a presentation of COFIDES track record by its Chief Executive Officer, José Luis Curbelo;
  • a video conference on public policies by Paul Collier, Professor of Oxford University;
  • a panel on foreign investment financing moderated by COFIDES general director (Rodrigo Madrazo), and joined by representatives of Banco Santander - International Business, EDFI, Elecnor - Structured Finance and MCH Private Equity;
  • act of recognition and gratitude to all the presidents of COFIDES;
  • internationalization and development awards ceremony (5th edition).
COFIDES awarded 5 institutions for their contribution to the internationalization and foreign development promotion in five different fields:
  1. Association of Internationalized Industrial Companies (AMEC) for internationalization promotion;
  2. Spanish Agency for International Cooperation for Development (AECID) for institutional collaboration;
  3. GAWA Capital for impact investment;
  4. Elecnor as foreign large company project;
  5. Opticalia as foreign SME project.
GAWA Capital has been selected for its extensive experience in impact management and its advisory role in Huruma investment fund, the first project that will have the combined funding of the European Union, AECID and COFIDES (blending finance). This project will improve access to financing for small farmers in Latin America, the Caribbean, sub-Saharan Africa and Asia.

 

Click here to read the full article.

GAWA Capital continues supporting the Spanish Social Investment Task Force.

posted Nov 26, 2018, 5:38 AM by info rmation   [ updated Dec 11, 2018, 8:36 AM ]


 

Barcelona – November 2018. In Spain, impact investing has grown by 16.5% in the last two years, standing at EUR 311 million as of dec.-17, according to the Spanish Association of Sustainable Investment (Asociación Española de Inversión Sostenible, Spainsif), a relevant growth, though still far from international volumes (EUR 248 million, 146% growth 2014-2016, led by USA and UK). Impact investment only represents 1% of the volume of socially responsible investment (SRI) at international level. Given the key role of this type of asset for the achievement of the Sustainable Development Goals (SDGs), there is a strong trend to boost impact investment, movement that favours the adhesion of Spain to the Global Steering Group for Impact Investing (GSG).

In this context, Foro Impacto (FI) - promoted by UnLtd Spain, Open Value Foundation and Eurocapital Wealth Management EAFI - is leading the Working Group for Social Impact Investing in Spain, known as the “Spanish Social Investment Task Force”, with the straight support of EY (financial services firm), BBK (financial entity), GAWA Capital, Ship2B and Creas – promotors of entrepreneurship and impact investing. The movement is also supported by several foundations, such as Anesvad, Social Nest, Inuit, Compromiso y Transparencia, and other social initiatives such as Bolsa Social.

After the meetings held in Madrid and Bilbao with the aim of designing the actions on how to boost the “supply” and “demand” of impact investing respectively, “intermediation”, with the role of catalysing this investment between both forces, starred the third plenary session ("Intermediation in Impact Investing") that took place in Barcelona on November 22nd, 2018. The conference represents a call to the business and financial community in Spain to join forces in order to promote the creation of new innovative companies, adapted to market regulation and committed to society and the environment. The movement of FI has expanded along with the sessions progress and global consensus, gathering 60 institutions in Barcelona.

According to the session's participants, the value of business in the future will be equal to the value of the solution they bring to social challenge, since profitability of the businesses will depend on their ability to monetize the social value. Three key challenges were identified:
1. Find and diffuse clear success stories with a broad measurable social impact, and consistent financial return;
2. Impact measurement and management, through a homogeneous consensus methodology;
3. The need to involve institutional investors in the impact assets market.

In words of Amit Bhatia, CEO of the GSG, “The challenge is to determine how we can unlock capital to finance social entrepreneurship in the same way that we did to finance capitalism".
The Task Force's work will end in the adhesion of Spain to the Global Steering Group for Impact Investing in 2019.

Click here to read the full article.

