Incofin Investment Management

What Incofin Investment Management does

Incofin Investment Management NV is an Antwerp-based, majority employee-owned Alternative Investment Fund Manager (AIFM) supervised by the Belgian Financial Services and Markets Authority (FSMA). Founded in 1992, the firm manages and advises impact investment funds across three thematic pillars - inclusive finance, sustainable food, and clean water - deploying capital through private debt, private equity, technical assistance, and blended finance vehicles. As of December 31, 2024, Incofin reported $1.1 billion in assets under management and $4.8 billion invested across more than 50 countries since inception, with current exposure spanning 520+ investees in 76+ countries and a professional team of 90+ based in Belgium, Colombia, Kenya, and India.

The firm's product platform spans a retail-accessible flagship (Incofin Microfinance Fund, minimum €130.20 via a dedicated investor portal), institutional closed-end funds (Fairtrade Access Fund, Water Access Acceleration Fund, Incofin Climate-Smart Microfinance Fund, India Progress Fund I), and a Technical Assistance Facility launched in September 2025. Capabilities are underpinned by ECHOS 2.0©, a proprietary web-based impact-measurement and portfolio-management system that delivers quarterly outcome reporting, and by the AgTech Incofin Initiative, a digital platform launched in 2023 to scale smallholder-facing technologies in Latin America. Recent product development has pushed into Payments for Ecosystem Services (CompensACTION, 2025) and gender-lens investing (Global Gender-Smart Fund, $5M TuranBank facility).

Revenue is generated primarily through AUM-based management fees on Article 9 SFDR-classified funds, supplemented by advisory fees (e.g., Fairtrade Access Fund) and recurring technical-assistance facility revenue. Distribution combines direct institutional sales to DFIs (KfW, IFC, FMO, EIB, BII, DFC, PROPARCO, DEG), private banks (BNP Paribas Fortis, Belfius, KBC, vdk bank), pension funds and foundations, alongside a self-serve retail channel serving approximately 2,300 individual investors. The company is privately held, has no parent, and maintains no public revenue disclosures.

Name

Incofin Investment Management

Legal name

Incofin Investment Management NV

Website

http://incofin.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

Incofin Investment Management is a Belgian, employee-owned Alternative Investment Fund Manager that manages and advises impact investment funds across inclusive finance, sustainable food, and clean water in 50+ emerging and frontier markets, serving development finance institutions, private banks, foundations, and ~2,300 retail investors.

Ownership category

akta.pro rank

Product category

Impact Investment Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Impact investment management
• Microfinance fund management
• Emerging market investing
• Blended finance solutions
• Sustainable investment funds

Headquarters

HQ city

Antwerp

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: AUM-based management fees from managing and advising impact investment funds across inclusive finance, sustainable food, and clean water themes. Incofin manages and advises multiple Article 9 SFDR-classified funds.
2. Advisory Services: Advisory fees for funds where Incofin serves as advisor rather than manager, such as the Fairtrade Access Fund. Provides deal sourcing, portfolio oversight, and strategic guidance.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Incofin Investment Management is a licensed Alternative Investment Fund Manager (AIFM) that manages and advises impact investment funds focused on inclusive finance, sustainable food systems, and clean water in emerging and frontier markets. The firm deploys capital through private debt, private equity, and blended finance structures to microfinance institutions, agricultural enterprises, and water utilities, while providing technical assistance to strengthen investee performance.

Product overview

Incofin Investment Management operates a multi-fund platform structured around three core investment themes: Inclusive Finance, Sustainable Food, and Clean Water. The product portfolio includes retail-accessible funds (Incofin Microfinance Fund starting at €130.20), institutional funds (Fairtrade Access Fund, Water Access Acceleration Fund, Incofin Climate-Smart Microfinance Fund), and closed or legacy vehicles (Agri-Finance Liquidity Facility, India Progress Fund I). Capabilities span Private Debt, Private Equity, Technical Assistance, and Blended Finance. The platform is underpinned by proprietary technology including ECHOS 2.0© for impact measurement and the AgTech Incofin digital innovation platform for agricultural technology solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Incofin Microfinance Fund: Fund focused on helping small business owners in emerging countries build better futures through responsible investing, open to individual investors with minimum investment of €130.20
• Incofin Foundation
• Incofin Climate-Smart Microfinance Fund (ICMF)
• Agri-Finance Liquidity Facility (ALF)

