Little money - big impact

IIV Mikrofinanzfonds

Germany's first public microfinance fund

IIV Mikrofinanzfonds

The IIV Mikrofinanzfonds offers you the opportunity to make a social impact while earning a return that is detached from the stock and bond markets.

Since its launch in 2011, the fund has achieved a positive annualized return. With the help of your investment, you make a comprehensive contribution to the Sustainable Development Goals of the United Nations – primarily to goals 1, 5, 8 and 10.

In our monthly reports you will find comprehensive information on the investment strategy, performance data, social return and other relevant key figures.

In the R class, an investment is possible from as little as EUR 100, while the minimum investment amount in the I class is EUR 30.000.
Both tranches are open to private investors.

Find all the necessary information regarding product type, risk, return and costs in the key information document, allowing you to quickly and easily compare this information with that of other products. All documents are only available in German.

The prospectus, together with the latest available annual report or semi-annual report, is the legally binding basis for the purchase and sale of units of the IIV Mikrofinanzfonds. All documents are only available in German.

Fund units can be purchased monthly and sold quarterly. Buy orders must be submitted to the fund custodian via the bank or fund platform by the 20th of each month. Sell orders must be submitted by the 20th of the preceding month of each quarter end (e.g., February 20 for sales on March 31).

The IIV Mikrofinanzfonds is classified as a sustainable financial product within the meaning of Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR).

An essential part of the fund’s investment strategy is the pursuit of a social objective in the form of combating economic and social inequality and promoting social and economic inclusion.

Do you need individual sales documents? Then please feel free to contact our Business Development team.

The IIV Mikrofinanzfonds is a public AIF and therefore available at any bank, savings bank, direct bank, fund platform or your investment advisor and asset manager. You need a securities account for this.

Positive cycle of money

How does the IIV Mikrofinanzfonds work?

The IIV Mikrofinanzfonds uses the money invested by investors to acquire unsecuritized loan receivables from microfinance institutions in developing and emerging countries. Microfinance institutions are selected according to strict financial and social criteria, predominantly from the group of established Non-Banking Financial Institutions (NBFI), Non-Governmental Organizations (NGO) and cooperative banks. The average loan amount per sub-borrower is currently USD 1,979 (as of December 31, 2023).

The microfinance institutions in turn lend the capital raised to low-income people who want to improve their standard of living through entrepreneurial activity or need to bridge financial bottlenecks.

Typical micro-borrowers are, for example, green grocers, tailors, livestock farmers and craftsmen. They thus have the money to buy seeds, tools, materials or other raw materials. It also helps them to bridge periods of financial difficulties, such as during periods of drought, after floods and other natural hazards.

After an average of nine to twelve months, the borrowers have repaid their microloan. The microfinance institutions repay their loans, including interest payments, to the IIV Mikrofinanzfonds, and the investors receive a steady return through the fund units.

The social impact

Where does your money go?

We include the intended impact of each potential investment in our investment decision process for the investment funds we manage and then manage it. In doing so, we fulfill our commitment as a signatory to the Operating Principles for Impact Management (OPIM). Our statement on the OPIM can be found here.

After the investment decision, we measure the social reach of the portfolio and present this in various publications. These include, in particular, the monthly reports and the annual Impact Report.

In our annual Impact Report, we report in detail on the impact achieved in the microfinance sector with the money entrusted to us within the previous year.

Impact Measurement – Social Reach

The investments of the IIV Mikrofinanzfonds aim to have a sustainable impact. A direct impact channel of our investments is the refinancing of microfinance institutions in developing and emerging countries through the acquisition of non-securitised loan receivables. This gives people in these countries access to financial services. Additional indirect impact channels are enabling the implementation of business ideas and thus greater independence, as well as the promotion of women and entrepreneurship. We would like to give investors a clear insight into the social impact of their investments with the indicators below.  All data refer to December 31, 2023.

Supported Activities

By investing in different areas, the fund makes an important contribution to strengthening communities economically and improving the living conditions of people in developing and emerging countries. We divide the areas into four segments: Services, Agriculture, Commercial and Other. Under “Other” money is made available to the final borrowers for necessary social expenses and other areas such as housing or education.

Percentage women / men

We firmly believe that women play a crucial role in economic development and have an immense impact on their communities. It is therefore our aim to promote the position of women (SDG 5: Gender Equality). The majority of the microcredits from the microfinance institutes we refinanced go to women to enable them to become self-employed.

Type of Loans

Even if group loans dominate and make sense in some contexts, most microloans today are granted to individuals. Many people do not want to be responsible for others. Another reason is the penetration of microfinance into urban and peri-urban areas, where social cohesion is generally not as strong as in rural areas. Scientific studies now suggest that the probability of repayment for group loans is not generally higher than for individual loans.

Distribution City / Country

In the rural regions of the countries in which the IIV Mikrofinanzfonds invests, poverty is usually structurally anchored. Many therefore move to the cities to find work and a living. Their situation is often hardly better there. We want to support people in both places – in the country and in the city.

The selected microfinance institutions not only provide the borrowers with capital and financial services, but also support them within the framework of further training measures, among other things. Advisors with expertise and local staff support us in the selection of microfinance institutions.

The high repayment rates of 98 percent on average show impressively that the vast majority of final borrowers are able to develop their entrepreneurial potential. Applied correctly, microfinance can reduce poverty and help people to improve their standard of living through their own efforts.