GAWA Capital participates in the First Impact Investment Forum promoted by the Social Nest Foundation.

posted Nov 25, 2018, 1:40 AM by info rmation

 

Valencia – November 2018. The first impact forum (Fi18) - promoted by “Social Nest” Foundation (sustainable business incubator) and financed by the “Generalitat Valenciana” (local government), “CaixaBank” (service for start-ups and investors) and “Zubi Labs” (co-founder and investor of entities with social and environmental impact) - has taken place in Valencia, becoming a meeting point for investors, entrepreneurs, philanthropists and institutions (national to international), driven by the goal of contributing to a better and more sustainable future.
This Forum aims to become a key catalyst for impact investment in Spain and to approach the economy and entrepreneurship from a new point of view. Through round tables, conversations and pitches, Fi18 activates a community of people and institutions to continue promoting impact investment opportunities, expanding knowledge of global trends in the sector. Speakers included María Ángeles León, co-founder of the Open Value Foundation; Agustín Vitórica, co-founder of GAWA Capital, Iker Marcaide, founder of Zubi Labs, among other.
This meeting has been a clear sign of the importance that socially responsible investment is gaining in Spain, leading to a paradigm shift in the industry, marked by an ever-growing importance of the ESG criteria (environmental, social and good corporate governance).

Click here to view the call for the event.

GAWA Capital awarded by the UN's Global Compact go! ODS initiative, for its role in eradicating poverty.

posted Oct 19, 2018, 11:31 AM by info rmation   [ updated Dec 19, 2018, 9:16 AM ]



Madrid – October 2018. The Spanish Network for the Global Compact - the most important private sector initiative for sustainability, fostered by the United Nations - and the “Rafael del Pino Foundation” have awarded 17 business and social initiatives (already up-and-running, with proven results) for their innovative contribution to the UN's Sustainable Development Goals (SDGs) - one award for each Goal.
Amongst the winners stand out programs promoting infant nutrition and vaccination; alternative energy generation or projects for the repopulation of rural areas; initiatives related to entrepreneurship and job creation; road safety and circular economies. The initiative against Female Genital Mutilation, "Alternative Rite of Passage", launched by “Amref Salud África”, received a special mention from the jury. GAWA Capital was awarded for its contribution to the SDG #1, eradication of poverty, due to its social impact in developing countries via microfinance-promoted economic growth.
The projects have been proposed by some of the entities driving these awards, with a focus on sustainable innovation (such as Accenture, “Acción contra el hambre”, Ashoka, European Commission, ESADE, Ferrovial, Fundación Repsol, Global Incubator, Iberdrola, IE Business School, Impact Hub, Ineco, IS Global, Obra Social “la Caixa”, Ship2B, Telefónica, etc.). A jury comprised of renowned experts in sustainability and innovation, from the academic, business and public sectors (international organisations) was established to select the winners.
The award ceremony was chaired by Cristina Gallach, High Commissioner for the 2030 Agenda of the Government of Spain.


Click here to read the full article from "Pacto Mundial" and here to view the full article published by "El País".

Magallanes and GAWA Capital deliberate about Social Profitability at Capital Radio.

posted Oct 19, 2018, 11:25 AM by info rmation   [ updated Oct 19, 2018, 11:32 AM ]


Madrid – October 2018. The manager Magallanes Value Investors has explained in Capital Radio the features of its new fund “Magallanes Impacto”, a unique product in Spain, which combines social and economic profitability, advised by GAWA Capital.
It invests in social entities that grant microcredits to vulnerable populations in developing countries. This methodology allows them to promote financial inclusion through a productive activity that improves living conditions. The fund’s performance is uncorrelated with the economic cycle and with the rest of assets.
Agustín Vitórica, co-founder and co-CEO of GAWA Capital, explains that this product is designed to help poor people. He assures that the social impact is measurable and that it is quarterly reviewed and audited so that the investor is aware of the social impact achieved. In Spain, impact investment is still a small market, but it is increasingly gaining demand from institutional investors.

Click here to listen to the full interview.

