ILX Fund

SDG-Focused Emerging Market Credit Fund

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ILX Management B.V. (“ILX”) is the Amsterdam-based manager of emerging market focused private credit fund, ILX Fund I. The fund provides institutional investors access to investment opportunities of the development finance asset class, by investing in private-sector loans arranged by Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs). The Fund’s investment strategy benefits from the DFI’s experience of investing in EMs, to deliver attractive risk-adjusted returns for its investors, whilst mitigating ESG risks and delivering positive, direct SDG-related results by investing in loans that contribute to the ILX Sustainability Themes.

ILX Fund I launched in January 2022 with a USD 750 million commitment from the Dutch pension provider APG on behalf of pension funds ABP and bpfBOUW. In June 2022, the Fund reached its target fund size of USD 1 billion with the commitment from Achmea Investment Management on behalf of Pensioenfonds Vervoer, bringing the total fund size to USD 1.05 billion.


The need to mobilise private institutional capital into emerging markets is paramount. In Adis Ababa in 2015, the UN International Conference on Financing for Development, coupled with the COP 21 Paris Climate Accord, called upon the private sector to help bridge the financing gap for the Sustainable Development Goals (SDGs) and climate finance objectives. Almost in parallel, a trend emerged among European-based institutional investors. To create long-term value for their shareholders, they became increasingly sensitive to the same ESG considerations and development impact objectives that could enable the achievement of the SDGs and climate financing goals. But capital flows, albeit increasingly laced with positive impact, have disproportionately remained in developed markets. To harness these impact-driven capital flows into emerging markets requires breaking barriers around perceived higher investment risk of Emerging Markets and the creation of scalable investment opportunities.

In this context, in 2017, the ILX Team, led by CEO and founder Manfred Schepers, together with Cardano Development, set out to create a scalable investment platform, ILX Fund I, that selectively co-invests with the leading MDBs and DFIs, to provide institutional investors with the desired diversification and scale to mobilise private capital towards EMs. The ILX co-investment scale in turn provides the DFIs with increased investment capacity for future sustainable projects in key economic sectors and the critical greening of the emerging market economies. Today, ILX Fund I is a solution that bridges the gap between the institutional investors seeking to achieve a higher sustainability profile of their investments in emerging markets, and the need to mobilise private sector finance towards the SDGs and climate finance projects.

By 2030 global institutional investors will make significant allocations to emerging markets, directly supporting the UN Sustainable Development Goals (SDGs).
To create large scale investment opportunities in global Development Finance that directly contribute to sustainable development across emerging markets.

USD mln Target Fund Size
Years of Historical Development Finance Asset Class Data
ILX Fund


The investment philosophy of ILX is to deliver attractive risk-adjusted returns to its investors over the long-term whilst mitigating ESG risks and delivering positive, direct SDG-related impact results by investing in loans that contribute to the ILX Sustainability Themes.


ILX invests in syndicated loans originated and structured by MDBs and DFIs, thereby co-investing pari-passu with these DFIs in high-impact private sector loans in emerging markets. The market for syndicated DFI loans has existed for over 30 years. They are primarily hard currency-denominated loan participations that provide medium and long-term finance to projects and companies across core sectors, such as infrastructure, renewable energy, agribusiness, manufacturing and financial institutions.

As an independent manager, ILX applies a disciplined investment process to source, analyse and select loans originated by all leading DFIs. This results in a scalable investment strategy and a well-diversified portfolio optimised to achieve the fund’s investment objectives.

ILX Fund


ILX thematic focus areas directly contribute to the UN Sustainable Development Goals (SDGs) across environmental, social and economic dimensions.


ILX’s sustainability strategy is fully integrated with its investment strategy and is based on three key pillars aiming to safeguard the ESG risks and measure the SDG contribution of every investment.

Sustainability Strategy

ILX, as a founding member of the Operating Principles for Impact Management, discloses its alignment with the 9 principles, which act as a guiding framework to integrate impact management best practices throughout the investment lifecycle.


Please click here for ILX’s Operating Principles for Impact Management Disclosure Statement.

ILX Fund


ILX Fund I provides a scalable US$1 billion unleveraged private credit investment strategy, participating in a diversified portfolio of syndicated emerging markets private sector loans, co-investing with leading global Multilateral Development Banks and Development Finance Institutions.

Commercially Attractive

Historical performance analysis of 7000+ DFI-originated private sector EM loans since the 1990’s show that historical returns are comparable to and less volatile than comparable credit asset classes such as Emerging Market Debt, High Yield Bonds and Leveraged Finance.

Sustainable Investments (ESG & SDG)

ILX identifies, measures and reports SDG-related results in a uniform manner, leveraging DFI reporting practices. For all investments, ILX avoids, minimizes and mitigates potential Environmental, Social and Governance (ESG) risks, building on the extensive DFI safeguarding.

Dedicated Fund Manager

The ILX Team provides a uniquely specialised, disciplined and efficient investment process, build on a strong network of global DFIs and European institutional investors.

Additional Diversification

DFI-originated loans, which are mainly arranged in markets that are under-represented in the emerging markets bond markets, show low correlation to global credit risks and shocks.

Scalable & Long Term Strategy

The ILX strategy provides a scalable long-term investment opportunity, initially establishing a USD 1 billion investment portfolio, invested over a 3 years period, and with the goal of facilitating a multi-billion evergreen fund.

Global Pipeline & Access

ILX is unique in selectively participating in syndicated private sector loans originated by all global MDBs and DFIs that are seeking institutional co-financing.

