DWM Asset Management, LLC (“DWM”), a Connecticut limited liability company and member
of the Developing World Markets group of companies, is an investment adviser dedicated to making
impact investments that address the social, economic and environmental needs of the developing
world. DWM provides discretionary and non-discretionary investment advisory and supervisory
services to privately-offered pooled investment vehicles.
DWM primarily invests private debt and private equity in the inclusive finance sector in developing
countries, which includes microfinance, small and medium enterprise (SME) lending, mortgage
lending, education financing, micro-savings, micro-insurance and mobile banking. DWM has also
made investments in the renewable energy sector, with a focus on the off-grid solar markets in
Africa and India, and DWM may invest in other development sectors including sustainable
agriculture, renewable energy, water & sanitation, housing, education, and healthcare.
As an impact investor, DWM is a signatory to the Operating Principles for Impact Management and
is required to make an annual disclosure statement describing how these principles are integrated
into DWM’s investment processes. DWM is also subject to an independent verification of its impact
management systems and processes. The disclosure statement can be found on DWM’s website at
www.dwmarkets.com.
At present, DWM provides advisory and supervisory services to the following privately offered
pooled investment vehicles:
• DWM Income Funds S.C.A. – SICAV SIF domiciled in Luxembourg, on behalf of its debt-
focused sub-fund, The Trill Impact-DWM SDGs Credit Fund (the “SDGs Credit Fund”);
and
• DWM Funds S.C.A. - SICAV SIF, domiciled in Luxembourg, on behalf of its private equity
focused sub-funds, the DWM Microfinance Equity Fund I and DWM Inclusive Finance
Equity Fund II (together with the SDGs Credit Fund, the “DWM Funds”); and
•
Monega Multi-sector Microfinance & Impact Loan Fund and the Monega Mikrofinanz &
Impact Fonds, each an alternative investment fund domiciled in Germany (the “Monega
Funds”).
DWM sub-advises the ACTIAM Institutional Microfinance Fund, the ACTIAM Institutional
Microfinance Fund II, and the Cardano Impact Financial Inclusion Fund (I) (collectively the
“Cardano Funds”), each a Dutch institutional fund managed by Cardano Asset Management N.V.
From time to time, DWM also provides loan servicing and monitoring services to institutional
clients making direct investments.
The DWM Funds, the Monega Funds and the Cardano Funds represented by Cardano Asset
Management N.V (collectively the “Funds”, and each a “Fund”) and other future funds or structured
vehicles under management and any other clients are collectively referred to as “Clients” or
“Investment Vehicles”, and each is individually referred to as a “Client” or “Investment Vehicle”
herein.
DWM’s founding partners first established Developing World Markets, Inc., an affiliated,
unregistered investment adviser, with a focus on emerging market equities, in 1994. Subsequently,
DWM was founded in 2003 and registered with the SEC as an investment adviser pursuant to the
Investment Advisers Act of 1940 (the “Advisers Act”) in May 2007. DWM is 100% owned by
DWM Holdings, LLC, which is in turn owned by its eight partners. Peter H. Johnson, Co-Founder
and Co-Managing Partner, owns more than 25% of DWM Holdings, LLC. DWM managed a total
of approximately $554,592,682 million of assets as of December 31, 2023. This total includes
approximately $511,331,279 million of assets managed on a non-discretionary basis on behalf of
six Clients and $43,261,403 million of assets managed on a discretionary basis on behalf of two
Clients. In addition, DWM had approximately $20,414,856 million of assets under advisement as
of December 31, 2023.