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Mikro Kapital: a new model of investment for Private Banking clients

Thursday, 12 January 2017

An outstanding experience

  • In 2008 Vincenzo Trani, leveraging his experience with Russian SMEs as the managing director of private and public banks operating in Russia, launched a new microfinance fund, the first one of its category in Russia, to finance the small businesses
  • The idea behind was to finance the Russian small businesses, at the current rates, gathering funds from European private investors, through the issues of bonds ( EMTs) in Luxembourg, with an appealing and competitive yield and a maturit y of no more than 18-24 months.
  • In the period of the worst turmoil in Western economy since the 1930s, no one would bet on the success of a similar initiative.
  • Its focus, completely unrelated to the macroeconomics of the international finance and the experience of the team with the Russian market have been its X Factor
  • 7 years af ter the launch the per formance of Mikro Fund is spectacular
  • +218% over the bond index
  • +294% NAV from launch


  1. ~9% per annum coupon which is approximately equal to the increase in the Fund’s unit value per year
  2. with 4 incomparable advantages:
  • no correlation with the per formance of other asset classes,
  • not susceptible to price fluctuations, caused by the volatility in the financial markets,
  • not af fected by changes or valuation errors of the macroeconomic indicators,
  • low foreign exchange risks


  • no correlation in return with other asset classes in the financial market,
  • team directly acquainted with the entrepreneurial network and companies which are the subject of financing,
  • industr y diversification of the investment por t folio allows the mitigation of investment risk,
  • risk coverage is ensured by pledged proper ty and personal guarantees provided as collateral by the Fund’s borrowers,
  • fund’s equity as an additional guarantee to the bondholders’ investments,
  • customized duration of the investment 18, 24 or 120 months (with a possible redemption at nominal value each 18 month without penalt y)
  • rapid cash-in investment, the first coupon payment 3 months af ter subscription date,
  • self-improving growth, thanks to the activit y of local teams, experience in funds management
  • and a wide network of contacts


Alternative Fund will invest in porfolios of credit granted by local players through their total credit portfolio as collateral.

Thanks to the flow of financial resources from Alternative Fund, local microfinance funds will be able to give to final clients loans secured by collateral of equal value for up to 1 year, at rates of 25% to 30%.

Alternative Fund  raises funds by issuing 24-month Euro Medium Term Notes (EMTNs) with fixed quarterly coupons at an annual interest rate of 8%.

 The operating system for this new generation of funds offers the ideal combination between repayment times and funding, minimizing the risk of outside impacts on the loan portfolios created thanks to the broad geographical diversification of investments and the prudent selection of partners.

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