Huruma Fund completes its final closing, achieving 120 million euros target

Fondo Huruma


Un agricultor cultiva hortalizas junto a un carretillo azul.

Madrid, July 21, 2021.- Huruma Fund has completed a final closing with total commitments of 120 million euros. The Fund has been able to mobilise capital from a wide range of private investors in only 9 months of fundraising.

Huruma Fund is a significant milestone in the development of the impact investing sector in Spain, confirming the interest of a diverse community of private investors, including the participation of clients from Caixa Private Bank, I-Capital, Ceniarth, Libra Foundation and the Allianz Group.

Huruma Fund aims to tackle poverty by making financial services available to small farmers to help them purchase the right farming inputs and better manage risks. The fund supports microfinance institutions by providing both investments as well as technical assistance. It operates in Latin America, the Caribbean, Sub-Saharan Africa and Asia.

Huruma Fund is the largest impact investing fund ever raised in Spain and is the first fund with a blended finance structure. The fund has a first-loss tranche investment commitment from the European Commission (10 million euros), which helps to greatly reduce the risks for other investors, thereby allowing the mobilisation of further funding. Spanish Cooperation, through the Development Promotion Fund (FONPRODE), has subscribed debt securities for an amount of 20 million euros. These contributions have enabled Huruma Fund to mobilise approximately 90 million euros from private investors.

Managed by GAWA Capital, Huruma Fund has already made several investments in Latin America, in microfinance institutions with longstanding experience in financing smallholder farmers.


Carla Montesi, Director for the Green Deal and Digital agenda Directorate at the European Commission, welcomed the announcement of the additional investment by the Allianz Group in the Huruma Fund. “This reflects European Commission’s aim to attract more public and private investors into the agricultural sector to improve the livelihoods of small farmers”. She added that “Sustainable Agriculture is central to achieve an inclusive, fair and green growth in our partner countries, and limited access to credit represents a major constraint for smallholders. Innovative finance instruments – such as blending and guarantees – attract greater investment and are becoming an increasingly important part of the EU’s toolbox”. “Moreover, Huruma Fund is fully aligned with the social and environmental sustainability ambitions of the European Commission’s Green Deal and Farm-to-Fork strategies”.

The Chairman and CEO of COFIDES, José Luis Curbelo, maintains that the successful mobilisation of private capital by Huruma, “proves the importance of combining private and public resources from different sources to structure sustainable financing models where each stakeholder can contribute their own perspective and requirements regarding the risk assumed and the expected return”. In this regard, “impact investing is a rising trend and a paradigm shift in which social responsibility, sustainability and measurement play a decisive role, together with financial return”.

AECID’s Director for Multilateral, Horizontal and Financial Cooperation, Fernando Jiménez-Ontiveros, expressed his satisfaction with the kick-start of the fund and highlighted the importance of the catalytic effect of public funding in attracting private capital to the sector of impact investments in geographical areas of special relevance for the Spanish Cooperation, in particular Latin America and the Caribbean and Sub-Saharan Africa, thus contributing to the achievement of the Sustainable Development Goals.

The CEOs of GAWA Capital, Luca Torre and Agustín Vitórica, stated that, “Allianz’s investment shows that global institutional investors are keen to invest in funds designed to address a specific market failure with high impact potential. Thanks to the support of Allianz and all our investors, over 100,000 smallholder farmers in developing countries will receive the financing they need to productively cultivate their land, increase their income and finally escape the vicious circle of poverty”.


Huruma Fund, launched by GAWA Capital, is the first project led by COFIDES under the blending facilities of the EU. The Fund is the largest impact investing fund in Spain, aimed at increasing access to financing for small or excluded farmers in rural areas of Latin America, the Caribbean, sub-Saharan Africa and Asia. Furthermore, to enhance the Fund’s impact, Huruma also offers a Technical Assistance Facility (TAF) to provide consulting or training services on matters related to agriculture to strengthen the entities the fund invests in and their impact on the excluded rural population.


COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).


AECID is the main management body of Spanish Cooperation and is oriented towards the fight against poverty and the promotion of sustainable development. The Agency encourages the full exercise of development, conceived as a fundamental human right, with the fight against poverty being part of the process of building this right. To do this, it follows the guidelines of the V Master Plan for Spanish Cooperation, paying attention to transversal elements: the approach based on human rights and fundamental freedoms, the gender perspective, environmental quality and respect for cultural diversity; all in line with the 2030 Agenda for Sustainable Development. AECID belongs to the Ministry of Foreign Affairs, European Union and Cooperation through the State Secretariat for International Cooperation.


Founded in 2010, GAWA Capital is the leading impact investing fund manager in Spain, having raised over 195 million euros in public and private investments towards impact investing. Its aim is to improve the life of low-income communities by promoting investment in social enterprises, while providing a financial return to investors.

Since its creation, GAWA has pioneered the introduction of impact investing assets in Spain by launching three funds, as well as advising a third-party fund – Magallanes Impacto FIL. Each one of these funds has invested capital and debt in emerging countries, in companies with an inclusive approach, focusing on providing market-based solutions to key social problems such as poverty. To date, GAWA has carried out investments in 15 countries, with a history of positive financial return in its three funds prior to Huruma, including 6.34% annual IRR for investors in their first fund.

This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.