The BUILD Fund is entering its next stage

This statement has been released collectively by the Investor Group of the BUILD Fund comprised of the government of Luxembourg, Norwegian Agency for Development Cooperation (Norad), Swiss Agency for Development and Cooperation (SDC), Global Affairs Canada (GAC), the Nordic Development Fund (NDF), together with the United Nations Capital Development Fund (UNCDF).

The Investor Group of the BUILD Fund S.A. SICAV-RAIF (the “BUILD Fund”) is winding down the Fund, which is led, as of December 18, 2025, by the globally recognised impact investment firm Symbiotics, who will manage the process in a structured and transparent manner. This transition aims to safeguard the interests of the Fund’s investors, while upholding responsible portfolio management and exit principles. Consequently, the adjacent Technical Assistance Facility, BUILDER, will wind down simultaneously.

This collective decision reflects a careful analysis of the challenges faced by the Fund since its launch and of the possible options to address them. The BUILD Fund had the ambition to be a trailblazer in difficult markets, providing debt financing to small and medium enterprises (SMEs), mainly in Least Developed Countries (LDCs), focusing on Sub-Saharan Africa. The high level of risks at the transaction level was expected to be absorbed by concessional funding from public investors, with the hope to attract additional investors, including private ones, in the capital structure and reach significant scale over time. However, the Fund experienced slow capital deployment, lack of traction to attract further investors, and performance issues at the fund management level. These factors were enhanced by shifting market conditions after the launch, mainly due to post-Covid challenges and a more risk-adverse environment amongst investors. These challenges led to the Investor Group’s decision to wind down the Fund and pursue new strategies that can build on the experience of the BUILD Fund and reengage with more robust models.

Since inception, the BUILD Fund provided more than USD 20 million in financing to 14 enterprises, mainly in the food and nutrition, and financial inclusion space, with 65% of the portfolio allocated to LDCs. A number of these enterprises continue to demonstrate resilience and growth potential, creating jobs and delivering essential services in some of the world's most underserved markets. The Fund focused on direct investments in underserved SMEs and tested a model that combined finance with targeted operational support.

Symbiotics will manage the wind down of the existing portfolio with a responsible and principled strategy—focusing on orderly loan repayment, supporting portfolio investees, ongoing monitoring and maximizing the impact gains — while minimizing disruption to current portfolio investees. The Investor Group supports this approach which offers continuity, prioritization of impact and paves the way for follow-on financing to strong and growing enterprises.

Lessons from the BUILD Fund and BUILDER will be further reviewed to inform future innovative financing approaches to support businesses with SDG-positive impact operating in challenging market conditions. The Investor Group remains committed to supporting inclusive finance solutions in underserved markets as laid out in the Compromiso de Sevilla.

For more information, contact Program Manager Isabel Leroux (isabel.leroux@ndf.int).

About the Fund:

Launched in 2020, initiated by UNCDF and in partnership with Bamboo Capital Partners, the BUILD Fund initially secured approximately $60 million in public concessional capital and was one of the first blended finance vehicles to prioritize investments in small and medium-sized enterprises (SMEs) in LDCs. It was backed by a coalition of public investors, including the Governments of Luxembourg, Norway, Switzerland, Canada and the Nordic Development Fund, with a guarantee provided by the Swedish International Development Cooperation Agency (Sida) and United States International Finance Corporation (DFC). The Fund focused on underserved sectors such as food and nutrition, financial inclusion, clean energy, and local infrastructure. BUILDER, a companion technical assistance facility managed by UNCDF, was deployed to strengthen investee capacity and deepen impact.

About Symbiotics:

The investor group is pleased to confirm that after a thorough selection process Symbiotics, a globally recognized impact investment firm, has been appointed to manage the wind-down of the Fund. Headquartered in Geneva with a global foot-print and regional presence in Senegal, Kenya and South Africa, Symbiotics has originated over 9,000 investments across 99 countries since 2005 and currently manages more than USD 2.3 billion in assets. The firm is known for its deep expertise in financial inclusion, SME finance, and impact measurement, with strong relationships in emerging markets.