Press release

DWM in Partnership with Nordea and Trill Impact


Courtland Walker, Partner,
Head of Products & Partnerships

Stamford, CT, USA

Oct 22, 2020

Developing World Markets (DWM) is pleased to announce it has formed a partnership with Nordea, the largest financial institution in the Nordic region, and its affiliate, Trill Impact Microfinance AB. The strategic collaboration focuses on the development of emerging and frontier markets private debt impact investment strategies, aimed at the Nordic market.

The collaboration has already borne fruit with the commitment of Nordea Life & Pension to the DWM impact investment strategy DWM announced July 1st, focused on sectors and themes aligned with the UN Sustainable Development Goals (SDGs), which received commitments of USD 90.4 million from three of the largest insurance and pension providers in the Nordic region.

Through this lending strategy, DWM –a U.S.-based impact asset manager with more than 20 years’ experience in impact investments— focuses on providing local currency debt financing, advised by Trill Impact Microfinance AB, to benefit low-income communities and micro, small and medium enterprises in emerging and frontier markets. The loans are extended via “inclusive” financial institutions for on-lending to SDG-aligned sectors, or in some cases directly to companies providing SDG-aligned products or services. Beneficiaries of the capital already include micro, small and medium-sized enterprises, and women and minority-owned and operated businesses. Additional thematic areas are slated including sustainable agriculture, education, housing, health, renewable energy, displacement and water & sanitation.

Edward Marshall, Co-Managing Partner of Developing World Markets, says “DWM is very pleased to work with our new partners, Nordea and Trill Impact Microfinance, to advance impact investments in countries where it is so sorely needed, from investors who understand the concept of investing for both financial and impact goals simultaneously.”

About DWM

Developing World Markets is an impact asset manager with over two decades of experience in emerging and frontier markets. Through DWM Asset Management, LLC, the firm’s SEC-registered investment advisor, DWM has originated and managed over $2 billion of private debt and private equity in impact-oriented enterprises, including over 600 loans and 25 private equity stakes in more than 40 emerging and frontier countries. The firm operates from its headquarters in Stamford, Connecticut, USA, and is supported by offices and team members in Delhi, Lima, Managua, Nairobi, Quito, San Jose (Costa Rica) and Singapore as well as in Japan, France, Germany and the Netherlands.

As a non-EU AIFM, with vehicles regulated by Luxembourg’s CSSF and Germany’s BAFIN, longstanding partnerships in the Netherlands, Germany, and now the Nordic region, and relations with institutional investors across the continent, DWM is dedicated to serving its European investor partners, with a shared commitment to impact.

About Nordea

Nordea is the leading Nordic universal bank. Nordea attempts to help its customers realise their dreams and aspirations – and have done that for 200 years. Nordea wants to make a real difference for customers and the communities where it operates – by being a strong and personal financial partner. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more on

About Trill Impact

Trill Impact is an Impact investment advisory firm led by a highly experienced team of private equity and private debt professionals, who seek to create market returns and lasting impact. Trill Impact is based in Stockholm, Sweden and was founded in 2019 by Jan Ståhlberg, previously part of the initial team of EQT Partners. Nordea Asset Management Holding owns a minority stake in Trill Impact. Trill Impact is a signatory to the IFC’s Operating Principles for Impact Management and the UN’s Principles for Responsible Investment.

Trill Impact Microfinance, led by Viktor Andersson, has extensive experience in impact private debt investment strategies in emerging and frontier markets. Mr. Andersson has sourced, built and managed global portfolios related to Impact debt instruments in e.g. microfinance, off-grid solar, and other SDG-related Impact themes. While his career has spanned several geographies, he has been based mainly in the Nordics.

Press Contact

Courtland Walker, Partner, Head of Products & Partnerships