Sales and exits

Sales and exits in 2025 reflected the maturity and diversity of MASSIF’s portfolio. MASSIF exited Kompanion Bank in Kyrgyzstan, concluding an investment journey that began in 2014 and supported the institution’s transformation from a microfinance institution into a fully licensed bank with a strong focus on rural lending and financial inclusion. In Sri Lanka, MASSIF completed the commercial sale of its shareholding in SANASA Development Bank via the Colombo Stock Exchange, illustrating the progression of investees toward market‑based ownership. In India, a long‑standing investment in Caspian Debt was resolved through its merger with BlackSoil Capital, with the investment subsequently transferred from MASSIF to FMO‑A and complemented by additional capital to support the growth of the combined entity. The year also marked the successful exit from Advans SICAR after 17 years of investment. Together, these transactions demonstrate MASSIF’s disciplined approach to exits while safeguarding development impact and long‑term institutional sustainability.