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Unitus closes microfinance fund

Unitus Equity Fund has decided to set aside 10 percent of its profits to help the world’s poor gain access to microfinance.

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The Unitus Equity Fund, an affiliate of global poverty-focused nonprofit Unitus, has closed at $23 million. The fund will make investments in Asian and Latin American microfinancing institutions.

“Investing in microfinance institutions makes good economic sense,” Geoff Woolley, chairman of the fund’s board, said in a statement.