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Outlook 2013

As we pursue our ambition of accelerated growth in 2013-2016, we expect significantly higher commitments in private equity.

As our private equity portfolio continues to mature, we expect a steadier flow of exits in 2013 and beyond. We will continue pursuing our strategy of making fund investments and co-investing alongside those funds, while strengthening our presence in Agribusiness, Food & Water and maintaining our strong presence in Financial Institutions and Energy. As we grow, we aim to further enhance our portfolio management and monitoring processes.

We intend to play an anchor role in private equity deals increasingly in 2013, especially in combination with our fund management activities, by committing larger amounts while also boosting efficiency. FMO will commit a substantial amount to the FMO-Fairview African Fund, our pan-African private equity fund-of-funds proposition, which was in an early stage at end-2012 and through which we hope to catalyze significant institutional investment. Our longstanding successful experience in African private equity provides comfort to commercial investors not yet familiar with the African market that seek to access the growth opportunity in a responsible manner. We are also exploring possibilities to launch a financial sector private equity fund in Asia.

We see promising opportunities in SME-focused banks and sector-specific renewable energy funds.  Our private equity investment focus will reflect the high-impact and lower-footprint choices that are required to realize our ambition of being the leading impact investor by 2020. At the same time, portfolio quality will remain a strong guiding principle, ensuring that private equity will continue to cement FMO’s long term financial sustainability.