Invest in Inclusive Growth with EFSE - Leading Impact Fund for MSMEs

We are EFSE

Our size, local presence and 20-year heritage make us the flagship impact fund for Southeast Europe

We aim to transform businesses to generate diversified returns for investors and inclusive, sustainable growth.

We achieve this by providing financing to micro, small- and medium-sized enterprises (MSMEs) through 80+ financial institutions, including banks, leasing companies and micro-finance institutions.

We also promote the highest standards across markets, financial institutions and businesses through our Advisory & Capacity Building services.

Our governance

A robust and transparent governance framework supports the Fund’s mission to deliver impact with accountability

Shareholders

The Fund’s shareholder base consists of public investors and development banks who contribute to the first-loss and second-loss tranche. These include its initiator, KfW, and the European Commission, alongside the German Federal Ministry for Economic Cooperation and Development (BMZ).

Board of Directors

The Board of Directors is elected by the shareholders and ensures alignment with the Fund’s mandate. It provides strategic guidance, approves investment and operational policies, and oversees the AIFM and Portfolio Manager.

Portfolio Manager

Finance in Motion is the implementing arm of the fund, advising on strategies, and liaising with investors and investees.

Alternative Investment Fund Manager (AIFM)

Hauck & Aufhäuser Fund Services S.A. acts as the Fund’s licensed third-party AIFM under Luxembourg law. It is responsible for risk management and regulatory oversight.

EFSE is helping build resilient, inclusive and opportunity-rich economies across Southeast Europe. In this fast-evolving market, we are always looking for ways to deepen our impact."

Linda Broekhuizen, Chairperson

Who is who

Managed by Finance in Motion

Figures as of Q4 2024

€9.5B

capital deployed since launch

218

financial institution partners

0.04%

losses since inception

Finance in Motion is an established and successful impact asset manager

Founded in Germany, with local expertise from Latin America to Eastern Europe, Finance in Motion has been investing in emerging markets for over 20 years. Its track record is unmatched.

Through investments, advice and capacity building, the firm addresses climate change, protects nature and fosters financial inclusion.

Invest in what matters with Finance in Motion.

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