More than just capital supply

Success often needs only a little stimulation

As of March 31, 2024, the IIV Mikrofinanzfonds had invested in 85 microfinance institutions in 32 countries. The fund thus currently provides 360.714 (as of December 31, 2023) economically active people with access to financial services, paving the way for them to become entrepreneurs.

– Regional distribution of investment

All figures refer to March 31, 2024

22,9 %
15,2 %
14,4 %
10,8 %
10,2 %
9,6 %
7,6 %
7,1 %
2,3 %

IIV Mikrofinanzfonds

Fund Data

Fund NameIIV Mikrofinanzfonds
Fund TypePublic AIF (microfinance fund according to §222 KAGB)
Fund CurrencyEUR (currency hedged)
Investment InstrumentsUnsecuritized loan receivables
Performance FeeNo
PurchasesMonthly, up to the 20th calendar day of each month
SalesQuarterly, until February 20, May 20, August 20 and November 20.
Price CalculationMonthly
Valuation DateEnd of month
Use of IncomeDistributing (annually)
Launch DateOctober 10, 2011
R – Class I – Class
Minimum InvestmentEUR 100EUR 30,000
Entry Feemax. 3 %max. 1 %
Custodian Fee ¹0.05 % p.a.0.05 % p.a.
Management Fee ²1.40 % p.a.0.90 % p.a.
Total Expense Ratio (TER)1.96 % p.a.1.45 % p.a.
Portfolio ManagerInvest in Visions GmbH
Capital Management Company (KVG)HANSAINVEST Hanseatische Investment-GmbH

Fund Name

IIV Mikrofinanzfonds

Fund Type

Public AIF (microfinance fund according to §222 KAGB)

Fund Currency

EUR (currency hedged)

Investment Instruments

Unsecuritized loan receivables

Performance Fee



Monthly, up to the 20th calendar day of each month


Quarterly, until February 20, May 20, August 20 and November 20.

Price Calculation


Valuation Date

End of month

Use of Income

Distributing (annually)

Launch Date

October 10, 2011

R – Class

I – Class

Minimum Investment

EUR 100

EUR 30,000

Entry Fee

max. 3 %

max. 1 %

Custodian Fee ¹

0.05 % p.a.

0.05 % p.a.

Management Fee ²

1.40 % p.a.

0.90 % p.a.

Total Expense Ratio (TER)

1.96 % p.a.

1.45 % p.a.







Portfolio Manager

Invest in Visions GmbH

Capital Management Company (KVG)

HANSAINVEST Hanseatische Investment-GmbH

  • 1 Included in TER
  • 2 Can be up to 1.8 %
  • 3 As of September 30, 2023


  • Social commitment with a steady return
  • Attractive investment solutions for the low interest rate environment
  • Broad risk diversification of the portfolio
  • Stringent and risk-controlled investment approach
  • Low volatility
  • Low correlation with traditional asset classes


  • Risk of capital loss
  • Country risks (e.g. political, macroeconomic)
  • Default risks related to the sub-borrowers
  • Credit, currency and interest rate risks
  • Liquidity risks
  • Risks from use of derivatives

A proven investment process

In addition to risk diversification across different regions, countries and microfinance institutions, the qualitative selection of institutions significantly determines the investment success of the IIV Mikrofinanzfonds. When selecting partners, not only do we conduct an in-depth financial and risk analysis, but we also attach equal importance to ethical and social aspects.

Based on a careful company evaluation, we only select microfinance institutions for the IIV Mikrofinanzfonds that operate sustainably and offer their services on fair terms. We pay particular attention, for example, to reasonable interest rates, transparent credit counseling, continuing education programs for micro-borrowers, the avoidance of over-indebtedness, the coverage of rural areas and the advancement of women. In our dual investment approach, the assessment of the financial and social performance of microfinance institutions is carried out using in-house investment analysis tools and an in-depth on-site review. Through this stringent investment process, the IIV Mikrofinanzfonds provides investors with the assurance that they are creating social value with their investment, in addition to a financial return.


How microloans work

At Invest in Visions, our mission is to create positive change through sustainable investments in the context of financial portfolio management. Our success stories from around the world reflect this.

IIV Mikrofinanzfonds


The IIV Mikrofinanzfonds is a mutual fund. As a rule, units can be purchased via your house bank, direct bank or fund platform. It is possible to invest in units in unit class R or in unit class I. In the R class, an investment is already possible from EUR 100, the minimum investment amount in the I class is EUR 30,000. Both tranches are open to private investors. The R-Class has the securities identification number (WKN) A1H44T and the ISIN DE000A1H44T1 for clear identification. For the I-Class, the securities identification number (WKN) is A1H44S and the ISIN is DE000A1H44S3. The R class is eligible for savings plans, but not all custodian banks or fund platforms offer this service for long-term asset accumulation. Please consult your financial and banking advisor for more information.

The fund can be purchased monthly and sold quarterly. Buy orders must be submitted to the depositary via the bank or fund platform by the 20th of the month. Sell orders must be submitted by the 20th of the previous month of the respective quarter-end (e.g. 20 February for sales as of 31 March). The orders received by the respective deadline are usually executed at the end of the month or, in the case of sales, at the end of the quarter with a two-day value date. This means that when units of the IIV Microfinance Fund are purchased, the units purchased will probably be credited to the securities account on the second working day of the new month and the account of the buyer:in will be debited with the purchase equivalent in return. Please find the order calendar here. For further questions, please contact the Invest in Visions team: or 069-2043 411 0

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