USD mln Target Fund Size
Years of Historical Development Finance Asset Class Data
Dedicated Fund Manager


ILX is part of the Cardano Development group network, which includes companies that have over 10 years of experience in managing innovative development finance funds (USD 6 billion AuM).

Management Team

ILX is managed by a diverse team with on average over 20 years of senior-level experience in global capital markets, emerging markets, development finance, fund management and sustainability.

  • Elvira Eurlings

    Elvira leads the investment and sustainability team. She will join ILX on March 1st 2022. Since 2018, she has been Agent at the Dutch…
    Elvira Eurlings
    Chief Investment Officer
  • Manfred Schepers

    Manfred Schepers is the founder and CEO of ILX Management, the Amsterdam-based development finance asset manager and has 30+ years’ senior-level experience in both…
    Chief Executive Officer
  • Tanja Pelle

    Tanja is responsible for risk and operations management, including the legal and compliance of the Fund. Tanja is an emerging market professional with over…
    Chief Risk & Operations Officer

Investment Committee

The Investment Committee of ILX Fund I consists of ILX’s CEO (Manfred Schepers) and CIO (Elvira Eurlings), and external members: Hans Peter Lankes, Tim Turner and Joost Zuidberg.

  • Tim Turner

    Tim Turner is an expert in development finance risk management, gained through an extensive career at the AfDB, where he was Director Risk, Head…
    Tim Turner
    External Investment Committee Member
  • Hans Peter Lankes

    Hans Peter is a highly experienced development economist at international financial institutions, including the IMF, EBRD and IFC. From 2017-21 he was Vice-President of…
    Hans Peter Lankes
    External Investment Committee Member
  • Joost Zuidberg

    Joost Zuidberg has been with Cardano Development since its inception, as the CEO of the TCX Investment Management Company from 2007. Since early 2015,…
    Joost Zuidberg
    External Investment Committee Member

ILX Team

  • Jordy van der Drift

    Jordy is responsible for developing and executing ILX's investment strategies, with a particular focus on portfolio construction and management. He has global experience in…
    Investment Manager
  • Luz Martinez

    Luz is responsible for designing and implementing the sustainability strategy of the Fund. Prior to joining ILX Luz coordinated a portfolio on financial inclusion…
    Sustainability Manager
  • Jeroen Zuurmond

    Jeroen is a Senior Advisor to ILX with over 25 years' experience in investment management and investment banking, with particular expertise in the loan…
    Investor Relations
  • Inés van der Vorst

    Inés is responsible for legal and compliance affairs at ILX. Prior to joining the ILX, she worked as Legal Counsel for BBVA, acting as…
    Inés van der Vorst
    Legal & Compliance Officer
  • Jan van der Beek

    Jan is the Financial Controller within the Cardano Development Group. Prior to joining Cardano Development, he worked for 8 years at Cardano Risk Management…
    Admin, Finance & IT
  • Michiel van der Valk

    Michiel is responsible for the Risk Management Framework of ILX Management B.V. and ILX Fund I. As a financial professional with over 25 years…
    Risk Manager
  • Irene Di Ciommo

    Irene is with ILX as a secondee from EBRD, acting as Sustainability manager ad interim to oversee sustainability and impact measurements strategy and processes.…
    Sustainability Manager (Acting, ad interim)
  • Geert Zittersteyn

    Geert supports ILX with the investment analyses of the fund. Before he joined ILX, he was an Actuarial and Investment Consultant at Sprenkels &…
  • Victoria Walker

    Victoria supports ILX with implementing the Sustainability Strategy of the fund, with a focus on climate finance. Prior to joining ILX, Victoria worked as…

Supervisory Board

The Supervisory Board members of ILX Management B.V. are Nanno Kleiterp and Theo Kocken.

  • Nanno Kleiterp

    Nanno Kleiterp is the Honorary Chair of the European Development Finance Institutions (EDFI), the association of 15 European development banks. He is also Chairman…
    Nanno Kleiterp
    Chairman Supervisory Board
  • Theo Kocken

    Theo Kocken is professor of Risk Management at VU University Amsterdam, founder of the Anglo-Dutch pension investment & risk management firm Cardano and chairman…
    Theo Kocken
    Supervisory Board Member

Advisory Group

ILX is supported by a senior advisory group with extensive experience in development finance, emerging markets, pension fund management, sustainability and impact investment.

  • Erik Bergloff

    Professor Erik Berglof is the inaugural Chief Economist of the Asian Infrastructure Investment Bank (AIIB) and member of the Secretariat for the G20 Eminent…
    Advisory Group Member
  • Nancy Lee

    Nancy Lee is a senior policy fellow at the Center for Global Development and a senior advisor at the Center for Strategic and International…
    Advisory Group Member
  • Wim Borgdoff

    Wim Borgdorff is Member of Board of Trustees of Van Leer Group Foundation. Previously, he was a member of the Board of CDC, the…
    Advisory Group Member
  • Brigitte Posch

    Brigitte Posch is Head of EM at Apollo Global in London. Prior to that, she was Global Head of Barings’ EM Corporate Group since…
    Advisory Group Member
  • David Klingensmith

    David Klingensmith is currently an independent director on the investment committees of 5 equity funds in Africa and the Western Balkans. From 1996-2013, he…
    Advisory Group Member
  • Guido Schmidt-Traub

    Guido Schmidt-Traub is Managing Partner at Systemiq Ltd. From 2012-2020, he was Executive Director of the UN Sustainable Development Solutions Network, which operates under…
    Advisory Group Member


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Additional Information


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ILX | SDG-Focused Emerging Market Credit Fund