Note that Calvert’s portfolio has made loans in over 100 countries.  The map above represents their current top 5 countries.  The fund specifical states that it expect 60%+ of the portfolio to be in U.S. investments.

For more details on the Mandorla Matrix click here

Impact Themes
Financial Services

Calvert invests almost exclusively in financial intermediaries and impact funds.  Their notes offering functions as a fund of funds that has indirect impact outcomes in almost every sector.  The direct impact focus, however, is on providing capital for products and constituents that are under served by the mainstream financial services industry.

Investing Strategy

Calvert offers investors fixed rate notes and then on-lends that capital to financial intermediaries.  Microfinance lenders, real estate debt, and other small business loans predominate.  The vast majority (80%+) of capital is deployed via senior loans.  The fund does make some alternative investments in junior debt and equity.  The equity positions are often LP shares in impact funds.


7315 Wisconsin Avenue
Suite 1000W
Bethesda, Maryland 20814
Phone: 800.248.0337

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