The International Co-operative Alliance and Crédit Coopératif (FR) announce the relaunch of the former Global Development Co-operative. The name of the Fund changes into the Global Co-operative Impact Fund. Impulse Europe, a Brussels-based subsidiary of Crédit Coopératif, is appointed manager of the Global Co-operative Impact Fund.
- Download the fund's specifications sheet
- Descargar el prospecto del fondo
- Télécharger le prospectus du fonds
Pierre Valentin, Deputy Managing Director at Crédit Coopératif: “The new Global Co-operative Impact Fund answers the need for a reliable and profitable facility for long-term investment in African co-operatives. The new fund will pioneer a legacy of co-operative investment and establish co-operatives as an asset class. I am pleased to announce that, next to world-class leading co-operatives, the Global Co-operative Impact Fund will partner with the United Nations' Food and Agriculture Organization.”
Dame Pauline Green, President of the International Co-operative Alliance: "Co-operatives are growing and sustainable businesses which serve the needs of people. The new Global Co-operative Impact Fund will measure performance not only at financial and social level, but also based on environmental concern and good governance. Fund beneficiaries will be expected to observe participative, ethical and financial standards as put forward in the co-operative principles. We expect the Global Co-operative Impact Fund to become a magnificent example of global co-op to co-op trade. We are eager to see it develop into both a win-win and a cultural bridge between African and world co-operators.”
The Global Co-operative Impact Fund is to answer a pressing need. Where co-operatives do foster stability and progress in developing countries, they have a hard time attracting growth capital. The new Fund will answer those needs by providing fair priced finance to fund quasi-equity and long-term needs. The new Global Co-operative Impact Fund will extend the outreach and benefits of the co-operative model in creating sustainable employment and stable income. Granting long term, reliable and dedicated funding to developing co-operatives will also contribute to the global establishment of the co-operative identity.
The new Global Co-operative Impact Fund targets co-operative financial institutions (co-operative banks, credit unions, co-op MFIs) and large co-operatives with an agriculture focus. The new Global Co-operative Impact Fund is to extend the reach and benefits of the co-operative model. Helping thousands of co-operators in the developing world, particularly in rural Africa, the new Fund will expand on the International Year of Co-operatives’ legacy of co-operative enterprises building a better world. The Global Co-operative Impact Fund will ensure social and financial returns to its investors (expected IRR 4%). The Fund manager will measure the social impact of its activities relying on key performance and user friendly indicators recommended by the Global Impact Investing Network (GIIN) to measure impact.
The Global Co-operative Impact Fund's manager, Impulse Europe, prides itself of a long track record in co-operative development. Impulse Europe’s first success, CoopEst, a Central and Eastern Europe development co-operative Fund launched in 2006 has a EUR 39M portfolio and funds financial institutions in 10 countries. Inspired by the success of CoopEst, CoopMed is about to be launched, focusing on co-operative development in the Mediterranean area.
Amongst those who have already pledged their financial support for the new Fund are the All China Federation of Supply and Marketing Co-operatives, Credit Coopératif (FR), The Co-operators (CA) as well as the Central England Co-operatives (UK). The expected date for the first closing is end of first quarter 2016.
The Global Co-operative Impact Fund can be contacted at firstname.lastname@example.org.