Developing World Markets Finance LLP

Name

Developing World Markets Finance LLP

Legal name

DWM Asset Management, LLC

Website

https://dwmarkets.com

Company type

Private

Founded year

1994

Operating status

Operating

Ownership category

akta.pro rank

Product category

Impact Investment Management

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Investment Banking and Securities Intermediation (52315)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industries

Value Chain Development & Supplier Upgrading (BPADAMAI), Industrial Development & Competitiveness Programs (BPADAMAF), Economic Research, Statistics & Policy Advisory (BPADAMAJ)

Keywords

• Emerging market private credit
• Impact investment management
• Microfinance lending
• Inclusive finance funds
• Institutional asset management

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, Supply Chain

Revenue model

1. Private Credit Investment Management: DWM originates and manages impact-driven loans to microfinance institutions and other financial service providers in emerging and frontier markets. Revenue is generated through investment management fees and performance fees from managing credit strategies for institutional investors.
2. White-Label Fund Management: DWM provides tailored solutions for partners including product design, fund management, and vehicle structure. Partners include asset managers in Europe, Asia, and North America who lack in-house impact investing capabilities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Developing World Markets is an impact investing firm that originates and manages private credit and private equity investments to financial institutions and impact-oriented companies in emerging and frontier markets. It also delivers white-label and partnership fund solutions, including product design, fund management, and vehicle structuring, for institutional investors and asset managers seeking exposure to impact strategies in the developing world.

Product overview

Developing World Markets (DWM) is an impact investing firm that operates as a single unified platform offering private credit investments in emerging and frontier markets alongside partnership and white-label fund solutions. The core offering consists of credit investments to impactful companies and microfinance institutions, complemented by tailored fund management services for institutional partners. Key products include the Private Credit strategy, Partnerships and White-Label Solutions, specialized equity funds (Microfinance Equity Fund I, Inclusive Finance Private Equity Fund II), the ORCA Impact Note for climate action, and the SDG-Aligned Impact Investment Strategy. All investments are assessed using DWM's proprietary Impact Questionnaire & Scorecard methodology.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Credit DWM's flagship private credit strategy providing direct lending to microfinance institutions, SMEs, and companies in developmental sectors such as renewable energy, water and sanitation, and agriculture in emerging and frontier markets. Investment sizes range from $0.5 million to $30 million per transaction. Designed for institutional investors seeking competitive risk-adjusted returns with measurable social and environmental impact.
• Partnerships and White-Label Solutions Tailored fund management and product design solutions for asset managers seeking to offer impact investing products to their investor base, including open-end and closed-end funds, mutual funds, securitized structures, and co-investment opportunities. Targets partners in Europe, Asia, and North America who lack in-house emerging market impact investing capabilities.
• DWM Microfinance Equity Fund I DWM's first dedicated microfinance private equity fund, which closed with $82 million in commitments from four institutional investors including APG and TIAA-CREF. Focused on equity investments in inclusive finance institutions.
• Inclusive Finance Private Equity Fund II A $52 million private equity fund launched in 2015, focusing on inclusive finance equity investments across Asia and Latin America, covering microfinance institutions, banks serving low-income clients, and specialty lenders in housing and energy.
• DWM Off-Grid, Renewable and Climate Action (ORCA) Impact Note A $60.8 million impact note launched in 2016 providing lending to emerging and frontier market companies for off-grid solar and climate action, addressing the needs of more than 2.2 billion people living without reliable electricity access.
• SDG-Aligned Impact Investment Strategy A $100 million SDG-aligned impact investment strategy launched in 2020 backed by Nordic institutional investors (via Trill Impact, an affiliate of Nordea Asset Management), channeling credit to an initial 18 companies in 14 countries and 13 currencies actively contributing to the UN's Sustainable Development Goals. Strategy AUM reached $250 million as of 2024.
• SDGs Credit Fund An impact-focused credit fund aligned with Sustainable Development Goals, subject to SFDR Article 9 disclosure requirements. Awarded the LuxFLAG Microfinance Label in July 2024.

Quantifiable outcome

• 100% of entities funded by DWM identify alignment with at least one UN Sustainable Development Goal (SDGs)
• +3 more outcomes

Named customers7 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

Feature2 records

Partnerships

Nine partnerships are on record, tiered core, selected and historical.

