REGMIFA is an open-ended Fund embodying the principle of a public-private partnership. It combines funds from public and private investors through a multi-layered structure that offers three share classes (A, B, C), as well as two types of notes (senior and subordinated), with each share class and note offering its own risk profile and targeted return:
- Notes are offered primarily to private investors. They have a fixed return and have between 2 and 6 years maturity for senior notes, between 2 and 12 years maturity for subordinated notes
- Class A Shares are mainly subscribed by DFIs. They have between 2 and 10 years maturity and a minimum target return
- Class B Shares are mainly subscribed by DFIs. They have between 4 and 10 years maturity and a minimum target return. Together with the C shares, B shares must at all time represent 50% of the Fund’s total assets
- Class C Shares form the foundation of the capital structure and offer an appropriate cushion to investors that contribute to REGMIFA’s development impact by underwriting Class A senior and B mezzanine shares and notes. They are subscribed by donors for an unlimited maturity and comprise a mandatory minimum of 33% of REGMIFA’s total assets
