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PRINT THIS PAGE Legatum, Omidyar Network invest $40m in Unitus Equity Fund II14/05/2008. Source: AltAssets. 
Socially responsible investment firm Legatum and philanthropic investment firm Omidyar Network have invested $20m each in Unitus Equity Fund II. The Unitus Equity Fund II is a private equity fund focused on developing countries. The fund intends to bridge the gap between these underserved communities and global capital, helping to create a virtuous cycle of opportunity based on open access for all.
The fund will provide equity capital to microfinance institutions and to social entrepreneurs.
Philip Vassiliou, managing director of Legatum, said, 'The microfinance industry is at a tipping point. With the application of patient, long-term capital from investors, we believe it is possible to accelerate the roll-out of low cost credit to the world's poor. This has the potential to enable millions of people to lift themselves out of poverty.'
In April 2008, Omidyar Network provided a three-year, $9m expansion grant to Unitus, the non-profit organisation that launched Unitus Equity Fund I.
Copyright © 2008 AltAssets
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