Improving the position of financial intermediaries in emerging markets
FIRF is an Alternative Investment Fund (AIF) domiciled in the Netherlands and managed by the Dutch Impact Investment Manager Triple Jump. The fund is a dedicated post-Covid-19 solution, providing subordinated debt to financial intermediaries serving MSMEs and low-income borrowers in emerging markets.
The Fund seeks to serve as a catalyst to improve the solvency position of these Financial Intermediaries, allowing them to continue and increase their lending activity to MSMEs and low-income borrowers. Due to the unavailability of suitable capital solutions in the market, FIRF is set up and managed by Triple Jump, one of DGGF’s consortium partners. The structure allows to leverage capital from other investors to increase overall impact.
Investment
DGGF acts as a cornerstone investor by investing EUR 19,5 million into FIRF. As of June 2025, the fund has successfully raised a total of USD 85 million. In the second quarter of 2025, FIRF grew its portfolio in Latin America and Africa while maintaining strong positions in Eastern Europe and Asia. The fund continues to amplify its impact by enabling partner institutions to attract about five times more funding from other lenders. Its clients are predominantly women (87%) and rural households (68%), supporting small businesses, job creation, and financial inclusion for low-income communities.
Sector
FIRF invests indirectly through microfinance institutions, SME lenders, and leasing companies, giving households and small businesses access to finance that would otherwise be unavailable. These institutions span diverse markets, ranging from agriculture-linked borrowers in South and South-East Asia to SME and leasing finance providers in Eastern Europe and Central Asia, ensuring broad support across both underserved rural areas and emerging urban economies.