Incofin has successfully exited its investment in Microfinanciera Fundeser in Nicaragua through two of its funds: Rural Impulse Fund II (RIF II) and agRIF. Both stakes were sold to Inversiones Tres Lagos S.L., a subsidiary of Grupo Atlántida, one of the largest Central American financial groups.
RIF II divested its 10.5% equity participation in Fundeser, an investment made in 2014 to support the institution’s growth in Nicaraguan microfinance. During this time, Fundeser’s assets grew up to USD 49 m as of November 2024, positioning it as a leading microfinance institution in the country.
agRIF’s investment was made five years ago through the capitalization of subordinated debt, providing additional resources to help Fundeser strengthen its financial capacity and extend its reach in underserved rural markets.
Throughout their involvement, both funds provided more than financing. Incofin actively supported Fundeser through technical assistance programs critical to its strategic development and operational success.
This exit underscores Incofin’s commitment to advancing financial inclusion in rural areas while ensuring Fundeser’s continued growth under the stewardship of Grupo Atlántida, a regional financial powerhouse with a strong track record in microfinance.
About Incofin
Incofin Investment Management is an impact investment fund management company for emerging markets. It is headquartered in Belgium and has offices worldwide. It focuses on investments in inclusive financial services, agri-food businesses, and safe water companies, with assets under management of €1.3 billion. Its investor base comprises development banks, institutional investors, family offices and private individuals.
About mentioned Incofin funds
Rural Impulse Fund II is a EUR 120 million fund launched in 2010. The fund focuses on alleviating poverty in rural areas by investing in microfinance institutions that play a transformative role in underserved regions.
agRIF is an impact fund launched in 2015, with USD 150 million under management. The fund invests in financial institutions and intermediaries that serve the agricultural sector and rural economies, promoting sustainable growth and financial inclusion.
About Fundeser
Microfinanciera Fundeser is a Nicaraguan institution with an outstanding track record in the microfinance sector, recognized for its commitment to local economic development. With a loan portfolio of USD 40.5 million, of which more than 60% is in rural areas, Microfinanciera Fundeser serves 16,839 clients through a wide network of branches with a presence in 14 of 17 departments of Nicaragua and a diversified portfolio. of products designed to support micro and small businesses with accessible financial solutions.
About Grupo Atlántida
The Grupo Financiero Atlántida is a solid financial organization recognized for its leadership in the financial sector, with more than 112 years of experience and presence in El Salvador, Honduras, Nicaragua, Panama, Ecuador and Spain. Through its strategic vision it has gained international credentials throughout a portfolio of more than 4 million clients in 6 countries, 24 companies, more than US$21 billion in assets under management and more than 6 000 employees. The Group is committed to the growth and development of the markets in which it participates through activities in key economic sectors such as banking, insurance, pensions, leasing, brokerage, investments, among others.
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