商业小额信贷投资——蓝色果园基金的经验

1、Commercial Microfinance investmentsThe experience of BlueOrchard Finance商业小额信贷投资商业小额信贷投资蓝色果园基金的经验蓝色果园基金的经验1 Microfinance 小额信贷小额信贷 No charity, but the provision of financial services (credit, savings, insurance, etc) to a specific business segment of emerging markets : the micro-enterprises并非施舍，而是提供金

2、融服务（信用，储蓄，保险等）给特定用户即微型企业的新兴市场 Powerful tool to lift people out of poverty : small business growth, job creation, positive spill-over on health, education, housing and dynamic inter-generation progress使人们脱离贫困的有利工具：发展小商业，创造就业机会，对健康的积极影响，教育，住房与动态的代际发展 No contradiction between desired social impact and

3、commercial approach: profitability is key to sustainable and growing outreach of microfinance 在预期的社会影响与商业途径之间不存在矛盾：利润是小额信贷覆盖人口增长与可持续发展的关键2International capital markets 国际资本市场国际资本市场 Microfinance market is huge and needs are largely unmet. The only long term source of funding able to meet global deman

4、d is the capital markets. Donor money and public subsidies will not be sufficient.小额信贷市场庞大且很大需求仍未得到满足。资本市场是唯一能够长期满足全球需求的资金来源。捐款资金与公共补贴则是非常有限的。 While domestic capital markets should become the main driver of growth of local microfinance, international capital markets do play an important role (comple

5、mentary offering, diversification, international awareness, image building, catalytic effect) 国内资本市场将会成为本地小额信贷增长的主要驱动，国际资本市场扮演了重要的角色（供给补充，多样化，国际认可，形象建设，催化影响）3BlueOrchard Finance mission 蓝色果园基金蓝色果园基金使命使命 To contribute to the development of a fairer world for all through support to the expansion of mi

6、crofinance worldwide致力于通过推进小额信贷的全球化，创造一个更公平的世界By bridging the gap between microfinance field operators and international capital markets 架接小额信贷操作者与国际资本市场的桥梁4BlueOrchard Finance a focused approach 蓝色果园基金蓝色果园基金重点方针重点方针 To strive to be a leading global private commercial asset management company specia

7、lized in Microfinance investments 努力成为专注于小额信贷投资的全球领先的国际私人商业资产管理公司 To create and develop financial investment products meeting the needs and requirements of both microfinance institutions and commercial investors 创造和发展金融投资产品以满足小额信贷机构和商业投资者的需要5 BlueOrchard Finance a solid and fast growing company 蓝色果园

8、基金蓝色果园基金一个稳固、迅速发展的公司一个稳固、迅速发展的公司 Staff of 10 finance professionals with presence in Geneva and New-York; A stable and committed shareholders base and board 10名驻日内瓦与纽约的金融专家；有一个稳固且尽职的股东基础 Total current assets under management of $300 million invested in over 23 countries in more than 60 microfinance i

9、nstitutions.目前总共有3亿美金投资在了超过23个国家的60多个小额信贷机构 Five investment products and partnerships with leading financial institutions, a pioneering philosophy.五个投资产品以及与领先的金融机构合作：一种开拓性的事业 A robust investment track-record : over 350 loans made in more than five years, without any defaults to date一个健康的投资信贷记录：在5年多时

10、间内发放了超过350笔贷款，至今未出现任何差错6Start-up, NGO, small scale, niche player MFIPromising, transforming, growing MFISolid, well managed, profitable, fast growing MFIBlueOrchard Finance product range蓝色果园基金蓝色果园基金产品范围产品范围 Different microfinance institutions segments with different financial needs不同小额信贷机构群体有不同金融需求稳

11、固的，管理良好的，盈利的，快速增长的守信的，变化的，增长的初创的，非政府组织的，小规模的，试验性小额信贷机构7 Dexia Micro-Credit Fund (Co-Manager) Dexia小额信贷基金小额信贷基金（共同管理） Luxembourg SICAV part 2, launched in September 1998 by Dexia-BIL卢森堡不定额投资基金第二期，由Dexia-BIL 于1998年9月投放市场 Targeting leading and transforming MFI with short term debt (max. 3 years); 针对主要的

12、和转型中的小额信贷机构提供短期债（最长期限为三年） 7-year track record, over 300 loans made, no default, net USD return 40%七年的记录，超过300笔贷款，无拖欠，净收益40% Expected net annual return : $ Libor 6M + 2%预期年净收益（美元）：6.2 Total assets : $ 90 million, 57 MFIs, 23 countries 总资产9000万美金，57个小额信贷机构，23个国家BlueOrchard Finance current products (I)

13、蓝色果园基金蓝色果园基金现有产品（现有产品（1）8 ResponsAbility Global Microfinance Fund (Main partner) ResponsAbility全球小额信贷基金全球小额信贷基金（主要合作伙伴） Luxembourg registered FCP, 2-year track record卢森堡注册的共同投资基金，2年的良好信贷记录 Short-term debt to leading and transforming MFI (BlueOrchard focus)向主要的和转型中的小额信贷机构提供短期债（蓝色果园基金的主营业务） Total asse

