Calvert Foundation, Bethesda, Md., hired MicroVest Capital Management to manage a $50 million microfinance program that had been run in-house.
Calvert Foundation's $210 million in assets is devoted to program-related and impact investments. It has worked with MicroVest for the last decade on microfinance projects, but decided this year to have MicroVest manage the program. To date, Calvert Foundation has invested roughly $10 million across four MicroVest microfinance funds.
“Our staff isn't changing, we are just focusing on some new areas,” said Justin Conway, vice president of investment partnerships for Calvert Foundation, in an interview. “We are certainly committed to microfinance, but now more time will be able to be devoted to other lending opportunities,” which could include small and medium enterprises and sustainable agriculture. “We are trying to move into some new markets.”