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Fund Manager

FS Impact Finance

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2015 - TODAY

A reliable partner

FS Impact Finance has been the fund manager since the beginning of the GLS AI – Microfinance Fund in 2015. As Fund Manager we carefully look at portfolio quality and impact. Financial and social responsibility is not an either/or.

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Ralf Burmeister, Portfolio Manager At FS Impact Finance

Ralf Burmeister

Ralf Burmeister joined in the summer 2019 as portfolio manager for the GLS Microfinance fund.…


Our Team of professionals is located in 8 countries, speak 11 languages and combined have more than one century of experience working with microfinance institutions. The team’s functions cover investment management, risk management, monitoring, portfolio management and fund management, all in-house.


The investment management team is comfortable with agri-finance, group-lending and small enterprise lending, investing in institutions whose business model and performance meet the Fund’s eligibility criteria. Out of offices in Bangkok, Kolkata, Yerevan, Skopje, Banja Luka, Nairobi, Frankfurt (head office), Managua and Quito.

GLS Mission Statement

The primary purpose of the GLS Alternative Investments – Microfinance Fund is the promotion of development as well as the improvement of people’s living conditions in compliance with sustainable action. This is done taking into account the investment in permissible investment instruments with the aim of an appropriate performance.

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Maximum Transparency

The GLS Bank and FS Impact Finance follow the same principles and guidelines to boost microfinance instutions all over the world.

The fund is subject to GLS Bank’s general investment and financing principles. Specific positive and negative criteria for microfinance investments are continuously developed and sharpened by the fund’s investment advisory board. The decisive factor is that and whether a criterion promotes the fulfillment of the fund’s mission statement.

The positive criteria are also aligned with the UN Sustainable Development Goals (SDGs).

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