The Global Directory of Development Finance Institutions

Do development finance institutions back first-time funds? Several say so in their own published material. The received wisdom is that they will not. Private Capital Development checked thirty-three multilateral and bilateral institutions, and the eight associations that reach them, against their own published material. Twenty-eight of them commit capital to privately managed investment funds. The result is a free reference work: The Global Directory of Development Finance Institutions.

The list below names every institution in it and where each is based. No institution paid for inclusion or was offered placement. What the list cannot carry, including what each one invests in, on what terms, and how to approach it, is in the directory itself.

What the institutions say about first-time funds

Five of the 41 institutions publish a position on first-time fund managers, and every one is an invitation. In their own words and figures:

• EBRD: 50 per cent of fund commitments typically go to first-time fund managers, under an "open-door policy towards new relationships, whether these are fund managers with a long track record or first-time teams."
• African Development Bank: 45 per cent of the private equity portfolio committed to first-time funds (a figure published in 2020, and dated as such in the directory).
• European Investment Bank: "Both novice and experienced investment teams can qualify."
• European Investment Fund: "Investing in first-time teams, emerging markets, nascent sectors, and helping proven teams close bigger funds."

Why we compiled it

The directory a fund manager would once have used to check this has moved behind a membership wall. Nothing free and current covers the field whole.

There is also no agreed definition. No treaty or regulator defines "development finance institution," which is why every list in circulation disagrees with every other. And meeting the definition says nothing about whether an institution could be a limited partner in your fund. So each entry answers the narrower question: what, in practice, would this institution be to you?

Applying that test shrank the directory rather than filling it. Nordic Investment Bank (NIB), Council of Europe Development Bank (CEB), MIGA (Multilateral Investment Guarantee Agency), OPEC Fund for International Development and Invest International (Netherlands) are widely described as development finance institutions, but most are lenders or guarantors that never commit capital to a fund. The directory names them, and says why they are not listed, rather than leaving the reader to assume an oversight.

Every institution, by type

Institution names link to their own websites.

Multilateral institutions (11)

Bilateral development finance institutions (22)

Associations that reach them (8)

What the full directory adds

The tables above answer who the institutions are and where. The directory answers whether each one could back your fund, and how. Twenty-eight of the 41 commit capital to funds; the directory records which ones, and for each:

• what it publishes about ticket sizes, ownership caps and mandates
• whether it runs an open application route you can use without an introduction
• what would disqualify you, and why it is worth knowing before the first meeting
• its stated position on first-time fund managers

Download the directory: free, no charge for inclusion, no paid placement. The download opens as soon as you submit.

Answers

Do development finance institutions invest in first-time funds?

Several say plainly that they do. Five of the 41 institutions in the directory publish a position on first-time funds, and every one is an invitation: the EBRD states that 50 per cent of its fund commitments typically go to first-time fund managers, and the African Development Bank recorded 45 per cent of its private equity portfolio committed to first-time funds in a figure published in 2020.

Is there an official definition of a development finance institution?

No. No treaty or regulator defines the term, which is why lists in circulation disagree with one another. The directory states that on its first page and explains the one rigorous test that exists.

Which development finance institutions invest in private equity funds?

Twenty-eight of the 41 institutions in the directory commit capital to privately managed funds. The directory records which ones, what each publishes about ticket sizes and mandates, and how to approach it.

A deliberate exclusion

Russia is excluded from the directory as a matter of firm policy — a decision about where Private Capital Development works, not a finding about any institution. The directory says so in its own pages rather than leaving the absence unexplained.

The directory is not exhaustive anywhere, and absence from it is not a finding about an organization.

Corrections are welcome, and free

If an institution is listed and something is wrong, or if one is missing, tell us. Corrections are free and unconditional, and carry forward into future editions. If your institution would rather not appear, say so and it will be removed from the next edition.

Private Capital Development is a capital mobilization and brand-building firm, the strategic bridge between fund managers and the institutional investors who allocate to them. It is independent of every organization listed in the directory: no organization was consulted on its entry, charged for inclusion, or offered placement. We do not sell securities and are not compensated on capital raised. Private Capital Development has no affiliation with the United Nations and claims none.

Educational content only. This article was researched and drafted with AI assistance, reviewed for accuracy before publication. Last reviewed: 18 September 2026.