• Trill Impact / NordeacoreStrategic or Co-development Partner · 22 October 2020Partnership with Trill Impact, an affiliate of Nordea Asset Management, to promote emerging and frontier market impact private credit strategies among Nordic investors. DWM launched a $100 million SDG-aligned impact investment strategy backed by Nordic institutional investors in 2020.
• CardanoselectedStrategic or Co-development PartnerSelected partnership with Cardano for impact investing product offerings
• Daiwa SecuritiesselectedStrategic or Co-development PartnerDWM partnered with Daiwa Securities to create the Daiwa Microfinance Fund, raising more than JPY19 billion in the Japanese retail market. Partnership created in 2011 with daily liquidity via portfolio of private loans to MFIs and listed supranational bonds.
• MonegaselectedStrategic or Co-development PartnerPartnership with Monega KAGmbH to launch multi-thematic impact private credit fund (Monega Multi-Sector Microfinance & Impact Loans Fund) in 2018, and a multi-thematic impact mutual fund (Monega Mikrofinanz & Impact Fonds) in 2019 for the German market.
• SBI HoldingsselectedStrategic or Co-development PartnerPartnership with SBI Securities to create a bond issue backed by loans to MFIs, a first for Japanese investors. DWM serves as advisor.
• Tokio MarineselectedStrategic or Co-development PartnerPartnership with Tokio Marine Asset Management to create the Daiwa Microfinance Fund with daily liquidity offerings.
• BlueOrchardhistoricalStrategic or Co-development PartnerDWM partnered with BlueOrchard in 2004 to structure and raise the first cross-border microfinance collateralized loan obligation, channeling $87 million to 14 microfinance institutions.
• ACTIAMhistoricalStrategic or Co-development PartnerDWM partnered with SNS Asset Management (now ACTIAM) to create ACTIAM Institutional Microfinance Fund I in 2007, growing to approximately $250 million. DWM serves as investment manager, ACTIAM as fund manager. Second institutional microfinance fund launched in 2008 growing to $260 million.
• Invest in Visions GmbHselectedStrategic or Co-development PartnerDWM appointed as advisor by Invest in Visions to originate and sub-manage assets for the IIV Mikrofinanzfonds, Germany's largest microfinance fund. DWM became sole advisor for new DKM Mikrofinanzfonds in 2017.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• responsAbility Investments: responsAbility is a Zurich-based impact investment manager offering private credit and equity to financial institutions and SMEs in emerging markets. It competes directly with DWM in MFI lending, off-grid energy, and SME finance across Latin America, Africa, and Asia.
• Triodos Investment Management: Triodos IM is a Dutch impact investment manager offering credit and equity strategies across emerging and developed markets. DWM's Region Head for Africa & Middle East previously led the Africa and Middle East region at Triodos IM, evidencing direct competition for talent and mandates.
• BlueOrchard Finance: BlueOrchard is a leading impact investment manager specializing in private debt and equity in emerging and frontier markets, with a similar microfinance and SME focus. DWM has a historical partnership with BlueOrchard dating to 2004, and the two are the closest direct competitors in institutional emerging market impact private credit.
• Incofin Investment Management: Incofin is a Belgian impact investment manager focused on private debt and equity to financial intermediaries in emerging markets. It competes directly with DWM in the microfinance and inclusive finance institutional investment space.
• Symbiotics: Symbiotics is a Geneva-based impact investment platform originating, structuring, and distributing private debt to financial institutions in emerging markets. It is one of the largest originators in the microfinance and inclusive finance space and a direct competitor to DWM.
• Triple Jump: Triple Jump is a Dutch impact investment manager specializing in private debt to financial institutions and SMEs in emerging markets. DWM's Africa & Middle East regional head previously led the same region at Triple Jump, making it a close peer in EM impact credit.
• Global Partnerships: Global Partnerships is a US-based impact investment fund that provides credit to social enterprises serving people living in poverty, with deep focus on Latin America. It is a direct peer in MFI and SME credit investing with a similar institutional fundraising model.
• Calvert Impact Capital: Calvert Impact Capital is a US-based nonprofit impact investment intermediary that issues community investment notes to fund loans to organizations serving low-income communities. While more domestically focused, it shares DWM's impact credit thesis and institutional fundraising approach.
• Bamboo Capital Partners: Bamboo Capital Partners is a Geneva-based impact investment manager raising private debt and equity for financial inclusion and SME finance in emerging markets. Several DWM Africa team alumni previously worked at Bamboo, indicating direct talent and mandate competition.
• Oikocredit: Oikocredit is a Dutch cooperative providing private debt and equity to financial inclusion, agriculture, and renewable energy organizations in developing countries. It operates in similar investee segments and geographies as DWM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Developing World Markets Finance LLP