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Managing SME Investment Funds in Latin America and the Caribbean: Lessons Learned and Recommended Best Practices

A further barrier to pension funds‟ investment in green projects is their lack of knowledge and experience not only with „green‟ projects, but with infrastructure investments in general (which green projects are often a subsector of) and the financing vehicles involved (such as private equity funds or structured products). However, major pension funds around the world have been coming together in order to raise awareness of the climate change issue and the opportunities presented and to encourage the creation of financing vehicles which will allow them and their peers to get involved. Some of the major funds leading. | Managing SME Investment Funds in Latin America and the Caribbean Lessons Learned and Recommended Best Practices A Report Submitted in Conjunction with the Multilateral Investment Fund s MIF Workshop on Small and Medium Sized Enterprise Investment Funds in LAC Babson College Executive Education Program November 19-21 2003 By SOLANA INCORPORATED The principal author of this report is Marie Gunning Portland Maine mgunning@solana-inc.com MANAGING SMALL AND MEDIUM SIZED ENTERPRISE INVESTMENT FUNDS IN LATIN AMERICA AND THE CARIBBEAN LESSONS LEARNED AND RECOMMENDED BEST PRACTICES Prepared by Marie Gunning SOLANA incorporated 120 Exchange Street Portland ME 041121 EXECUTIVE SUMMARY Over the past decade private investment funds have emerged as a potential new financing option for small and medium sized business enterprises SMEs in Latin America and the Caribbean LAC . The Multilateral Investment Fund MIF a special fund administered by the InterAmerican Development Bank has been a prime catalyst behind piloting this new type of financing vehicle. To help track the impacts of its investment fund support the MIF requires all investment funds in which it is a participant to be subject to periodic review by outside investment professionals. These independent monitoring evaluations provide an objective assessment of the operating aspects of each fund and help to identify major trends common throughout the region s nascent SME private investment market. Drawing from the findings of monitoring evaluations conducted for the MIF and others between 1996 and 2003 this paper sets forth some of the key lessons learned to-date from the operation of various LAC- based SME investment funds. These conclusions are based upon examination of market standards for the region as well as actual examples encountered through the independent monitoring review process. It is hoped that this summary will help fund managers fund governance bodies and potential new fund investors enhance their SME .