Our History

Since our founding in 1994, Developing World Markets has focused exclusively on investing in emerging and frontier markets. For two decades, we have been a pioneer in creating investible solutions that address the social, environmental and economic needs of the developing world.

1994

DWM is founded as an emerging and frontier markets fund manager.

1994

1998

Establishes the first emerging markets IPO fund, investing in 20 countries across Africa, Asia, Emerging Europe and the Middle East, participating in some 350 initial public offerings of mostly small & medium sized companies on local stock exchanges.

1998

1999

Beginning its microfinance investing activities, DWM advises on and helps establish the Pro Mujer Loan Fund for Latin America.

1999

2004

DWM structures and raises the first cross-border microfinance collateralized loan obligation with BlueOrchard, channeling $87 million to 14 microfinance institutions (MFIs).

2004

2006

A DWM microfinance collateralized loan obligation is the first to receive a rating by a third party risk assessment firm. The CLO raises $60 million for loans to 26 MFIs in 17 countries.

2006

DWM arranges a $43 million private equity investment by TIAA-CREF into ProCredit Holdings, a network of banks operating in developing countries, serving small- and medium-enterprises and low-income individuals.

2006

2007

DWM structures the first international bond issuance out of Azerbaijan, a $25 million loan to Microfinance Bank of Azerbaijan (now AccessBank).

2007

DWM partners with SNS Asset Management (now “ACTIAM”), creating the ACTIAM Institutional Microfinance Fund I to lend to microfinance institutions across Latin America, Eastern Europe, Asia, & Africa. DWM serves as Co-Investment Manager, alongside ACTIAM as Fund Manager. The Fund grows to approximately $250 million.*

2007

2008

DWM launches the second Institutional Microfinance Fund for Dutch institutional investors, in partnership with ACTIAM, which grows to approximately $260 million. DWM serves as sole Investment Manager.

2008

DWM wins Fast Company Social Capitalist Award for 2008, one of 10 “profits with purpose” companies selected for their “rigorous methodology”

2008

2009

Raises DWM Microfinance Equity Fund I, its first dedicated microfinance private equity fund, at $82 million.*

2009

2010

DWM encourages portfolio institutions to submit annual Social Performance Standards Reports to the MIX Market and to acquire social ratings.

2010

2011

DWM establishes the DWM Microfinance Fund J, in partnership with Daiwa Securities and Tokio Marine Asset Management, raising $236 million in the Japanese retail market. The innovative fund offers daily liquidity via a portfolio of both private loans to microfinance institutions and listed “supranational” bonds of development finance institutions, such as the IFC and EBRD.†

2011

DWM is named one of the Global Top 50 impact investment managers by ImpactAssets.

2011

2012

DWM is a pioneer participant in the Global Impact Investing Ratings System (GIIRS), a comprehensive and transparent system for analyzing and rating the social and environmental impact of companies and funds.

2012

For the second year in a row, DWM is named one of the Global Top 50 impact investment managers by ImpactAssets.

2012

2013

Launches the DWM Inclusive Finance Private Equity Fund II, eventually raising $52 million.*

2013

DWM is named one of the Top 50 global impact investing firms by ImpactAssets for a third year in a row.

2013

2014

The DWM-advised, ACTIAM Institutional Microfinance Fund III raises $115 million for loans to microfinance institutions.†

2014

2016

DWM signs its second impact mandate in Japan, partnering with SBI Securities†

2016

DWM is appointed as an Advisor by Invest in Visions GmbH to originate and sub manage assets for the largest microfinance fund in Germany, their IIV Mikrofinanzfonds. †

2016

Surpasses $1 billion in DWM-originated loans to inclusive financial institutions.

2016

The DWM Off-Grid, Renewable and Climate Action (“ORCA”) Impact Note lends $60.8 million to emerging and frontier market companies for off-grid solar and climate action, helping to address the needs of the more than 2.2 billion people living without reliable electricity access.

2016

2017

DWM is selected for the 2016 ImpactAssets 50 (“IA50”), the sixth annual guide featuring 50 leading impact fund managers.

2017

DWM becomes sole Advisor, originating and sub managing the assets for Invest in Visions’ new DKM Mikrofinanzfonds †

2017

2018

DWM partners with Monega KAGmbH launching a multi-thematic impact debt fund – Monega Multi-Sector Microfinance & Impact Loans Fund † — with DWM as Fund Manager.

2018

2019

A new partnership with Monega launches a multi-thematic impact mutual fund for the German market–Monega Mikrofinanz & Impact Fonds † —with DWM as Fund Manager.

2019

DWM is selected for the 2018 ImpactAssets 50 (“IA50”), featuring 50 leading impact fund managers.

2019

2020

DWM surpasses $2 billion in DWM-originated loans and private equity investments to inclusive financial institutions.

2020

*This fund is closed to investors
†Not available to US investors