ILX Fund

SDG Targeted Emerging Market Credit Fund

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ILX is setting up an Emerging Market (EM) focused private credit fund that will invest in a diversified portfolio of loan participations originated and structured by bilateral and multilateral Development Finance Institutions (DFIs). These hard currency denominated loan participations provide medium and long-term finance to projects and companies across core sectors, such as infrastructure, renewable energy, agribusiness, manufacturing and financial institutions.

The ILX management company will be owned by Cardano Development, which has over 10 years of experience in establishing and managing innovative development finance funds (AUMs US$3.9 billion over 4 funds, 71 FTEs). The ILX management team has on average over 25 years of senior experience in development finance, capital markets and fund management, including the EBRD, FMO, UBS, ING, ABN AMRO and Deutsche Bank.

Through investing in a diversified portfolio of loan participations originated and structured by DFIs, ILX will balance risk and return to create long-term value for its investors as well as to provide its investors with the opportunity to have a positive environmental and social impact across EMs.

As ILX will co-invest with DFIs, that have long-standing development mandates and prudent risk mitigation procedures, its investments go beyond ESG safeguarding and will contribute to the achievement of the UN Sustainable Development Goals (SDGs).

ILX Fund


Scalable US$1 billion unleveraged private credit investment strategy, participating in syndicated Emerging Markets private sector loans, co-investing with leading global 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 EMD, HY and LF

Sustainable investments (ESG & SDG)

ILX will identify, measure and report SDG-related results in a uniform manner, leveraging DFI reporting practices. For all investments, ILX will avoid, minimize and mitigate potential ESG negative risks, building on DFI safeguarding

Dedicated Fund Manager

ILX will be managed by a diverse team with on average over 20 years of experience in global investments, EM, private debt, impact and development finance, and will implement a disciplined and specialized investment process.

Additional Diversification

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

Scalable & Long Term Asset Class

The ILX strategy provides a scalable long-term investment opportunity, initially establishing a USD 1 billion investment portfolio, invested within 3 years and with the goal to become a multi-billion evergreen fund

Global Pipeline & Access

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


USD million Fund Size
Years of historical Development Finance Asset Class data

The ILX investment strategy provides institutional investors access to attractive private credit investments with demonstrable SDG-targeted development impact across Emerging Markets. The SDGs have clearly identified the need for substantial additional long-term private sector financing for the Emerging Markets. ILX provides institutional investors efficient access to these opportunities by leveraging the well-established development finance infrastructure of the DFIs.


ILX will invest in syndicated loans originated and structured by DFIs, thereby co-investing pari-passu with these DFIs in high-impact private sector loans in EMs. As an independent manager, ILX will apply 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.

Sustainability Strategy

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.


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


Link to ILX's Disclosure Statement

Please click here for ILX’s Disclosure Statement

ILX Fund


With its multi-originator model ILX has sufficient pipeline to build-up a well diversified portfolio across different sectors.

Dedicated Fund Manager


ILX will be managed by a uniquely experienced team with on average over 20-years of global investment, EM and development finance experience, alongside the Cardano Development group’s other EM focused funds

  • Manfred Schepers

    Manfred is leading the ILX initiative and brings 30+ years' experience in both development finance and international capital markets. From 2006-2016 he was Vice President and Chief Financial Officer at the EBRD and led the Bank's Institutional Investment Partnership in creating its Equity Participation Fund. He is a member of the Investment Committee of the [...]
  • Joost Zuidberg

    Joost has been with Cardano Development since its inception, as the CEO of the TCX Investment Management Company from 2007. Since early 2015, his responsibilities cover the supervision and project management of all Cardano Development initiatives in their development. Prior to managing TCX, Joost was the director for Africa at FMO from 2000-2007 and SVP, [...]
    CEO Cardano Development
  • Tanja Pelle

    Tanja is an emerging market professional with over 25 years of experience in investment banking, development finance and private equity fund structuring and consultancy in markets across Europe, Asia and Africa. At ILX she is responsible for legal and structuring issues as well as the operations of the Fund. She has been at the forefront [...]
  • Magchiel Groot

    Magchiel is responsible for sourcing, analysing and executing transactions for the Fund's portfolio. He has 25+ years of experience in corporate banking, project & structured finance as well as private equity. Prior to joining ILX, Magchiel worked at FMO from 1998-2019, including at the Private Equity Department, Capital Markets and seconded to the Emerging Africa [...]
    Magchiel Groot
    Investment Officer
  • Jordy van der Drift

    During the incubation phase of ILX, Jordy has been responsible for assessing the financial risk versus performance of development finance loans. Within the Cardano Development group, he also worked as a Risk Manager for GuarantCo, where he led an internal rating recalibration project, aimed at reassessing the investment risk of GuarantCo’s portfolio (25+ projects). Prior [...]
    Investment Officer
  • 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 and impact investing at the KIT’s unit of Sustainable Economic Development, advised UN's capital investment agency and worked at the National Bank of Argentina as a Financial Advisor to the Board [...]
    Sustainability Officer
  • Bianca Boranda

    Bianca is active in different roles, including investor relations, data analytics and fund establishment. Prior to joining ILX, Bianca worked as a Financial Risk Management Advisor at Chatham Financial and is a certified FRM. Bianca holds an MBA from INSEAD and a BA in Mathematics from Bryn Mawr College.
    Risk & Operations Associate
  • Fleur Henderson

    Fleur is responsible for Marketing and Communications within ILX. She is an emerging markets marketing and communications professional with over 15 years of experience. Fleur is also a seasoned fundraiser in markets across Europe, the United States, Asia and Africa. She has a longstanding track record in working with DFIs. In her previous role as [...]
    Marketing & Communication
  • 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 and bond capital markets. Jeroen holds an MBA from The University of Chicago Booth School of Business and MSc in Econometrics from the Erasmus University Rotterdam.
    Investor Relations
  • 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 and 6 years in an accountancy firm. Jan holds a BSc in SPD from Markus Verbeek Praehep in Amsterdam.
    Admin, Finance & IT
  • Victoria Walker

    Victoria is supporting the Fund with sustainability analysis. Prior to ILX, Victoria worked as a Financial Consultant for JDX, and as Junior Economist at OzMozis Lda. Victoria holds an MSc in Economics and Policy of Energy in the Environment from University College London, and a BSc in Politics, Philosophy and Economics from Warwick University.
    Sustainability Analyst
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Additional Information


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ILX Fund | SDG Targeted Emerging Market Credit Fund