Crawford to Serve as Chair of MicroVest Board and Investment Committee
MicroVest Capital Management today announced that Gil Crawford, co-founder and long-time CEO, has handed over day-to-day management of the firm to Joshua Moraczewski, as part of a planned leadership succession process. Moraczewski, who joined the company in November 2021 as Chief Operating Officer following the firm’s acquisition by DAI, has been named CEO. Crawford will maintain a full-time role at the firm and assume the title of Chairman of the Board while continuing to Chair the MicroVest Investment Committee.
“Gil is one of our industry’s visionaries,” said DAI Capital CEO, Gavin Wilson. “His model of balancing purpose with investment discipline has served as a blueprint for today’s microfinance investment industry and helped MicroVest channel more than $1 billion in private capital to responsible financial institutions in support of financial inclusion, job creation, and poverty reduction in developing markets. We are delighted that we will continue to benefit from Gil’s vision and guidance under his new role as Chairman going forward.”
After co-founding MicroVest in 2003, Crawford served as CEO for nearly two decades and played an integral role in bringing microfinance investing into the mainstream. He led the launch of the first North American-based private investment vehicle focused on microfinance and has launched multiple follow-on debt and equity products designed to facilitate inclusion for underserved microentrepreneurs worldwide.
“Co-founding MicroVest alongside Bo Cutter and Gerhard Pries and serving as the firm’s CEO has been one of the most rewarding experiences of my professional career,” said Crawford. “Our team built MicroVest into a leader in microfinance and small business investing and the firm will continue to reach new heights under Josh’s leadership. Josh brings an important new perspective to our operations, and I look forward to working closely with him and the rest of our incredible team.”
Josh Moraczewski has more than 20 years of investment banking and private equity experience in both developed and emerging markets. Before joining MicroVest’s parent company, DAI, in 2019, Moraczewski was a Partner at Kew Capital, an alternative asset investment management company based in London, and Credit Suisse, where he was on the Global Structuring Desk in London covering Central and Eastern Europe, the Middle East, and Africa. He also worked in Credit Suisse’s Investment Banking Division in New York, where he was a member of both the Structured Products and Energy Groups.
“I’m excited to build on MicroVest’s history as a pioneer in the microfinance investment space,” said Moraczewski. “MicroVest has built a distinguished record over nearly two decades of investing in companies whose interests are aligned with the communities they serve. We will continue to innovate, generate impact, and pursue value for all our stakeholders while maintaining high standards of integrity and investment discipline. I look forward to working closely with our firm’s leadership and the rest of our talented team to achieve this next phase of growth.”
MicroVest is an asset manager that specializes in allocating private debt capital to microfinance and small and medium-sized enterprise (SME) finance institutions serving underserved microentrepreneurs and small businesses in emerging markets. Since its founding, the company has disbursed more than $1 billion to over 200 microfinance and SME finance institutions in more than 60 countries. MicroVest is a registered investment adviser and Certified B Corporation. MicroVest was acquired by DAI Global, LLC in November 2021 and forms part of DAI Capital.
Founded in 1970, DAI is a global development company with corporate offices across five continents. Working with national and local governments, bilateral and multilateral donors, private corporations, and philanthropies, the company takes on fundamental social and economic development problems caused by inefficient markets, ineffective governance, and instability. DAI Capital is DAI’s investment banking and asset management arm, dedicated to mobilizing the investment of private capital in emerging and frontier markets. DAI Capital advances DAI’s mission by channeling investment in these markets, which promotes economic growth, creates jobs, and reduces poverty. For more information, please visit www.dai.com.