Since its inception, GAWA has advised 30 impact investments in 15 countries around the world, helping to boost financial inclusion in excluded communities via 4 investment funds.


GAWA has built up a strong track-record via its advisory of four Impact Investment Funds, with EUR 196 million advised. GAWA has launched three of these Funds (Gawa Microfinance Fund, Global Financial Inclusion Fund and Huruma Fund), whilst acting as investment advisor to Magallanes Impacto FIL. GAWA's third investment fund - Huruma - was launched in December 2019 and is currently in investment phase.


Fund Size: EUR 20.4 million

Launch Date: September 2010

GAWA’s first fund was successfully liquidated at the end of December 2018, having returned a 6.34% annual IRR to investors over its lifetime. GAWA Microfinance Fund focused on investments in Microfinance institutions worldwide. GMF carried out 9 investments in 8 different countries, with presence in Latin America, Asia, Eurasia and Africa (7 debt investments and 2 equity investments).



Fund Size: EUR 32.3 million

Launch Date: September 2014

GFIF, GAWA's second fund, executed its last investment at the end of 2017, and since then the Fund has carried out four capital returns to investors. GFIF has focused on investments in Microfinance institutions and Micro & Small Enterprise lenders. The portfolio was made up of a total of 10 investments (7 debt; 3 equity) in 8 countries in Latin America and Asia. To date, three of GFIF’s investments have come to maturity with positive returns.

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Fund Size: EUR 23 million (Open-ended)

Launch Date: September 2018

GAWA is advising the Fund Magallanes Impacto FIL, the first open-ended impact investing fund in Spain. Magallanes Fund focuses on financial inclusion in Latin America and Asia. The Fund is managed by Magallanes Value Investors SGIIC, S.A., a leading fund management company in Spain. The Fund is supervised by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV). Learn more...

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Fund Size: EUR 120 mn (100% of target)

Launch Date: December 2019

Huruma Fund (in subscription phase) has a rural & agricultural focus in Latin America & Africa. The Fund enjoys a blended finance structure, with EUR 10 million first-loss tranche (EU funds, managed by COFIDES - Spanish Development Finance Institution) and EUR 20 million in concessional debt (AECID, Spanish Agency for International Development Cooperation), significantly reducing the risk for investors and enhancing the Fund’s target IRR. EUR 8 million in Technical Assistance (EU funds, managed by COFIDES) are available to investees, helping to truly impulse the social value of Huruma’s investments. Read more about Huruma here.

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GAWA has advised 32 investments in 15 countries around the globe, reaching over 6.9 million people in total and directly impacting 213,000  families.


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The Foundation for Community and Social Support of Ecuador (known for its Spanish Acronym FACES) is one of the largest microfinance institutions (NGOs) in Ecuador, created in 1991, with the mission of contributing to fight poverty and unemployment in Ecuador by supporting microentrepreneurs with financial and technical resources. 
They are currently serving 19,546 microentrepreneurs in 18 branches and over 50% of the outstanding loans in the portfolio are related to agricultural activities.

Investment Date: Dec-20


ASA India


ASA India is part of the microfinance group ASA International, which developed the renowned "ASA methodology“, which has been replicated by other microfinance providers worldwide. ASA focuses on women, to whom it grants individual loans in a group format, without the collective responsibility typically acquired in group loans. It holds a strong social vocation, developing relevant welfare work in addition to its credit operations.

Investment Date: Aug-19




Founded in 1994 in India, and still run by the promoter family, KFL is a regulated, professionalized and qualified NBFC that offers productive vehicle financing. KFL has identified a segment of excluded customers in the vehicle financing industry, with strong potential for impact and socio-economic development, and expectation of business volume expansion.

Investment Date: Apr-21; Aug-19


Kinara Capital


Founded in 2011, Kinara Capital is an Indian NBFC serving the "missing middle" MSME sector - a key motor of socioeconomic development at the base of the pyramid. MSMEs are often unable to access the funding offered by micro-finance or commercial lending institutions. Kinara has a unique focus, offering loans via a customised approach and without the need for collateral.

