About
We are EFSE
Our size, local presence and 20-year heritage make us the flagship impact fund for Southeast Europe
We aim to transform businesses to generate diversified returns for investors and inclusive, sustainable growth.
We achieve this by providing financing to micro, small- and medium-sized enterprises (MSMEs) through 80+ financial institutions, including banks, leasing companies and micro-finance institutions.
We also promote the highest standards across markets, financial institutions and businesses through our Advisory & Capacity Building services.

Our governance
A robust and transparent governance framework supports the Fund’s mission to deliver impact with accountability
Shareholders
The Fund’s shareholder base consists of public investors and development banks who contribute to the first- and second-loss tranches of our blended finance structure. These include its initiator, KfW, alongside the European Commission and German Federal Ministry for Economic Cooperation and Development (BMZ).
Board of Directors
The Board of Directors is elected by the shareholders and ensures alignment with the Fund’s mandate. It provides strategic guidance, approves investment and operational policies, and oversees the AIFM and Portfolio Manager.
Portfolio Manager
Finance in Motion, a Luxembourg-based and licensed Alternative Investment Fund Manager, serves as the Fund’s implementing entity. It is responsible for designing and executing the Fund’s investment strategy, overseeing portfolio management and operations, and ensuring alignment with the Fund’s development mandate. Finance in Motion is the primary point of contact for both investors and investees.
Alternative Investment Fund Manager (AIFM)
Hauck & Aufhäuser Fund Services S.A. acts as the Fund’s licensed third-party AIFM under Luxembourg law. It is responsible for risk management and regulatory oversight.
Development Facility Committee (DFC)
The DFC oversees the activities of the EFSE Development Facility (DF), which provides all of the Fund’s Advisory and Capacity Building services. The DFC represents the donors to the DF, including the Fund itself.

EFSE is helping build resilient, inclusive and opportunity-rich economies across Southeast Europe. In this fast-evolving market, we are always looking for ways to deepen our impact.
Linda Broekhuizen, Chairperson
Who is who
Initiated by

Our investors











Advisory & Capacity Building donors








Managed by
AIFM – Hauck & Aufhäuser Fund Services S.A.
Hauck & Aufhäuser Fund Services S.A., a licensed Alternative Investment Fund Manager (AIFM) based in Luxembourg, is responsible for providing regulatory oversight and risk management of EFSE.
Portfolio Manager – Finance in Motion Asset Management S.à r. l.
Finance in Motion Asset Management S.à r. l. is the Portfolio Manager. Founded in Germany, with local expertise from Latin America to Eastern Europe, Finance in Motion has been investing in emerging markets for over 20 years.

Information for potential investors
In respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.