leading social investments responsAbility Social Investments AG From today’s impact to tomorrow’s growth Klaus Tischhauser, Co-Founder and CEO TBLI Conference Europe 2010 London, November 12, 2010
leading social investments
responsAbility Social Investments AG
From today’s impact to
tomorrow’s growth
Klaus Tischhauser,
Co-Founder and CEO
TBLI Conference Europe 2010 London, November 12, 2010
2responsAbility Social Investments AGwww.responsAbility.com
How responsAbility defines Impact Investing
Multinational Companies
Corporate Finance
Small & mediumenterprises
SME Finance
Micro-business
Microfinance
Poorest of the poor
Aid
Housing EnergyFood Health ITC FinanceWater
3responsAbility Social Investments AGwww.responsAbility.com
The Poverty Premium„being poor is expensive“
New: economic, financial view of poverty
=
Problem: no access or insufficient, expensive access to services, goods, information and markets
Poverty premium, the basis for commercial solutions
Access to customized solutions for financial services, energy, health, etc.
Impact PotentialsresponsAbility‘s investment themes
Financial services Microfinance
Energy Rural electrification
Food/Agriculture agricultural value chain, Trade, Fair Trade
Education Private schools (Primary/Secondary)
Health Use of technology
ICT revolutionary BOP-Business model
4responsAbility Social Investments AGwww.responsAbility.com
5responsAbility Social Investments AGwww.responsAbility.com
Investment example: responsAbility Ventures I Water efficient and low cost irrigation
Delivering simple, low-cost, highly efficient
irrigation solutions to small farmers
Income increase through increased crop yields
and water savings
Technology adapted to the needs, environment,
affordability and abilities of small farmers
Active in India and China
Looking for equity to finance expansion
Company overview
6responsAbility Social Investments AGwww.responsAbility.com
Investment example: responsAbility Ventures ILow cost primary education
Provision of high quality, low cost primary
education at less than 4 USD/month
Company founded in 2007 by three US
entrepreneurs, 12 schools as of Q1 2010
Based on a ‘school in a box’-franchising model:
local managers operating schools on extremely
low-cost, but profitable basis
Access to affordable primary education, higher
school enrollment for girls due to low fees
Company overview
Investment example : responsAbility BOP Investments
Production facilities and laboratory of Vitalait
7responsAbility Social Investments AGwww.responsAbility.com
Processes milk to produce various dairy products including UHT milk, yoghurt and butter
Based in Mahdia, Tunisia (founded in 1997)
Current market share of 22% (milk), 16% (yoghurt)
Growth rate: ø 20% p.a. (12/07 - 06/10)
Employees: 216 at time of investment (Dec 2006), currently 350
Vitalait is expanding its product of fresh products and develops new product lines (e.g. desserts)
Exit options include sale to an international dairy corporation
Company overview
Investing in Impact attracts investors and pays offDevelopment of Fund Volume and NAV per shareof the responsAbility Global Microfinance Fund
8responsAbility Social Investments AGwww.responsAbility.com
responsAbility’s range of impact investmentsVarious topics in different asset classes
Microfinance Fair tradeSmall & medium
enterprises
fixed income
responsAbilityGlobal Microfinance Fund
responsAbilityMedia Development
Basket (Voncert)
responsAbility Mikrofinanz-Fonds
mixedresponsAbility
Microfinance LeadersresponsAbilityFair Trade Fund
responsAbilityVentures I
equityresponsAbility
Microfinance Private Equity
responsAbilityBOP Investments
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responsAbility Social Investments AG www.responsAbility.com
responsAbility Social Investments AGGlobal reach of responsAbility
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responsAbility offices
responsAbility Social Investments AG www.responsAbility.com
responsAbility investments
Barriers
Transaction cost
Regulation
11responsAbility Social Investments AGwww.responsAbility.com
12responsAbility Social Investments AGwww.responsAbility.com
Legal disclaimerThis document was produced by responsAbility Social Investments AG (hereinafter “responsAbility”). The information contained in this document (hereinafter “information”) is based on sources considered to be reliable, but its accuracy and completeness is not guaranteed. The information is subject to change at any time and without obligation to notify the investors. Unless otherwise indicated, all figures are unaudited and are not guaranteed. Any action derived from this information is always at the investors’ own risk. This document is for information purposes only and not an official confirmation of terms. The value of an investment and any income from it is not guaranteed. Changes in the assumptions may have a substantial impact on the return. Past performance is no indication of current or future performance, and the performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. The information does not release the recipient from making his/her own assessment. In particular, the recipient is advised to assess the information, with the assistance of an advisor if necessary, with regard to its compatibility with his/her own circumstances in view of any legal, regulatory, tax, and other implications. Investments held by the financial product described in this document are associated with a higher risk than investments in more developed markets or countries. responsAbility and/or the members of its board of directors and employees may hold shares in the financial product (or any related investments) mentioned in this document and may add or sell these positions from time to time. Additionally, the members of the board of directors and employees of responsAbility may serve as members of boards of directors of the investments in which the financial product is invested. This document is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under applicable law. The responsAbility Global Microfinance Fund (hereinafter “Fund”) is a collective investment scheme subject to Luxembourg law, which is authorized to operate in Switzerland as a foreign collective investment scheme with increased risk. The Fund invests its assets in securities with which financial service companies in less developed countries are financed and/or refinanced. Investors are expressly made aware of the risks described in the prospectus and the lower liquidity and greater difficulty in determining the value of the Fund’s investments (which are generally unlisted and not traded), and must also be prepared to accept substantial price losses including the entire loss of their investment. The risks inherent in the Fund cannot be compared with other funds which invest in debt instruments of issuers in developed countries. Units in the Fund should therefore account for only a small portion of an investor’s portfolio and should be held as part of a broadly diversified portfolio. The management company and the investment advisor, however, will seek to minimize the risks by a strict selection of investments and appropriate diversification. The representative of the Fund in Switzerland is Credit Suisse Asset Management Funds, Zurich. The paying agent in Switzerland is Credit Suisse, Zurich. Subscriptions are only valid on the basis of the current sales prospectus and the most recent annual report (or semi-annual report, if this is more recent). The prospectus, the management regulations and the annual and semi-annual reports may be obtained free of charge from Credit Suisse Asset Management Fund Service in Zurich, and from any distribution partner. This document may not be reproduced, stored in a retrieval system or transmitted, in part or in full, in any form or by any means, whether electronically, mechanically, photocopied, recorded or otherwise, without the prior written consent of responsAbility. Additional information is available upon request. © Copyright responsAbility Social Investments AG, 2010. All rights reserved.
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