DWM Asset Management, LLC (“DWM”), a Connecticut limited liability company and member of the Developing World Markets group of companies, is an investment adviser dedicated to making impact investments that address the social, economic and environmental needs of the developing world. DWM provides discretionary and non-discretionary investment advisory and supervisory services to privately-offered pooled investment vehicles. DWM primarily invests private debt and private equity in the inclusive finance sector in developing countries, which includes microfinance, small and medium enterprise (SME) lending, mortgage lending, education financing, micro-savings, micro-insurance and mobile banking. DWM has also made investments in the renewable energy sector, with a focus on the off-grid solar markets in Africa and India, and DWM may invest in other development sectors including sustainable agriculture, renewable energy, water & sanitation, housing, education, and healthcare. As an impact investor, DWM is a signatory to the Operating Principles for Impact Management and is required to make an annual disclosure statement describing how these principles are integrated into DWM’s investment processes. DWM is also subject to an independent verification of its impact management systems and processes. The disclosure statement can be found on DWM’s website at www.dwmarkets.com. At present, DWM provides advisory and supervisory services to the following privately offered pooled investment vehicles:
• DWM Income Funds S.C.A. – SICAV SIF domiciled in Luxembourg, on behalf of its debt- focused sub-fund, The Trill Impact-DWM SDGs Credit Fund (the “SDGs Credit Fund”); and
• DWM Funds S.C.A. - SICAV SIF, domiciled in Luxembourg, on behalf of its private equity focused sub-funds, the DWM Microfinance Equity Fund I and DWM Inclusive Finance Equity Fund II (together with the SDGs Credit Fund, the “DWM Funds”); and
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Monega Multi-sector Microfinance & Impact Loan Fund and the Monega Mikrofinanz & Impact Fonds, each an alternative investment fund domiciled in Germany (the “Monega Funds”). DWM sub-advises the ACTIAM Institutional Microfinance Fund, the ACTIAM Institutional Microfinance Fund II, and the Cardano Impact Financial Inclusion Fund (I) (collectively the “Cardano Funds”), each a Dutch institutional fund managed by Cardano Asset Management N.V. From time to time, DWM also provides loan servicing and monitoring services to institutional clients making direct investments. The DWM Funds, the Monega Funds and the Cardano Funds represented by Cardano Asset Management N.V (collectively the “Funds”, and each a “Fund”) and other future funds or structured vehicles under management and any other clients are collectively referred to as “Clients” or “Investment Vehicles”, and each is individually referred to as a “Client” or “Investment Vehicle” herein. DWM’s founding partners first established Developing World Markets, Inc., an affiliated, unregistered investment adviser, with a focus on emerging market equities, in 1994. Subsequently, DWM was founded in 2003 and registered with the SEC as an investment adviser pursuant to the Investment Advisers Act of 1940 (the “Advisers Act”) in May 2007. DWM is 100% owned by DWM Holdings, LLC, which is in turn owned by its eight partners. Peter H. Johnson, Co-Founder and Co-Managing Partner, owns more than 25% of DWM Holdings, LLC. DWM managed a total of approximately $554,592,682 million of assets as of December 31, 2023. This total includes approximately $511,331,279 million of assets managed on a non-discretionary basis on behalf of six Clients and $43,261,403 million of assets managed on a discretionary basis on behalf of two Clients. In addition, DWM had approximately $20,414,856 million of assets under advisement as of December 31, 2023.