14、ts : $ 46 million; 55 MFI, 24 countries总资产4亿6千万美元；24个国家的55个小额信贷机构 Fund sponsor : Crdit Suisse Bank 资金赞助： Crdit Suisse银行 Cumulated net $ return since inception (Nov. 2003) : 6.05%成立后（2003年11月）累计净收益率（美元）：6.05BlueOrchard Finance current products (II)蓝色果园基金蓝色果园基金现有产品（现有产品（2）9 Saint-Honor Microfinance fu

15、nd (Co-Manager) Saint-Honore小额信贷基金小额信贷基金（共同管理） Luxembourg SICAV part 2, 3-month track record卢森堡不定额投资基金第2期，3个月的良好信贷记录 Fund of funds approach : local regional microfinance funds基金的基金：当地区域小额信贷机构基金 Objective 1 : strengthen local / regional investment capabilities目标1：增强当地/区域投资能力 Objective 2 : target indi

16、rectly the smaller MFI segment目标2：间接服务较小的小额信贷机构群体 Sponsor: La compagnie Financire Edmond de Rothschild Banque Franc捐助者：法国La compagnie Financire Edmond de Rothschild Banque金融公司 Expected AUM 2006 : EUR 20 million2006年预期旗下管理资产 ：2000万欧元 Expected net annual return : monetary rates预期年净收益：货币利率BlueOrchard F

17、inance current products (III)蓝色果园基金蓝色果园基金现有产品（现有产品（3）10 BlueOrchard Microfinance Securities I, LLC (Manager) 蓝色果园小额信贷证券蓝色果园小额信贷证券I，LLC（经纪人） Delaware (USA) Special Purpose Vehicle, July 04 and May 05美国特拉华州交通专项特别证券，04年7月和05年5月 Targeting the best MFI worldwide with 7-year debt at fixed rate针对全球最佳的小额信贷机

18、构的七年期固定利率贷款 First securitization of portfolio of international loans to MFI第一种针对国际小额信贷机构借款的证券投资组合 Total assets: $ 87 million, 14 MFI, 7 countries总资产8700万美元,14个IMF,7个国家 In collaboration with DWM, OPIC and JPMorgan Securities与DWM,OPIC,JPMorgan三个券商的合作BlueOrchard Finance current products (IV)蓝色果园基金蓝色果园基

19、金现有产品（现有产品（4）11BlueOrchard Microfinance loans for development BOLD (Manager)蓝色果园小额信贷发展贷款蓝色果园小额信贷发展贷款BOLD（经纪人） Luxembourg SPV, March 20062006年3月在卢森堡进行了资产证券化Targeting the best MFI worldwide with 5-year debt at fixed rate针对全球最好的小额信贷机构的5年期固定利率贷款 30% of portfolio extended in local currency, fully hedged

20、for investor30的投资组合面向当地货币，投资者完全对冲Total assets: $ 106 million, 22 MFI, 13 countries总资产1亿600万美元,22个MFI,13个国家 Access to mainstream institutional investors面向主流和机构投资者 In collaboration with Morgan Stanley与摩根斯坦利合作BlueOrchard Finance current products (V)蓝色果园基金蓝色果园基金现有产品（现有产品（5）12Microfinance the investors p

21、erspective、小额信贷小额信贷投资者的视角投资者的视角 Very strong credit quality of selected microfinance institutions所选小额信贷机构强有力的信誉品质Outstanding loan portfolio quality, strong balance sheet metrics出色贷款组合质量，资产负债表的稳固平衡 Some insulation of microfinance industry from macroeconomic shocks小额信贷产业与宏观经济波动的隔离Examples of resilience

22、 of microfinance in situation of severe financial crisis举例说明小额信贷在严重金融危机之下的的恢复力 Fast growing emerging market segment迅速增长的新兴市场Average annual growth rate of BlueOrchard MFI pool over last 3 years : 40%过去三年蓝色果园小额信贷市场的平均增长率为40% De-correlation of microfinance with other asset classes小额信贷与其它资产类型的非相关性Excell

23、ent opportunity for portfolio diversification投资组合多样化的良好机会 Double bottom line returns : social and financial双重目标：社会与经济Very appealing product for “socially responsible investors”对具有社会责任感的投资者而言是非常有吸引力的产品13BlueOrchard Finance future developments蓝色果园基金蓝色果园基金未来的发展未来的发展 Investment funds: local currency debt offering will be top priority投资资金：提供本地货币债务会成为重中之重投资资金：提供本地货币债务会成为重中之重 Greater access to many countries worldwide进入全世界更多国家 Deeper market penetration possible (smaller institutions)更深入地突破可能的市场（更小的机构） Better service to Microfinance institutions对小额