1. Emerging Markets
A unique track-record as a values-driven investor since 1994
Our Emerging Markets activities are focused on the further development of inclusive financial services as well
as pursuing a broader impact investing agenda, particularly in agriculture and renewable energy.
Inclusive financial services
An estimated 2.5 billion people have no access to formal financial services. They are unable to open a bank
account, negotiate a loan to start a business, or buy insurance. Access to these financial services has a
fundamental impact on the lives of millions of people. It enables them to build their assets gradually, develop
micro, small and medium-sized enterprises, and improve their income earning capacity, to create employment
and provide a financial cushion for the future.
Sustainable approach
As investor we are committed to contribute to the development of an inclusive financial sector in developing
countries that provides access to transparent financial services to all. We do this by providing finance, both
debt and equity, to banks and microfinance institutions that demonstrate a sustainable approach toward
providing financial services to underserved client groups.
Leading investor
Since 1994, our assets under management in inclusive finance have increased to over EUR 600 million, making
us one of the leading investors in the industry. At year-end 2014, we provide finance to 102 up and coming and
well established microfinance institutions and banks in 44 countries in Latin America, Asia, Africa and Eastern
Europe. These institutions offer a variety of financial services to underserved client groups, serving 11 million
loan clients (of whom 73% are women) and 8.2 million savings clients. 49% of clients live in rural areas.
Our impact in sustainable trade and agriculture
With our innovative trade finance loans, we play a key role in building sustainable long-term trading partnerships
between agricultural exporters in developing countries and buyers in Europe and the United States. In 2014,
over 33 cooperatives and private exporters in 22 countries worldwide are paid directly upon delivery of their
harvest through our trade-finance facilities, bringing 13 different fair-trade and organic products to western
markets.
A dedicated investment team
Our highly experienced Emerging Markets investment team combines banking experience with a values-driven
approach. They perform on-the-ground due diligence and regularly visit the institutions and co-operatives in
their portfolios.
Director of Emerging Markets - Dirk Elsen joined Triodos Investment Management as Director
Emerging Markets in January 2012. From 2002 to 2011, he served as Chief Executive of SNV, an
international development organisation implementing advisory, advocacy and knowledge brokering
work in 36 countries across four continents. Before that, Dirk worked at Shell, the World Bank and
ABN AMRO, working as a corporate and operational lawyer on projects in Africa and Asia, structuring
trade finance business and serving in various senior relationship management roles.
Dirk Elsen
Our Emerging Markets funds
We manage two foundations, a retail fund and an institutional fund investing in microfinance institutions and
banks. All funds have similar objectives, but different risk profiles and funding structures. This means we can
support financial institutions at different stages of development. Our innovative trade finance loans are offered

2. through the Triodos Sustainable Trade Fund.
Fund Name Description Size* Focus
Triodos Fair Share Fund Open-end fund for Dutch
individual investors.
Established in 2002.
EUR 251
million
Provides equity and debt to established
microfinance institutions and banks.
Triodos Sustainable
Finance Foundation
Foundation. Follow-on of
Triodos-Doen Foundation
(established in 1994).
Open-end structure. Closed
for investors.
EUR 62 million Provides equity and debt to smaller and
innovative microfinance institutions with
renewable energy and sustainable
agriculture as additional focus.
Triodos Microfinance Fund Semi-open end fund (SICAV
II) for distribution partners
and institutional investors.
Launched in 2009.
EUR 220
million
Provides equity and debt to
established microfinance institutions
and banks.
Triodos Sustainable Trade
Fund
Foundation. Established in
2008. Closed for investors.
EUR 30 million
(total loan
amount
disbursed in
2014)
Provides trade finance to organic and
fair trade agricultural producers in
developing countries.
Hivos-Triodos Fund Foundation. A joint initiative
of Hivos and Triodos Bank.
Established in 1994.
Open-end structure.
EUR 78 million Provides debt and equity to
microfinance institutions that target
underdeveloped markets and women.
Also invests in renewable energy and
sustainable agriculture.
* As per 31 December 2014