Magallanes and Gawa Capital launch a microcredit fund in developing countries

posted Oct 1, 2018, 9:59 AM by info rmation   [ updated Oct 1, 2018, 10:04 AM ]



Madrid – October 2018. Magallanes Value Investors, the fund manager co-founded by Iván Martín and Blanca Hernández, and Gawa Capital, an impact investment advisory firm co-founded by Agustín Vitórica and Luca Torre, have joined forces to promote economic development through a social impact hedge fund, which seeks to break the spiral of poverty suffered by the financially excluded population in developing countries. 
The product, called “Magallanes Impacto”, is an open-ended investment fund - with an initial minimum investment of EUR 100,000 and quarterly liquidity - in unlisted debt from social microfinance institutions (MFIs) that provide micro-loans to disadvantaged people in poor or developing countries. The investments (initial target of 6 to 10 assets) will, at first, be focused in Latin America (Mexico, Nicaragua, Chile, Peru or Ecuador) and Asia (India or Sri Lanka, among other countries), areas where Gawa has already identified projects. In Africa it is more complicated to find MFIs that meet all GAWA’s Due Diligence requirements, but the region is not ruled out in the future.
The fund is constituted with a double purpose of profitability and social impact. Profitability is expected to reach 1% to 4%, to offer an alternative to liquidity in an environment of negative rates. Its social nature is manifested in the resignation of the management fee (1.5% -1.75% per investment range) by Magalles and Gawa Capital, if the impact score is below the minimum criteria.


Click here to read the full article.

GAWA Capital, pioneer at including the SDGs in the asset allocation of Spanish investors

posted Sep 28, 2018, 5:01 AM by info rmation


Madrid – September 2018. Twelve years remain to fulfil the Sustainable Development Goals (SDG) of the United Nations. With its fulfilment we will achieve by 2030 an inclusive world, without extreme poverty, without discrimination, with accessible health and education for all, and respectful with our planet. Nevertheless, this objective is not easy. The World Economic Forum quantifies the investment needed to meet the SDGs at USD 3.9 trillion annually. So far, we are committing USD 1.4 trillion p.a., implying annual USD 2.5 trillion shortage. How can each country contribute to this end?
At this stage, social impact investment may adopt a key role. G8 countries, like the United Kingdom, Germany or France, have managed to build a well-developed impact investment sector, with proven financial returns, and strongly supported by public and private investors. This group has joined to create the “Global Steering Group for Impact Investing” (GSG), target at its promotion.
Spain laid behind until May 2018, when it launched the “Working Group to Promote Impact Investment”, sponsored by Unltd Spain, Eurocapital EAFI and Open Value Foundation. This initiative has been supported by the rest of the Spanish impact investment players. The first plenary session of the Group (July 2018) brought together capital providers managing over EUR 165 billion, ranging from public entities, to family offices, private banks, institutional investors and foundations. This is a first great step on a path that will lead Spain to demonstrate its commitment and take a relevant role in the achievement of an inclusive world by 2030.


Click here to read the full article.

The EU approves the first blending project of Cofides, to be advised by GAWA Capital

posted Aug 22, 2018, 9:40 AM by info rmation



Madrid – August 2018. The European Commission has accredited COFIDES, the Spanish Company of Development Financing, as manager of the first blending project in Spain. The project will materialize in the constitution of an investment fund, called Huruma, which has the aim of improving access to financing and financial offerings for small or excluded farmers in developing countries, mainly in the regions of Latin America, the Caribbean and sub-Saharan Africa.

As a blending initiative, the EU will contribute public EUR 20 million to the fund – EUR 10 million in the form of initial loss and EUR 10 million as technical assistance (consulting and training support) – while Cofides will try to attract additional EUR 70 million from private investors (family offices, pensions funds, private banking).

GAWA Capital will be the fund’s advisor, in charge of selecting the target eligible 25 projects (EUR 2-6 million) that must have a significant impact in the developing country business network, cause greater tax collection and favour a transfer of technology to the beneficiaries of the loans.

Click here to read the full article.

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