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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Medical Credit Fund

Total Assets Under Management: $10 – 25MM
Asset Class: Private Debt - Absolute Return / Notes
Small and Medium Business Development
Microfinance/Low-Income Financial Services/Micro-insurance
Global Health

Firm Overview

Category: (None)
The Medical Credit Fund (MCF) was established as a not-for-profit foundation under Netherlands' law in 2009 by PharmAccess International to increase access to quality healthcare in Sub-Saharan Africa through the provision of credit and technical assistance to small and medium-sized enterprises (SMEs) in the health sector. PharmAccess is a Dutch NGO working towards improving health in Africa in cooperation with private and public financiers through insurance (Health Insurance Fund), loans to doctors (MCF), clinical standards and quality improvements (SafeCare), private investments (Investment Fund for Health in Africa) and operational research (Amsterdam Institute for Global Health and Development). The MCF provides a critical component of this holistic approach by helping private healthcare facilities in Africa to obtain capital to strengthen and upgrade their operations - enhancing access to affordable quality healthcare in the process.
Firm Headquarters: Western Europe
Years of Operation: 5 – 10 years
Total Assets Under Management:
$10 – 25MM
Total Number of Investors: Between 5 – 25
% of Capital from Top 3 Investors: 25 – 50%
Investment Thesis:
In most African countries, the public sector is unable to meet the growing demand for healthcare. Therefore, 50% of the people turn to the private sector, which is dominated by SMEs. However, SMEs' have limited access to financing, which prohibits them from scaling. MCF was established to support health SMEs obtain capital and technical assistance to strengthen the quality of their operations, decrease investment risk, and achieve scale. The SMEs include smaller (district) hospitals, health centers, dispensaries, maternity homes, health shops and nurse-driven clinics as well as pharmaceutical and medical supply distributors and other health related enterprises.  MCF's loan program provides loans of up to 2.5 million USD. These loans are extended in collaboration with local banks and are accompanied by an extensive technical assistance program. MCF works closely with SafeCare to evaluate, improve and certify the incremental increases in quality of services of the healthcare providers.
Investment Overview:

Investment Example

New Crystal Health Services (NCHS) Limited started operations in 2003 with its first branch in Ashaiman (Greater Accra) and currently operates seven networked branches in two regions. NCHS has won many prestigious awards including being recently elevated to the prestigious Ghana Club 100 group of top performing companies in Ghana compiled by the Ghana Investments Promotion Council (GIPC). It was also adjudged to be one of the leaders in the health sector by the GIPC. The clinics provide 24 hour services in general medical care, minor surgical conditions, maternal and child healthcare, laboratory service and others. It attends to an average of 25,000 outpatients monthly and employs 240 permanent staff including twelve medical doctors, 24 registered nurses and 11 midwives. The organization has a standalone laboratory and diagnostic unit which performs over a thousand tests in a month, with modern laboratory and diagnostic equipment.

Leadership and Team

Cumulative Leadership Experience in Investing:
More than 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 30 years
Monique Dolfing-Vogelenzang – Executive Director More Info

Monique Dolfing-Vogelenzang prepared the launching of the Medical Credit Fund at PharmAccess International and is the Executive Director of the Fund. Previously she has held senior commercial and business management positions in the private sector.

Bart Schaap – Finance Director More Info

Bart Schaap came to the MCF as Director of Finance. He is a monetary economist and worked in the financial sector as risk manager and credit finance specialist in both developed and emerging markets.

Dorien Mulder – Investment Manager More Info

Dorien Mulder joined the PharmAccess Group in 2010 and works with the Medical Credit Fund since 2014. With PharmAccess, she worked on developing new programs and products. Her role in the Medical Credit Fund is to develop new partnerships and programs, support the local teams in preparing credit proposals for large loans, and prepare for the expansion into other countries. She is also involved in developing policies and program monitoring. Dorien is educated as a medical doctor (University of Leiden, The Netherlands) and holds an MBA (Rotterdam School of Management, The Netherlands). Before joining Medical Credit Fund, she worked in healthcare provision, management consultancy, pharmaceuticals and healthcare infrastructure development. In her last position she worked on developing major health infrastructure projects.

Evelyn Gitonga – East Africa Director More Info

Evelyn Gitonga is a career banker with over 10 years banking experience. She joined the Medical Credit Fund in 2013 as a Senior Business Analyst.  In January 2016, she was promoted to Director for East Africa, where she is responsible for overseeing all loans in Kenya (representing more than 50% of the MCF portfolio), the supervision, training and guidance of business analysts and technical partners, liaising with Partner Banks, and building the East African loan book.  Prior to this, she worked at Sidian Bank in different capacities and by the time of exit was Head of Micro Finance and Acting Head of Credit risk.  By the time she left to join the Medical Credit Fund, she was managing over 200 staff with a portfolio of over $50million. She has a vast experience in Senior Management (overall banking), Banking, Portfolio Management, Micro finance, Retail/SME lending, Loan recovery and Credit Risk Analysis.

Tom Bouma – Senior Analyst More Info

Tom Bouma is an experienced SME consultant. He is Fund's Senior Financial Analyst, responsible for all loan appraisals processes, and provides training to MCF's Technical Assistance partners in the field of business planning.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%
Percentage of Board Members who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Near-market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
Primary Impact Outcomes:
Increasing access to financial services
Increasing access to healthcare services and improving health
Value-added Services Offered:
Business and legal training
Financial literacy training
Health services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
The Medical Credit Fund's primary objective is to increase the delivery of affordable quality healthcare services, particularly to underserved populations, by enhancing access to capital and reducing the investment risk. All of its borrowers ' health facilities, diagnostic centers, pharmaceutical and medical supply distributors - must serve this goal. The MCF's due diligence process specifically assesses the social impact of its potential borrowers, including the populations they serve. To reduce the risk of these types of loans, the Medical Credit Fund provides performance-based financing in combination with technical support to eligible private primary healthcare providers - the two programs are interlinked: the Technical Assistance (TA) program and the Finance program. In addition, the selected health facilities will participate in a medical and business quality improvement program which strengthens their business case and debt servicing capacity, and reduces their credit and medical risk.

Investments systematically include social and environmental sustainability practices in the due diligence process:
Each of the healthcare facilities that borrows from the MCF enters a quality improvement program using the internationally recognized SafeCare standards The standards were developed in collaboration with the Joint Commission International (JCI) of the U.S.A and the Council for Health Service Accreditation of Southern Africa (COHSASA). The SafeCare Standards require all the providers to adhere to local law and regulation. Additionally, management must strive to reduce and control hazards and risks, prevent accidents and injuries and maintain a safe environment. The providers also have to plan for occupational health and safety programs, fire safety, emergencies, hazardous materials and security.

Impact Tracking and Monitoring

Impact is Tracked:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Monique Dolfing-Vogelenzang
Phone: +31 (0) 20 566 0077
Mailing Address:
Trinity Building C, Pietersbergweg 17 1105 BM Amsterdam

Ready for the next step?

Impact investments are investments made into organizations and funds that generate measurable social and environmental impact as well as financial returns.