Developing World Markets

What Developing World Markets does

Developing World Markets (DWM), founded in 1994 and headquartered in Stamford, Connecticut, is a privately held impact investing asset manager and investment advisor that has helped originate more than $2.5 billion in loans and private equity investments to inclusive financial institutions and emerging-markets enterprises across 70 countries. The firm was co-founded by Peter Johnson and Judy Kirst-Kolkman to channel institutional capital into emerging and frontier markets while pursuing competitive, risk-adjusted returns alongside verified social and environmental impact; today it is co-led by Peter Johnson and Edward Marshall as Co-Managing Partners.

DWM's core offering is private credit and equity investment strategies for emerging and frontier markets, structured through a portfolio of specialized funds and white-label mandates including the DWM SDGs Credit Fund, DWM Microfinance Fund, DWM Microfinance Equity Fund I, Inclusive Finance Private Equity Fund II, the ORCA (Off-Grid, Renewable and Climate Action) Impact Note, ACTIAM Institutional Microfinance Fund III, Daiwa Microfinance Fund, Monega Multi-Sector Microfinance & Impact Loans Fund, Monega Mikrofinanz & Impact Fonds, and the DWM Displaced Communities Fund. Underlying investment decisions rest on a proprietary emerging-markets investment methodology developed in 1994 with former Citibank Chief Economist Leif Olsen, refined over three decades of portfolio experience, and validated by independent impact verification from BlueMark and UNPRI A+ ratings in Strategy & Governance and Direct Inclusive Finance. DWM does not operate a proprietary technology platform; its intellectual property is methodological and relational.

The firm operates a fee-based asset management model, earning management fees and advisory fees as a percentage of assets under management across its funds, plus performance fees on certain mandates. DWM distributes its strategies through direct institutional sales to pension funds, development finance institutions, family offices, and high-net-worth individuals, complemented by regional channel partnerships with ACTIAM (Netherlands), Daiwa Securities and Tokio Marine (Japan), Invest in Visions and Monega (Germany), Trill Impact (Nordics), and SBI Securities (Japan). The firm employs between 11 and 50 people across offices in Stamford, New York, Tbilisi, and Delhi, with team members additionally located in 11 countries across Africa, Asia, Europe, and Latin America, providing on-the-ground origination, underwriting, and portfolio monitoring.

Name

Developing World Markets

Legal name

DWM Asset Management, LLC

Website

http://www.dwmarkets.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Impact Investing Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Sustainable/Thematic Investing (Climate, Clean Tech, Water, Biodiversity) (FSAAALAB), Global/International & Emerging Markets Mutual Funds (FSAAAEAK)

Keywords

• Emerging markets investing
• Impact investment management
• Microfinance fund management
• Inclusive finance private credit
• SDG-aligned private debt

Headquarters

HQ city

Stamford

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: DWM earns management fees as investment manager/advisor for various funds including DWM Microfinance Fund, ACTIAM Institutional Microfinance Funds, Daiwa Microfinance Fund, Inclusive Finance Private Equity Funds, and the SDG-aligned impact investment strategy. Fees are typically charged as a percentage of assets under management.
2. Performance Fees: Some DWM-advised funds may carry performance fees aligned with investment returns, typical for impact investment fund structures.
3. Advisory Fees: DWM serves as advisor to funds such as Invest in Visions' IIV Mikrofinanzfonds and DKM Mikrofinanzfonds, earning advisory fees for origination and sub-management of assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Developing World Markets is a private impact investing asset manager that originates, structures, and manages private credit and equity investments in emerging and frontier markets. The firm invests directly in microfinance institutions, inclusive finance companies, off-grid solar and climate-action enterprises, and SDG-aligned businesses, deploying capital through a suite of advised investment funds and partnership/white-label solutions for institutional investors.

