Funds
Investment Philosophy
The investment philosophy of ILX is to achieve market-equivalent risk-adjusted return by investing in an unlevered, diversified portfolio of investments in Emerging Markets and Developing Economies (EMDEs), originated by Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs).
Our Vision
“By 2030, global institutional investors will make significant allocations to emerging markets, directly supporting the UN Sustainable Development Goals“
Our Mission
“To create large-scale investment opportunities in global Development Finance that directly contribute to sustainable development across emerging markets”
Investment Strategy
What we invest in
ILX invests in syndicated loan participations originated and structured by MDBs and DFIs, co investing pari passu with these institutions in high impact loans in EMDEs. These investments are hard currency loan participations providing medium and long term financing across core investment themes: clean energy and energy access, sustainable industry and infrastructure, inclusive finance, and food security.
Portfolio construction & discipline
As an independent manager, ILX applies a disciplined investment process to source, analyse and select loans originated by leading MDBs and DFIs. This results in a scalable investment strategy that integrates credit, ESG and SDG assessments and is designed to deliver a well diversified portfolio and market-equivalent risk adjusted returns over the long term.
Funds
ILX Fund I was launched in early 2022 with incubation support from the German, Dutch and UK governments. APG – Europe’s largest pension fund manager served as the cornerstone investor with an initial commitment of USD 750 million (on behalf of ABP and bpfBOUW). Achmea Investment Management contributed on behalf of Pensioenfonds Vervoer, bringing total commitments at launch to USD 1.05 billion.
In 2024, ILX launched ILX Fund II with commitments from Danish pension providers Sampension and Akademiker, totalling USD 200 million, and ILX Fund I received a top-up from its original investors.
Across ILX Fund I and II, current firm investor commitments are USD 1.7 billion.
This is a marketing communication. Please refer to the Private Placement Memorandum of ILX Fund I/II before making any final investment decisions.
Award
Winner of the PRI award for Innovation in Responsible Investment Strategy and the PRI Special Award for Emerging Markets in 2024
ILX Fund I - Evergreen private debt fund
Fund Overview
ILX Fund I is a closed-end evergreen private debt fund designed to provide institutional investors with long term exposure to development finance in emerging markets. The fund invests in scalable, commercially viable projects that support sustainable development and climate objectives while delivering market-equivalent risk-adjusted returns.
Investment Goals and Strategy
- Geographic focus: Emerging Markets and Developing Economies
- Sector focus: Financial Inclusion, Energy Access & Clean Energy, Sustainable Industry & Infrastructure, Food Security
- Investment approach: Continuous reinvestment of principal proceeds. Distribution of interests.
- Fund life: no end term
Sustainability Focus
The fund supports investments that contribute to inclusive economic growth and sustainable development across emerging markets, with a focus on expanding access to finance, energy, infrastructure, and food systems.
Fund Characteristics
- Inception year: 2022
- Asset class: Development Finance Private Debt
- Fund type: Closed-end Evergreen
- Status: Investing and Fundraising
- Current committed capital: ~USD 1.5 billion
- Fund currency: USD
ILX Fund II - Closed end private debt fund
Fund Overview
ILX Fund II is a closed end private debt fund designed to provide institutional investors with exposure to development finance in emerging markets. The fund invests in scalable, commercially viable projects that support sustainable development and climate objectives while delivering market-equivalent risk-adjusted returns, during a 10-year closed end period.
Investment Goals and Strategy
- Geographic focus: Emerging Markets and Developing Economies
- Sector focus: Financial Inclusion, Energy Access & Clean Energy, Sustainable Industry & Infrastructure, Food Security
- Fund life: 10 years
Sustainability Focus
The fund supports investments that contribute to inclusive economic growth and sustainable development across emerging markets, with a focus on expanding access to finance, energy, infrastructure, and food systems.
Fund Characteristics
- Inception year: 2024
- Asset class: Development Finance Private Debt
- Fund type: Closed-end
- Status: Investing and Fundraising
- Current committed capital: ~USD 200 million
- Fund currency: USD
