Founded in 1992 as a Belgian cooperative, Incofin has grown into a global investment manager with a clear mission: to create lasting value in underserved markets. Today, operating from four global offices, we invest across Latin America and the Caribbean, Africa, Eastern Europe and Central Asia, and Asia.
01
The Origins
Proto-Incofin
Before we were Incofin Investment Management, we were simply Incofin – a Belgian cooperative of like-minded investors. Founded in 1992, it laid the groundwork for our impact investment firm. These early years were experimental – a testing ground for values, ambition, and the belief that finance can serve people.
As a cooperative, Incofin invested directly in entrepreneurs in emerging markets – guided more by belief than convention.
In 2001, we made our first investments in microfinance institutions.
By 2007, the fund activity had grown significantly, with a stronger focus on structured investment vehicles and professional fund management.
Today, the original cooperative has evolved into the Incofin Microfinance Fund, which continues to operate with the same mission.
02
Independence by design
A New Chapter
In 2009, a pivotal decision: the same team established Incofin Investment Management – still known simply as Incofin – as its own entity. As we began managing more funds and expanding our portfolio, our partners called for greater independence from the cooperative structure. We delivered.
Incoteam – our internal shareholder collective made up of team members – took majority control, holding 50% + 1 share. This ownership model safeguards our independence, ensures alignment with our mission, and keeps us agile and accountable.
This was more than a formal step. It was a commitment to professionalism, transparency, and long-term vision.
03
The License
Milestone in 2014
In 2014, Incofin became a fully licensed Alternative Investment Fund Manager (AIFM) under European regulation – a key milestone affirming our institutional maturity, governance standards, and readiness to scale our impact sustainably.
This license remains a cornerstone of investor trust.
04
Renewal
New Shareholders, Same Mission
In 2023, we strengthened our shareholder base to support the next chapter of growth and impact.
Two new minority shareholders joined:
- DPAM, one of Europe’s leading asset managers, and
- Korys, the investment company of the Colruyt family.
Together with Incoteam and the Incofin Microfinance Fund, they form a strong and diverse ownership structure: anchored in independence and driven by purpose.
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05
10 Years Licensed
A Decade of Credibility
2024 marked ten years since we became an AIFM-licensed asset manager. In a sector where trust, governance, and resilience matter more than ever, the license stands as proof of our evolution – from a cooperative of believers to a global platform for impact.
We started as a belief. We became a business. Now, we are a platform for lasting, global impact.
