MK Global Kapital

Background & History

Founded in 2008 by Vincenzo Trani (ex-EBRD) and headquartered in Luxembourg, Mikro Kapital is an impact-lending group operating across 10 countries in EU/CEE, Central Asia and APAC — including Italy, Romania, Moldova, Armenia, Kyrgyzstan, Tajikistan, Kazakhstan, Uzbekistan and Czechia. Funding is raised through ALTERNATIVE, a Luxembourg securitisation fund (*fonds de titrisation*, Law of 22 March 2004) launched in 2015 and managed by Mikro Kapital Management S.A., which on-lends to ~159 portfolio companies (MFIs, leasing cos, small banks, credit cooperatives). The group employs 2,044 staff and serves 175,625 small-business end-borrowers (46% female, 57% rural). The three NBFI subsidiaries financed via Kilde — Mikro Kapital Romania (BNR-regulated), Mikro Kapital Moldova (CNPF-regulated) and Mikro Leasing Uzbekistan (Central Bank of Uzbekistan) — are the underlying obligors. Ultimate beneficial owner of both ALTERNATIVE and the management company is the Joseph of Arimathea Asset Management Foundation (JAAMF).

Business Model & Lines of Business

Bonds issued by ALTERNATIVE at up to 12% p.a. across 11/24/36/48-month tenors fund the operating companies, which on-lend using EBRD microcredit methodology with collateral coverage ≥100% of principal. Four product lines: Microcredit & SME loans to individual entrepreneurs and small companies (~96% individuals; sector mix led by agribusiness 60%, wholesale/retail 8%, professional services 7%, construction 4%); Microleasing (primarily Mikro Leasing Uzbekistan); Trade finance & working capital (notably MK Italy, with up to 80% EU guarantee coverage via EIF/CDP/MCC); and a Sharing-Economy carsharing vertical with 379,032 registered users. Underwriting is committee-based with mandatory second-opinion risk review and dual-signature disbursement (subsidiary CEO + CFO); the Fund maintains an FX hedging policy and a ≥10% equity buffer, with bondholders ranking *pari passu* (no tranches).

Key Milestones

Mikro Kapital was founded in 2008; the ALTERNATIVE fund launched March 2015. The flagship EBRD co-investment cooperation began July 2016, complemented by partnerships with Ente Nazionale per il Microcredito and the EIF/CDP/COSME/MCC risk-sharing platform; the group is a UNPRI signatory (and OPIM signatory since 2021; Bloomberg code MKKALT). Cumulative bonds invested since inception reached €701M by Q4 2025, with ALTERNATIVE total assets of €594.1M

Management Team & Organization

Founder Vincenzo Trani (ex-EBRD; 25+ yrs in CEE/Central Asia) is no longer on the management board. CEO Johannes Feist (PhD International Economics, U. Munich; 20+ yrs at KfW Development Bank in roles up to Head of Financial Systems Development Southern Africa; appointed Sept 2022) leads the executive team alongside CFO Nicola Ragusa (25+ yrs, ex-PwC and Dexia Italy Deputy Director; IFRS specialist; Group CFO since Nov 2022, board member since Jul 2023) and CRO Thomas Heinig (ex-KfW Senior Risk Manager, former Head of Risk at EDFI MC Brussels; appointed Feb 2023). Other senior team: CLO Louiza Savchenko (20+ yrs), IR Director and board member Michele Mattioda (ex-FCA/Bosch/General Invest Zürich) and Director Pape Saliou Ndao (emerging-markets specialist). Each operating subsidiary has its own CEO, CFO, board and credit committee.