Glisovic, JasminaReille, Xavier2012-08-132012-08-132010-10https://hdl.handle.net/10986/9458Microfinance Investment Vehicles (MIVs) in 2010 are confronting the most challenging investment environment since the 1990s. Over the past two years, microfinance investors witnessed a handful of debt defaults and a major slowdown in demand for capital from microfinance institutions (MFIs) a sharp contrast after the heady market growth experienced in previous years. However, MIVs continue to grow and earn positive returns. This brief presents the major trends within the MIV sector to emerge from this year's Consultative Group to Assist The Poorest (CGAP) MIV survey, powered by Symbiotic. It also highlights the growing commitment among MIVs to sound environment, social, and governance (ESG) practices. The last section discusses MIV challenges and prospects.CC BY 3.0 IGOACCOUNTINGASSET GROWTHASSET MANAGEMENTASSET MANAGERSBASIS POINTSCAPITAL INVESTMENTCASH HOLDINGSCOST STRUCTUREDEBTDEBT DEFAULTSDEBT INVESTMENTSDEBT OBLIGATIONSDEBTSDIRECT INVESTMENTDIRECT INVESTMENTSEMERGING MARKETSEQUITY FUNDSEQUITY INVESTMENTSFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERFOREIGN CAPITALFOREIGN DEBTFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN INVESTMENTSFUND MANAGERSGROWTH RATEGROWTH RATESINCOMEINCOME INSTRUMENTSINSTITUTIONAL INVESTORSINSURANCEINSURANCE PRODUCTSINTEREST RATESINTERNAL RATE OF RETURNINTERNATIONAL BANKSINVESTMENT DIVERSIFICATIONINVESTMENT ENVIRONMENTINVESTMENT FUNDSINVESTMENT OPPORTUNITIESINVESTMENT OPTIONSINVESTMENT POLICIESINVESTMENT VEHICLESINVESTOR DEMANDJURISDICTIONSLIQUID ASSETSLOANLOAN COVENANTSLOAN LOSSLOAN PORTFOLIOLOCAL CURRENCYLOCAL CURRENCY LOANSLOCAL MARKETMARKET CONDITIONSMATURITYMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMICROFINANCE SECTORPORTFOLIOPORTFOLIO EQUITYPORTFOLIO YIELDSPRIVATE EQUITYPRIVATE PLACEMENTPUBLIC INVESTORSRETAIL INVESTORSRETURNSRISK MANAGEMENTRISK OF DEFAULTSSHARE OF INVESTMENTSSLOWDOWNSOCIALLY RESPONSIBLE INVESTORSSTRONG DEMANDSUBSCRIPTIONSWorld Bank10.1596/9458