Investment Date: Mar-19; Oct-17


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As a NBMFI, Microserfin offers productive microcredits to Panama’s most vulnerable part of the population. Since 2011, it is part of the BBVA Microfinance Foundation, one of the main microfinance groups operating in Latin-America. Microserfin is known for its strong national network, covering rural areas that are difficult to access for competitors. 

Investment Date: May-17


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Banco D-MIRO is the only bank in Ecuador focused on microfinance - it provides individual loans and savings to low income clients. It was founded as Mission Alliance's (Norwegian NGO) microfinance program in Ecuador and has been operating as a bank since 2011. In accordance with its mission to serve the poor, D-MIRO has a very strong social focus. 

Investment Date: Jul-15


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Crezcamos is a leading MFI focused on rural, underpenetrated areas in northern Colombia. Crezcamos started as a non-profit microfinance program and was transformed in 2008 to a limited liability company. Crezcamos supports entrepreneurial families in primarily rural areas with transparent financial and insurance services.

Investment Date: Mar-14


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LLC Micro Finance Organization Credo is a leading microfinance institution operating in Georgia. Founded in 1997, it is part of the World Vision network. Credo’s mission is providing sustainable financial services to the entrepreneurial poor in addition to Georgian micro and small businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor. 

Investment Date: May-12


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CAMESA (“Consejo de Asistencia al Microemprendedor”) is a regulated financial institution that has the license to mobilise deposits. It exists in Mexico since 1993 with a mission to encourage savings, entrepreneurial activities and provide credit to impoverished people in order to improve their financial situation. It is supervised by the Comisión Nacional Bancaria y de Valores de Mexico (CNBV).

Investment Date: Jun-11


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Fondo Esperanza (FE), integrated in the MF BBVA network and sustained on the solidarity spirit of Hogar de Cristo, offers productive microcredit to the most vulnerable Chilean communities. FE is committed to a human development model based on comprehensive microfinance services. It combines economic growth through access to financing, with the expansion of opportunities and capacities through education and networks, which, together, foster human capital, generating social development.

Investment Date: Dec-19


Aye Finance


Founded in 2014, Aye Finance grants loans to micro & small enterprises (MSMEs) in India. This sector, known as the missing middle, represents a key component of the economy and faces significant difficulties in obtaining financing. Aye's founding partners identified MSMEs' lack of documentation as the main handicap when assessing their repayment capacity and have thus developed a unique cluster-based credit assessment methodology, building up extensive knowledge of MSME profiles in different sectors.

Investment Date: Aug-19




Insotec began its microfinance activity in the 1990s in Ecuador. It developed an individual methodology with rural agricultural focus in low-income communities with limited financial penetration. The company has become the benchmark lender of small producers, to whom it also provides technical advisory / assistance and training. 

Investment Date: Dec-20; Jul-19


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Emprende MF grants productive microcredits to the most vulnerable segment of the Chilean population, via an individual loan methodology. It is a leader in the agricultural-lending microfinance sector. The institution has been part of the BBVA Microfinance Foundation since 2009, which is one of the main microfinance groups operating in Latin America.

Investment Date: Apr-21; Oct-18;



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FDL is the main MFI in rural Nicaragua, with major market penetration in this area, along with presence in urban zones. It was established in 1992 by the Nitlapan Research and Development Institute of the Centro-American University (a prestigious Jesuit University). FDL is the leading microfinance provider in Nicaragua, apart from banks offering microcredits. 

Investment Date: Feb-17

Sri Lanka

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LOMC provides micro-leasing and group loans to micro-entrepreneurs in Sri Lanka’s rural districts to finance the purchase of basic agriculture machinery. It has extensive reach into the rural areas and the necessary infrastructure from its parent company Lanka Orix Leasing Company (LOLC). It started as an initiative of LOLC, FMO (Netherland's Development Bank) and the Sri Lankan government.

