The Center for Financial Inclusion at Accion (CFI)’s Governance Working Group and Calmeadow are
pleased to host a call with Alex Silva and Georgina Vázquez to discuss the recently published AfriCap
paper.
MIV Governance: The Case of AfriCap
Wednesday, April 29th, 2015
10:00AM - 11:00AM EST
Dial-In Information:
United States: (866) 386-4210
Standard International: (443) 863-6601
Conference code: 8352993776#
International dial-in numbers:
www.intercallonline.com/offSite/OffSiteController.jpf?cc=8352993776
Please contact Kettianne Cadet with any questions.
Meeting Agenda
 10:00AM: Overview of the AfriCap case study (approximately 25 minutes)
 10:25AM: Q&A (approximately 15 minutes)
 10:40AM: Member Updates (approximately 20 minutes)
Overview
Recent publication, An Assessment of AfriCap Governance, focuses on the role governance played in the
AfriCap fund’s successes and failures, while recounting the fund’s many challenges and its ultimate
accomplishment. The pivotal role of the board in governance, and the board’s lead responsibility for
such critical matters as strategy, risk control, and management selection and succession, feature
prominently in the study.
A blog by Amitabh Brar and Paul DiLeo, Investment Manager and President, Grassroots Capital
Management summarizes some of the key findings of the AfriCap assessment.
A rare, behind-the-scenes look
Performance data on private equity funds is not easy to collect, and privately-held microfinance
investment vehicles (MIVs) are no exception. Much less is known about the investment process within
these MIVs, and how the three main elements of their governance — board, investment committee, and
fund manager — interact to create value within these funds. A new Calmeadow study written
by Grassroots Capital Management shines light on the elusive subject of governance inside a pioneer
equity fund, AfriCap. The study, sponsored by a group of AfriCap investors, evaluates strategy setting
and resetting, investment decisions, and portfolio management from the standpoint of the prime
movers governing the fund: the board and its committees.
Alex Silva
Mr. Silva has more than 25 years of experience in international finance
with expertise in the evaluation of financial intermediaries, financial
engineering, strategic planning and corporate finance. He has in-depth
knowledge of the Latin American and Caribbean financial markets and
maintains regular contact with prominent bi/multilateral institutions in
the region. Currently, as the Senior Partner of OMTRIX, Mr. Silva is
responsible for the management of ELF, HELP, the Risk Management
Facility, and Calmeadow. He also teaches at the Boulder Institute and is
a Board Member of the MIX, Habitat for Humanity International, MFX
Solutions, AfriCap Investments as well as of a couple of MFIs in Latin
America.
Georgina Vázquez
Ms. Vázquez has over 20 years of experience in corporate finance, with
expertise in financial appraisals, analysis and modeling. Prior to joining
the Omtrix team in 2005, she headed the Corporate Finance Unit of
Andersen Consulting in Costa Rica and provided independent financial
consulting services to various organizations, including BN Fondos de
Inversión, Banco Interfin and the Emergency Liquidity Facility. As of today
Ms. Vázquez is responsible for coordinating the operations of the Risk
Management Facility, and Calmeadow.