Product overview

Developing World Markets (DWM) operates as a specialized impact investing firm offering a platform of investment products centered on private credit strategies for emerging and frontier markets. The core offering includes Private Credit investment strategies and Partnerships/White-Label Solutions for institutional investors. The product portfolio spans multiple specialized investment funds including the DWM SDGs Credit Fund (SDG-aligned strategy for Nordic investors), DWM Microfinance Fund, DWM Microfinance Equity Fund I, Inclusive Finance Equity Fund II, the ORCA (Off-Grid, Renewable and Climate Action) Impact Note for climate finance, ACTIAM Institutional Microfinance Fund III, Daiwa Microfinance Fund (Japan), Monega Multi-Sector Microfinance & Impact Loans Fund (Germany), Monega Mikrofinanz & Impact Fonds, and the DWM Displaced Communities Fund. These products work together to provide institutional investors with risk-appropriate credit strategies combining competitive returns with measurable social and environmental impact across 70 countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Credit Strategy Risk-tailored private credit strategies that combine competitive returns with social and environmental impact for institutional investors in emerging and frontier markets.
• Partnerships and White-Label Solutions Customized partnership structures and white-label investment solutions for institutional investors seeking to enter impact investing markets, including sub-management and origination mandates.
• DWM SDGs Credit Fund An SDG-aligned impact investment strategy backed by Nordic institutional investors, channeling credit to companies contributing to UN Sustainable Development Goals across emerging and frontier markets.
• DWM Microfinance Fund First dedicated microfinance fund launched by DWM for lending to microfinance institutions across emerging markets.
• DWM Microfinance Equity Fund I First dedicated microfinance private equity fund; closed with $82 million in commitments from four institutional investors including APG and TIAA-CREF.
• Inclusive Finance Equity Fund II Private equity fund raising $52 million for inclusive finance equity investments across Asia and Latin America, expanding scope to microfinance institutions, banks serving low-income clients, and specialty lenders in housing and energy.
• DWM ORCA (Off-Grid, Renewable and Climate Action) Impact Note Impact note lending $60.8 million to emerging and frontier market companies for off-grid solar and climate action, addressing needs of the 2.2 billion people without reliable electricity access.
• ACTIAM Institutional Microfinance Fund III Fund raising $115 million for loans to microfinance institutions, with DWM serving as investment manager.
• Daiwa Microfinance Fund Fund raising more than JPY19 billion in the Japanese retail market, offering daily liquidity via a portfolio of private loans to MFIs and listed supranational bonds.
• Monega Multi-Sector Microfinance & Impact Loans Fund Multi-thematic impact private credit fund launched with Monega KAGmbH, supported by German institutional investors.
• Monega Mikrofinanz & Impact Fonds Multi-thematic impact mutual fund for the German market, only the second mutual fund launched under German financial regulations supporting microfinance as an investable asset.
• DWM Displaced Communities Fund Fund focused on supporting displaced communities through impact investing.

Quantifiable outcome

• $2.5 billion+ in DWM-originated loans and investments to inclusive financial institutions
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered minor and core.

