This page has links to a selection of the mandates I have undertaken in the “impact” or inclusive investing field over the past decade or so.  These total over $500 million in a range of fundraising and corporate finance deals, complemented by a number of research projects exploring the infrastructure of the impact sector.

Mandates are summarised below, with further details elsewhere on the site accessible via the “Details” links.  In some cases I am not able to disclose the client name or certain transaction details.

My full CV  is also available: Ian Callaghan CV 2014-web

Summary Listing (Transaction Type)

Fundraising Mandates

M&A / Corporate Advisory

Research / Transaction Support

 Summary Listing (Historical)

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Transactions with Enclude Capital Advisory Services

Transactions with the Omidyar Network

Transactions with Morgan Stanley

Transactions with Enclude

— Corporate Finance / M&A Mandates

All of these transactions were in microfinance and most of them on the sell side.  In almost all cases the disposal took place via a competitive auction process encompassing a number of stages and designed to identify the best possible purchaser not just on the basis of price but also mission fit.  In most cases the stakes were sold to strategic investors able to bring the experience and disciplines of mainstream financial markets into the microfinance space.

As well as the transactions mentioned below, we were able to make the introduction that led to the purchase of Kashf Bank in Pakistan, now rebranded as Finca Microfinance Bank Pakistan.

Via these transactions, I have been closely involved in the development of “responsible exit” strategies in microfinance, for some of the most important investors in the sector.

Khusshali Bank               logo 

Date:  2011/12   |   Country:  Pakistan   |   Sector:  Microfinance   |   Amount in USD:  26 million   Clients:  United Bank Ltd (UBL), Shorecap II, Incofin, ResponsAbility, Triple Jump


Sathapana Microfinance Ltd               name               

Date:  2012   |   Country:  Cambodia   |   Sector:  Microfinance   |   Amount in USD: Not Disclosed   |    Clients:  FMO (Dutch Development Bank), Triodos Investment Management


Tenger Financial Group                 Unknown

Date:  2012/13   |   Country:  Mongolia   |   Sector:  Microfinance   |   Amount in USD: Not Disclosed   |    Clients:  Bamboo Finance, Triodos Investment Management


Acleda Bank                logo

Date:  2013   |   Country:  Cambodia   |     Sector:  Microfinance   |   Amount in USD: Not Disclosed      Client:  Triodos Investment Management


Project Athena

Date:  In progress, 2014   |   Country:  Southeast Asia   |   Sector:  Microfinance   |   Amount in USD: Not Disclosed  |   Clients: Not disclosed at present

Sale completed, approval awaited by Central Bank.


d.light Design             Unknown

Date:  2013   |   Country:  Global   |   Sector:  Clean Energy   |   Amount in USD: Not Disclosed  |   Client: d.light Design


NGO Microfinance Exits

Date:  In progress, 2014   |   Country:  3 countries in E Europe / Middle East    |   Sector:  Microfinance   |   Amount in USD: Not Disclosed  |   Client: Global NGO



— Fundraising Mandates

In these mandates we were  charged with fundraising for either vehicles or companies

Union Andina         Elevar-Equity-Company-Union-Andina-180x60

Date:  2011   |   Country:  USA/Latin America   |    Sector:  Housing Finance   |   Amount in USD:  3 million   |   Client:  Union Andina


Women’s World Banking Isis Fund          Unknown

Date:  2011/12   |   Country:  Global   |    Sector:  Microfinance   |   Amount in USD:  30 million   |   Client:  Women’s World Banking


Brac International Loan Facility          Print

Date:  2013   |  Country:  Uganda, Tanzania, other Africa  |  Amount in USD:  17.5 million  |  Client:  BRAC


Sustainability Focussed Financial Institutions

Date:  Current   |   Country:  Global   |    Sector:  Sustainability Focussed Financial Institutions   |   Amount in USD:  100 million   |   Client:  Not disclosed


— Research Mandates

These mandates mainly explored the infrastructure of the impact investing space, looking for gaps and potential solutions

Intermediation Options for Social Enterprise Finance                    Unknown

Date:  2012  |   Countries: Egypt, India, E Africa   |    Sector:  Social Enterprises   |   Client:  World Bank Development Marketplace


Strategies for Intermediaries that Support Social Enterprise          logo-tides     Unknown

Date:   2013/14   |   Country:  N/A   |   Sector:  Social Enterprise   |   Clients:  World Bank Development Marketplace and Tides Foundation


Increasing Unrestricted Fundraising for Charity

Date:   2014   |   Country:  Global   |   Sector:  Charity   |   Client:  Global Humanitarian NGO


Options for Engagement with Early Stage Social / Impact Enterprises in India

Date:   2014   |   Country:  India  |   Sector:  Social/Impact Enterprise   |   Client:  US foundation



Transactions with Omidyar Network

Leapfrog Investments 1            media-4-full

Date:  2009   |   Amount:  Part of USD 44 million first close   |  Country:  Global   |   Sector:  Micro-insurance


MFX Solutions          logo-MFX

Date: 2009   |   Amount: USD 9 million part of first close of USD 13 million   |  Country:  Global   |   Sector:  Microfinance



Transactions with Morgan Stanley

BlueOrchard Loans for Development 2006 and  2007 

Date:  2006/7   |   Country:  Global   |    Sector:  Microfinance   |   Amount in USD:  100 million / 110 million   |   Client:  Blue Orchard