Products and services

• Incofin Microfinance Fund The flagship retail microfinance fund enabling individual investors to support small business owners in emerging countries through responsible investing, with a minimum investment of €130.20.
• Fairtrade Access Fund (FAF) A fund financing Fairtrade-aligned cooperatives, producer organisations and agri-enterprises, helping smallholder farmers build resilience amid climate and market pressures. Deployed USD 100 million across 44 investees in 17 countries in 2025.
• Water Access Acceleration Fund (W2AF) A pioneering fund launched at the 2023 UN Water Conference that blends capital from public, private and philanthropic investors to bring clean water to vulnerable communities in Africa and Asia, targeting 30 million low-income people by 2030.
• Incofin Climate-Smart Microfinance Fund (ICMF) A microfinance fund that invests in climate-focused solutions helping vulnerable communities adapt and build resilience to climate change while promoting financial inclusion.
• Agri-Finance Liquidity Facility (ALF) A fund providing crisis-resilient capital to agri-enterprises and cooperatives to protect smallholder farmers, strengthen food security, and accelerate climate adaptation in Africa and Latin America. Status: Closed.
• India Progress Fund I (IPF I) A private equity fund focused on India, investing in inclusive finance, sustainable food systems, and clean water, with notable investments in Sahyadri Farms and Mufin Green Finance.
• Water Access Acceleration Fund Technical Assistance Facility (W2AF TAF) A EUR 550,000 technical assistance facility launched in September 2025 to help water enterprises grow sustainably, improve service quality, and expand safe drinking water access to underserved communities.
• Fund Advisory Services Advisory services for funds where Incofin serves as advisor rather than manager, providing deal sourcing, portfolio oversight, and strategic guidance to institutional investors.

Quantifiable outcome

• 12.5 million borrowers reached by investees in 2024, with 46% in rural areas
• +4 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and minor.

• CGIAR Hub for Sustainable Finance (ImpactSF)coreStrategic or Co-development Partner · 1 January 2025Partnership to bring science-backed Payments for Ecosystem Services to smallholder coffee farmers in Latin America. First two pilots launched in Colombia and Nicaragua through the Fairtrade Access Fund. CGIAR provides scientific rigor for MRV systems and independent measurement.
• Fairtrade InternationalcoreStrategic or Co-development PartnerStrategic partnership through Fairtrade Access Fund financing Fairtrade-aligned cooperatives and producer organisations.
• Appui au Développement Autonome (ADA)minorStrategic or Co-development PartnerLuxembourgish NGO coordinating Smallholder Sustainability Upscaling Programme (SSNUP) with funding from Luxembourg, Switzerland, and Liechtenstein.
• 2X GlobalminorOthersIndustry body for gender lens investing; Incofin participates in promoting investment practices that benefit women.
• Global Impact Investing Network (GIIN)minorOthersNetwork dedicated to collaboration, research, and tools strengthening global impact investing community.
• Cerise+SPTFminorOthersDevelops social performance management standards and tools for inclusive finance actors.
• Women in Finance BelgiumminorOthersNetwork promoting gender equality in finance industry.
• Incofin FoundationcoreOthersPrivate foundation established by Incofin IM coordinating AgTech initiative and technical assistance programs.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• responsAbility Investments AG: Swiss impact asset manager investing in financial inclusion, climate, and food across emerging markets with comparable fund structures (debt and equity) and a similar DFI-anchored LP base. Most direct functional peer to Incofin in size and product mix.
• BlueOrchard Finance Ltd: Pioneer in microfinance investment and inclusive finance with multiple debt and equity vehicles serving emerging markets. Owned by Schroders; directly comparable product set and target investee base as Incofin's inclusive finance theme.
• Symbiotics SA: Geneva-based impact investment advisory and asset manager focused on financial inclusion, microfinance, and SMEs in emerging markets. Provides research, fund management, and advisory services highly comparable to Incofin's fund and advisory model.
• Oikocredit: International cooperative providing debt and equity financing to MFIs, cooperatives, and fair-trade organizations in developing countries. Comparable mission, investee profile (financial inclusion, sustainable agriculture), and emerging markets orientation.
• Triodos Investment Management: Dutch impact investment manager operating multiple sustainable investment funds across financial inclusion, renewable energy, and sustainable food. Similar multi-fund platform structure and Article 9 SFDR classification.
• Calvert Impact Capital: US-based nonprofit impact investment firm operating debt funds serving community development financial institutions and impact enterprises. Highly comparable fund-of-funds-style model with strong impact measurement focus.

Emerging players

• MCE Social Capital: California-based impact investment manager operating loan funds for financial inclusion and clean energy in emerging markets. Smaller, niche overlap with Incofin's microfinance and clean water/energy investments.
• Acumen Capital Partners: Impact investment organization backing early-stage companies serving low-income communities in Africa and South Asia. Partial overlap with Incofin's sustainable food and inclusive finance themes through a venture-stage lens.

Broad incumbents

• DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German DFI subsidiary of KfW providing long-term debt and equity to private enterprises in developing countries. Both a customer (co-investor in Lovćen Banka, multiple Incofin funds) and a partial competitor in direct impact investment.
• FMO (Netherlands Development Finance Company): Dutch DFI providing capital to financial institutions, agribusiness, and clean water enterprises in emerging markets. Both LP in Incofin funds (Ace International, Sahyadri Farms) and a direct investor in overlapping themes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/193747530747802
• LinkedInlinkedin.com/company/incofin-investment-management

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments35 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Incofin Investment Management