• Saathi MoneyminorStrategic or Co-development Partner · 1 January 2025DWM partnered with Suryoday Small Finance Bank and Saathi Money in September 2024 for financial resilience initiatives. In July 2025, they released a joint report on fintech innovation to bridge financial vulnerability.
• Suryoday Small Finance BankminorStrategic or Co-development Partner · 1 January 2024DWM partnered with Suryoday Small Finance Bank and Saathi Money in September 2024 for financial resilience initiatives.
• Trill ImpactcoreStrategic or Co-development Partner · 1 January 2020DWM partnered with Trill Impact, an affiliate of Nordea Asset Management, in 2020 to promote emerging and frontier market impact private credit strategies among Nordic investors. This partnership supports the SDG-aligned impact investment strategy.
• Monega KAGmbHcoreStrategic or Co-development Partner · 1 January 2018DWM partnered with Monega KAGmbH to launch the Monega Multi-Sector Microfinance & Impact Loans Fund in 2018, a multi-thematic impact private credit fund supported by German institutional investors. In 2019, they launched the Monega Mikrofinanz & Impact Fonds for the German market, only the second mutual fund under German regulations supporting microfinance.
• SBI SecuritiesminorStrategic or Co-development Partner · 1 January 2016DWM partnered with SBI Securities in 2016 to create a bond issue backed by loans to MFIs, a first for Japanese investors.
• Invest in Visions GmbHcoreStrategic or Co-development Partner · 1 January 2016DWM was appointed as advisor by Invest in Visions GmbH in 2016 to originate and sub-manage assets for the largest microfinance fund in Germany (IIV Mikrofinanzfonds). In 2017, DWM became sole advisor for the new DKM Mikrofinanzfonds.
• Daiwa Securities and Tokio Marine Asset ManagementcoreStrategic or Co-development Partner · 1 January 2011DWM partnered with Daiwa Securities and Tokio Marine Asset Management in 2011 to create the Daiwa Microfinance Fund, raising more than JPY19 billion in the Japanese retail market. The fund offers daily liquidity via a portfolio of private loans to MFIs and listed supranational bonds.
• ACTIAM (formerly SNS Asset Management)coreStrategic or Co-development Partner · 1 January 2007DWM partnered with SNS Asset Management (now ACTIAM) to create the ACTIAM Institutional Microfinance Fund I in 2007, growing to approximately $250 million. A second institutional microfinance fund was launched in 2008, growing to approximately $260 million. DWM serves as investment manager, ACTIAM as fund manager.
• BlueOrchardcoreStrategic or Co-development Partner · 1 January 2004DWM partnered with BlueOrchard in 2004 to structure and raise the first cross-border microfinance collateralized loan obligation, channeling $87 million to 14 microfinance institutions. This was a breakthrough transaction that demonstrated the investability of microfinance.
• Pro Mujer InternationalminorStrategic or Co-development Partner · 1 January 1996DWM founders provided volunteer support for Pro Mujer International starting in 1996, with Peter Johnson serving on the board and later as board chair. DWM made a meaningful donation in 1999 and partnered to create the Pro Mujer Loan Fund.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• International Finance Corporation (IFC): World Bank Group member focused on private sector development in emerging markets. Overlaps with DWM on emerging market credit and financial inclusion themes; serves as both competitor (large balance sheet, scale) and ecosystem participant (DWM has IFC alumni and works alongside DFI capital).
• KfW Development Bank: German development finance institution supporting private sector development in emerging markets. Comparable focus on financial inclusion and climate in developing countries; overlaps with DWM in fund partnerships and is a major allocator to impact investment vehicles.

Direct peers

• Symbiotics: Swiss-based impact investing platform focused on microfinance, SMEs, and responsible finance in emerging markets. Comparable asset classes (private debt to MFIs), institutional investor channel, and emerging market geographic focus, with similar scope of impact measurement and certification.
• responsAbility Investments: Swiss impact asset manager providing debt and equity financing to financial institutions and SMEs in emerging markets. Directly comparable to DWM across private credit, financial inclusion, climate finance, and emerging market fund offerings, with a similarly global team and institutional investor base.
• BlueOrchard Finance: Leading impact investment manager focused on emerging market private credit and microfinance. Closely comparable to DWM in product mix (private debt to MFIs and SMEs), institutional LP base, and impact measurement framework; the two firms have even partnered on landmark CLO transactions.
• Incofin Investment Management: Belgian impact investment manager focused on financial inclusion, agriculture, and clean energy in emerging markets via private debt and equity funds. Comparable offerings across microfinance and SME finance, with similar institutional LP relationships and impact fund structuring.
• Triple Jump: Dutch impact investment manager focused on private debt and equity in emerging markets, including financial inclusion, climate, and sustainable livelihoods. Comparable product lineup, geographic focus, and LP base; Olivier Deiters (DWM's Region Head for Africa & ME) previously led Triple Jump's Africa and Middle East coverage.

Emerging players

• Bamboo Capital Partners: Impact investment manager focused on emerging markets with exposure to financial inclusion, climate, and inclusive business. Several DWM team members previously worked at Bamboo, indicating comparable thematic focus, though with a smaller AUM and more equity-oriented strategy.
• LeapFrog Investments: Specialist impact investor in emerging market financial services and healthcare. Overlaps with DWM on financial inclusion and emerging market private equity/credit themes, though LeapFrog leans more growth equity and is significantly larger in AUM.

Regional players

• Oikocredit: Cooperative impact investor and international sustainable development finance organization focused on financial inclusion, agriculture, and renewable energy in developing countries. Comparable private credit exposure to MFIs and SMEs, with a member-based structure rather than DWM's institutional LP base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/developing-world-markets
• Xx.com/dwmarkets

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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

M&A

Investments10 records

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Frequently asked questions about Developing World Markets