Investment Date: Jul-15; Mar-12


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Founded in 1998, ProCredit is a Holding Company based in Frankfurt (Germany) controlling 12 fully fledged MSME banks and one non-bank financial institution in 13 developing countries. The ProCredit group aims to achieve high development impact by helping to create transparent and inclusive financial sectors in developing countries.

Investment Date: Jul-12


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“Nariño, Empresa y futuro – CONTACTAR” was founded in Colombia in 1991 as an NGO, with the objective of supporting microentrepreneurs by commercializing their products and providing training and technical assistance. Contactar is highly focused on rural development and has been internationally recognized for its efforts to bring services and financial literacy education to the most remote areas.

Investment Date: Oct-11




OnePuhunan started operations in the Philippines in 2014, with the aim of meeting the needs of micro-entrepreneurs who were not being catered for by traditional microfinance companies. Its offer is simple: a single product, very easy to understand and very transparent for women with small businesses, following the group methodology but with individual responsibility.

Investment Date: Mar-21; Aug-19




Since 2013, Varthana offers financing to an emerging MSME market of affordable private schools, driven by the social impact of serving the low-income Indian population and covering the shortfall in quality education that is available to these communities. In only 5 years, it has become a leading player in the education financing market, with a diversified portfolio in 14 regions.

Investment Date: Aug-19


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Part of the renowned LOLC Group, LOLC Myanmar is one of the leading microfinance institutions in Myanmar, lending to groups of women in underpenetrated rural and urban areas. Since its launch in 2013, the company has consolidated its position in the highly competitive Myanmar market and is currently considered to be among the top 10 MFI’s in Myanmar.

Investment Date: Nov-20; Apr-19; Dec-17


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Acceso Crediticio, integrated in the holding Acceso Corp, has developed a unique business model in the niche microfinance market for natural gas vehicles (NGV) in Peru, focusing particularly on the trade of taxis. It offers a complete range of services to taxi drivers, including working capital for purchase, voluntary insurance, discounts for fuel and special prices for repairs.

Investment Date: Jul-19; Jun-17


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Fusion Microfinance is a registered NBFC – MFI which operates in a Joint Liability Group lending model in India. Their focus is reaching out to the unbanked and providing loans to women entrepreneurs belonging to economically and socially deprived sections of the society. Fusion also teaches its clients to manage their financials by disseminating Financial Literacy to them.

Investment Date: Aug-16


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Janalakshmi Financial Services (JFS) started in 2009 in India offering a full range of financial inclusion products including micro-loans, small enterprise loans, micro-pensions, and savings. In August 2015 it was granted a banking license by the Reserve Bank of India. Its promoter is Jana Urban Foundation which is focused on alleviating urban poverty. 

Investment Date: Nov-14; Jul-12


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AzerCredit is one of the leading microfinance institutions of the Republic of Azerbaijan, which operates mostly in the agricultural sector using both the individual and group solidarity methodologies. It was founded in 1996 by the international network Visionfund, the microfinance arm of US NGO World Vision. The mission of AzerCredit is to provide financial inclusion to rural and poor populations.

Investment Date: May-12


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Sinapi Aba Trust (now Sinapi Aba Savings & Loans) is a non-profit, Christian organization founded in 1994 to support the poorest of the economically active poor in Ghana, mainly in rural areas. Sinapi offered both group and individual loans and, in 2013, was transformed into a Savings and Loans Institution (supervised by the Bank of Ghana) and allowed to offer savings products. 

Investment Date: Aug-11

Join us on one of our Due Diligences

Prior to advising on an investment, GAWA visits target companies and meets with their management, employees and clients to evaluate the institution's social compromise and financial solidity. GAWA connects with clients to understand the hardships they face and what could be improved to maximise the social impact of each entity that is invested in.​

Take a look at our gallery below to see the real people impacted via our advised investments.