Trill Impact

About the fund

The fund provides local currency debt financing to inclusive financial institutions — banks, MFIs, SME lenders — for on-lending to SDG-aligned sectors, and in some cases directly to companies providing SDG-aligned products or services. Beyond financial inclusion, the fund includes a carveout for lending to emerging and frontier market corporates providing goods or services in impact sectors including sustainable agriculture, renewable energy, health, education, insurance, water, sanitation, and women's empowerment. Target beneficiaries are mainly clients of inclusive financial institutions — MSMEs and women and minority-owned businesses across sectors such as agriculture, education, housing, health, renewable energy, and water and sanitation. A distinctive feature is the fund's all-local-currency structure with a 20% carveout for lending to EM/FM corporates. Impact is assessed using DWM's proprietary Impact IQ (75+ metrics), with a theory of change documented at origination using the IMP five dimensions framework, and updated annually by investees. The target return is SOFR + 300–350 bps (mid-term target).