Magallanes Impacto fund has surpassed €12m in assets under management three months after inception, the Spanish manager has reported.
The firm had estimated it would achieve €20m of AUM during its launch phase, a figure that now it is expected to reach during January.
The fund, launched in September, is a social impact strategy investing in financial institutions that give micro-credits to deprived people in developing countries.
It aims at generating annual returns of between 2% and 4% and counts on the advisory of Gawa Capital Partners, which advises the Spanish manager on which institutions to invest while monitoring their activity.
Over these first three months, Magallanes has approved four investment projects, of which two are in Chile, one in Peru and the fourth one in India.
The fund is available to professional investors in the fund platforms Inversis, Tressis and Allfunds, with a minimum entry requirement of €100,000.